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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Feb 28, 2025 | Bengal Capital | -6.0% | 89.0% | BAMM.TO, CL.TO, CURA.TO, GRIN.TO, GTII.TO, TIUM.TO, TRUL.TO, TSND.TO, VREO.TO, VRNO.TO | Cannabis, Credit Stress, distressed, private equity, small caps, value | Manager provides extensive analysis of cannabis industry fundamentals, arguing that large MSOs are overvalued despite low multiples due to poor capital allocation, missed forecasts, and deteriorating market conditions. Focuses on price compression across multiple states and structural challenges facing the industry. | VREO.TO GRIN.TO |
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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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| 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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Mindset Value Fund | Grown Rogue International Inc. | Consumer Staples | Agricultural Products | Bull | Canadian Securities Exchange | Cannabis, Convertible, Free Cash Flow, growth, Market expansion, microcap, operational excellence, undervalued | View Pitch |
| Apr 27, 2026 | Fund Letters | Mindset Value Fund | Grown Rogue | Consumer Staples | Agricultural Products | Bull | Canadian Securities Exchange | Cannabis, convertible debt, Craft Cannabis, Cultivation, Free Cash Flow, growth, limited-license, operational excellence | View Pitch |
| Apr 13, 2026 | Fund Letters | Bengal Capital | Grown Rogue International Inc. | Consumer Staples | Agricultural Products | Bull | Canadian Securities Exchange | Agricultural Products, Cannabis, capital allocation, Craft Cannabis, Cultivation, Distressed assets, growth, Multi-State Operator, Value Compounding | 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. | ||||||||