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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 15, 2024 | Mindset Value Fund | 7.9% | 70.0% | GDNSF, GLASF | Cannabis, Concentration, growth, Margins, undervalued, value | All cannabis holdings soared in Q1 with Glass House Brands and Goodness Growth up over 70% and Grown Rogue up 50%. These companies have been under-owned and ignored despite outpacing industry operational performance. The manager dramatically increased position in one company which became the largest holding. | GDNSF GLASF |
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| 2023 Q4 | Aug 2, 2024 | Bengal Capital | 4.0% | 105.0% | BMMJ, GDNSF, GRUSF, XSHLF | Cannabis, Concentration, MSO, Rescheduling, small caps, value | Fund focuses exclusively on cannabis industry investments with concentrated portfolio of four holdings. Manager believes in long-term growth opportunity but criticizes large MSOs as fundamentally flawed businesses that strip high prices in limited license markets without building enduring value. | View | |
| 2024 Q2 | Jul 15, 2024 | Bengal Capital | 4.0% | 105.0% | BAMM, BUD, GDNSF, GRUSF, GTI, SAM, XSF.TO | Cannabis, Capital markets, growth, MSOs, undervalued, value | The fund focuses exclusively on cannabis investments, holding positions in Grown Rogue, XS Financial, Goodness Growth, and Body and Mind. The manager argues that cannabis is not truly high growth but rather rapid absorption of illicit markets by regulated markets, with consistent patterns of increased units and decreased prices. | View | |
| 2023 Q4 | Jul 2, 2024 | Mindset Value Fund | 7.9% | 70.0% | AYRWF, GDNSF, GLASF, GRUSF, HQI, MRMD | Beverages, Cannabis, Concentration, growth, small caps, value | Manager has pivoted the general value fund towards cannabis, citing it as a target-rich environment with few institutional investors. The fund owns the top performing cannabis stocks including Grown Rogue, Glass House, Goodness Growth, and AYR Wellness. Manager sees compelling valuations with companies trading at 1-2x 2025 EBITDA estimates. | MRMD AYRWF BRND/U CN|HQI GRUSF |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Mindset Value Fund | Goodness Growth | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, growth, Operational Performance, Transparency, undervalued | 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. | ||||||||