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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | BABA, DKS, LBRDA, LNR CN, LYB, RHI, RYA ID, THO | balance, diversification, global, risk, structure | The commentary emphasizes global diversification across regions and sectors amid rising geopolitical and macro uncertainty. The manager discusses balancing growth and defensiveness, with a focus on companies benefiting from long-term structural trends rather than cyclical speculation. Risk management and adaptability are core portfolio principles. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
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| 2023 Q1 | Mar 31, 2023 | Alluvium Global Fund | - | - | 0RYA LN, CPRI, DKS, LBRDA, LEA, LYB, ROG SW, UMG NA | - | View | ||
| 2025 Q3 | Oct 13, 2025 | Hourglass Capital, LLC | - | 14.6% | FHI, LYB | Artificial Intelligence, Consumer Staples, Labor Market, valuation, Value Investing | The letter warns of stretched equity valuations driven by AI exuberance and parallels the current market to the dot-com bubble. Despite strong returns, the manager remains cautious, focusing on undervalued companies in consumer staples and staffing sectors with strong free cash flow yields. The strategy underscores long-term discipline and selective value investing amid speculative excess. | OXY US LYB US FHI US |
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| 2025 Q4 | Jan 23, 2026 | Alluvium Global Fund | -1.1% | -0.1% | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies. | 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 |
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| 2024 Q4 | Jan 31, 2025 | Alluvium Global Fund | - | - | CHTR, CPRI, DKS, GOOG, GPI, HCA, HRB, LBRDA, LMT, LYB, MA, MCK, RYAAY, V | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | Stuart Pearce | LyondellBasell Industries N.V. | Materials | Commodity Chemicals | Bull | NYSE | asset sales, Chemicals, Free Cash Flow, Margins, restructuring | View Pitch |
| Nov 25, 2025 | Substack | Monopolistic Investor | LyondellBasell Industries N.V. | Materials | Specialty Chemicals | Bear | Chemicals, commodity prices, DCF valuation, eco-friendly products, financial stability, LyondellBasell, market competition, polyolefins, Pricing power, technology segment | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Rida Morwa | LyondellBasell Industries N.V. | Materials | Specialty Chemicals | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Ronald Ferrie | LyondellBasell Industries N.V. | Materials | Specialty Chemicals | Neutral | NYSE | — | 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. | ||||||||