IPCO-TO-2

IPCO-TO-2

IPCO-TO-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2024 Q2	Jul 14, 2024	Aegis Value Fund	0.0%	3.1%	AAPL, AMZN, ARG.TO, BCYP, CSCO, DLAPF, GOOGL, HLDR, IFP.TO, IPCO.TO, MEG.TO, META, MSFT, MTRX, NGS, NVDA, ORE.TO, PRU.AX, SEPBTF, TSLA	energy, gold, inflation, Mining, oil, small cap, value	Oil supply appears temporarily supplemented by inventory liquidations with US Strategic Petroleum Reserve drained nearly half. US shale production growth structurally leveling off as new drilling primarily offsets decline rates. Global exploration hindered by fossil fuel divestment and sanctions on Russia may constrain exports.	PRU.AX OGC.TO NGS	View
2025 Q1	Apr 15, 2025	Hosking Partners	-	-	9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL	AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value	The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics.	TDW IPC.TO IMP.JO 9435.T BAB.L	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 Q2	Oct 1, 2024	RV Capital	-	28.9%	DIDI, HTHT, IPCO.TO, NTES, PRX.AS, YUMC	China, Esg, Governance, oil, value	First investment in oil and gas sector through International Petroleum, an oil company with production in Canada, France, and Malaysia. Manager views oil as essential product that cannot be eliminated despite environmental concerns, providing hedge against geopolitical disruptions. IPCO offers attractive valuation with substantial free cash flow generation expected.	IPCO.TO	View
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	View
2023 Q2	May 31, 2023	Moerus Capital Management	-	2.7%	AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO	Banking, Buybacks, energy, growth, inflation, Latin America, technology, value	Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward.		View
2023 Q2	Apr 8, 2023	GreenWood Investors	0.0%	16.6%	IPCO.TO, NXE, RH, TRIP	activism, Buybacks, defense, Europe, Logistics, Owner Operators, value	Multiple portfolio companies are aggressively repurchasing shares, with RH buying back 22% of shares in 8 months, Bolloré tendering for over 20% of net shares, and CTT launching a third repurchase program. The manager views these buybacks as extremely accretive given current undervaluations.	LDO.MI CTT.LS BOL.PA 1RH GR	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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 5, 2026	Fund Letters	Moerus Capital Management	International Petroleum Corp	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	Toronto Stock Exchange	Asset Acquisition, Canadian oil, capital allocation, energy, Geopolitical Safety, Share Buybacks, value creation	View Pitch
Apr 13, 2026	Fund Letters	Aegis Value Fund	International Petroleum	Energy	Oil & Gas Exploration & Production	Bull	TSX	Canada, Energy Producer, Expansion Project, Heavy Oil, Long Reserve Life, On-time Execution, Top Holding	View Pitch
Apr 13, 2026	Fund Letters	RV Capital	International Petroleum Corporation	Energy	Oil & Gas Exploration & Production	Bull	Toronto Stock Exchange	Canada, Commodity Producer, Cyclical, energy, Equity, family ownership, Free Cash Flow, M&A, Oil & Gas, Share Buybacks, Value	View Pitch

BSD Shareholders of IPCO-TO-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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