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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 7, 2026 | INN8 | 0.0% | 0.0% | AMZN, AU, BRK-A, CSCO, GFI, GOOGL, HMY, IMPUY, MRP.JO, PIK.JO, SBSW, SHP.JO, SPP.JO, TFG.JO, TRU.JO, WHL.JO | AI, Defense Spending, diversification, Global Markets, gold, rates, Trade Policy | AI remained the dominant theme driving US equity markets with the S&P 500 up 17.8% and Nasdaq gaining 21%. The AI trade broadened beyond chips to include data center companies, with three of the S&P 500's top 10 performers being data storage companies. Investment in AI infrastructure is reaching unprecedented levels with trillions in spending, though questions remain about whether revenue can justify the massive capital deployment. President Trump's hardline tariff agenda became one of the most consequential stories of 2025, lifting average tariff rates to nearly 17% from less than 3% at the end of 2024. The tariffs generated roughly $30 billion monthly for the US Treasury and brought world leaders to Washington seeking trade deals. Despite multiple rounds of meetings, a final agreement with China remains incomplete, with China using its leverage in rare earth minerals to push back against further tariffs. Safe-haven gold gained 65% in 2025, its best annual gain since 1979, driven by geopolitical uncertainties, expectations of US rate cuts, strong central bank buying, and the de-dollarisation trend. Gold mining companies delivered massive returns with Gold Fields up 200%, AngloGold up 242%, Harmony up 124%, Sibanye up 313%, and Implats up 204%. European defense shares surged 56% driven by pledges of higher defense spending across Europe. Germany is expected to spend up to a trillion euros on defense and infrastructure, reflecting the broader commitment to increased military expenditure across the region. The Fed cut interest rates three times in 2025, lowering the benchmark rate to 3.5%-3.75% range as employment growth slowed and unemployment rose. However, new projections show only one rate cut expected this year with further cuts likely on hold until inflation falls or unemployment rises more than anticipated. | View | |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 21, 2025 | Value Investors Club | walter99 | Sibanye-Stillwater Ltd. | Materials | PGMs | Bull | NYSE | Catalytic converters, palladium, PGMs, platinum, Rhodium, South Africa, Torque | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Oakoff Investments | Sibanye Stillwater Limited | Materials | Other Precious Metals & Mining | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Grassroots Trading | Sibanye Stillwater Limited | Materials | Other Precious Metals & Mining | Bull | NYSE | — | 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. | ||||||||