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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 2, 2025 | Ghosh Capital | 8.0% | 8.0% | APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA | defense, growth, infrastructure, Nationalism, small caps, Valuations, value | Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide. | KPG.AX |
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| 2025 Q3 | Oct 30, 2025 | Church House Human Capital | -4.6% | - | 9424.T, BERG-B.ST, CHAP.DE, CICN.SW, CSU.TO, DPLM.L, INDU.ST, JDG.L, KPG.AX, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MGRP.ST, PMS, SIS.TO, TOI.TO | Acquisitive, Decentralised, global, Mid-cap, small caps, value | The fund focuses on entrepreneurial, acquisitive, decentralised businesses that are being overlooked as markets remain fixated on the Magnificent Seven. The manager sees this as creating opportunities in smaller companies with strong fundamentals. | View | |
| 2025 Q3 | Oct 16, 2025 | ROCKLINC Partners Fund | 9.7% | - | AEM.TO, AMZN, BN, BUR.L, CCO.TO, FNV.TO, GROY, HCU.V, KPG.AX, MKL, OR.V, RGLD, ROP, SSL.TO, TSU.TO, WPM.TO | Canada, ETFs, gold, Mining, Resources, royalties, value | Gold hit record highs over $4,200 in 2025, increasing 55% year-to-date and outperforming major indices. Driven by profligate government spending, unprecedented global debt levels of $337 trillion, inflationary money printing, and heightened geopolitical risk. Central banks have aggressively accumulated over 1,300 tonnes in 2025, the most since the 1970s. | SSL RGLD SSL RGLD |
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| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, AMD, ASML, BRZE, CRWD, CSU.TO, GOOGL, HOOD, KPG.AX, KSI.TO, MELI, MU, NVDA, SPGI, TEAM, V, WDAY | AI, Cloud, compounders, Concentration, growth, semiconductors, technology, value | Manager discusses AI as a key investment theme, highlighting Alphabet's decades of AI research leadership and Sergey's return to work on AI. Notes that AI-enabled search over Jira and Confluence represents perfect GenAI use cases for B2B settings. Views Adobe's video generation capabilities and AI tooling as underappreciated by the market. | View | |
| 2025 Q4 | Jan 15, 2026 | ROCKLINC Partners Fund | 0.7% | 20.3% | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure. | SII |
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| 2023 Q2 | Jul 20, 2023 | Andvari Associates | 0.0% | 20.3% | KPG.AX | Accounting, Australia, Serial Acquirers, small caps, value | Andvari employs a concentrated investment strategy focused on identifying high quality businesses with high quality managers that can deploy capital at high rates of return. The fund seeks to buy shares of these businesses at sensible prices to produce excellent long-term returns. | KPG.AX |
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| 2023 Q1 | Apr 30, 2023 | MCJ Capital Partners | 10.6% | 11.7% | CSU.TO, JDG.L, KPG.AX, LIFCO-B.ST | Banking, Business Models, Distribution, global, Housing, international, value | Manager provides extensive analysis of the distributor business model, explaining how distributors thrive in fragmented markets with low purchasing power customers. Discusses threats and defensive strategies, highlighting the model's longevity and transferability across industries. Notes portfolio exposure through Lifco's dental distribution business. | View | |
| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Andvari Associates | Kelly Partners Group | Commercial & Professional Services | Professional Services | Bull | ASX | accounting services, Acquisitions, Australia, EBITDA margins, founder-led, growth, market consolidation, professional services, recurring revenue, serial acquirer | View Pitch |
| Apr 13, 2026 | Fund Letters | Andvari Associates | Kelly Partners Group | Financials | Professional Services | Bull | ASX | accounting services, Acquisitions, Australia, capital allocation, professional services, Roll-up Strategy, Small Business Services, US Expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Ghosh Capital | Kelly Partners Group | Commercial & Professional Services | Professional Services | Bull | ASX | Accounting, Australia, compounder, Equity, Fragmented Industry, High retention, M&A, network effects, professional services, Recession-resistant, Roll-up, small-cap, Tax Services | View Pitch |
| Feb 17, 2026 | Substack | Compound and Fire | Kelly Partners Group | Professional Services | Accounting & Taxation Services | Bull | Australian Securities Exchange | accounting services, AI disruption, decentralized network, financial resilience, growth strategy, high-value services, innovation, premium services, regulatory changes, strategic advisory | View Pitch |
| Jan 8, 2026 | Substack | Compound and Fire | Kelly Partners Group | Accounting Services | Accounting Services | Bull | Australian Securities Exchange | accounting network, discounted cash flow, global expansion, intrinsic value, Kelly Partners Group, margin of safety, organic growth, Partner-Owner-Driver model, quality compounder, strategic acquisitions | View Pitch |
| Jan 8, 2026 | Substack | Compound and Fire | Kelly Partners Group | Professional Services | Professional Services | Bull | Australian Securities Exchange | Brett Kelly, capital allocation, financial management, growth potential, Kelly Partners Group, long-term investment, portfolio cornerstone, professional services, shareholder value, valuation | View Pitch |
| Nov 2, 2025 | Substack | Compound and Fire | Kelly Partners Group | Industrials | Specialty Business Services | Bull | acquisition, buybacks, financial services, growth potential, investment opportunity, Kelly Partners Group, recurring revenue, ROIC, shareholder value, U.S. listing | 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. | ||||||||