South Korea’s predicament illustrates how Donald Trump is reshaping the world among key allies, both geopolitically and financially: Here is your Evening Briefing. https://t.co/KLXAq5n4ea ...

Performance Summary - The portfolio achieved a return of 5.7% in the second half of 2025, resulting in a total return of +10.2% for the calendar year and +76% since inception in Canadian dollars net of fees [2][3] - Realized gains since inception are reported at +71.4%, with unrealized gains at 4.6% as of December 31, 2025 [3][35] - The portfolio's exposure by strategy bucket shows a significant concentration in Special Situations Equity at 35.9% for FY 2025, while Core Value Equity stands at 47% [4] Geopolitical Landscape - The investment landscape is undergoing dramatic shifts due to geopolitical changes, impacting competitive intensity and market size [7][8] - The corporate strategy of relying on low-cost supply chains is being challenged, leading to downward pressure on returns on capital [8] - Despite these changes, the opportunity set for fundamental value investors is not shrinking, but rather evolving [9][11] Portfolio Changes - In the second half of 2025, the company sold positions in Protector, Ryanair, and Alimak, marking the exit from all initial positions since inception [13] - The average return across the initial investments was 2.0x money with a 16% IRR, with no losses recorded on any investment [14] - The portfolio is now more concentrated, with the three largest positions comprising 37% of capital and the five largest making up 57% [19] Investment Cases for Major Holdings - **Burford Capital**: The company has seen an increase in book value per share and cash proceeds from litigation, with a fair value estimate of approximately 3x the current price [24][26] - **Borr Drilling**: The fundamentals have improved, with run-rate EBITDA increasing from $100 million to $500 million, and a fair value estimate of about 3x the current price [25][30] - **GetBusy PLC**: The management's ability to extract value from its US asset is crucial, with a fair value estimate of 2-4x the current price [27][30] - **Fever-Tree Drinks PLC**: The joint venture with Molson Coors is expected to accelerate commercialization, with a focus on recovering margins [28][30] - **Bolloré and Compagnie de L'Odet**: The simplification of the holding structure is ongoing, with potential for significant value creation over time [29][31] Business Update - The company has onboarded new investors aligned with its values and is utilizing AI to enhance business operations and insights [32]

Core Insights - Geopolitics, natural disasters, and AI are identified as key issues facing Asian insurers in 2026 [2] Group 1: Risks and Challenges - Geopolitics was highlighted as a significant risk at the beginning of 2025, and this assessment has proven to be accurate [2]

Core Insights - Gold has surpassed the $5,000 threshold and is projected to reach $5,500, a level previously deemed unattainable [1] Group 1: Market Trends - The price of gold has shown significant growth, moving from a previously considered high of $4,000 to now exceeding $5,000 [1]

What’s really driving Donald Trump’s interest in Greenland?Geopolitica Institute CEO Dr Pippa Malmgren tells @MerrynSW why the space race is key to the territory’s strategic importanceHear in full on Merryn Talks Money: https://t.co/0594VWOsg2 https://t.co/xUTXJgjX40 ...

Accessible version Global Economic Weekly Geopolitics takes over Davos Global Letter: Geopolitics takes over Davos While it is too early to tell, the current geopolitical order may be evolving significantly. Traditional US allies like Canada seem to be considering a diversification and risk management strategy for US relations. In our view, amid higher geopolitical tensions, influence over strategic resources and geographies, especially choke points, is at stake. Greenland tariffs were suspended, and the us ...

🚨BREAKING: IRAN-US TENSIONS SURGE AS AIRCRAFT CARRIER ENTERS CENTCOM WATERSThe USS Abraham Lincoln has moved into CENTCOM waters in the Indian Ocean, per Fox.The move comes amid reports that Iran's Ayatollah has gone into hiding underground, fearing drone attacks. https://t.co/KNOYguwt8S ...

>> NEWSMAKERS AND MARKET MOVERS. THIS IS "THE PULSE" WITH FRANCINE LACQUA. FRANCINE: GOOD MORNING AND WELCOME TO "THE PULSE." THE RISK OF A PARTIAL GOVERNMENT SHUTDOWN IS LOOMING IN THE U.S. AS SENATE DEMOCRATS VOWED TO BLOCK A GIANT SPENDING PACKAGE.THEY ARE VOWING REPUBLICANS -- DEMANDING THEY STRIP FUNDING FOR BORDER SECURITY AFTER AN AGENT SHOT A MAN IN MINNEAPOLIS. >> PRESIDENT TRUMP, YOU CAN END THIS TODAY. PULL THESE FOLKS BACK.EFFECTIVE IMMIGRATION CONTROL, YOU OF THE SUPPORT OF ALL OF US TO DO THAT ...

Core Viewpoint - Analysts predict that spot gold prices, which recently reached a record high of over $5,000 per ounce, are expected to rise further towards $6,000 this year due to increasing global tensions and robust demand from central banks and retail investors [1] Group 1 - Spot gold prices hit a record high above $5,000 per ounce on Monday [1] - Analysts anticipate gold prices to climb towards $6,000 this year [1] - The increase in gold prices is attributed to mounting global tensions and strong demand from central banks and retail [1]

NATO’s dependence on America goes well beyond Ukraine. Most analysts expect American troop levels in Europe will be cut. But America could go further https://t.co/1v38GRFMzg ...