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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 24, 2023 | Kingdom Capital Advisors | 2.7% | 7.6% | AMRK, ARCH, PLCE, SUP, UNTC, VHI | Buybacks, Coal, energy, Precious Metals, retail, small caps, value | Manager expects significant outperformance among coal stocks once the broader market realizes how the global cost curve has increased. Arch Resources continues to struggle despite being expected to earn over $50 per share between 2023 and 2024 while trading at $115. Coal sector remains out of favor with stocks fluctuating on fears about China, recessions, and seasonality. | CTLP|SUPN|VC PLCE AMRK |
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| 2025 Q2 | Jun 30, 2025 | Riverwater Micro Opportunities Strategy | - | - | ABEO, AEHR, ALRS, AMRK, ARIS, DCBO, LAKE, LEU, LMNR, NCMI, NPKI, PLOW, RDVT, SSSS, TILE, UROY, UTL | Defensive, energy, Gene Therapy, materials, Microcap, nuclear, Quality, Utilities | Nuclear power is positioned as critical infrastructure for AI data centers and decarbonization goals. Big tech firms are securing long-term nuclear power deals and investing in small modular reactors. Policy environment supports quadrupling nuclear electricity by 2050 through reformed licensing and federal backing. | TILE ABEO LEU TILE ABEO ARIS LEU |
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| 2024 Q1 | May 8, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, JOY.TO, TDW, U-U.TO, VAL | Crisis Hedge, energy, inflation, Precious Metals, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. Sprott Physical Uranium Trust is sequestering available above-ground stockpile through ATM offerings. | JOY.TO AMRK JOE U.TO TDW VAL |
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| 2023 Q1 | Apr 11, 2023 | Kingdom Capital Advisors | 4.8% | 4.8% | AMRK, ARCH, DOLE, PDER, UNTC | Banking Crisis, dividends, energy, Precious Metals, small caps, value | A-Mark Precious Metals benefits from increased demand for precious metals during market panics and banking fears. March bullion sales reached historic highs following bank failures, with peers reporting overwhelming demand. The company profits when precious metal demand outpaces supply, which has been the case for most of the last three years. | PDER ARCH UNTC AMRK |
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| 2024 Q4 | Dec 31, 2024 | Riverwater Micro Opportunities Strategy | - | - | AEHR, AMRK, CCB, LEU, MEC, SSSS, TTAN, UROY | AI, Banking, industrials, Microcaps, nuclear, Onshoring, technology, uranium | The Materials sector was a standout performer driven by investments in nuclear power and uranium, which continues to present significant long-term opportunities. The strategy initiated a position in Uranium Royalty Corp. (UROY) to align with this long-standing focus on the nuclear power and uranium theme. | SSSS UROY AMRK CCB |
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| 2024 Q3 | Oct 20, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, SII, TDW, U-U.TO, VAL | Concentration, Crisis, energy, Fiscal Crisis, inflation, Precious Metals, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII JOE AMRK U.TO TDW VAL |
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| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA | aerospace, catalysts, China, energy, Europe, global, Onshoring, value | Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs. | View | |
| 2024 Q4 | Jan 12, 2025 | Praetorian Capital Management | -14.8% | -10.6% | AMRK, JOE, NE, SII, TDW, VAL | Concentration, energy, inflation, Offshore, real estate, value | Manager believes offshore oil will gain market share from shale as best US shale basins mature and production stagnates. Offshore equipment fleet has shrunk by half due to decade-long bear market, while demand for higher quality drillships grows. No new equipment likely to be built until dayrates reach levels where current owners earn excess profits. | View | |
| 2024 Q2 | Jul 21, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, NVDA, SII, TDW, U-U.TO, VAL | commodities, energy, Inflection, Oilfield Services, Precious Metals, small caps, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII AMRK JOE VAL TDW |
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| 2023 Q4 | May 1, 2024 | Kingdom Capital Advisors | 2.5% | 15.9% | ABL, ABLLW, AMRK, ARCH, CRSXF, HCC, NLOP, PLCE, SCOR, UNTC | Coal, contrarian, energy, real estate, small caps, special situations, value | Manager holds positions in Corsa Coal and previously Arch Resources, rotating into Warrior Met Coal. Coal was both a top contributor (Warrior Met) and detractor (Corsa Coal) during the period. Manager views coal as part of their value-oriented approach to out-of-favor sectors. | NLOP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Kingdom Capital Advisors | A-Mark Precious Metals | Materials | Precious Metals & Minerals | Bull | NASDAQ | Banking Turmoil, Bullion, cash flow, DTC, Equity, Precious Metals, Share Buybacks | View Pitch |
| Apr 27, 2026 | Fund Letters | Kingdom Capital Advisors | A-Mark Precious Metals | Materials | Precious Metals & Minerals | Bull | NASDAQ | acquisition strategy, Banking Crisis, Bullion Dealer, direct-to-consumer, e-commerce, Gold, market uncertainty, Mints, Precious Metals, Silver, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | A-Mark Precious Metals Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Counter-cyclical, Crisis Hedge, insider ownership, Mining Alternative, Physical Gold, Precious Metals, Spreads, transaction volumes | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | A-Mark Precious Metals | Consumer Discretionary | Specialized Consumer Services | Bull | NASDAQ | Counter-cyclical, Crisis Hedge, high-ROIC, online retail, Physical Gold, Precious Metals, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | A-Mark Precious Metals | Financials | Diversified Financial Services | Bull | NASDAQ | Bullion Dealer, Commodities, contrarian, Gold Trading, Margin recovery, Precious Metals, Trading Spreads | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | A-Mark Precious Metals | Consumer Discretionary | Specialized Consumer Services | Bull | NASDAQ | Coin Dealer, Counter-cyclical, Crisis Hedge, high-ROIC, insider ownership, Physical Gold, Precious Metals | 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. | ||||||||