NXE

NXE

NXE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Packer & Co	-	-	0001.HK, 017670.KS, AQN, BABA, BIDU, BKY.AX, CNOOC, DG, INDF.JK, JARDINE.SI, NE, NXE, PBR, PRX.AS, SDRL, SRUUF, VAL, VIPS, YCA.L	Asia, China, Defensive, gold, oil, technology, value	The manager has significantly increased exposure to Chinese technology companies, viewing them as attractively valued compared to US peers. Chinese tech giants trade at roughly half the valuation of US counterparts despite being industry leaders with solid balance sheets and growth potential.	INDF.JK 017670.KS 0001.HK JMHLY PBR CEO 0700.HK BIDU BABA VIPS	View
2024 Q4	Dec 31, 2024	Packer & Co	-	11.8%	0762.HK, 0941.HK, BABA, BIDU, BKY.L, CNOOC, HES, J36.SI, NE, NHC.AX, NXE, PRX, SDRL, STNG, U.TO, VAL, YCA.L	Cash, China, oil, uranium, US Markets, Valuations, value	Chinese stocks offer exceptional value with technology companies trading at massive discounts to western peers despite strong fundamentals. The fund holds 8% in leading Chinese tech firms including Alibaba, Baidu, and Tencent which are highly profitable with huge cash balances. Chinese telecom companies continue to generate strong returns and remain attractively priced at large discounts.		View
2025 Q3	Nov 25, 2025	Goehring & Rozencwajg Associates, LLC	-	-	ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP	Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil	Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals.		View
2025 Q3	Oct 31, 2025	Kinsman Oak	-	-	ACHR, ASTS, CRML, DGNX, FRMI, GLD, JOBY, LAC, MEME, NNE, NXE, OKLO, PPTA, QMMM, QS, QUBT, RGCI, RGTI, SERV, SKE, TMC	AI, Bubble, debasement, gold, infrastructure, Speculation, technology, valuation	The manager sees AI as a speculative bubble similar to the dot-com era, with massive capital misallocation and unsustainable valuations. Big Tech firms are spending $400 billion in 2025 on AI infrastructure buildout, requiring a 100-fold revenue increase to justify costs. The manager believes this capex binge will eventually end badly when investors realize AI isn't generating incremental free cash flow.		View
2025 Q4	Jan 7, 2026	Packer & Co	-	21.5%	0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS	AI, Asia, Cash, Defensive, energy, gold, value	The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.	CA FP	View
2025 Q4	Jan 28, 2026	GreenWood Investors	-	-	GNS.L, IPCO.TO, JACK, LDO.MI, NXE, ODET.PA, UHR.SW	activism, Behavioral, Collaboration, global, Governance, turnaround, value	NexGen Energy progressed closer to federal approval for its world-class Arrow deposit and provided fantastic drill results from Patterson Corridor East. The company raised nearly $1 billion in fresh equity capital to be shovel ready for construction upon federal approval. International Petroleum Company's Blackrod project is coming online later in 2026 ahead of schedule and under budget. The company has self-funded a major greenfield oil project while simultaneously buying back 10% of its available free float per year. Genus received FDA approval for its porcine gene-edit for Porcine Reproductive and Respiratory Syndrome, which has the potential to eliminate a disease costing U.S. pig producers at least $1.2 billion per year. This prior free call option alone has the potential to 2-3x company operating profit over the next 5-7 years. Swatch remains the most intelligent way for investors to bet on the bright future of the premium and luxury watch industry. The company's recent impressive product launches underpin faith that it will capture a stabilized and improving Chinese consumer and make further inroads in the US market. Jack in the Box is a top 20 restaurant brand by sales that had seen its stock fall on hard times. The company can be re-energized through an increased focus on operational excellence, further digital and marketing innovation, and smart capital allocation.	JACK UHR SW GNS LN IPCO CN NXE	View
2023 Q2	Apr 8, 2023	GreenWood Investors	0.0%	16.6%	IPCO.TO, NXE, RH, TRIP	activism, Buybacks, defense, Europe, Logistics, Owner Operators, value	Multiple portfolio companies are aggressively repurchasing shares, with RH buying back 22% of shares in 8 months, Bolloré tendering for over 20% of net shares, and CTT launching a third repurchase program. The manager views these buybacks as extremely accretive given current undervaluations.	LDO.MI CTT.LS BOL.PA 1RH GR	View
2023 Q4	Mar 2, 2024	GreenWood Investors	0.0%	16.6%	BOL.PA, CTT.LS, LDO.MI, MEIP, NXE, PDD, RTO.L, UMG.AS	activism, defense, E-Commerce, Europe, Music, Owner-Operators, uranium, value	European Aerospace & Defense is having its moment, being very active. Europe's defense industry will likely experience a decade of tailwinds as the continent responds to its 9/11 moment that occurred in 2022. Leonardo is only just starting to hit its stride with substantial improvement potential.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 30, 2026	Fund Letters	Steven Wood	NexGen Energy Ltd	Energy	Uranium	Bull	New York Stock Exchange	energy transition, Mining, Nuclear, Permitting, uranium	View Pitch

BSD Shareholders of NXE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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