Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Jemekk Hedge Fund | 5.5% | 15.8% | AC.TO, AEM, AMZN, ATD.TO, BTG, CRM, EFN.TO, FFH.TO, FNV, GDXJ, GS, MEG.TO, SSL.TO, V, WMT, ZZZ.TO | Canada, financials, gold, Hedging, materials, rates, Resilience | The Gold and Silver theme has begun to play out after years of unsuccessful positioning. A weaker USD, inflationary fears, flow of funds, and rising demand from both Central Banks and retail have pushed prices to all-time highs, significantly rewarding participants. | View | |
| 2026 Q1 | Apr 8, 2026 | Smallvalue | 0.3% | 0.3% | GDXJ, OLVI.HE, ORO.MI, RING.DE, SAN.MI, SFM, VID.MC | Europe, Geopolitical, small caps, Traditional Industries, value, volatility | VID.MC ORO.MI SFM |
View | |
| 2026 Q1 | Apr 27, 2026 | Crescat Capital – Global Macro Hedge Fund | -0.4% | -0.4% | GDX, GDXJ | AI Bubble, Dollar, Gold Miners, inflation, Macro, Market Crash, oil | View | ||
| 2025 Q1 | Mar 31, 2025 | Barometer Capital Management | - | - | AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO | Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility | Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs. | TMX HWM ERJ AEM |
View |
| 2024 Q3 | Oct 18, 2024 | Equity Management Associates | 12.7% | 29.1% | GDX, GDXJ, GLD, GOEX, SIL | commodities, Fiscal Dominance, gold, inflation, Miners, monetary policy, Precious Metals, Silver | Gold broke out from three-year ceiling to $2,650, up 28% in six months. Driven by fiscal dominance, central bank buying, BRICS demand, and inflation protection needs. Fund believes gold will reach unimaginable prices as sovereign debt crisis becomes understood. | View | |
| 2025 Q4 | Jan 23, 2026 | Equity Management Associates | 18.6% | 174.5% | GDX, GDXJ, GOEX, HUI, SIL, XAU | Bitcoin, Federal Reserve, gold, inflation, Mining, monetary policy, Silver, Sound Money | Gold is the ultimate form of money as it is geologically constrained and cannot be debased. The fund believes investors have not missed this bull market and are still early, with historical norms suggesting gold could achieve $8,000-$10,000 an ounce over the next few years. Central banks have jumped on the bullion accumulation train globally. Physical demand for silver is outstripping supply massively with silver prices skyrocketing as prices are being set by physical delivery markets in Asia rather than paper markets. The fund sees a supply shortage issue for a critical mineral in a world of growing solar/AI/power needs, with silver potentially spiking to $300+ during 2026. Precious metal miners remain cheap in comparison to the bullion and to the S&P 500. Gold mining companies represent streams of gold and are enjoying much higher margins because their cost to extract gold has not increased as rapidly as the price of gold, with miners earning a 70% profit margin on each ounce mined at current prices. Silver miners have a long way to catch up given their profit margin outlook is far greater than Wall Street understands. With average all-in mining costs running $26/oz and current silver prices at $90, margins have swollen to 70%+, which should drive institutional capital chasing silver miner cash flows. Markets can smell the inflation with 10 Year US Treasury Yields spiking higher breaking a 45-year trend of lower rates. The fund believes this represents a big secular change from the deflationary setting of 1982-2020 to an inflationary trend that has just started and could have many years or decades to run. Bitcoin is digital gold and the scarcest asset in the world. While deleveraging has hurt it in the short run, in the medium term it will join gold as a key sound money asset. The fund views Bitcoin as sound money that tends to accentuate gold's moves up or down due to its adoption curve and volatility. | View | |
| 2024 Q4 | Jan 22, 2025 | Massif Capital | 0.0% | 12.1% | AFM.TO, BHP, COPX, ENR.DE, ENVX, EQX.TO, EXI, FILL, GDX, GDXJ, GEV, GMIN.TO, LAAC, PICK | commodities, Copper, energy, gold, Lithium, Metals, Mining, real assets | LAAC position suffered 4.6% drawdown in 2024 despite strong operational progress. Management announced 2024 production of 25kt and 2025 guidance of 30-35kt. Updated technical report shows long-term operating costs of $6.5/kg, implying NAV of $3.6 billion versus current market cap of $486 million. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Smallvalue | VanEck Junior Gold Miners ETF | Materials | Gold | Bull | NYSE Arca | ETF, geopolitical tensions, Gold, inflation hedge, Interest rates, junior miners, M&A activity, materials, Precious Metals | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Damon Judd | VanEck Junior 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||