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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Kopernik Global All-Cap Fund | 18.3% | 35.3% | 000240.KS, 003550.KS, 003690.KS, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 1082.KL, 1508.HK, 1662.T, 375500.KS, AMS.L, ARIS.TO, BAS.DE, BIDU, BORR, DRR.AX, EB5.SI, EQX.TO, GLEN.L, Gold, IE, IMP.L, IVN.TO, JUP.L, KAP.L, LUN.TO, MEG.TO, MHPC.L, NAK, NEM, NG.TO, NXE.TO, ORBIA.MX, PBR, PDN.AX, SA.TO, SDF.DE, SQM, SSW.L, U.TO, YCA.L | commodities, diversification, global, materials, Mining, South Korea, value | PGM producers had a strong quarter with platinum prices rising over 35%. Impala and Valterra are the largest PGM producers globally, together accounting for 47% of global production. The fund took advantage of volatility by trimming and adding to positions opportunistically. | View | |
| 2025 Q3 | Oct 1, 2025 | East72 Dynasty Trust | 1.6% | - | 1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY | Europe, Family, Holdings, Luxury, value | Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations. | UHR SW |
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| 2025 Q4 | Jan 20, 2026 | Highwood Value Partners | 5.7% | 10.2% | 2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO | Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value | Manager emphasizes concentrated value investing approach, buying companies at significant discounts to fair value. Portfolio trades at 48 cents on the dollar of estimated intrinsic value with median P/E of 7.5x. Focus on fundamental bottom-up analysis with 5+ year holding periods. Burford Capital represents the largest position as a litigation finance leader. The business generates returns by funding commercial litigation claims and managing third-party capital. YPF case represents major catalyst with clear judgment in favor. Borr Drilling is a special situation in shallow water drilling rigs. The capital cycle investment thesis centers on industry oversupply working through the system, with rig rates recovering from current levels toward long-run averages as old rigs retire. | RYAAY FEVR LN GETB LN BORR NO BUR LN |
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| 2025 Q1 | Apr 16, 2025 | East72 Dynasty Trust | 0.5% | 0.5% | 0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA | Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing | The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights. | AVAP.L VIV.PA |
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| 2024 Q4 | Jan 15, 2025 | Highwood Value Partners | - | 4.6% | ALIM.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L | Europe, Long Term, Quality, SMID Cap, valuation, value | Manager emphasizes buying great businesses at attractive valuations as the core investment approach. Portfolio trades at 0.47x intrinsic value with median P/E of 8.1x versus US markets at historically high valuations. European markets offer compelling value opportunities with select markets at all-time low valuations. | HFG.DE FEVR.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 8, 2026 | Fund Letters | Desmond Kingsford | Borr Drilling | Energy | Oil & Gas Drilling & Exploration | Bull | New York Stock Exchange | Drilling, energy, Jackup, Offshore, Shallow-Water | 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 |
|---|---|---|---|---|---|---|---|---|
| Todd J. Kantor | Encompass Capital Advisors | $2.5B | $14.3M | 0.58% | 3,554,800 | +3,554,800 | +100.00% | 0.8176% |
| Matthew Halbower | Pentwater Capital Management | $19.0B | $302,250 | 0.00% | 75,000 | +75,000 | +100.00% | 0.0172% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.6M | 0.01% | 881,603 | -433,219 | -32.95% | 0.2028% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $9.8M | 0.01% | 2,433,200 | +2,409,529 | +10179.24% | 0.5596% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.8M | 0.00% | 687,245 | -1,178,939 | -63.17% | 0.1581% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.1M | 0.00% | 520,536 | -201,680 | -27.93% | 0.1197% |