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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 23, 2025 | Massif Capital | 6.2% | 16.5% | 6368.T, AFM.L, AMPX, CHG.L, ENVX, EQNR, GKP.L, GLO.TO, HBR.L, MP, TSM, VAR.OL | Battery Technology, Critical Minerals, defense, energy, Europe, Mining, Natural Gas, semiconductors | Portfolio heavily invested in tin and tungsten mining companies due to supply constraints and growing demand. Alphamin dominates tin production with strong margins while tungsten faces extreme geographic concentration with China controlling 80% of global production. Both metals are essential for defense, aerospace, and electronics applications with limited alternative suppliers. | ENVX ENVX 6368 JP CHG LN |
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| 2026 Q1 | May 5, 2026 | Palm Harbour Capital | -0.6% | -0.6% | BWO.OL, CNVRG.PS, DAN.MI, IBST.L, PRT.MI, UMG.AS, VAR.OL, VIV.PA | energy, Europe, gaming, long-term, small caps, undervalued, value | View | ||
| 2024 Q3 | Oct 16, 2024 | Palm Harbour Capital | 5.1% | 13.5% | CLNX.MC, DAL.L, DAN.MI, GSMI.PS, IBST.L, JST.DE, KRIKRI.AT, MDIA3.SA, OCI.AS, PORT3.SA, SYENS.BR, UNIR.MI, VAR.OL, VRLA.PA | Cash Generation, Cyclical, Europe, small cap, takeovers, value | Portfolio trades at weighted average P/E of 8.9x with 97% upside to estimated NAV. Manager emphasizes buying quality businesses at cyclical lows, citing examples like Unieuro receiving lowball takeover bid during downturn. Focus on cash-generative businesses trading below historical multiples. | MDIA3.SA |
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| 2025 Q4 | Jan 16, 2026 | Massif Capital | 9.6% | 50.0% | 1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL | commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets | Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic. | GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN |
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| 2023 Q1 | Apr 23, 2023 | Palm Harbour Capital | 5.1% | 13.5% | CAL.MI, CIR.MI, DAN.MI, GSMI.PS, IGT, IHRT, OCI.AS, PRT.MI, TESB.BR, TKA.VI, VAR.OL | Banking, dividends, Europe, portfolio, Steel, Telecommunications, value | Portfolio trades at weighted average P/E of 8.5x, FCF/EV yield of 19% and return on tangible capital of 30%. Manager believes this is a great time to be a value investor and sees more than 105% upside to estimated NAV. | TKA.VI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||