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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AMZN, C, NCLH, NVDA, QXO, RPRX, UAL | - | View | ||
| 2025 Q1 | Apr 23, 2025 | Pelican Bay Capital Management | -2.6% | -2.6% | CBOE, CME, RPRX | - | View | ||
| 2025 Q4 | Feb 11, 2026 | Latitude Global Fund | 0.0% | 21.0% | AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V | AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value | Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years. | ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR |
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| 2025 Q4 | Feb 10, 2026 | PM Capital Enhanced Yield Fund | 0.8% | 4.6% | 2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX | Bonds, credit, fixed income, inflation, rates, Yield | Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues. | View | |
| 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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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC | - | View | ||
| 2024 Q4 | Jan 13, 2025 | Patient Capital Management | - | - | COST, OMF, PLAY, RPRX, TSLA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Freddie Lait | Royalty Pharma plc | Health Care | Pharmaceuticals | Bull | NASDAQ | Barriers, Biotech, cash flow, pharmaceuticals, 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. | ||||||||