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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 Q4 | Jan 27, 2025 | Aegis Value Fund | - | 9.4% | AE, ARGT.TO, ASTL.TO, BOCH, CYL.AX, EQX.TO, GMIN.TO, GQC.TO, HNRG, IFP.TO, KMR.L, MAI.TO, MEG.TO, NCAU.TO, NGS, ORE.TO, PD.TO, PRU.AX, SEPL.L | Canada, commodities, energy, gold, inflation, materials, small caps, value | Energy sector holdings significantly outperformed peers, delivering 6.33 percentage points to fund returns. Natural Gas Services Group climbed 67% as capital expenditures began generating cash flows. Precision Drilling was the largest new position, purchased at attractive valuations with strong Canadian fundamentals and improving pipeline infrastructure. | ORE.TO MAI.TO IFP.TO PD.TO HNRG SEPL.L NGS |
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| 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 | |
| 2025 Q2 | Jan 1, 1970 | Aegis Value Fund | - | 27.6% | AFM.TO, AMRG.TO, ASTL.TO, ATH.TO, BOCHGR.AT, CYL.TO, DPM.TO, EQX.TO, FL, GAU.TO, GMIN.TO, HNRG, IPCO.TO, KMR.L, LN.TO, MEG.TO, NCAU.TO, NGSGU, NVDA, ORE.TO | Canadian, deep value, energy, Gold Miners, Precious Metals, small cap, tariffs, value | Precious metals mining stocks were stand-out performers with the Fund's 21 positions delivering 13.62 percentage points to performance. Gold prices soared 25.9% amid dollar weakness and policy uncertainty. The manager continues to believe mining investments represent good value despite recent run-ups. | HNRG BOCHGR.AT MEG.TO IPCO.TO EQX.TO ASTL.TO FL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||