Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Greenhaven Road Capital | 14.0% | 1.0% | AAPL, ASTS, BUR, CLBT, GOOGL, KKR, LFCR, MCD, PAR, SOC, T, VZ | Litigation, oil, Pharmaceuticals, private equity, small caps, Space, Trade Policy, value | Burford Capital holds rights to multiple billion-dollar potential judgements including the YPF Argentina case worth over $16B. The fund is also short two companies facing significant litigation with potential treble damages far exceeding their market capitalizations. | ASTS PAR KKR CLBT LFCR BUR SOC |
View |
| 2025 Q1 | Jun 16, 2025 | Silver Beech Capital | -2.8% | -2.8% | BN, BUR, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, WSC | Logistics, REITs, small caps, tariffs, value, volatility | The logistics real estate sector has been a top-performing asset class for over a decade, driven by structural shifts including e-commerce growth and U.S. manufacturing reindustrialization. Current supply constraints from high construction costs and elevated interest rates have created a compelling investment opportunity, with new supply projected 60% below peak 2022 deliveries. | FR |
View |
| 2024 Q1 | May 30, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BTI, BUR, C, CROX, DNTL.TO, ET, FFH, FNF, GOOGL, SD, WSC | cash flow, Consolidation, infrastructure, Pricing Power, small cap, undervalued, value | Silver Beech focuses on finding undervalued companies trading below intrinsic value. The portfolio trades at significantly lower valuations than the S&P 500 while maintaining similar growth and operating metrics. The fund seeks to capitalize on market inefficiencies and human nature-driven boom and bust cycles. | DNTL.TO WSC |
View |
| 2025 Q1 | May 20, 2025 | Greenhaven Road Capital | -12.0% | -12.0% | BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L | Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility | President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced. | View | |
| 2022 Q4 | Dec 31, 2022 | Rozendal Partners | - | 0.6% | BLU SJ, BUR, JDC GR, MAERSK/B PZ, META, OCE SJ, QUINENC CI, TBS SJ, YRK SJ | - | View | ||
| 2025 Q3 | Nov 8, 2025 | Greenhaven Road Capital | -9.0% | -9.0% | ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC | AI, Asset Management, Concentration, private credit, software, value | Manager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption. | View | |
| 2024 Q3 | Nov 27, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BUR, DNTL.TO, ET, FFH, FNF, MHC, RTO, SNX, WSC | Asset Management, Concentration, Construction, private markets, small cap, Specialty Rental, value | Silver Beech focuses on constructing a portfolio of misunderstood companies at attractive prices. The fund's portfolio trades at significantly lower valuations than broader indices with a 2.1x price-to-book ratio versus 5.1x for the S&P 500. The strategy emphasizes downside-oriented investing in companies that can win in extreme market conditions. | WSC BN |
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 |
| 2022 Q3 | Oct 10, 2022 | Alphyn Capital Management | 8.9% | 13.5% | AHT LN, AMZN, BUR, EXO NA, FFX GR, IAC, KMX, LBRDA, PSH LN, VMEO | - | View | ||
| 2025 Q4 | Jan 29, 2026 | Focus Capital Management | 14.7% | 85.8% | BUR, KCN.AX, SIMO, VLE.TO | AI, gold, Mining, oil, semiconductors, small caps, technology, value | Gold prices increased 65% in 2025, significantly benefiting Kingsgate's mining operations and cash flow generation. The rising gold price was a major tailwind for the fund's performance, though the manager acknowledges dependence on sustained high gold prices as a risk factor. Silicon Motion continues gaining market share across PC SSD controllers and mobile segments with new product launches. The company has the strongest product lineup in over 12 years, with management expressing unprecedented confidence in their pipeline of design wins and opportunities. AI data center boom creates both opportunities and challenges for Silicon Motion. While AI applications drive demand for high-performance SSDs, the massive AI-driven purchases of NAND storage are creating unprecedented shortages and tripling prices, potentially hurting core PC and smartphone markets. Oil prices dropped approximately 20% in 2025 from $75 to $60 per barrel, weighing on Valeura Energy's profitability. Despite lower prices, Valeura remains highly profitable with breakeven in the mid-40s and continues generating substantial cash flow. | BUR VLE CN SIMO KCN AU |
View |
| 2024 Q2 | Aug 13, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BTI, BUR, DNTL.TO, ET, FFH.TO, FNF, RCM, WSC | Concentration, Legal Finance, multiples, Outperformance, technology, value | Silver Beech focuses on companies trading at low multiples of normalized earnings power and below intrinsic value. The portfolio trades at 14.7x forward P/E versus 22.7x for the S&P 500, while maintaining similar growth and operating metrics. The fund seeks companies with strong competitive advantages that are misunderstood by the market. | BUR |
View |
| 2024 Q2 | Jul 31, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | ALTG, BUR, CLBT, HGTY, KKR, PAR | - | View | ||
| 2023 Q1 | Apr 28, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BNED, BUR, CLBT, KKR, LFCR, PAR, SYY | durability, small caps, special situations, technology, value | Manager emphasizes portfolio durability through companies with low churn, strong balance sheets, and secular tailwinds. Uses marble elephant metaphor to distinguish durable businesses from fragile ones, noting less than 20% of original S&P 500 companies survived 50 years. | View | |
| 2023 Q4 | Apr 2, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BUR, CLBT, IWG.L, KKR, PAR | Concentration, fundamentals, growth, long-term, small caps, technology, value | IWG benefits from headwinds facing corporate real estate market as vacancies rise and landlords become more flexible. The company's partnership model helps landlords fill empty space while reducing IWG's capital requirements. | View | |
| 2024 Q4 | Jan 29, 2025 | Focus Capital Management | -4.9% | -27.6% | BUR, KCN.AX, SIMO, VLE.TO | energy, gold, Litigation Finance, semiconductors, undervalued, value | Kingsgate operates the Chatree gold mine in Thailand which has restarted operations and is ramping to full capacity. The company expects to produce 95,000-120,000 ounces annually at full capacity with estimated net income of $75-110 million. Gold prices are near $2,800 per ounce, about 35% higher than the beginning of 2024. | VLE.TO KCN.AX SIMO BUR |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Silver Beech Capital | Burford Capital | Financials | Specialized Finance | Bull | NYSE | Acyclical Returns, alternative assets, Argentina, asset management, Commercial Litigation, Intellectual Property, Legal Finance, Litigation Funding, returns on equity, Settlement Recovery, Specialized Finance, YPF case | View Pitch |
| Apr 13, 2026 | Fund Letters | ROCKLINC Partners Fund | Burford Capital Ltd. | Financials | Specialized Finance | Bull | NYSE | alternative investments, Commercial Litigation, high-ROIC, Legal Services, Litigation Finance, Non-recourse Funding, Specialized Finance, Uncorrelated Returns | View Pitch |
| Apr 13, 2026 | Fund Letters | Focus Capital Management | Burford Capital | Financials | Specialized Finance | Bull | NYSE | arbitration, Argentina, Legal Services, Litigation Finance, settlement, undervalued, Value | View Pitch |
| Apr 1, 2026 | Substack | Coughlin Capital | Burford Capital | Financial Services | Litigation Finance | Neutral | London Stock Exchange | asset management, Burford Capital, cash receipts, Christopher Bogart, financial services, Jonathan Molot, Litigation Finance, market volatility, return on invested capital, YPF case | View Pitch |
| Jan 30, 2026 | Fund Letters | Mordechai Yavneh | Burford Capital Ltd | Financials | Specialty Finance | Bull | New York Stock Exchange | Catalysts, Legal, Litigation Finance, Special situations, valuation | View Pitch |
| Jan 8, 2026 | Value Investors Club | zbeex | Burford Capital Limited | Industrials | Commercial Services & Supplies | Bull | New York Stock Exchange | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | View Pitch |
| Dec 6, 2025 | Fund Letters | Scott Miller | Burford Capital Limited | Financials | Asset Management | Bull | NYSE | Asymmetric, Catalyst, Claims, litigation, Sovereign | View Pitch |
| Nov 29, 2025 | Fund Letters | Samer Hakoura | Burford Capital Limited | Financials | Specialized Finance | Bull | NYSE | Commitments, Deployments, Enforcement, litigation, NAV, Optionality, Sovereign-risk | View Pitch |
| Oct 31, 2025 | Substack | Triples Investing | Burford Capital | Financials | Asset Management | Bull | Argentina, Burford Capital, contract claim, damages, expropriation, forum non conveniens, investment risk, Litigation Finance, Second Circuit, YPF | View Pitch | |
| Oct 23, 2025 | Value Investors Club | gary9 | Burford Capital Ltd. | Financials | Specialized Finance (Litigation Finance) | Bull | NYSE | Argentina, GAAP volatility, Litigation Finance | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Princeps Capital | Burford Capital | Financials | Asset Management | Bull | NYSE | — | 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. | ||||||||