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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Mindset Value Fund | -8.6% | -20.5% | GLASF, HQI, MSFT, NNI, NVDA, TBI | Acquisition, AI, Cannabis, Immigration, SmallCap, Staffing, value | HireQuest's franchise staffing model is viewed as superior within the staffing industry. The manager believes immigration policy tightening under Trump administration will benefit legal staffing businesses like HQI. HireQuest is pursuing acquisition of TrueBlue to replicate its successful Command Center playbook. | NNI GLASF TBI HQI NNI GLASF TBI HQI |
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| 2025 Q1 | May 2, 2025 | Mindset Value Fund | -13.7% | -13.7% | GLASF, GRUSF, VREOF | Beverages, Cannabis, Consolidation, Hemp, SmallCap, value | Portfolio focused on low-cost cannabis producers and consolidators with strong balance sheets positioned to gain market share during economic uncertainty. Companies like Grown Rogue and Glass House are positioned as cost leaders while consolidators like Vireo can acquire distressed assets at attractive valuations. | GLASF GRUSF |
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| 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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| 2024 Q3 | Nov 20, 2024 | Mindset Value Fund | 7.9% | 70.0% | GLASF, GRUSF, GTBIF, TCNNF | Beverages, Cannabis, Fire Retardant, Monopoly, small cap, value | Manager discusses cannabis industry dynamics, focusing on operational excellence over limited licenses. Highlights companies like Grown Rogue and Glass House that compete in tough markets with low prices versus companies relying on artificial scarcity. Notes Florida amendment failure but emphasizes continued cannabis adoption growth. | GRUSF PRM |
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| 2025 Q3 | Oct 24, 2025 | Mindset Value Fund | 10.2% | -12.4% | GLASF, GRUSF, HQI, NNI, TGT, VREOF | Cannabis, EBITDA, growth, Reform, SmallCap, value | Federal cannabis reform appears increasingly likely with President Trump discussing legalization benefits and Target beginning hemp beverage sales. Minnesota adult-use approval for existing medical providers creates significant growth opportunities. The sector remains illiquid and volatile but positioned for meaningful catalysts. | CAN GLASF VREOF CAN GLASF VREOF |
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| 2023 Q3 | Oct 24, 2023 | Mindset Value Fund | 7.9% | 70.0% | GLASF, GRIN.TO | Cannabis, growth, Microcap, regulation, Rescheduling, value | The manager believes the real cannabis game has yet to begin but may change with potential rescheduling from Schedule 1 to Schedule 3. This would eliminate 280e taxation and signal to the financial industry that it's safe to enter cannabis waters. The macro environment has shifted from headwind to tailwind. | GLASF GRIN.TO |
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| 2022 Q4 | Oct 2, 2023 | Mindset Value Fund | 7.9% | 70.0% | ARA MM, AYRWF, BAMM CN, GLASF, GRIN CN, HQI, VRNOF | - | View | ||
| 2025 Q4 | Jan 29, 2026 | Mindset Value Fund | 20.5% | 6.7% | GLASF, GRUSF, VREOF | alpha, Cannabis, Cost Advantages, distressed, Federal Reform, growth | Cannabis investing offers tremendous alpha due to structural inefficiencies including minimal institutional participation, limited quality research, and lack of focus on unit-level economics. The fund has generated 200% returns since 2023 by focusing on companies with durable cost advantages. Federal rescheduling to Schedule III is expected in the first half of 2026, marking the beginning rather than end of opportunities. The cannabis industry is experiencing widespread distress driven by oversupply, falling prices, and capital scarcity. This creates opportunities for operators with cost advantages to acquire distressed assets and restart defunct facilities at substantially lower capital expenditures with materially higher returns on invested capital. | GRUSF GLASF |
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| 2024 Q4 | Jan 27, 2025 | Pender Small Cap Opportunities Fund | 14.8% | - | DTOL.TO, GLASF, LSPD.TO, MDA.TO, NFI.TO, PNG.V, SIS.TO, SYZ.TO, WISH.V | Canada, contrarian, Hedging, small caps, technology, value | The fund focuses exclusively on small cap opportunities, noting that small caps have once again underperformed large caps both in Canada and the US. The managers see pockets of risk-taking emerging in the small cap market, though it is not broad-based as evidenced by overall small cap index performance. | LSPD.TO MDA.TO |
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| 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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| 2023 Q1 | Apr 28, 2023 | Mindset Value Fund | 7.9% | 70.0% | GLASF, GRIN.TO, HQI | Acquisitions, Cannabis, Franchise, Mexico, Staffing, value | HireQuest operates a superior franchise model for staffing temporary workers, converting underperforming companies to their lean business model. The company has demonstrated accretive acquisition power and benefits from labor inflation while getting stronger during economic downturns due to their accounts receivable financing model. | GRIN.TO BRND/U CN|HQI |
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| 2022 Q3 | Apr 11, 2022 | Mindset Value Fund | 7.9% | 70.0% | ARA MM, GLASF, NNI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Mindset Value Fund | Glass House Brands Inc. | Consumer Staples | Agricultural Products | Bull | OTC Markets | biomass, Cannabis, Greenhouse Cultivation, growth, operational excellence, Preferred equity, production capacity | View Pitch |
| Apr 13, 2026 | Fund Letters | Mindset Value Fund | Glass House | Consumer Staples | Agricultural Products | Neutral | OTC | Cannabis, Cultivation, Federal Enforcement, ICE Raids, OTC, Preferred equity, Regulatory risk, risk management | View Pitch |
| Apr 13, 2026 | Fund Letters | Mindset Value Fund | Glass House | Consumer Staples | Agricultural Products | Bull | OTC | 2018 Farm Bill, Cannabis, Capacity utilization, Greenhouse operations, Hemp Flower, interstate commerce, Regulatory Arbitrage, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Mindset Value Fund | Glass House Brands | Consumer Staples | Agricultural Products | Bull | OTC | California, Cannabis, cash flow, Cost advantage, Cultivation, Greenhouse, growth, operational excellence | View Pitch |
| Jan 31, 2026 | Fund Letters | Aaron Edelheit | Glass House Brands Inc. | Consumer Staples | Cannabis | Bull | Dubai Financial Market | Cannabis, consolidation, Cost advantage, Greenhouse, scale | View Pitch |
| Jan 8, 2026 | Fund Letters | Aaron Edelheit | Glass House Brands Inc. | Consumer Staples | Cultivation & Agriculture | Bear | US | Cannabis, Enforcement, Regulation, Risk, Volatility | View Pitch |
| Jan 8, 2026 | Substack | Mindset Value | Glass House Brands | Cannabis | Cannabis | Bull | Over-the-Counter | Cannabis, competitive edge, export opportunities, Glass House Brands, growth strategy, high-quality products, international markets, low-cost production, regulatory requirements, Schedule III | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Edelheit | Glass House Brands Inc. | Health Care | Cannabis | Bull | California, Cannabis, Liquidity, Listing, Reform, vertical integration, visibility, Wholesale | View Pitch | |
| Nov 29, 2025 | Fund Letters | Aaron Edelheit | Glass House Brands Inc. | Health Care | Cannabis | Bull | California, Cannabis, Liquidity, Listing, Reform, vertical integration, visibility, Wholesale | 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. | ||||||||