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 |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Apis Deep Value Fund | 5.8% | - | AMZN, CEG, HNRG, HROW, TLN | Asia, China, Data centers, global, nuclear, Power, value | U.S. power demand growth expected to jump to 2.5% annually through 2030, with data centers accounting for nearly half the demand growth. Data centers could account for 9% of U.S. power demand by 2030, up from 4% in 2023. Hyperscalers like Amazon and Microsoft are signing long-term power purchase agreements at significant premiums to secure reliable power supply. | HNRG TLN |
View |
| 2023 Q2 | Jul 28, 2025 | Aegis Value Fund | - | 5.7% | AAPL, AMZN, ATH.TO, BOCH.L, BTU, CG.TO, EQX.TO, GOOGL, HNRG, IPCO.TO, MEG.TO, META, MSFT, NGS, NVDA, TSLA | Banking, energy, gold, inflation, interest rates, small cap, technology, value | Energy holdings represent 32.5% of fund assets. Manager sees strong case for higher oil prices driven by robust demand growth and supply constraints. Oil demand projected to reach record 102.1 million barrels per day despite recessionary fears. | GRNGS.ST BOCH.L |
View |
| 2022 Q2 | Jul 25, 2022 | Aegis Value Fund | - | -0.3% | HNRG, IFP CN, IPCO CN | Capital discipline, free cash flow, Oil Prices, OPEC Supply, Shale Production | The letter emphasizes a contrarian opportunity in fossil fuel equities driven by years of underinvestment, capital discipline, and structurally tight supply conditions. Energy companies have prioritized debt reduction, share buybacks, and free cash flow generation rather than aggressive capital expenditures, resulting in fortress balance sheets and high shareholder returns. With global demand recovering, limited OPEC spare capacity, declining shale DUC inventories, and constrained long-cycle project approvals, the supply-demand backdrop supports sustained elevated commodity pricing and strong equity cash flows. | IAG IFP CN IPCO CN |
View |
| 2025 Q1 | Apr 3, 2025 | Rodrigo Benedetti | - | - | AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE | AI, banks, defense, Europe, megacaps, Trade Policy, value | AI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure. | View | |
| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT | aerospace, healthcare, Media, small caps, technology, value | Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market. | RDVT TBRG PKE |
View |
| 2024 Q4 | Mar 2, 2025 | Cove Street Capital Small Cap Value Fund | - | - | DLH, HNRG, KBR, LGTY, TH | activism, AI, credit, defense, Government, small caps, technology, value | Manager expresses skepticism about AI investment hype, comparing it to previous tech bubbles. Notes massive capital expenditure with uncertain economics and questions whether AI represents revolutionary change or just another PR exercise. Sees AI as helpful tool but doubts transformative investment impact. | LGTY KBR |
View |
| 2025 Q4 | Feb 17, 2026 | Aegis Value Fund | 0.0% | 67.1% | ARREF, ARX.TO, ASTL.TO, ATH.TO, BOCH, CVE.TO, CYL.AX, EFX.TO, EQX.TO, HNRG, IFP.TO, IPCO.TO, KMR.L, MEG.TO, NGS, ORE.TO, PD.TO, VET.TO | commodities, Dollar, energy, gold, Mining, Precious Metals, small cap, value | Gold rocketed up 64.6% in 2025 as global sentiment soured on the dollar amid government fiscal profligacy and untenable debt levels. Investors shifted towards precious metals as a safe haven for wealth preservation, with global ETF demand soaring and China buying gold hand-over-fist. Gold overtook US Treasuries as the primary reserve asset in central banks worldwide. Precious metals mining stocks soared with the MVIS Global Junior Gold Miners Index increasing 176.5% and NYSE Arca Gold Miners Index climbing 158.28%. The Fund's 23.4% allocation to 22 precious metals mining positions delivered 35.01 percentage points of Fund returns. Despite recent gains, the sector remains substantially undervalued vis-à-vis the market. WTI crude prices dropped 19.9% in 2025, delivering oil's worst year since 2020. OPEC incrementally increased production quotas by 2.9 million barrels/day amid trade tensions while Chinese demand growth moderated. The oil-to-gold ratio is now at historic lows outside the 2020 pandemic, suggesting oil assets may be undervalued debasement safe-havens. Hyperscalers are investing nearly $1.5 trillion in capex over the next 24 months for data-center construction. Data centers will grow to represent 12% of all US energy use by 2028, up from 4.4% in 2023. This creates investment opportunities in electricity and natural gas producers as reliable power generation becomes a key bottleneck. Natural gas pricing was flat with spot Henry Hub prices edging up just 1.46% from a year ago. However, natural gas appears to have fully recovered from its glut as substantial North American LNG export capacity came online and data-center electricity requirements increased demand for natural gas generation. The dollar index delivered a nearly 10% decline over the year as investor sentiment towards the dollar weakened considerably. Factors included federal debt topping $38 trillion, a more dovish Federal Reserve, increasing American tariffs, and dollar weaponization through financial system sanctions. | ASTL CN CVE CN CYL AU ORE CN EQX CN |
View |
| 2024 Q4 | Dec 31, 2024 | Apis Deep Value Fund | 1.4% | 8.5% | HNRG, PLUG, RCAT, SONO.SW, TLN, TPB | energy, global, Japan, Korea, Long/Short, small caps, technology, value | Indiana is a key hub of data center activity, which could further drive power demand and prices upwards for Hallador Energy. Talen Energy owns nuclear power capacity in a region poised for significant power price increases driven by rising demand from data centers, and already secured a contract with Amazon to supply power to a data center campus at prices 50% above the forward curve. | SOON.SW PLUG 2238.HK TPB TLN RCAT 4046.T 267270.KS HNRG |
View |
| 2023 Q3 | Oct 10, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AMSWA, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT | Concentration, cybersecurity, energy, healthcare, Media, small caps, value | The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math. | AMSWA DLHC SSP IAC VSAT |
View |
| 2024 Q3 | Sep 30, 2024 | Apis Global Discovery Fund | 3.7% | 11.6% | AMZN, CEG, GOOGL, HNRG, MSFT, SN, TLN | AI, Asia, Data centers, energy, global, nuclear, Power, SMID Cap | U.S. power prices are entering sustained upward pressure driven by data center demand growth, expected to account for 9% of U.S. power demand by 2030 versus 4% in 2023. Hyperscalers like Amazon and Microsoft are signing premium power purchase agreements with nuclear and coal plants to secure 24/7 energy supply for AI data centers. This creates opportunities for independent power producers with reliable baseload generation capacity. | HNRG TLN |
View |
| 2022 Q2 | Jun 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM | - | View | ||
| 2023 Q4 | May 1, 2024 | Aegis Value Fund | 0.0% | 3.1% | ASTL.TO, BOCH.L, CG.TO, EQX.TO, ESN.TO, HNRG, MAI.V, NGS, ORE.TO, STLC.TO, TDW, USAP | energy, gold, materials, Mining, small caps, Steel, undervalued, value | Fund held 22.4% in precious metals mining companies at year start. Gold climbed 13.1% in 2023 but mining stocks lagged. Manager believes precious metals sector remains materially undervalued with excellent cash flow yields and potential for strong returns given current gold prices. | GRNGS.ST BOCH.L USAP ASTL.TO STLC.TO ORE.TO MAI.V CG.TO EQX |
View |
| 2023 Q1 | Mar 31, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | 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 |
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 |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Aegis Value Fund | Hallador Energy | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI data centers, Coal-fired Power, electricity demand, Independent Power Producer, Power Purchase Agreements, Regulatory Relief, Uncontracted Capacity | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Global Discovery Fund | Hallador Energy Company | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Capacity Market, Coal Power, data centers, energy transition, Equity, Independent Power Producer, MISO Region, Power Purchase Agreement, utilities | View Pitch |
| Apr 13, 2026 | Fund Letters | Aegis Value Fund | Hallador Energy Company | Utilities | Independent Power Producers & Energy Traders | Bull | NASDAQ | Baseload Power, Coal Power, Contrarian Investment, data center demand, ESG Divestiture, Independent Power Producer, Power Shortages, utilities | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Global Discovery Fund | Hallador Energy | Energy | Coal & Consumable Fuels | Bull | NASDAQ | Catalyst, coal, Contract Expiration, data centers, Electric Power, Indiana, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Deep Value Fund | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | coal, Contract Repricing, data centers, Electricity, Indiana, Power generation, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Deep Value Fund | Hallador Energy Company | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Baseload Generation, Capacity Market, Coal Power, data centers, Grid Interconnection, Independent Power Producer, MISO Region, Power Shortage | View Pitch |
| Feb 26, 2026 | Fund Letters | Scott L. Barbee | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | coal, deleveraging, EBITDA, Energy security, tangible book value, vertical integration | View Pitch |
| Jan 23, 2026 | Twitter / X | @jaysyoon | Hallador Energy Company | Energy | Independent Power Producers & Energy Traders | Bull | NASDAQ | datacenter, Deal, Hnrg, Hnrg Shares, Payments, Proposed, Proposed Datacenter, Satellite | View Pitch |
| Jan 22, 2026 | Twitter / X | @Mike10947310 | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | Counterparty, Exclusivity, Hnrg, Indiana, Ipp, Negotiation, Unsolicited, Unsolicited Bids | 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. | ||||||||