ALS-TO

ALS-TO

ALS-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 8, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value	Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets.	MEG.TO	View
2025 Q2	Jul 7, 2025	MJG Capital Fund	-	35.8%	ALS.TO, BRVO.V, ELE.V, KLD.V, KRY.V, LRA.V, RDG.V, SME.V, STRR.V	Canada, Copper, crypto, Exploration, gold, Mining, PGMs, royalties	Copper remains the highest weighting by metal at 35% of the portfolio across six holdings. Each copper-focused investment presents opportunity for share price appreciation through drilling, permitting success, or M&A activity without reliance on further copper price increases.		View
2025 Q2	Jul 30, 2025	Hurdle Rate	-	-	ALS.TO, BRVO.V, ELE.V, KLD.V, KRY.V, LRA.V, RDG.V, SME.V, STRR.V	Brazil, Canada, Copper, Development, Exploration, gold, Mining, royalties	Copper remains the highest weighting by metal at 35% of the portfolio across six holdings. Each copper-focused investment presents opportunity for share price appreciation through drilling, permitting success, or M&A activity without reliance on further copper price increases.	SEQ AU FSA AU 9928 JP CAF AU ELIX LN DSW LN	View
2026 Q1	May 8, 2026	Horizon Kinetics	-	-	AAPL, AB, ALS.TO, AMLP, CSCO, HE, INTC, LNG, MIAX, MSFT, TPG, WPM	AI, CLO, commodities, energy, income, infrastructure, private credit, royalties			View
2024 Q1	Apr 25, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, DHR, FNV, GROY, MEG.TO, OR.TO, RGLD, ROP, SSL.TO, TSU.TO, WPM	Automation, Canada, energy, gold, infrastructure, oil, Precious Metals, value	Gold jumped 7.6% during the quarter and 23.5% over the past twelve months, finishing at a new high of $2,220.37. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector through royalty companies and leading miners.	APG	View
2024 Q1	Apr 23, 2024	Black Bear Value Partners	-6.7%	-1.4%	ABG, ALS.TO, AN, BLDR, CEIX, PAG	Auto Dealers, Buybacks, Coal, commodities, Concentration, energy, Homebuilders, value	Auto dealers operate a razor-razorblade model in a fragmented industry, with over 50% of profits coming from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. The manager expects dealers to make less per car but sell more volume as prices drop.	PAG AN ALS.TO	View
2024 Q4	Feb 3, 2025	Hosking Partners	-	-	AAPL, ALS.TO, AMZN, GOOGL, META, MSFT, NVDA, PDL.L, SBSW	active ownership, AI, Big tech, Community Relations, Energy Transition, Esg, Mining, Social Issues	The energy transition remains a local and intensely social affair, with community relations and licence-to-operate becoming critical factors. The tension between local interests and global decarbonisation targets is intensifying, leading to a shift toward adaptation and resilience strategies rather than purely top-down emissions targets.		View
2024 Q4	Dec 31, 2024	Fairfax Financial Holdings	-	-	ALS.TO, BB, BRMI.TO, CIB.CA, DXT.TO, EUROB.AT, FFH.TO, FFI.TO, FMCN.TO, JKHL.CO, KW, ORLA.TO, OXY, QUESSCORP.NS, TCIL.NS, ZZZ.TO	Decentralization, Float, India, insurance, Underwriting, value	Record underwriting profits of $1.8 billion on record gross premiums of $33 billion, with combined ratio of 93%. The company operates 26 decentralized insurance companies globally with strong reserve redundancies averaging $0.5 billion per year over eight years.		View
2023 Q4	Dec 31, 2023	Fairfax Financial Holdings	-	-	AAPL, ALS.TO, BB, BIAL.NS, CIBEG.CA, CSBB.NS, DIGIT.NS, EUROB.AT, FORAN.TO, IIFL.NS, JKHL.CM, KW, MSFT, MU, ORLA.TO, OXY, QUESS.NS, STLC.TO, TCIL.NS	global, growth, India, insurance, Investments, real estate, Underwriting, value	Prime Minister Modi has taught the average Indian to dream. The Indian economy is expected to grow at 7% for the foreseeable future, the highest growth rate for a major economy. In the next four years, India is expected to be the third largest economy behind the U.S. and China. Fairfax has significant investments across India including Thomas Cook India, Fairfax India, Digit, Quess, and various portfolio companies through Fairfax India.		View
2025 Q3	Oct 27, 2025	Horizon Kinetics	-	-	ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM	AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water	Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels.	MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN	View
2024 Q3	Oct 17, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM.TO, ALS.TO, AMZN, APG, BAM, BUR, CCO.TO, CHD, DHR, FNV.TO, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SE, SSL.TO, SU.TO, TSU.TO, WPM.TO	Canada, energy, gold, infrastructure, Litigation, Precious Metals, royalties, value	Gold jumped 13.4% during the quarter and is up 42.5% over the past twelve months, finishing at $2,634. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Many precious metals mining companies and royalty businesses are undervalued relative to gold and silver prices.	BUR	View
2023 Q3	Oct 17, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value	Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments.	TSU.TO	View
2025 Q4	Jan 11, 2026	MJG Capital Fund	0.0%	109.3%	ALS.TO, BRVO.TO, ELE.TO, KLD.TO, KRY.TO, LRA.TO, RDG.TO	commodities, Copper, Critical Minerals, Exploration, Mining, natural resources, Precious Metals	The MJG partnership's exposure to copper has increased to 43% of the weighted portfolio across seven different investments, marking the highest weighting towards a single metal since gold exceeded 50% in mid 2020. Each copper-focused position presents opportunity for share price appreciation through the drill bit, permitting success, or M&A activity without reliance on further increases to the copper price. The MJG partnership benefitted from ferocious performance by precious metals, with gold increasing 65%, silver 148%, platinum 126%, and palladium 81% in 2025. However, silver's parabolic move historically signals pain ahead for precious metals investors, prompting the partnership to reduce precious metals exposure below 30% of the portfolio. The resurgence of mining investment within the United States is driven primarily by brinksmanship between China and the United States over critical minerals. The MJG partnership's US-focused investments comprised 30% of the weighted portfolio entering 2025 and outperformed the broader portfolio. The MJG partnership's exposure to the prospect generation business model has increased to 37% of the weighted portfolio across seven different positions. 2026 is set up for a boom in exploration activity, with high-quality prospect generators and explorers set to benefit from increased interest by investors and strategics alike.		View
2023 Q2	Jul 19, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM.TO, ALS.TO, AMT, AMZN, BEP, BIP, CSGP, DHR, FNV, LIN, MEG.TO, OR.TO, RGLD, ROP, SAND, SU.TO, TSU.TO, WPM	Currency, energy, Esg, infrastructure, Precious Metals, rates, real estate, value	The Biden administration implemented new mortgage pricing policies that penalize borrowers with high credit scores and large down payments while subsidizing those with poor credit. This woke policy reverses creditworthiness incentives and will likely lead to greater homeownership gaps and increased poverty, similar to previous failed housing initiatives.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q1	Apr 17, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO	Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties	High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop.	ALS.TO	View
2023 Q4	Jan 30, 2024	Black Bear Value Partners	-6.7%	-1.4%	ABG, ALS.TO, BLDR, CEIX, POU.TO	Auto Dealers, Coal, concentrated, energy, Homebuilders, royalties, Short Selling, value	Auto dealerships operate a razor-razorblade model with over 50% of profits from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. While GPU margins will normalize, volume increases should offset some pressure as used car prices drop.	ALS.TO POU.TO CEIX BLDR ABG	View
2023 Q4	Jan 23, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM	Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value	Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others.	SU.PA FNV	View
2024 Q4	Jan 20, 2025	MJG Capital Fund	-	6.8%	ALS.TO, BRVO.TO, ELE.TO, KLD.TO, KRY.TO, LRA.TO, RDG.TO, SME.TO, STRR.TO	commodities, Copper, Development, Exploration, gold, Junior miners, Mining, natural resources	Copper remains the highest weighting by metal at 36% of the MJG portfolio, reflecting a positive bias for the coming years. Each copper-focused investment presents opportunity for share price appreciation through drilling, permitting success, and M&A activity even if copper prices remain at current levels.	KRY.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Black Bear Value Partners	Altius Minerals	Materials	Metals & Mining	Bull	TSX	asset-light, Copper, Diversified Commodities, Iron ore, Lithium, Management alignment, Mining, Potash, Royalty	View Pitch
Apr 27, 2026	Fund Letters	ROCKLINC Partners Fund	Altius Minerals Corporation	Materials	Diversified Metals & Mining	Bull	Toronto Stock Exchange	Canada, Cobalt, Commodities, Copper, critical metals, energy transition, Ev batteries, Lithium, materials, Mining, Nickel, renewable energy, Royalty, Streaming	View Pitch
Apr 13, 2026	Fund Letters	Black Bear Value Partners	Altius Minerals	Materials	Diversified Metals & Mining	Bull	Toronto Stock Exchange	asset-light, Canada, Commodities, Copper, Iron ore, Lithium, Mining, Potash, Royalty, Value	View Pitch

BSD Shareholders of ALS-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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