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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 30, 2025 | Greystone Capital | 14.8% | 6.3% | APG, DR.TO, KITS.TO, NRP, SYZ.TO | Coal, E-Commerce, healthcare, Quality, small caps, software, value | Small caps remain in prolonged underperformance relative to large caps, with capital flowing to emerging markets instead. Despite conditions for outperformance being in place for years including resilient economy, cheap valuations, and decade-plus underperformance, the return profile shows fits and starts pattern. Manager believes environment will eventually shift and small caps will get their moment in the sun. | DR.TO KITS.TO SYZ.TO APG NRP DR CN KITS CN SYZ CN APG NRP |
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| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V | Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value | AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management. | AER |
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| 2025 Q1 | May 2, 2025 | Greystone Capital | -7.9% | -7.9% | BELFB, FC, KITS.TO, LNF.TO, NRP, XPOF | E-Commerce, Optical, Quality, small caps, tariffs, Trade Policy, value, volatility | Tariff measures announced against global trade partners created geopolitical and recession fears, driving market volatility. The inconsistency and unpredictable messaging around new trade rules creates planning difficulties for businesses. Portfolio companies have varying direct exposure to tariffs, with Natural Resource Partners, Leon's Furniture, and Bel Fuse being the only holdings with direct tariff exposure. | KITS.TO BELFA LNF.TO NRP |
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| 2026 Q1 | Apr 7, 2026 | Right Tail Capital | - | - | NRP | AI, Coal, Quality, royalties, technology, value | NRP |
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| 2024 Q1 | Apr 15, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH | AI, global, healthcare, inflation, materials, Quality, rates, technology | Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities. | View | |
| 2024 Q1 | Mar 31, 2024 | Apis Deep Value Fund | 10.1% | 10.1% | NRP | Asia, Copper, defense, industrials, small caps, technology, value | Global defense spending is ramping up significantly with Russia and China increasing spending by 300% and 600% respectively over the past decade. Germany committed to raising defense spending from 1.3% to 2% of GDP plus an additional 100 billion Euros, while Japan is doubling its budget from 1% to 2% of GDP. Korea has emerged as an exporting powerhouse for defense equipment, with Poland ordering 600 tanks and 1,000 howitzers from Korean manufacturers due to European supply constraints. | NRP KRX012450 |
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| 2023 Q4 | Dec 31, 2023 | L1 Capital International Fund | 4.7% | 0.0% | ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH | healthcare, inflation, infrastructure, Quality, technology, value | Manager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky. | HCA |
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| 2025 Q3 | Oct 30, 2025 | Greystone Capital | -3.6% | 1.6% | APG, BELFB, DR.TO, IVFH, KITS, NRP, SYZLF | Concentration, fundamentals, Quality, small caps, value | Manager emphasizes disciplined value investing approach, focusing on businesses with real assets, cash flows, and clean balance sheets trading at attractive valuations. Contrasts this with market's speculative appetite and overvaluation of quality stocks at 35-55x free cash flow multiples. | IVFH SYZLF CN IVFH SYZLF CN |
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| 2025 Q4 | Jan 24, 2026 | Greystone Capital | 0.3% | 2.8% | APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX | Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value | Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value. | FOUR DR CN APG KITS CN NRP |
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| 2023 Q3 | Sep 30, 2023 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, BKNG, CRH, GOOGL, GPK, INTU, MA, MCO, MMC, MSFT, NRP, NVDA, UNH, V | AI, Cloud, global, healthcare, Quality, technology, Travel, valuation | AI is described as a revolutionary step change in computing with broad implications across industries. The fund sees early commercial applications at companies like Intuit and Microsoft, with the Big Three cloud providers exceptionally well positioned to provide AI infrastructure as a service. | View | |
| 2024 Q4 | Jan 20, 2025 | Greystone Capital | 0.5% | 19.2% | APOG, BELFB, DESP, FRAN, IVFH, LMB, NRP, SYZLF | Coal, Concentration, Distribution, Patience, royalties, small caps, value | Manager emphasizes small caps and microcaps are providing an excellent opportunity set for patient investors, largely remaining attractive due to current market environment favoring largest businesses. Portfolio consists of companies mostly outside major indices with zero S&P 500 holdings and just two Russell 2000 companies. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Greystone Capital | Natural Resource Partners | Energy | Coal & Consumable Fuels | Bull | NYSE | China, coal, commodity, Cyclical, debt reduction, energy, Free Cash Flow, metallurgical coal, Mining, royalties | View Pitch |
| Apr 13, 2026 | Fund Letters | Greystone Capital | Natural Resource Partners | Energy | Coal & Consumable Fuels | Bull | NYSE | asset-light, capital returns, coal, commodity, distribution yield, energy, Free Cash Flow, Royalty | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Deep Value Fund | Natural Resource Partners | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Carbon Sequestration, coal, deleveraging, dividends, energy, Free Cash Flow, royalties, Soda Ash, turnaround, Value | View Pitch |
| Apr 9, 2026 | Fund Letters | Right Tail Capital | Natural Resource Partners L.P. | Thermal Coal | Coal & Consumable Fuels | Bull | New York Stock Exchange | Coal Royalties, Commodity Cycle, debt-free, Land Ownership, metallurgical coal, mineral rights, Publicly Traded Partnership, royalty company, Steel Production, Value | View Pitch |
| Jan 27, 2026 | Fund Letters | Adam Wilk | Natural Resource Partners LP | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | balance sheet, coal, Distributions, Freecashflow, royalties | View Pitch |
| Dec 6, 2025 | Fund Letters | Adam Wilk | Natural Resource Partners L.P. | Energy | Thermal Coal | Bull | NYSE | cashflow, coal, deleveraging, royalties, Supplydemand | View Pitch |
| Sep 13, 2025 | Substack | Scalpavelli | Natural Resource Partners LP | Energy | Thermal Coal | Bull | debt reduction, distribution increase, financial health, Free Cash Flow, investment opportunity, MLP, Natural Resource Partners, Natural Resources, royalty company | View Pitch | |
| Sep 12, 2025 | Substack | Scalpavelli | Natural Resources Partners LP | Energy | Thermal Coal | Bull | Coal Production, De-leveraging, Dividend Increase, Free Cash Flow, Inflation Protection, Infrastructure Revenues, MLP Tax Structure, Natural Resources, Royalty Income, Soda Ash Market | View Pitch | |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners | Energy | Thermal Coal | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners | Energy | Thermal Coal | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners L.P. | Energy | Thermal Coal | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners | Energy | Thermal Coal | Bull | 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. | ||||||||