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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 15, 2026 | L1 Capital Long Short Fund | 14.1% | 46.8% | ALL.AX, AZJ.AX, BSL.AX, CRH, CTD.AX, FLT.AX, FTT.AX, JHX.AX, LLOY.L, LNW.AX, LSF.AX, MIN.AX, STLD, WGX.AX | Australia, gold, infrastructure, Long/Short, Steel, Travel, value | Gold price continued to rally, up 12% for the quarter and 65% for 2025, driven by large U.S. federal fiscal deficits, dollar devaluation, emerging market central bank accumulation, and global interest rate cutting cycle. Westgold Resources performed strongly with the company releasing a positive 3-year outlook demonstrating transformation into material scale producer. BlueScope Steel received multiple takeover proposals from Steel Dynamics, validating the strategic value of North American steel assets. Trump administration increased steel tariffs to 50% with no exemptions, materially improving profitability and resilience of U.S. steel producers. Steel market has become highly consolidated with competitive tension for independent assets. Aurizon benefited from proposed 10-year extension to regulatory arrangements for Queensland rail network access, enhancing long-term earnings certainty. Above-rail performance supported by robust coal volumes and BHP copper railings. Infrastructure remains a key portfolio exposure with positive outlook on U.S. economic growth and AI capital expenditure spending. Flight Centre shares rallied 30% on earnings-accretive acquisition of Iglu cruise agency and benefited from competitor issues. Travel sentiment and outbound travel from Australia to Europe and United States continues to improve, providing tailwinds to performance. Uranium continues to be a key portfolio exposure alongside infrastructure, gold, and U.S. cyclicals. The manager believes uranium provides some of the best opportunities globally as part of their quality value investment approach. Following significant outperformance of high P/E stocks over the past decade, the manager is finding more attractive opportunities in Value stocks. They believe low P/E stocks are well positioned to strongly outperform high P/E stocks over the coming 1-2 years, with portfolio having stronger than usual Value skew. Continued acceleration in AI-related capital expenditure attracted increased investor attention during the quarter. Estimated cumulative hyperscaler capex between 2025-2028 is substantial, expected to be double their available cash flows, necessitating increased debt funding. This heightened focus contributed to de-rating of speculative AI-exposed stocks. Mineral Resources benefited from lithium spodumene prices moving 92% higher during the quarter, recovering sharply due to upgraded demand outlook from stationary storage batteries and ongoing supply uncertainty from major Chinese operations. Company announced sale of 30% interest in lithium assets to POSCO for A$1.2b at 45% premium to consensus NAV. | FLT AU LLOY LN JHX AU LNW AU FTT CN AZJ AU MIN AU WGX AU BSL AU |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2025 | Seeking Alpha | Seeking Profits | Steel Dynamics, Inc. | Materials | Steel | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.6M | 0.00% | 15,500 | +8,500 | +121.43% | 0.0093% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.1M | 0.00% | 6,200 | -300 | -13.64% | 0.0037% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $400,072 | 0.00% | 2,361 | -169,152 | -98.62% | 0.0014% |
| Israel Englander | Millennium Management LLC | $233.2B | $14.4M | 0.01% | 84,703 | +26,389 | +45.25% | 0.0511% |
| Jeremy Grantham | GMO LLC | $39.1B | $22.9M | 0.06% | 135,034 | -19,705 | -12.73% | 0.0814% |
| Cliff Asness | AQR Capital Management | $190.6B | $58.8M | 0.03% | 347,280 | -55,905 | -13.87% | 0.2093% |
| Sunil Jagwani | Key Group Holdings | $1.9B | $5.9M | 0.31% | 52,000 | +52,000 | +100.00% | 0.0211% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $2.3M | 0.01% | 13,401 | -117 | -0.87% | 0.0081% |