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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 27, 2025 | Focus Capital Management | 25.3% | 61.9% | BUR.L, KCN.AX, SIMO | deep value, gold, Litigation Finance, Mining, semiconductors, technology, value | The manager emphasizes deep value investing principles throughout the letter, stating that valuation always matters and that they seek deeply undervalued opportunities. They passed on Burford Capital initially due to valuation concerns despite its attractive business model, only investing when the price became more attractive after the Muddy Waters short report. | SIMO KCN AU SIMO KCN AU |
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| 2025 Q4 | Jan 29, 2026 | Focus Capital Management | 14.7% | 85.8% | BUR, KCN.AX, SIMO, VLE.TO | AI, gold, Mining, oil, semiconductors, small caps, technology, value | Gold prices increased 65% in 2025, significantly benefiting Kingsgate's mining operations and cash flow generation. The rising gold price was a major tailwind for the fund's performance, though the manager acknowledges dependence on sustained high gold prices as a risk factor. Silicon Motion continues gaining market share across PC SSD controllers and mobile segments with new product launches. The company has the strongest product lineup in over 12 years, with management expressing unprecedented confidence in their pipeline of design wins and opportunities. AI data center boom creates both opportunities and challenges for Silicon Motion. While AI applications drive demand for high-performance SSDs, the massive AI-driven purchases of NAND storage are creating unprecedented shortages and tripling prices, potentially hurting core PC and smartphone markets. Oil prices dropped approximately 20% in 2025 from $75 to $60 per barrel, weighing on Valeura Energy's profitability. Despite lower prices, Valeura remains highly profitable with breakeven in the mid-40s and continues generating substantial cash flow. | BUR VLE CN SIMO KCN AU |
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| 2024 Q4 | Jan 29, 2025 | Focus Capital Management | -4.9% | -27.6% | BUR, KCN.AX, SIMO, VLE.TO | energy, gold, Litigation Finance, semiconductors, undervalued, value | Kingsgate operates the Chatree gold mine in Thailand which has restarted operations and is ramping to full capacity. The company expects to produce 95,000-120,000 ounces annually at full capacity with estimated net income of $75-110 million. Gold prices are near $2,800 per ounce, about 35% higher than the beginning of 2024. | VLE.TO KCN.AX SIMO BUR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Focus Capital Management | Kingsgate | Materials | Gold | Bull | ASX | cash flow, Commodities, gold mining, Production Ramp, Thailand, undervalued, Value | 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. | ||||||||