WPM

WPM

WPM

Letters With This Ticker

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	View
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	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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
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

BSD Shareholders of WPM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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