SII

SII

SII

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Praetorian Capital Management	3.6%	6.1%	JOE, SII	Cash, Dollar, Event-Driven, inflation, Reboot, value	In an inflationary world with loss of faith in Central Banks, precious metals tend to do well. The fund owns three companies that should be beneficiaries of precious metals either appreciating or at least staying at elevated prices.	JOE JOE	View
2025 Q4	Feb 4, 2026	Azvalor Internacional	0.0%	0.0%	CNQ, Gold, SII, VIST	Concentration, discount, Europe, global, Mining, Quality, Upside, value	Azvalor focuses on finding good businesses well-managed by trustworthy teams that the market offers at attractive prices due to clouds hanging over their short-term outlook. Their portfolios trade at around a 50% discount to broader markets with significant upside potential across all funds. Azvalor built significant positions in gold and silver mining companies when they were largely ignored by the market and have now exited these investments entirely, crystallizing substantial capital gains from all of them as latest arrivals show signs of intoxication. The portfolios remain highly concentrated with top holdings representing 53-57% of assets in a limited number of high-conviction investments that are companies they know in depth and have followed closely for many years.		View
2025 Q3	Oct 23, 2025	Praetorian Capital Management	5.7%	12.2%	ALLFG.AS, B3SA3.SA, JOE, SII, XP	AI Bubble, Capital markets, Economic Decline, emerging markets, gold, inflation, real estate, value	The fund owns the ecosystems of bubbles including brokers, exchanges, intermediaries, and back-office settlements. These croupier businesses should benefit from government desires for asset inflation while being somewhat insulated from economic deterioration.	JOE JOE	View
2024 Q3	Oct 20, 2024	Praetorian Capital Management	-2.3%	4.9%	AMRK, JOE, SII, TDW, U-U.TO, VAL	Concentration, Crisis, energy, Fiscal Crisis, inflation, Precious Metals, uranium, value	Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile.	SII JOE AMRK U.TO TDW VAL	View
2025 Q4	Jan 6, 2026	Ghosh Capital	-13.3%	12.6%	AEM, APH, AVGO, CWAN, GOOGL, HOOD, MSFT, MU, NVDA, RHM.DE, SII, WIX	Concentration, Leverage, Options, risk management, SaaS, technology, value	Manager learned hard lessons about position sizing and concentration risk after Kneat position at 30% of portfolio caused significant drawdown. Establishing strict rules around maximum position sizing regardless of conviction level. Used long-dated deep in-the-money options for leverage on Wix and Clearwater Analytics positions but found the inherent leverage made it difficult to hold positions through volatility. Planning to use options more sparingly going forward. Kneat remains largest holding despite poor Q2/Q3 results with net new ARR below expectations due to macro headwinds and deal delays. Company ended 2025 with highest number of new strategic customer wins in history, setting up for growth in 2026-2027.	WIX KSI CN	View
2024 Q4	Jan 12, 2025	Praetorian Capital Management	-14.8%	-10.6%	AMRK, JOE, NE, SII, TDW, VAL	Concentration, energy, inflation, Offshore, real estate, value	Manager believes offshore oil will gain market share from shale as best US shale basins mature and production stagnates. Offshore equipment fleet has shrunk by half due to decade-long bear market, while demand for higher quality drillships grows. No new equipment likely to be built until dayrates reach levels where current owners earn excess profits.		View
2024 Q2	Jul 21, 2024	Praetorian Capital Management	-2.3%	4.9%	AMRK, JOE, NVDA, SII, TDW, U-U.TO, VAL	commodities, energy, Inflection, Oilfield Services, Precious Metals, small caps, uranium, value	Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile.	SII AMRK JOE VAL TDW	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Praetorian Capital Management	Sprott Inc.	Financials	Asset Management & Custody Banks	Bull	NYSE	asset management, Commodity Exposure, ETFs, management fees, operating leverage, Precious Metals, Scarcity Value, uranium	View Pitch
Apr 13, 2026	Fund Letters	Praetorian Capital Management	Sprott Inc.	Financials	Asset Management & Custody Banks	Bull	NYSE	asset management, ETF Manager, Fee-based Model, operating leverage, Precious Metals, Scarcity Value, uranium	View Pitch
Jan 23, 2026	Fund Letters	Jonathan Wellum	Sprott Inc.	Financials	Asset Management	Bull	New York Stock Exchange	Assetmanagement, Commodities, Operatingleverage, Preciousmetals, uranium	View Pitch
Aug 13, 2025	Seeking Alpha	Bang For The Buck	Sprott Inc.	Financials	Asset Management	Neutral	NYSE	—	View Pitch

BSD Shareholders of SII

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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