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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 27, 2024 | McElvaine Value Fund | - | -0.2% | 7U8 GR, EXCE, MDO LN, MXG CN, ONEXX CN, PSK CN | - | View | ||
| 2025 Q2 | Aug 21, 2025 | McElvaine Value Fund | - | -4.0% | AIM CN, CFP CN, EXCE, FIH/U CN, GUD CN, HHH, JAR LN, MDOB LN, MXG CN, ONEX CN, PSK CN | contrarian, insider ownership, low leverage, tangible assets, value | The letter emphasizes contrarian value investing focused on unpopular, asset-rich companies with insider alignment and low leverage. Management is skeptical of speculative enthusiasm around AI-related investments and prefers tangible assets and discounted cash flows. Patience is highlighted as essential as intrinsic value realization lags market sentiment. | GUD CN MPX CN AIM CN ONEX CN CFP CN HHH FIH CN PSK CN |
View |
| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, LXS GR, PSK CN, TDW | Capital Investment Cycles, deep value, free cash flow, Mean reversion, Short Selling | The letter highlights a portfolio positioned for re-rating as multiple holdings near the end of capital investment cycles with permanent capital impairment viewed as remote. Black Bear emphasizes deep value opportunities in housing, energy, metallurgical coal, and foreign equities, while maintaining a substantial short book targeting speculative business models and over leveraged balance sheets. The manager expects normalized cash flows, capital returns, and mean reversion to drive significant upside as valuation meets reality. | LXS GR HCC FLG PSK CN TDW BLDR |
View |
| 2024 Q4 | Dec 31, 2024 | McElvaine Value Fund | - | 19.2% | 2728 HK, CFP CN, EXCE, FIH/U CN, GUD CN, MXG CN, ONEX CN, PSK CN, SEG MM | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Adam Schwartz | PrairieSky Royalty | Energy | Oil & Gas Royalties | Bull | New York Stock Exchange | Capital-light, Energy Scarcity, inflation hedge, mineral rights, royalties | View Pitch |
| Jan 8, 2026 | Fund Letters | Tim McElvaine | PrairieSky Royalty Ltd. | Energy | Oil & Gas Exploration & Production | Bull | Toronto Stock Exchange | cashflow, dividends, land, Optionality, royalties | 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. | ||||||||