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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, PSK.TO, TDW | banks, Coal, energy, Housing, Shorts, turnaround, value | Structural shortage of housing in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. New homebuilders capturing increasing share of home sales as they can buy-down mortgages to lower rates. Significant underinvestment in metallurgical coal which is a needed input for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Minimal worldwide met coal resource development over the last 10 years could lead to tight supply when steel production improves. Significant underinvestment in natural gas, oil and thermal coal which are necessary for the world's economies to function and grow. While renewables will play an increasing role, the change will occur over decades, not years. Lack of global investment in energy development creates opportunities. Flagstar has exceptional management and board that are ahead of the game in turning their business around after balance sheet issues. Trading at significant discount to conservatively marked balance sheet compared to similar banks. While AI will have an impact on lives, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. Weak business fundamentals should become more apparent over time. The space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures. | LXS GR HCC FLG PSK CN TDW BLDR |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 13, 2025 | Seeking Alpha | Leo Nelissen | PrairieSky Royalty | Other | - | Bull | TSX | — | 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. | ||||||||