LUN.TO Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Kopernik Global All-Cap Fund	18.3%	35.3%	000240.KS, 003550.KS, 003690.KS, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 1082.KL, 1508.HK, 1662.T, 375500.KS, AMS.L, ARIS.TO, BAS.DE, BIDU, BORR, DRR.AX, EB5.SI, EQX.TO, GLEN.L, Gold, IE, IMP.L, IVN.TO, JUP.L, KAP.L, LUN.TO, MEG.TO, MHPC.L, NAK, NEM, NG.TO, NXE.TO, ORBIA.MX, PBR, PDN.AX, SA.TO, SDF.DE, SQM, SSW.L, U.TO, YCA.L	commodities, diversification, global, materials, Mining, South Korea, value	PGM producers had a strong quarter with platinum prices rising over 35%. Impala and Valterra are the largest PGM producers globally, together accounting for 47% of global production. The fund took advantage of volatility by trimming and adding to positions opportunistically.		View
2025 Q2	Jul 22, 2025	Polaris Global Equity	8.4%	12.8%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 066570.KS, 8002.T, 8306.T, ABBV, ALSN, BARN.SW, BKT.MC, CAP.PA, COF, CTC.TO, DG.PA, ELE.MC, ELV, GNC.L, IAG.L, IETB.BR, JAZZ, JDEP.AS, JPM, LKQ, LTM, LUN.TO, MKSI, NXT.L, OTEX, SNY, TSN, UNH, YAR.OL	Airlines, diversification, Europe, financials, global, semiconductors, Trade, value	SK Hynix led portfolio performance capitalizing on leadership in high-bandwidth memory chips and disciplined DRAM supply with record-breaking first-quarter results. Samsung Electronics also benefited from DRAM price strength and HBM3E supply to non-Nvidia customers. The sector showed strong fundamentals supported by AI and advanced packaging demand.	UNH GNC LN 000660 KS 8002 JP	View
2025 Q2	Jul 22, 2025	Polaris International Equity	12.4%	18.8%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 2724.TW, 8002.T, 8306.T, BARN.SW, BKT.MC, BPOP, CAP.PA, CTC.TO, DG.PA, ELE.MC, GNC.L, IAG.L, JAZZ, JDEP.AS, LTM, LUN.TO, MEOH, NOMD.L, NXT.L, SMWT, SNY, YAR.OL	Asia, Europe, Geopolitical, international, semiconductors, South Korea, Trade Policy, Travel	International airlines and travel services are capitalizing on the travel trend away from the U.S. Airlines like International Consolidated Airlines Group and LATAM Airlines posted strong results driven by robust demand and cost management. Airport traffic in Europe has recovered to above 95% of 2019 levels.	GNC LN 000660 KS 8002 JP	View
2024 Q1	May 9, 2024	Polaris Global Equity	6.9%	12.7%	000660.KS, 005930.KS, 066570.KS, ALSN, ANTO.L, CG, CROX, DCOM, DTG.DE, HNR1.DE, LUN.TO, MKSI, MSFT, MUV2.DE, NXT.L, OTEX, PUB.PA, SKG.L, SONY, TEP.PA	AI, Copper, financials, global, industrials, rates, technology, value	AI was a driving force behind divergent results for portfolio holdings. Publicis Groupe advanced after announcing a strategy to become the industry's first AI-powered Intelligent System. Teleperformance declined on concerns that generative AI will disrupt their call center business. Microsoft continues to benefit from AI demand despite no longer being the cheapest stock in the portfolio.		View
2024 Q1	May 7, 2024	Third Avenue Value Fund	1.2%	0.0%	6856.T, BIRG.L, BMW.DE, BZU.MI, C6B.SI, CAPS.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, IFP.TO, LUN.TO, MBG.DE, ORI, SFOR.L, SUBC.OL, TDW, VAL	Banking, Buybacks, contrarian, Copper, dividends, Europe, value	Fund focuses on buying significantly undervalued, well-financed businesses run by honest and competent people. Manager emphasizes price-conscious, fundamental value investing approach that has become less competitive due to industry shift toward growth strategies.	HBR.L BOIG.L	View
2026 Q1	Apr 18, 2026	Baillie Gifford – International Alpha	-5.1%	-5.1%	005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE	AI, banks, Copper, energy, growth, international, semiconductors, volatility			View
2026 Q1	Apr 17, 2026	Polaris Global Equity	5.9%	5.9%	000660 KS, 005930 KS, ARW, CAP.PA, COF, DNB.OL, E, ELV, GILD, LNTH, LUN.TO, MEOH, MKSI, MPC, NVDA, SLM, TTE, UTHR, WBS, YAR.OL	AI, diversification, energy, Fertilizers, Geopolitical, global, semiconductors, value			View
2026 Q1	Apr 17, 2026	Polaris International Equity	5.1%	5.1%	000270 KS, 000660 KS, 005930 KS, 055550 KS, 2318 HK, 6758.T, 8002.T, BABA, BPOP, CAP.PA, DNB.OL, E, IAG.L, LUN.TO, MEOH, PUB.PA, RYA.L, TEP.PA, TTE, YAR.OL	diversification, energy, Geopolitical, international, materials, technology		RYA.L 000270.KS 8002.T DNB.OL 005930.KS 000660.KS TTE.PA ENI.MI LUN.TO MEOH YAR.OL	View
2024 Q4	Dec 31, 2024	Polaris International Equity	-8.7%	0.5%	000660.KS, 005930.KS, 055550.KS, 066570.KS, 1878.T, 5871.TW, 6758.T, ANTO.L, BARRY.SW, BWY.L, FTK.DE, JAZZ, LTM, LUN.TO, MEOH, ML.PA, SAN.PA, SVEG.OL, SW, TGLS, U11.SI, VIPS, YAR.OL	Cocoa, Geopolitical, international, semiconductors, Trade Policy, value	Substantial geopolitical tensions in France, South Korea and other global economies, along with protracted Ukraine-Russia and Israel-Hamas conflicts. Political instability in Germany and France suffered poor performance. South Korean market sold off after martial law declaration and impeachment proceedings.		View
2025 Q3	Nov 3, 2025	Massif Capital	36.1%	41.5%	AFM.L, CHG.L, ENVX, EQNR, EQX.TO, GLO.TO, GMIN.TO, HBR.L, LITM, LUN.TO, MMA.V, NGEX.TO, NICU.V, VAR.L	Alpha Generation, Copper, Critical Minerals, European Energy, gold, Mining, Natural Gas, real assets	Gold is overbought but not over owned, with government debt levels supporting continued allocation to gold miners. The fund reduced exposure after strong performance, exiting GMIN while maintaining EQX position. High dispersion in gold miner results creates attractive opportunities for active management.		View
2025 Q3	Oct 21, 2025	Third Avenue Value Fund	11.9%	-	7270.T, AC.TO, BCC, BIRG, BMW.DE, BZU.MI, CBG.L, CSTCF, DB, EZJ.L, HCC, HEI, IFP.TO, LUN.TO, MBG.DE, ORI, ROG, S4C.L, UGPA3.SA	Banking, contrarian, Copper, Europe, Forecasting, Mining, value	Copper prices have benefited from increasingly tight global supplies, a weak U.S. dollar, breakdown of trust in global trading norms, and operational disruptions at several large copper mines. These dynamics have benefited holdings like Capstone Copper and Lundin Mining, with rising gold prices also helping copper miners that produce gold as a byproduct.	AC ROG BOISE DBK OR HBR LUN CS	View
2025 Q3	Oct 16, 2025	Polaris Global Equity	5.0%	18.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS	AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations	The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts.		View
2025 Q3	Oct 16, 2025	Polaris International Equity	4.8%	24.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS	AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy	AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts.		View
2025 Q4	Jan 22, 2026	Third Avenue Value Fund	7.4%	35.2%	0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL	Banking, Copper, energy, Europe, Mining, Resource Conversion, value	Fund holds significant positions in copper miners Lundin Mining and Capstone Copper, viewing copper as indispensable to modern economies with exceptional supply challenges. Manager believes copper demand growth has evolved from Chinese construction to renewables, electric transportation, and data center construction, while supply increases remain elusive due to aging mines, declining ore quality, and decade-plus timelines for new projects. Warrior Met Coal was the single largest contributor to Fund performance during the quarter, benefiting from early completion of Blue Creek metallurgical coal mine eight months ahead of schedule. The completion portends far higher coal production, much lower capital spending, and likely return to significant cash distributions to shareholders. Manager discusses the materials-intensive nature of renewable energy infrastructure, noting the irony that mining companies producing materials for solar panels, wind turbines, electrical grids, and batteries were deemed global pariahs while renewable energy companies were market darlings. The build out of data centers and electrical infrastructure has become entwined with copper consumption growth. Fund holds offshore oil and gas service providers and one upstream producer, believing more offshore spending is required to maintain current production levels. Manager notes U.S. onshore production growth has slowed significantly due to lower drilling activity, exhaustion of Tier 1 acreage, and water challenges, potentially leading to future production declines that would enhance the importance of long-life offshore production. Manager highlights a profound divergence in U.S. sanctions activity, noting recent seizure of dark fleet oil tankers, arrest of Nicolas Maduro, U.S. claim of control over Venezuela's energy industry, and sanctions on Russia's largest oil producers. This marks a departure from decades of avoiding sanctions that would impact energy flows, with gunboat diplomacy and military embargos returning. Manager emphasizes resource conversion activity including share buybacks as a key component of their investment approach for undervalued, well-financed companies. The Fund focuses on companies where management teams can create shareholder value through buybacks, recapitalizations, special dividends, asset disposals, spin-offs, acquisitions, or sale of the business.		View
2025 Q4	Jan 20, 2026	Polaris Global Equity	7.0%	26.8%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL	AI, diversification, global, international, Outperformance, semiconductors, technology, value	AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure.	267260 KS UTHR JAZZ CAP FP MKSI 000660 KS	View
2025 Q4	Jan 20, 2026	Polaris International Equity	8.7%	35.4%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL	Asia, diversification, Europe, industrials, international, Outperformance, technology, value	Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill.	JAZZ 7267 JP CAP FP 005930 KS 000660 KS	View
2025 Q4	Jan 16, 2026	Massif Capital	9.6%	50.0%	1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL	commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets	Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic.	GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN	View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View
2024 Q3	Sep 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 3132.T, 8002.T, 8591.T, 9433.T, AD.AS, ANTO.L, BARN.SW, BPOP, BWY.L, CTC.TO, DTE.DE, GNC.L, HNR1.DE, LIN, LOOM.ST, LUN.TO, MEOH, MUV2.DE, NXT.L, YAR.OL	cyclicals, financials, international, rates, semiconductors, value	Interest rates finally peaked with most central banks globally initiating easing cycles. The manager expects rates to remain higher than previous cycles at neutral levels of 1.2% to 1.4%. This normalized rate environment should benefit value stocks and global economic recovery.		View
2024 Q2	Jun 30, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000660.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ALSN, ANTO.L, BARN.SW, CG, CVS, DG.PA, DTG.DE, ELV, FTK.DE, GNC.L, JAZZ, LKQ, LUN.TO, MEOH, MG, MPC, MSFT, MUV2.DE, NEE, NVS, OTEX, SRBANK.OL, SVEG.OL, TEP.PA, TSN, U11.SI, UNH, UTHR, WBS, WMB	AI, Copper, Energy Transition, financials, global, healthcare, value	Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications like electric vehicles and AI automation. Lundin Mining and Antofagasta benefited from this copper price momentum.		View
2024 Q2	Jun 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005380.KS, 055550.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ANTO.L, BARN.SW, DG.PA, DNB.OL, DTG.DE, FTK.DE, GNC.L, IPS.PA, JAZZ, LUN.TO, MEOH, MG, MUV2.DE, NOVN.SW, OTEX, PUB.PA, SVEG.OL, TEP.PA, U11.SI, YAR.OL	AI, Asia, Copper, Europe, international, materials, technology	Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications such as electric vehicles, as well as artificial intelligence and automation. Lundin Mining and Antofagasta PLC benefited from these copper trends.		View
2024 Q4	Jan 28, 2025	Third Avenue Value Fund	-9.6%	-2.5%	6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP	Active Share, Autos, Concentration, global, small caps, value	The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals.	7270.T MBG.DE BMW.DE	View
2023 Q4	Jan 18, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL	AI, consumer discretionary, industrials, international, rates, value	Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets.		View

LUN-TO

LUN-TO

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of LUN-TO

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: