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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 23, 2026 | Equity Management Associates | 18.6% | 174.5% | GDX, GDXJ, GOEX, HUI, SIL, XAU | Bitcoin, Federal Reserve, gold, inflation, Mining, monetary policy, Silver, Sound Money | Gold is the ultimate form of money as it is geologically constrained and cannot be debased. The fund believes investors have not missed this bull market and are still early, with historical norms suggesting gold could achieve $8,000-$10,000 an ounce over the next few years. Central banks have jumped on the bullion accumulation train globally. Physical demand for silver is outstripping supply massively with silver prices skyrocketing as prices are being set by physical delivery markets in Asia rather than paper markets. The fund sees a supply shortage issue for a critical mineral in a world of growing solar/AI/power needs, with silver potentially spiking to $300+ during 2026. Precious metal miners remain cheap in comparison to the bullion and to the S&P 500. Gold mining companies represent streams of gold and are enjoying much higher margins because their cost to extract gold has not increased as rapidly as the price of gold, with miners earning a 70% profit margin on each ounce mined at current prices. Silver miners have a long way to catch up given their profit margin outlook is far greater than Wall Street understands. With average all-in mining costs running $26/oz and current silver prices at $90, margins have swollen to 70%+, which should drive institutional capital chasing silver miner cash flows. Markets can smell the inflation with 10 Year US Treasury Yields spiking higher breaking a 45-year trend of lower rates. The fund believes this represents a big secular change from the deflationary setting of 1982-2020 to an inflationary trend that has just started and could have many years or decades to run. Bitcoin is digital gold and the scarcest asset in the world. While deleveraging has hurt it in the short run, in the medium term it will join gold as a key sound money asset. The fund views Bitcoin as sound money that tends to accentuate gold's moves up or down due to its adoption curve and volatility. | View | |
| 2025 Q4 | Jan 22, 2026 | Crescat Capital – Global Macro Hedge Fund | 0.0% | 0.0% | QQQ, SPY, XAU | commodities, global, Hedge Funds, inflation, Macro, Mining, Performance, Precious Metals | Crescat's activist metals strategy focuses on precious and critical metals mining, believing it is still early in the macro cycle for mining stocks with strong value and high future growth potential in premier explorers and developers. The firm sees many years of favorable tailwinds for mining stocks with a backdrop of unsustainable global debt and deficits. Crescat positions for an inflationary decade, with models pointing toward long-term structural inflation and a declining US dollar. This environment favors hard assets, foreign equity exposure, and selective industries as necessary inflation accompanies unsustainable global debt and deficits. Demand for metals has been skyrocketing from data centers among other factors, contributing to structural global metals shortage after more than a decade of underinvestment in exploration and development. | View |
| 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. | ||||||||