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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | CRH, CS CN, CVE, DOW AU, FLUT, FRA GR, IMD AU, NXE CN, QBE AU, TECK | - | View | ||
| 2023 Q4 | Dec 31, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | BH5 GR, CNU AU, CRH, CVE, FLUT, IDG GR, NEM, NUF GR, QRL GR, STS GR, VEA AU, WGX AU | - | View | ||
| 2022 Q3 | Oct 24, 2022 | L1 Capital Long Short Fund | 2.4% | 10.8% | CVE, MIN AU, PPB GR, QAN AU, RHC AU, SFR AU | - | View | ||
| 2025 Q4 | Jan 24, 2026 | Miller Howard North American Energy Fund | 1.0% | 6.1% | CHRD, CNQ, CVE, CVX, EQT, GPOR, HES, LBRT, MPC, OKE, OXY, PBA, PSX, RRC, SM, SU, VLO, XOM | Data centers, dividends, energy, Natural Gas, North America, oil, Refiners | Pressure pumpers are seeing growing interest in supplying power to data centers under long-term contractual arrangements. Mobile generation equipment can be deployed within weeks at competitive efficiency levels. Liberty Energy announced a positive 1GW data center power generation project by year-end 2027. Natural gas prices rallied sharply amid a cold start to winter in the US, supported by strong LNG exports and rising data center power demand. The portfolio reduced natural gas price exposure by selling EQT Corp and trimming Range Resources Corp. Oil prices drifted lower on a near-term supply glut and closed the quarter in the mid-$50/bbl range. Adjusted for inflation, prices are near century lows. At current prices, E&Ps are expected to further rein in production with US supply likely to decline in 2026. The portfolio increased Valero and Phillips 66 on strong refinery dynamics. Marathon Petroleum had a rare refinery earnings miss on operational items believed to be one-time, with favorable 2026 capex guidance. The portfolio currently offers an indicated yield of 3.2% that is well supported down to roughly $45/bbl oil, with potential for significantly larger variable capital returns at higher commodity prices. Suncor Energy raised its dividend 5.3% amid strong buybacks. | View | |
| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2024 Q3 | Sep 30, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | CNU NZ, CRH, CVE, MEG CN, NWG LN, NXE CN, QAN AU, RMV LN, TSCO LN | - | View | ||
| 2023 Q3 | Sep 30, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | CVE, IDG GR, JHX, NUF GR, PPBA GR, STO AU, SVW AU, WOR AU | - | View | ||
| 2023 Q1 | Mar 31, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | AAPL, BSL AU, CAPS, CS CN, CVE, DOW AU, FLTR LN, IDG GR, NMA GR, QBE AU, TECK | - | View | ||
| 2022 Q4 | Feb 24, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | CHR CN, CVE, FLTR LN, MDGL, MIN AU, ORG AU, QAN AU, QBE AU, SHOP, TECK | - | View | ||
| 2023 Q4 | Jan 2, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930 KS, 0Q0J LN, 4503 JP, 8GC SW, ASAZY, CVE, DNOPY, UCB BB | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Cole Smead | Cenovus Energy Inc. | Energy | Oil & Gas Exploration & Production | Bull | capital allocation, energy, merger, oil, synergies, Value | View Pitch | |
| Oct 29, 2025 | Seeking Alpha | Seeking Alpha | Cenovus Energy Inc. | Oil & Gas Integrated | Bull | acquisition, bolt-on acquisition, Cenovus Energy, Dividend Growth, Energy Sector, MEG Energy, operational efficiencies, share repurchase, synergies, thermal oil | 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. | ||||||||