Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
MJG Capital Fund Matt Geiger | “Altus Strategies was the Featured Investment in the January 2022 MJG partnership letter, with company updates continuing in subsequent letters after a merger between Altus and Elemental Royalties formed Elemental Altus in August 2022. Most recently, Elemental Altus merged with EMX Royalty Corp to form Elemental Royalty in November 2025. We continue to hold our position in the combined company, with a post-consolidation cost basis of C$13.64 per share. The Elemental share price has declined by roughly 3% YTD, modestly outperforming the gold price over the same period. Elemental is one of seven precious metal-focused royalty companies with a market capitalization north of C$1 billion and remains the cheapest of this group – with Elemental valued at an approximately 15-45% discount to peers on a P/NAV basis. The company announced its largest single-asset acquisition to date on May 14th, with the purchase of Vizsla Royalties for C$327 million in cash and shares. Vizsla holds a 2.0-3.5% NSR at the Panuco Project in Sinaloa, Mexico. Panuco is one of the largest undeveloped high-grade silver resources globally, hosting intermediate to low sulfidation epithermal veins across more than 80 kilometers of mapped strike and extensive historical workings. Ultimately, the timing of first production at Panuco will determine whether this acquisition proves ill-conceived or opportunistic for Elemental. Elemental currently occupies a unique position on the royalty value curve. Between its increased scale – the company's pro forma market capitalization will exceed C$1.5 billion upon completion of the Vizsla Royalty acquisition – and the continued financial backing from Tether, Elemental has the resources to credibly compete for new royalty and streaming deals. At the same time, the company remains small enough that incremental additions to production – whether via acquisition or through its deep bench of development stage royalties – meaningfully move the needle in a way that is no longer possible for its larger-cap peers. Recognizing that the Panuco royalty acquisition introduces additional jurisdictional risk to the investment proposition, the MJG partnership continues to hold its Elemental position.” | NEUTRAL | Q2 2026 Aug 7, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
