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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 23, 2025 | Massif Capital | 6.2% | 16.5% | AFM CN, CHG LN, ENVX, HBR LN, TGN AU, VAR NO | geopolitics, inflation protection, real assets, Resources, supply constraints | The letter centers on real assets and resource-related investments as strategic beneficiaries of supply constraints and long-cycle capital underinvestment. Management discusses energy, materials, and infrastructure as critical inputs for economic resilience and geopolitical stability. Inflation protection and replacement-cost economics underpin the long-term thesis. | ENVX 6368 JP CHG LN |
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| 2024 Q3 | Oct 31, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AUR, CLAR, CLW, ENVX, ETD, INTT, ITI, KRNT, MEG, SWIM, XMTR | - | View | ||
| 2024 Q3 | Oct 29, 2024 | Massif Capital | 2.4% | 12.0% | AFM CN, ENR GR, ENVX | - | View | ||
| 2025 Q4 | Jan 16, 2026 | Massif Capital | 9.6% | 50.0% | 1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL | commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets | Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic. | GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN |
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| 2024 Q2 | Jul 25, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | BLBD, COHR, ENVX, ETD, HEES, INTT, KRNT, LMB, LWLG, PRIM, RELL, SWIM | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Massif Capital | 2.4% | 12.0% | ENR GR, ENVX, LTUM | - | View | ||
| 2023 Q1 | Apr 30, 2023 | Alphyn Capital Management | 8.9% | 13.5% | BAM, BUR, ENVX, EXO GR, FFX GR, KMX, PRX AJ, WAND LN | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Long Cast Advisers | 6.0% | 16.0% | AMPX, CCRN, ENVX, RSSS | - | View | ||
| 2024 Q4 | Jan 22, 2025 | Massif Capital | 0.0% | 12.1% | AFM CN, ENR GR, ENVX, EQX, GMIN CN, LAAC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 22, 2026 | Twitter / X | @taubamush | Enovix Corporation | Industrials | Electrical Equipment & Parts | Bear | NASDAQ | According, Batteries, Enovix, Lithium, manufacturing, process control, Samsung, yield | View Pitch |
| Jan 8, 2026 | Fund Letters | Will Thomson | Enovix Corporation | Industrials | Electrical Components & Equipment | Bull | NASDAQ | Batteries, Energy-Density, growth, innovation, Shortsqueeze, Silicon-Anode | View Pitch |
| Sep 16, 2025 | Short Thesis | ESG Hound | Enovix Corp | Industrials | Electrical Components & Equipment (Battery Tech) | Bear | NASDAQ | Batteries, Capital, Competition, Delays, Lithium | View Pitch |
| Sep 16, 2025 | Short Thesis | Adam Taub | Enovix Corp | Industrials | Electronic Components | Bear | Battery tech, cash burn, Competition, Dilution risk, Production delays | 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. | ||||||||