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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 10, 2025 | Fairlight Alpha Fund | 9.3% | 29.8% | AAPL, ARCHOS.PA, SRB.L | AI, Gold Miners, infrastructure, Mining, small caps, technology, value | The fund identified opportunities in AI infrastructure businesses, particularly those supplying computing power, energy, pipes, cooling systems, and concrete structures for AI data centers. They invested in TSS, Inc., which showed exceptional growth with revenues up 523% year-over-year in Q1, driven by systems integration segment growth of 264%. | SRB.L LOGIC.PA TSS SRB LN TSSI US |
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| 2025 Q1 | Apr 17, 2025 | Fairlight Alpha Fund | 18.7% | 18.7% | GBR.AX, MCB.TO, MNM.TO, MSFT, NVDA, ODY.AX, SRB.L, TSLA, VLE.TO | AI, defense, energy, gold, tariffs, value, volatility | Gold prices rose significantly to $3,341 per ounce, driving strong performance in junior gold mining positions. Monument Mining and Serabi Gold appreciated 60.7% and 43.3% respectively, benefiting from higher gold prices, increased production efficiency, and higher ore grades. These businesses generate substantial cash flow at current gold prices with large margins of safety. | VLE.TO MMY.AX SBGL.L |
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| 2024 Q4 | Feb 8, 2025 | Fairlight Alpha Fund | -0.5% | 13.6% | ALOFI.PA, COST, MMY.TO, SRB.L, WMT | Food, gold, growth, Mining, small caps, value | The fund owns junior gold mining stocks including Monument Mining Limited and Serabi Gold plc, benefiting from rising gold prices and increasing production. Both companies are enjoying record revenues and cashflows as gold prices have risen from $1,912 in Q3 2023 to $2,886 currently, while maintaining low all-in sustaining costs. | ALLOG.PA BOFI.V SRB.L MMY.TO |
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| 2024 Q3 | Nov 6, 2024 | Fairlight Alpha Fund | -13.0% | 14.1% | ALLOG.PA, CZBS, MCB.TO, MMY.V, SRB.L | commodities, global, gold, Mining, small caps, value | Gold has risen 134% over eight years with acceleration in the last two. Junior gold miners have underreacted to this price appreciation, creating significant opportunities. The manager views gold miners as having call option-like characteristics with theoretically unlimited upside as gold prices rise. | ALLOG.PA SRB.L MMY.V MCB.TO |
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| 2025 Q4 | Jan 23, 2026 | Fairlight Alpha Fund | 9.9% | 66.2% | ALLOG.PA, MMY.TO, SHEL.DE, SRB.L | AI, commodities, Gold Miners, small caps, technology, value | Junior gold miners like Serabi Gold and Monument Mining benefited from rising gold prices and increased production optimization. These companies remain undervalued despite strong cash flow generation, with Monument trading at only 1.25x operating cash flow for a fully operational mine. AI boom is driving massive capital expenditure diversion from traditional sectors to technology infrastructure. This trend is creating a hidden recession in non-tech sectors while fueling growth in AI-related technologies and adjacent industries. Portfolio focuses on undervalued companies with strong fundamentals that remain mispriced due to market narratives or overlooked business inflections. Examples include Logic Instrument trading below revenue multiples despite strong moat and growth prospects. | BOF SLYG GR SRB LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Fairlight Alpha Fund | Serabi Gold plc | Materials | Gold | Bull | London Stock Exchange | Brazil, Equity, gold mining, junior miners, Low-cost producer, Precious Metals, production growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Fairlight Alpha Fund | Serabi Gold | Materials | Gold | Bull | London Stock Exchange | Brazil, cash generation, gold mining, Junior Miner, Licensing Catalyst, production growth, UK Listed, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Fairlight Alpha Fund | Serabi Gold plc | Materials | Gold | Bull | London Stock Exchange | AISC Reduction, Brazil Operations, cash generation, gold mining, Mine Exploration, Ore Sorting, production growth, technology implementation | 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. | ||||||||