Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
HalvioCapital Anthony | “Goldmoney helps customers trade and store their precious metals holdings all over the world in private vaults and takes a percentage fee of overall client assets held. In 2023, the CEO changed the direction of the business in order to simplify operations. They sold down about $60 million in precious metals held on their balance sheet and disposed of their gold trading business, Schiff Gold, to start investing in UK real estate. The company now has an enterprise value of $130 million with a UK real estate portfolio worth approximately $140 million, ascribing no value to the capital-lite storage and trading business that just printed $49 million in EBIT for FY 2026 or $43 million in EBIT after deducting all of the corporate overhead and stock compensation expenses. The Goldmoney platform is tied to the price of gold and other metals that they help customers store and transact in. Most precious metals have been on a tear this past few years which has increased Goldmoney's customer AUM from under $3 billion a couple of years ago to now $4.5 billion. This has created a dramatic increase in earnings as this segment did $20 million in operating income last year compared to $49 million this year. The goal has been to get to $10 million in consistent earnings power in this business which I think they've gotten to, even if the precious metals market retreats from the current highs. Their Goldmoney Properties segment is where the proceeds from their sale of precious metals portfolio has gone into. They incorporated a UK subsidiary to invest in mainly UK office real estate as they had a view that it was a good time to purchase these hard assets that were producing cash flow at attractive yields. They've since acquired approximately 10 properties that were just recently valued at $200 million against total mortgages of $60 million and did $11 million in net operating income in 2026. The mortgages on the properties are the type of debt you want against your real estate as they are non-recourse and can't affect the actual operating business should a property go underwater. They just sold a property for $70.1 million which they purchased in 2024 for $48 million, a sizable gain for a 2 year hold that also benefitted from the increase in the pound against the Canadian dollar as well. One interesting property that they purchased is the Clarendon Estate in Oxford that they bought out of bankruptcy. This property is located in the heart of Oxford and is a shopping center with other retail and office space that they are in the midst of redeveloping. The redevelopment should be finished by roughly 2028 and if you read the sale pamphlet for when it was listed, it states potential Gross Developmental Value in excess of 300 million pounds vs the 27 million pounds they purchased it for. It remains to be seen if that number will be accurate and you don't need for this development to be worth that to do well but they've already shown some real estate savvy by selling their other property for a lot more than what they paid so we'll see what they can do with this and the other properties. The other asset they own is a 36% interest in Mene Inc., a Canadian publicly traded company that makes and sells jewelry online. I don't have any strong opinion on this business and the most recent value of their stake was $13 million. Even discounting this value, as it is essentially a control position that could be difficult to get out of at once on the public market, Goldmoney remains extremely cheap. With a stock price of $15 and shares outstanding of 12.5 million, the total market cap is $188 million. Netting out excess cash, metals and discounting Mene value by 50% gives an enterprise value of $130 million. Using the most recent balance sheet numbers, the net value of the real estate is $140 million, creating the core storage/trading Goldmoney.com business for free. I'm not sure this 27 employee led business with essentially no capex or reinvestment needs should trade for this price. There is not a great 1 to 1 comparable I found in my research but using similar types of businesses like Sprott Inc. or the Brink's that trade at valuations 10x EV/EBIT or greater than where Goldmoney currently trades and I don't think such a large gap is justified. I can get to 50% upside on a more realistic multiple to the business and if this new precious metals market is here to stay with the real estate development potential, upside could be 100% or more. Against this backdrop, the company has been decreasing the shares outstanding by buying stock in the open market. Over the past 5 years, they've retired 17% of their shares outstanding.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
