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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 7, 2025 | MJG Capital Fund, LP | - | 35.8% | ALS CN, BRVO CN, ELE CN, KLD CN, KRY CN, LRA CN, RDG CN, SME CN, STRR CN | Balance Sheets, cash flows, Compounding, Discipline, Quality | The letter emphasizes disciplined ownership of high-quality businesses with durable cash flows and long reinvestment runways. Management focuses on downside protection through balance-sheet strength and conservative underwriting. Long-term compounding is prioritized over short-term market timing. | View | |
| 2024 Q1 | Apr 23, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ALS CN, AN, BLDR, CEIX, PAG | - | View | ||
| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS CN, EME, LB, MSB, SJT, TRC, WBI | gold, inflation, Natural Gas, Scarcity, water | The letter explored localized inflation as a defining macro theme, driven by constrained supply in resources like gold, potash, and natural gas. Horizon Kinetics expects scarcity investing to dominate the next decade as datacenter power demand and water scarcity reshape capital flows. The firm favors asset-light royalty models in commodities, water, and energy infrastructure, anticipating compounding returns from inflation-hedged income streams. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
View |
| 2022 Q3 | Oct 10, 2022 | Horizon Kinetics | 0.0% | 0.0% | ALS CN, LIF CN, PCH, RYN, TPL | - | View | ||
| 2023 Q1 | Apr 17, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | ALS CN | - | View | ||
| 2023 Q4 | Jan 30, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS CN, BLDR, CEIX, POU CN, SV4 GR | - | View | ||
| 2024 Q4 | Jan 20, 2025 | MJG Capital Fund, LP | - | 6.8% | ALS CN, BRVO CN, ELE CN, KLD CN, KRY CN, LRA CN, RDG CN, SME CN, STRR CN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Matt Geiger | Altius Minerals Ltd. | Materials | Diversified Metals & Mining | Bull | New York Stock Exchange | Allocation, cashflow, Catalysts, Commodities, Optionality, rerating, royalties | View Pitch |
| Nov 29, 2025 | Fund Letters | Murray Stahl | Altius Minerals | Materials | Diversified Metals & Mining | Bull | NYSE | Copper, diversification, inflation, Potash, renewables, Resources, Royalty | View Pitch |
| Nov 28, 2025 | Fund Letters | Murray Stahl | Altius Minerals | Materials | Diversified Metals & Mining | Bull | TSX | Copper, diversification, inflation, Potash, renewables, Resources, Royalty | 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. | ||||||||