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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment."
Bison Energy Opportunity Fund returned -12.8% net in Q2 2026, underperforming the PSCE benchmark which declined 9.9%. The manager views the recent energy sector drawdown as a compelling entry point, citing persistent capital outflows that have pushed energy's S&P 500 weighting to near all-time lows, creating substantial mispricings across the sector. The largest oil supply disruption in history has resulted in extremely low inventories, while early signs suggest institutional sentiment may be shifting as Princeton University reversed its fossil-fuel divestment policy. The fund focuses on smaller, underfollowed energy companies offering significant hard-asset value per dollar invested. The manager highlights a successful prior co-investment in a Canadian oil and gas producer where engagement led to improved capital allocation, shifting from dilutive acquisitions to debt reduction and buybacks. A new co-investment opportunity has been opened in an oil and gas producer with strong operating metrics including 25% lower well costs and 144% higher levered free cash flow, yet trading at a substantial discount to peers. The manager sees multi-bagger upside potential through strategic asset divestitures, particularly a gas-weighted position near the Gulf of America that could benefit from disrupted global LNG supplies.
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