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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 2025 Q4 | Jan 14, 2026 | Jemekk Hedge Fund | 2.2% | 18.3% | CNQ.TO, EIF.TO, FFH.TO, GS, MEG.TO, RTX | aerospace, Canada, commodities, defense, energy, infrastructure, Precious Metals, Resources | The fund is positioned to benefit from elevated defense spending driven by rising defense budgets in the U.S. and allied countries. Growth is underpinned by demand for integrated air and missile defense systems, counter-drone technologies, and other advanced defense programs driven by geopolitical tensions. The entire Defense Prime complex is currently re-rating as countries around the world are committing to spend more on defense initiatives. Energy was a significant contributor to fund performance, with specific mentions of MEG takeover and CNQ performance. The fund sees Canada as having a strong preponderance of Oil (power) as part of its competitive advantages. Energy represents one of the key sectors driving Canadian outperformance versus the US markets. Precious metals provided solid contributions within the quarter through a basket of producers, primarily silver. Gold is viewed as the real store of value, and precious metals represent one of Canada's key competitive advantages. The fund entered Q4 2025 with precious metals as their largest sector allocation. The fund is positioned to capitalize on Build Canada themes, particularly through companies that can provide solutions for building out Canada's North including energy, critical minerals, and transmission/power infrastructure. This represents a pivot toward nation building and infrastructure development that should benefit portfolio companies. The fund expects continued Canadian outperformance driven by strong fundamentals in oil, gold, and financials, combined with a new government approach focused on growth and deregulation. Canada is signaling to the world that it is finally back and open for business, representing a significant pivot from the restrictive decade of the previous regime. | RTX |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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