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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 23, 2025 | Massif Capital | 6.2% | 16.5% | 6368.T, AFM.L, AMPX, CHG.L, ENVX, EQNR, GKP.L, GLO.TO, HBR.L, MP, TSM, VAR.OL | Battery Technology, Critical Minerals, defense, energy, Europe, Mining, Natural Gas, semiconductors | Portfolio heavily invested in tin and tungsten mining companies due to supply constraints and growing demand. Alphamin dominates tin production with strong margins while tungsten faces extreme geographic concentration with China controlling 80% of global production. Both metals are essential for defense, aerospace, and electronics applications with limited alternative suppliers. | ENVX ENVX 6368 JP CHG LN |
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| 2025 Q1 | May 1, 2025 | Rogue Funds | 12.4% | 12.4% | ACHV, ASPI, BTCY, COST, GLO.TO | Biotechnology, Concentration, Data centers, healthcare, small caps, uranium, volatility | Fund holds ASP Isotopes which has begun full production and expects revenue from Silicon-28 and Ytterbium sales. HALEU enrichment capability positions them as the only viable option for the next half decade. Global Atomic benefits from improved Niger situation with Chinese companies kicked out and increased US presence. | COST INTEG.ST BTCY GLO.TO ACHV ASPI |
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| 2025 Q3 | Nov 3, 2025 | Massif Capital | 36.1% | 41.5% | AFM.L, CHG.L, ENVX, EQNR, EQX.TO, GLO.TO, GMIN.TO, HBR.L, LITM, LUN.TO, MMA.V, NGEX.TO, NICU.V, VAR.L | Alpha Generation, Copper, Critical Minerals, European Energy, gold, Mining, Natural Gas, real assets | Gold is overbought but not over owned, with government debt levels supporting continued allocation to gold miners. The fund reduced exposure after strong performance, exiting GMIN while maintaining EQX position. High dispersion in gold miner results creates attractive opportunities for active management. | View | |
| 2024 Q3 | Oct 20, 2024 | Rogue Funds | -3.0% | 0.0% | ACHV, AMD, ASPI, AWRE, ECOR, GLO.TO, MIS.AX, RDCM | Biotechnology, catalysts, Concentration, small caps, uranium, value | Global Atomic represents a significant uranium investment with multiple catalysts expected over 6-8 months. The company received official approval from Niger and awaits development bank financing. Despite geopolitical risks, uranium remains in deficit with prices expected to stay elevated. | View | |
| 2025 Q4 | Jan 16, 2026 | Massif Capital | 9.6% | 50.0% | 1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL | commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets | Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic. | GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN |
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| 2024 Q4 | Jan 31, 2025 | Rogue Funds | 8.6% | - | ACHV, ASPI, AWRE, ECOR, GLO.TO, HAYPP.ST, MSV.AX, RADCOM | Biotechnology, Concentration, Data centers, nuclear, small caps, volatility | ASP Isotopes is positioned to benefit from nuclear industry growth with deals with TerraPower and NECSA. The company is set to produce 10x more Silicon-28 than competitors and is the only producer in directly usable form. Global Atomic represents exposure to uranium mining despite development bank delays. | GLO.TO ACHV ABXX ECOR ASPI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Rogue Funds | Global Atomic | Energy | Uranium | Bull | TSX | Critical Minerals, DFC Partnership, geopolitical, Mining, Niger, strategic assets, uranium, US-Africa Relations | View Pitch |
| Apr 13, 2026 | Fund Letters | Rogue Funds | Global Atomic | Energy | Oil, Gas & Consumable Fuels | Bull | TSX | DFC Financing, geopolitical risk, Greenfield, Joint venture, Mining, Niger, Nuclear, uranium | 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. | ||||||||