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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 31, 2024 | Atherean Value Fund | - | - | SBR | AI, Bubble, energy, megacaps, oil, Royalty Trusts, small caps, valuation | The manager believes the U.S. oil and gas sector will play a critical role as geopolitical dynamics force the U.S. toward becoming less dependent on foreign countries for natural resources. They focus on royalty trusts as attractive investments due to negligible expenses and no capital expenditures, making them toll collectors on oil and gas production. | SBR |
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| 2024 Q1 | May 18, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMAT, AVGO, BRK-A, CMGI, CSCO, GBTC, GLW, INTC, LLY, META, MSB, MSFT, MU, NVDA, SBR, TPL, V | Bitcoin, Bubble, Compounding, Concentration, long-term, royalties, technology, valuation | The letter discusses AI chips and their impact on technology stocks, particularly noting how AI chip technology has driven recent outperformance in companies like Nvidia and Micron. The manager views AI as part of the current technology bubble similar to previous cycles. | View | |
| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM | AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water | Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Atherean Value Fund | Sabine Royalty Trust | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Depletion, distribution income, Diversified Acreage, energy, natural gas, Oil & Gas, Permian Basin, royalty interests, Royalty trust, tax-advantaged | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Yacktman | Sabine Royalty Trust | Energy | Oil & Gas Royalty Trusts | Bull | NYSE | Depletion, Distributions, energy, Gas, Income, oil, Reserves, Royalty | 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. | ||||||||