Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 13, 2026 | Goehring & Rozencwajg Associates, LLC | - | - | CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP | Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium | Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. | View | |
| 2025 Q3 | Nov 25, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP | Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil | Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals. | 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. | ||||||||