FNV-TO

FNV-TO

FNV-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 14, 2025	ROCKLINC Partners Fund	8.1%	8.9%	AEM.TO, AMZN, APOG, BIP.TO, BN.TO, BUR.L, CCO.TO, FNV.TO, GROY, META, MKL, MSFT, OR.TO, RGLD, ROP, SAND.TO, TSU.TO, WPM.TO	AI, Canada, energy, gold, Mining, nuclear, Precious Metals, uranium	The nuclear power industry is undergoing a renaissance as nations embrace nuclear energy to address climate challenges. Nuclear provides reliable 24/7 baseload energy with near-zero carbon emissions. The next wave of growth will come from power-hungry data centers, with major tech companies signing long-term nuclear power purchase agreements.	CCO.TO CCO CN	View
2025 Q1	Apr 10, 2025	ROCKLINC Partners Fund	0.7%	0.7%	AAPL, AEM.TO, AMZN, BIP.TO, BN.TO, BUR.L, FNV.TO, GROY, KPGHF, MEG.TO, MKL, OR.TO, PGR, RGLD, ROP, SSL.TO, SU.PA, TSU.TO, WPM.TO	Canada, gold, inflation, Precious Metals, royalties, tariffs, value	Gold increased 19% during the quarter and 40.7% over the past twelve months, finishing at $3,124. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Gold has outpaced the S&P 500 over the past 25 years with 9.87% annual compound growth versus 7.76% for the S&P 500.	KPGHF	View
2025 Q1	Mar 31, 2025	Farrer 36 Asset Management	-	-	APO, BFIT.AS, EDRE.MC, EVO.ST, FNV.TO, GOOGL, HWDN.L, SE	Concentration, gaming, gold, private credit, tariffs, technology, Travel	Sea Limited continues to grow each of its three business lines at double-digit rates, with Shopee and Sea Money growing market share in the region despite macro weakness in Indonesia. The company has no exposure to potential tariffs as it does not export to America.	FNV.TO	View
2025 Q3	Oct 9, 2025	Mawer International Equity Fund	3.7%	21.8%	0700.HK, AJG, APH, ASML, ATR, BDX, BMO.TO, BNS.TO, BWXT, DB1.DE, FNV.TO, GOOGL, LSEG.L, MLM, MMC, MSFT, RELX.L, RY.TO, SHOP.TO, TD.TO, TME, TSM, VRSK, WAT, WKL.AS	AI, Banking, Canada, gold, rates, semiconductors, technology	AI-related stocks have dominated market returns since ChatGPT's launch in November 2022, accounting for a lion's share of S&P 500 returns, earnings growth, and capital spending. Corporate spending on data center infrastructure and semiconductors is projected to be several trillion dollars over the next three years. AI companies are making enormous investment deals with each other, staying largely within the established AI ecosystem.		View
2025 Q3	Oct 19, 2025	EdgePoint Global	-	-	6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX	active management, AI, Concentration, global, Quality, technology, value	Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns.	Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM	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
2025 Q3	Oct 16, 2025	ROCKLINC Partners Fund	9.7%	-	AEM.TO, AMZN, BN, BUR.L, CCO.TO, FNV.TO, GROY, HCU.V, KPG.AX, MKL, OR.V, RGLD, ROP, SSL.TO, TSU.TO, WPM.TO	Canada, ETFs, gold, Mining, Resources, royalties, value	Gold hit record highs over $4,200 in 2025, increasing 55% year-to-date and outperforming major indices. Driven by profligate government spending, unprecedented global debt levels of $337 trillion, inflationary money printing, and heightened geopolitical risk. Central banks have aggressively accumulated over 1,300 tonnes in 2025, the most since the 1970s.	SSL RGLD SSL RGLD	View
2025 Q4	Jan 15, 2026	ROCKLINC Partners Fund	0.7%	20.3%	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure.	SII	View
2023 Q1	Apr 17, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO	Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties	High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop.	ALS.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Farrer 36 Asset Management	Franco-Nevada Corporation	Materials	Gold	Bull	Toronto Stock Exchange	Canada, commodity, Equity, Gold, inflation hedge, leverage, Mining, Precious Metals, Royalty, Streaming	View Pitch

BSD Shareholders of FNV-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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