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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 16, 2025 | White Falcon Capital Management | 17.6% | 10.0% | ATZ CN, DAVA, EPAM, RGLD, SSL CN, TIXT, W | asymmetry, Compounding, dislocations, Value Investing, volatility | The letter frames market volatility, particularly tariff-induced swings, as a source of opportunity rather than risk. Management highlights buying quality businesses with asymmetric risk-reward profiles during periods of panic. A diversified, value-oriented portfolio is positioned to compound capital across cycles. | View | |
| 2025 Q4 | Feb 10, 2026 | Kopernik Global All-Cap Fund | 8.0% | 64.8% | 015760.KS, 3690.HK, BHP, CMCSA, CNC, CVE.TO, GLEN.L, Gold, MOH, NAK, NG, PDN.AX, RGLD, RRC, SDF.DE, SEA.TO, SQM, TPK.L, TWE.AX, VALE | diversification, global, materials, Mining, Precious Metals, undervaluation, value | Gold prices rose 65% in 2025, with precious metals miners performing strongly. The fund trimmed gold positions significantly from 15% to 9% of the portfolio due to strong performance, rolling gains into platinum and industrial metals where more upside is seen. Platinum group metals producers were among the largest contributors for the second consecutive quarter. South African companies Valterra and Impala had strong returns of 20.7% and 26.4% respectively, with substantial upside potential remaining relative to risk-adjusted intrinsic value estimates. After over a decade of underperformance, value stocks had a strong fourth quarter with Russell 1000 Value up 3.3% versus 1.2% for growth. The manager believes the market is beginning to recognize value, emphasizing buying good companies for less than they are worth. Conglomerates performed well with Cresud up 48.7% and LG Corp up 9.1%. The manager notes conglomerates are complex and difficult to analyze, frequently ignored by the market, providing significant opportunities for fundamental bottom-up analysis. | IMP SJ VAL SJ |
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| 2025 Q3 | Oct 16, 2025 | ROCKLINC Partners Fund | 9.7% | - | RGLD, SSL CN | gold, inflation hedge, Precious Metals, Royalty Companies, Value Investing | Rocklinc emphasizes gold royalties and hard assets as hedges against debt, inflation, and global instability. The firm expects continued upside from the Royal GoldSandstorm merger and central bank gold accumulation. Broader portfolios focus on disciplined value investing, liquidity, and faith-based long-term stewardship amid volatile markets. | SSL RGLD SSL RGLD |
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| 2025 Q4 | Jan 21, 2026 | White Falcon Capital Management | 5.6% | 28.4% | AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W | AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value | AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns. | HUN NFI NU EPAM AMD |
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| 2025 Q4 | Jan 15, 2026 | ROCKLINC Partners Fund | 0.7% | 20.3% | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure. | SII |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Jonathan Wellum | Royal Gold Inc. | Materials | Precious Metals & Mining | Bull | NASDAQ | cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties | View Pitch |
| Nov 28, 2025 | Fund Letters | Jonathan Wellum | Royal Gold Inc. | Materials | Precious Metals & Mining | Bull | NASDAQ | cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Jason Ditz | Royal Gold | Materials | Gold | Bull | NASDAQ | — | 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. | ||||||||