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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 1, 2025 | Massif Capital | -2.1% | -2.1% | AFM.TO, EQNR, HBR.L, IE, VAR.L | China, Copper, Europe, geopolitics, Metals, Natural Gas, tariffs, Trade Policy | The escalating trade war between major economic powers has triggered seismic shifts in global industrial metals markets, with US-China tensions disrupting traditional trade pathways and forcing industries to reconfigure sourcing strategies. The Trump administration's use of tariffs and trade as tools of government statecraft represents a rapid unwinding of complex interdependency systems. These policies risk replaying disastrous economic policies similar to Latin America's import substitution experiments that led to protected economies, rampant inflation, and poverty. | View | |
| 2024 Q3 | Oct 29, 2024 | Massif Capital | 2.4% | 12.0% | AFM.TO, ENR.DE, ENVX, EQX.TO, GEV, OCI | China, commodities, Energy Transition, Europe, Mining, real assets, volatility | China's economic growth model is at an inflection point due to unsustainable credit expansion, inefficient financial allocation, and mounting fiscal pressures. The manager expects this growth overhang to weigh on commodity prices and the real asset ecosystem for the next 12 to 18 months. | AFM.TO ENR.DE |
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| 2023 Q1 | Jan 7, 2024 | Old West Capital Management | 6.9% | 15.9% | AFM.TO, BG, FIL.TO, SMRT, WILD.TO | Agriculture, Banking, commodities, interest rates, Mining, Owner Managers, small cap, value | Manager emphasizes value investing approach focused on companies with owner/managers, strong balance sheets, actual earnings, and business moats. Expects value bias to serve well in difficult investing environment ahead. Believes active value investing will have revival after speculative bubble period. | View | |
| 2023 Q2 | Jul 14, 2023 | Massif Capital | 2.4% | 12.0% | ADT.AX, AES, AFM.TO, CTM.AX, EC, ENR.DE, EQNR, EQX, FLNC, IXR.AX, LAC, PICK, VALE | commodities, energy, materials, Mining, natural resources, real assets, Utilities | Manager views energy transition as requiring massive investment in renewable assets while maintaining hydrocarbon infrastructure. Believes oil and gas remain critical for supporting economic growth needed to fund transition to low-carbon economy. Sees environmental and economic sustainability as interconnected. | ENR.DE CTM.AX AES |
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| 2024 Q4 | Jan 22, 2025 | Massif Capital | 0.0% | 12.1% | AFM.TO, BHP, COPX, ENR.DE, ENVX, EQX.TO, EXI, FILL, GDX, GDXJ, GEV, GMIN.TO, LAAC, PICK | commodities, Copper, energy, gold, Lithium, Metals, Mining, real assets | LAAC position suffered 4.6% drawdown in 2024 despite strong operational progress. Management announced 2024 production of 25kt and 2025 guidance of 30-35kt. Updated technical report shows long-term operating costs of $6.5/kg, implying NAV of $3.6 billion versus current market cap of $486 million. | View | |
| 2025 Q2 | Jan 1, 1970 | Aegis Value Fund | - | 27.6% | AFM.TO, AMRG.TO, ASTL.TO, ATH.TO, BOCHGR.AT, CYL.TO, DPM.TO, EQX.TO, FL, GAU.TO, GMIN.TO, HNRG, IPCO.TO, KMR.L, LN.TO, MEG.TO, NCAU.TO, NGSGU, NVDA, ORE.TO | Canadian, deep value, energy, Gold Miners, Precious Metals, small cap, tariffs, value | Precious metals mining stocks were stand-out performers with the Fund's 21 positions delivering 13.62 percentage points to performance. Gold prices soared 25.9% amid dollar weakness and policy uncertainty. The manager continues to believe mining investments represent good value despite recent run-ups. | HNRG BOCHGR.AT MEG.TO IPCO.TO EQX.TO ASTL.TO FL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Diamond Hill International | First Quantum Minerals | Materials | Metals & Mining | Bull | Toronto Stock Exchange | alternative energy, Canada, copper mining, Low-cost producer, M&A Target, Panama, supply constraints, Zambia | View Pitch |
| Apr 13, 2026 | Fund Letters | Massif Capital | Alphamin Resources Corp | Materials | Diversified Metals & Mining | Bull | TSX | Africa, commodity, dividend yield, DRC, electronics, High-Grade Mine, jurisdiction risk, Mining Operations, tin mining, Value | View Pitch |
| Jan 8, 2026 | Substack | PP Invest 007 | Alphamin Resources | Mining | Tin | Bull | Toronto Stock Exchange | DR Congo, EBITDA performance, electronics, geopolitical risks, high-grade deposits, low production costs, political instability, Single asset, supply chain, tin mining | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||