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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 28, 2025 | Harry Qelm Baabsman | - | 9.7% | ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM | AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind | Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide. | ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM |
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| 2025 Q2 | Jul 15, 2025 | Purpose Investment Partners | 1.6% | 2.1% | CPX.TO, FLNC | Convertible Bonds, credit, energy, fixed income, Housing, infrastructure, Preferred Equity | AI-related data centre buildout and associated impact on electricity demand represents a secular investment theme comparable in magnitude to Chinese infrastructure spend of the 2010s. The team has positions in Fluence Energy debt, a utility-scale battery storage contractor, and Capital Power preferred securities. | CPX.TO FLNC CPX CN FLNC |
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| 2025 Q3 | Oct 20, 2025 | Purpose Investment Partners | 4.6% | 6.7% | BE, BN.TO, DHC, ECN.TO, ENB.TO, FLNC, HOUS, HPP, IVQ.TO, LDI, RITM, TA.TO, TLN, VST | AI, Canada, credit, energy, fixed income, high yield, Mortgage, real estate | The fund favors U.S. mortgage providers due to consolidation over the past five years resulting in more favorable margins for remaining providers. Mortgage purchase activity appears to have bottomed while refinance activity is likely to pick up as long-term bond yields have moderated. There is positive event risk as the Trump Administration would like to make housing more affordable. | View | |
| 2025 Q4 | Jan 19, 2026 | Purpose Investment Partners | 0.0% | 8.2% | BE, FLNC, MDA.TO | Canada, credit, Data centers, defense, Energy Storage, fixed income, high yield, Mortgage | The team views the secular increase in global defense spending as an investable theme due to long-term great-power rivalry and U.S. assertiveness on NATO defense spending targets. They initiated positions in MDA Space and added to Top Aces, both defense-related companies providing tailwinds for high-yielding credit investments in the space. Data center-driven electricity demand remains one of the most meaningful conviction themes in the Fund. However, the team recently downsized its positioning in the AI-driven electricity demand theme due to material valuation increases, not because of reduced conviction in industry fundamentals. The Fund maintains exposure to energy storage through positions in Fluence Energy and Bloom Energy bonds. These were among the largest contributors to performance in 2025, reflecting the team's conviction in the energy transition and grid modernization themes. U.S. mortgage demand continues to be one of the most meaningful conviction themes in the Fund. This reflects the team's view on the supportive U.S. employment picture and overall economic resilience supporting credit quality in the mortgage sector. | MDA CN |
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| 2023 Q2 | Jul 14, 2023 | Massif Capital | 2.4% | 12.0% | ADT.AX, AES, AFM.TO, CTM.AX, EC, ENR.DE, EQNR, EQX, FLNC, IXR.AX, LAC, PICK, VALE | commodities, energy, materials, Mining, natural resources, real assets, Utilities | Manager views energy transition as requiring massive investment in renewable assets while maintaining hydrocarbon infrastructure. Believes oil and gas remain critical for supporting economic growth needed to fund transition to low-carbon economy. Sees environmental and economic sustainability as interconnected. | ENR.DE CTM.AX AES |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Purpose Investment Partners | Fluence Energy | Industrials | Electrical Equipment | Bull | NASDAQ | AI data centers, Battery Storage, Convertible Bonds, Credit Investment, electricity generation, energy infrastructure, renewable energy, secular growth, Utility Scale | View Pitch |
| Jan 23, 2026 | Twitter / X | @junkbondinvest | Fluence Energy, Inc. | Industrials | Electrical Components & Equipment | Bear | NASDAQ | Converts, energy, Flnc, Fluence, Fluence Energy, Ira, Siemens Energy, Tesla | View Pitch |
| Jan 8, 2026 | Fund Letters | Sandy Liang | Fluence Energy, Inc. | Industrials | Electrical Equipment | Bull | NASDAQ | AES, Battery Storage, Convertible Bonds, Credit, data centers, Siemens, utilities | View Pitch |
| Sep 16, 2025 | Short Thesis | Blue Orca | Fluence Energy Inc | Utilities | Electrical Components & Equipment (Grid-Scale Energy Storage) | Bear | NASDAQ | backlog, Batteries, Commoditization, Grid, Margins | 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. | ||||||||