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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 29, 2026 | Focus Capital Management | 14.7% | 85.8% | BUR, KCN.AX, SIMO, VLE.TO | AI, gold, Mining, oil, semiconductors, small caps, technology, value | Gold prices increased 65% in 2025, significantly benefiting Kingsgate's mining operations and cash flow generation. The rising gold price was a major tailwind for the fund's performance, though the manager acknowledges dependence on sustained high gold prices as a risk factor. Silicon Motion continues gaining market share across PC SSD controllers and mobile segments with new product launches. The company has the strongest product lineup in over 12 years, with management expressing unprecedented confidence in their pipeline of design wins and opportunities. AI data center boom creates both opportunities and challenges for Silicon Motion. While AI applications drive demand for high-performance SSDs, the massive AI-driven purchases of NAND storage are creating unprecedented shortages and tripling prices, potentially hurting core PC and smartphone markets. Oil prices dropped approximately 20% in 2025 from $75 to $60 per barrel, weighing on Valeura Energy's profitability. Despite lower prices, Valeura remains highly profitable with breakeven in the mid-40s and continues generating substantial cash flow. | BUR VLE CN SIMO KCN AU |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | Substack | Almost Mongolian | Valeura Energy | Energy | Oil & Gas Exploration | Neutral | Toronto Stock Exchange | capital allocation, energy resources, geopolitical risks, growth potential, neutral outlook, oil and gas exploration, oil price volatility, Operational Performance, strategic acquisitions, Valeura Energy | View Pitch |
| Jan 20, 2026 | Substack | Almost Mongolian | Valeura Energy | Energy | Oil & Gas Exploration | Neutral | Toronto Stock Exchange | Energy Sector, gas project, geopolitical tensions, market opportunities, oil and gas exploration, operational efficiency, reserve growth, Resource growth, Strategic Partnerships, Valeura Energy | 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. | ||||||||