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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 2025 Q4 | Jan 28, 2026 | GreenWood Investors | - | - | GNS.L, IPCO.TO, JACK, LDO.MI, NXE, ODET.PA, UHR.SW | activism, Behavioral, Collaboration, global, Governance, turnaround, value | NexGen Energy progressed closer to federal approval for its world-class Arrow deposit and provided fantastic drill results from Patterson Corridor East. The company raised nearly $1 billion in fresh equity capital to be shovel ready for construction upon federal approval. International Petroleum Company's Blackrod project is coming online later in 2026 ahead of schedule and under budget. The company has self-funded a major greenfield oil project while simultaneously buying back 10% of its available free float per year. Genus received FDA approval for its porcine gene-edit for Porcine Reproductive and Respiratory Syndrome, which has the potential to eliminate a disease costing U.S. pig producers at least $1.2 billion per year. This prior free call option alone has the potential to 2-3x company operating profit over the next 5-7 years. Swatch remains the most intelligent way for investors to bet on the bright future of the premium and luxury watch industry. The company's recent impressive product launches underpin faith that it will capture a stabilized and improving Chinese consumer and make further inroads in the US market. Jack in the Box is a top 20 restaurant brand by sales that had seen its stock fall on hard times. The company can be re-energized through an increased focus on operational excellence, further digital and marketing innovation, and smart capital allocation. | JACK UHR SW GNS LN IPCO CN NXE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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