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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Moerus Capital Management | 15.9% | 20.2% | 0388.HK, 1200.HK, 1821.HK, BBDO, CBD, CCO, CPA, CS.TO, DC.TO, DESP, DOUG, EDELWEISS.NS, EFX.TO, FIH.TO, GGAL, TDW, TPK.L, UCG.MI, VAL, WPM | Brazil, Hong Kong, international, Offshore Drilling, Precious Metals, tariffs, value, volatility | Fund focuses on investing in depressed and unpopular businesses at attractive prices, seeking opportunities where low expectations are priced in. Manager emphasizes buying quality businesses at unusually depressed valuations when skies seem darkest. | TDW VAL TPK LN BBD |
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| 2024 Q2 | Jul 8, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM | Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value | Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets. | MEG.TO |
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| 2026 Q1 | Jun 1, 2026 | Rivemont | - | - | AEM, AMD, BDGI, CHGG, CSCO, CSH.UN.TO, CSU.TO, EQIX, ESI, FNV, GILD, IBM, JAZZ, MU, NVDA, NVT, OR.TO, SKYT, TRI.TO, WPM | active management, AI, gold, healthcare, infrastructure, sector rotation, semiconductors, technology | View | ||
| 2026 Q1 | May 8, 2026 | Horizon Kinetics | - | - | AAPL, AB, ALS.TO, AMLP, CSCO, HE, INTC, LNG, MIAX, MSFT, TPG, WPM | AI, CLO, commodities, energy, income, infrastructure, private credit, royalties | View | ||
| 2025 Q1 | Apr 29, 2025 | Kopernik Global All-Cap Fund | 14.4% | 14.4% | 0001.HK, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 375500.KS, AMS.L, ARIS.TO, BIDU, EB5.SI, ELET6.SA, EQX.TO, GAZP.ME, Gold, IMP.L, NAK, NEM, PLZL.ME, RGLD, SBER.ME, SDF.DE, WPM | commodities, diversification, emerging markets, global, Mining, Precious Metals, value | Gold price rose 18% during the quarter with major gold producers performing strongly. Newmont and Barrick, the world's two largest gold producing companies, had total returns of 31.4% and 26.0% respectively. Canadian gold miners Equinox and Aris also contributed positively with strong returns. | View | |
| 2024 Q1 | Apr 25, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, DHR, FNV, GROY, MEG.TO, OR.TO, RGLD, ROP, SSL.TO, TSU.TO, WPM | Automation, Canada, energy, gold, infrastructure, oil, Precious Metals, value | Gold jumped 7.6% during the quarter and 23.5% over the past twelve months, finishing at a new high of $2,220.37. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector through royalty companies and leading miners. | APG |
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| 2026 Q1 | Apr 18, 2026 | ACATIS Investment | - | - | 1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL | AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing | View | ||
| 2025 Q1 | Mar 31, 2025 | Artemis Global Select Fund | -7.5% | -7.5% | 6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM | AI, defense, global, Quality, semiconductors, tariffs, technology, value | AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand. | SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB |
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| 2025 Q1 | Mar 31, 2025 | Barometer Capital Management | - | - | AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO | Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility | Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs. | TMX HWM ERJ AEM |
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| 2025 Q4 | Mar 2, 2026 | TYME Advisors | - | - | AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM | Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties | The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection. | View | |
| 2023 Q2 | Dec 7, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NU, TECK.TO, WPM | AI, Brazil, gold, IT Services, Mining, semiconductors, technology, value | Manager views AI as a significant catalyst for technology companies and believes IT services providers like EPAM will be key enablers of corporate AI adoption. Discusses how AI helped investors get comfortable with future earnings growth in tech companies and argues against the narrative that AI will hurt IT services companies. | EPAM WPM AMZN AMD ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2025 Q3 | Oct 7, 2025 | TYME Advisors | - | - | 3774.T, 3791.T, 4819.T, AAPL, BTC-USD, CBOE, FNV, GOOGL, KTOS, LB.AX, NDAQ, NVDA, PLTR, RTX, TPG, WPM | Armaments, Bitcoin, commodities, defense, gold, inflation, Long/Short, technology | Global armaments spending is accelerating across North America, Europe, and Asia-Pacific driven by renewed great power competition. The US defense budget is pushing toward the trillion-dollar mark with heavy emphasis on R&D and next-generation technology. European nations are dramatically increasing defense spending due to the Ukraine conflict and shifting US policy. | View | |
| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM | AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water | Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
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| 2023 Q3 | Oct 17, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM | Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value | Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments. | TSU.TO |
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| 2024 Q4 | Jan 17, 2025 | ROCKLINC Partners Fund | 4.7% | 17.4% | AAPL, ADSK, AEM, AMZN, BN, BRK-B, BUR.L, CCO, DHR, FNV, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SAND, SE, TSU.TO, WPM | Canada, gold, inflation, insurance, Precious Metals, Quality, royalties, value | Gold finished up 27% over the past twelve months, continuing to power ahead despite the strong USD, indicating all fiat currencies are losing ground to hard assets. Many precious metals mining companies and royalty businesses are undervalued relative to the price of gold and silver, trading at discounts to intrinsic value. | MKL |
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| 2021 Q4 | Jan 12, 2022 | White Falcon Capital Management | -1.4% | - | FFH.TO, GFP.TO, HDB, IAC, TAIL, WPM | Banking, emerging markets, India, Quality, value, volatility | HDB TAIL WPM GFP.TO FFH.TO IAC |
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| 2024 Q2 | Jul 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, GOOGL, HAL, LB, META, MSFT, NVDA, SLB, SPY, TPL, TSLA, WPM | AI, China, commodities, energy, geopolitics, Indexation, inflation, technology | AI technology represents a massive growth opportunity but faces critical infrastructure constraints, particularly electric power requirements. The H100 AI chips alone might require 0.5% of total U.S. electricity production, with next-generation chips requiring even more power. This creates both challenges for AI companies and opportunities for energy infrastructure providers. | LB |
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| 2023 Q2 | Jul 19, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM.TO, ALS.TO, AMT, AMZN, BEP, BIP, CSGP, DHR, FNV, LIN, MEG.TO, OR.TO, RGLD, ROP, SAND, SU.TO, TSU.TO, WPM | Currency, energy, Esg, infrastructure, Precious Metals, rates, real estate, value | The Biden administration implemented new mortgage pricing policies that penalize borrowers with high credit scores and large down payments while subsidizing those with poor credit. This woke policy reverses creditworthiness incentives and will likely lead to greater homeownership gaps and increased poverty, similar to previous failed housing initiatives. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2023 Q4 | Jan 23, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM | Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value | Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others. | SU.PA FNV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 15, 2026 | Fund Letters | White Falcon Capital Management | Wheaton Precious Metals | Gold | Gold | Bull | New York Stock Exchange | Commodity Exposure, Gold, Hedge, Mining, Precious Metals, Royalty, Silver, Streaming | View Pitch |
| Apr 28, 2026 | Fund Letters | White Falcon Capital Management | Wheaton Precious Metals | Materials | Gold | Bull | NYSE | debt, Gold, inflation hedge, Macroeconomic, monetary policy, Portfolio Insurance, Precious Metals, Real Yields, Royalty | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis Global Select Fund | Wheaton Precious Metals Corp. | Materials | Gold | Bull | NYSE | Commodities, Gold, Mining, Precious Metals, Record Revenues, Streaming | View Pitch |
| Nov 29, 2025 | Fund Letters | Bryden Teich | Wheaton Precious Metals Corp. | Materials | Precious Metals & Minerals | Bull | TSX | AI data centers, Gold, inflation, royalties, Silver, Solar, Streaming | View Pitch |
| Nov 29, 2025 | Fund Letters | Bryden Teich | Wheaton Precious Metals Corp. | Materials | Precious Metals & Minerals | Bull | TSX | AI data centers, Gold, inflation, royalties, Silver, Solar, Streaming | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Taylor Dart | Wheaton Precious Metals | Materials | Gold | Neutral | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Amit Wadhwaney | Moerus Capital Management LLC | $231.9M | $36.2M | 15.60% | 307,902 | -90,445 | -22.71% | 0.0550% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $928,408 | 0.00% | 7,900 | -15,900 | -66.81% | 0.0014% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $16.3M | 0.02% | 138,543 | +100,000 | +1960.78% | 0.0247% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.8M | 0.01% | 32,646 | +17,957 | +122.25% | 0.0058% |
| Israel Englander | Millennium Management LLC | $233.2B | $38.5M | 0.02% | 327,432 | -780,119 | -70.44% | 0.0585% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $67.6M | 0.05% | 575,559 | +575,559 | +100.00% | 0.1028% |
| Murray Stahl | Horizon Kinetics | $7.4B | $293.0M | 3.96% | 2,493,518 | -298,594 | -10.69% | 0.4453% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $50.8M | 0.08% | 432,182 | -30,739 | -6.64% | 0.0772% |
| Cliff Asness | AQR Capital Management | $190.6B | $106.2M | 0.06% | 903,678 | +870,476 | +2621.76% | 0.1614% |
| Mario Gabelli | GAMCO Investors | $10.4B | $5.7M | 0.06% | 48,857 | -20,490 | -29.55% | 0.0087% |
| Louis Bacon | Moore Capital Management | $6.8B | $3.6M | 0.05% | 30,343 | +30,343 | +100.00% | 0.0054% |
| $25.6B | $19.5M | 0.08% | 166,319 | +166,319 | +100.00% | 0.0297% |