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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 4, 2026 | Emeth Value Capital | 0.0% | -3.8% | SPB.TO | Canada, CNG, Consolidation, Distribution, energy, Propane, Transformation, value | Superior Plus is a leading North American propane distributor serving 750,000 customers with sticky customer relationships due to company-owned tanks and container laws. The propane industry benefits from stable demand, high switching costs, and pricing power. Superior is executing a transformation program targeting $70 million in EBITDA improvements through cost optimization and customer growth initiatives. Certarus operates the leading over-the-road compressed natural gas delivery platform with 40% market share, serving pipeline-stranded customers. The business is diversifying beyond oil and gas wellsites into utility resiliency, renewable natural gas transport, and AI data center power solutions. Multiple growth vectors include utility infrastructure support and hyperscale data center buildout. AI infrastructure buildout is driving fivefold increase in data center power requirements, creating opportunities for Certarus to provide bridge power solutions while customers wait for permanent grid connections. The portfolio's physical activity focus provides protection from AI displacement risks while enabling participation in AI infrastructure growth through energy delivery services. The portfolio benefits from energy transition trends through renewable natural gas transport via Certarus, which has 50% market share in stranded RNG delivery. RNG production is expected to increase sevenfold over the coming decade, while propane serves as a cleaner alternative to fuel oil for heating applications. | SPB CN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| No pitches found. | |||||||||
| 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 |
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| No investor data available. | ||||||||