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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 13, 2026 | Goehring & Rozencwajg Associates, LLC | - | - | CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP | Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium | Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. | View | |
| 2025 Q4 | Jan 22, 2026 | Ameliora Wealth Management | 0.0% | 0.0% | EUFN, GDX, GRID, SHLD | AI, commodities, Energy Transition, Geopolitical, Global Markets, Precious Metals, technology | Precious metals were clear winners in 2025, with gold advancing 64% driven by geopolitical tensions, uncertainty, and rising indebtedness. Central banks have been buying gold for years, but institutional and retail investor flows drove the recent rally. The firm maintains an overweight position in precious metals. Silver gained 145% in 2025, reaching new all-time highs. Demand is driven by AI hype (data centers) and electric vehicles, with EVs using 20-30g of silver and hyperscale data centers requiring hundreds of kilograms. The market is in deficit with production less than consumption. Copper rallied strongly, gaining 36% in 2025. Demand is driven by artificial intelligence infrastructure and electric vehicles, with EVs using 50-80 kg of copper and large data centers requiring tens of thousands of tons. The market is in deficit with production below consumption. Tech firms are expected to invest over $400 billion in AI-related capital expenditures. AI hype is driving demand for copper and silver through data center construction. However, concerns about an AI bubble led to profit-taking among the Magnificent Seven at year-end. The energy transition is accelerating demand for critical metals, with electric vehicles requiring significant amounts of copper and silver. This structural shift is creating supply-demand imbalances in key commodities needed for the transition. | View | |
| 2024 Q4 | Jan 11, 2025 | Alphyn Capital Management | 2.6% | 16.9% | AHT LN, AMZN, DSGR, EXO NA, FFH CN, GDX, GOOG, KKR, MRO LN, PRX NA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Multiplo Invest | VanEck Gold Miners ETF | Other | - | Bull | NYSEARCA | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | High Yield Investor | VanEck Gold Miners ETF | Other | - | Bull | NYSEARCA | — | 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 |
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| No investor data available. | ||||||||