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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 23, 2025 | Macro ops | 9.9% | 32.6% | AMTM, APM.TO, IDR.TO, IPI, MP, NICU.TO, RHM.DE, RKLB, UBER, VLE.TO | crypto, defense, Futures Trading, Mining, risk management, Trifecta Lens | European Defense thesis continues to play out with Rheinmetall rising 33% during the quarter. National Defense thematic includes positions like Amentum Holdings and represents 23% of portfolio exposure through Aerospace & Defense sector allocation. | View | |
| 2025 Q1 | May 2, 2025 | Macro ops | 13.9% | 13.9% | IDR, LLY, RHM.DE, VLE.TO | defense, energy, Europe, gold, Mining, oil, value | European defense spending expected to increase from 2% to 3% of GDP driven by Trump administration demands, creating EUR 100B in additional annual spending through 2028. Rheinmetall positioned as primary beneficiary as largest German defense company and leading Ukraine partner. | VLE.TO IDR RHM.DE |
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| 2026 Q1 | Apr 28, 2026 | Fairlight Alpha Fund | 4.6% | 4.6% | 5LY SI, CVX.TO, MMY.TO, VLE.TO | AI, energy, global, gold, infrastructure, Microcap, Mining, oil | View | ||
| 2026 Q1 | Apr 27, 2026 | Focus Capital Management | 0.8% | 0.8% | BUR.L, VLE.TO | energy, geopolitics, Litigation, oil, value | BUR.L VLE.TO |
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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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| 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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| 2024 Q4 | Jan 29, 2025 | Focus Capital Management | -4.9% | -27.6% | BUR, KCN.AX, SIMO, VLE.TO | energy, gold, Litigation Finance, semiconductors, undervalued, value | Kingsgate operates the Chatree gold mine in Thailand which has restarted operations and is ramping to full capacity. The company expects to produce 95,000-120,000 ounces annually at full capacity with estimated net income of $75-110 million. Gold prices are near $2,800 per ounce, about 35% higher than the beginning of 2024. | VLE.TO KCN.AX SIMO BUR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Focus Capital Management | Valeura Energy Inc. | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Asia, crude oil, Development Acceleration, energy, geopolitical, Gulf of Thailand, inventory management, oil production, Supply Disruption | View Pitch |
| Apr 13, 2026 | Fund Letters | Fairlight Alpha Fund | Valeura Energy Inc. | Energy | Oil & Gas Exploration & Production | Bull | Toronto Stock Exchange | Asset Acquisition, cash generation, deep value, Exploration Drilling, Offshore Production, Oil & Gas, Reserves Replacement, Share Buyback, Tax Loss Utilization, Thailand | View Pitch |
| Apr 13, 2026 | Fund Letters | Macro ops | Valeura Energy | Energy | Oil & Gas Exploration & Production | Bull | Toronto Stock Exchange | Canadian, cash-rich, Commodity Cycle, debt-free, insider ownership, Oil & Gas, risk management, Share Buyback, Tax Losses, Thailand | View Pitch |
| Apr 13, 2026 | Fund Letters | Focus Capital Management | Valeura Energy | Energy | Oil & Gas Exploration & Production | Bull | TSX | Canada, cash generation, debt-free, energy, Free Cash Flow, Oil & Gas, Value | View Pitch |
| 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. | ||||||||