Core Viewpoint - The research team based in Singapore aims to identify undervalued investment opportunities and exploit market inefficiencies to generate long-term alpha through a disciplined investment approach that combines macro themes and fundamental analysis [1]. Group 1 - The company focuses on generating investment theses based on attractive valuations across its investment universe [1]. - The approach taken by the company is characterized by a willingness to disagree with consensus views in the market [1]. - The investment strategy integrates both top-down macroeconomic themes and bottom-up fundamental analysis to identify potential opportunities [1].

Group 1 - The research team is based in Singapore and focuses on exploiting market inefficiencies to identify undervalued investment opportunities for long-term alpha generation [1] - The team emphasizes a disciplined investment approach that combines top-down macro themes with bottom-up fundamental analysis [1] - The team is willing to challenge consensus views to develop investment theses based on attractive valuations within their investment universe [1]

Core Viewpoint - The media industry is heavily influenced by broadcasting rights, which are controlled by a limited number of players, highlighting the competitive landscape and the significance of rights acquisition in driving market dynamics [1]. Group 1: Industry Insights - The emergence of Main Street Sports Group as a challenger in the media industry indicates a shift in competitive dynamics, potentially impacting established players like FOX Corporation [1]. - The research team emphasizes the importance of identifying market inefficiencies and undervalued opportunities within the media sector to generate long-term investment returns [1]. Group 2: Investment Approach - The investment strategy combines top-down macroeconomic themes with bottom-up fundamental analysis to create robust investment theses based on attractive valuations [1]. - Valuation methods employed include both extreme bear and conservative bull cases, which aim to provide a margin of safety for investors, ensuring consistent risk-adjusted returns [1].

Group 1 - ASA is a non-diversified, closed-end fund focused on long-term capital appreciation through investments in companies involved in the exploration, development, or mining of precious metals and minerals [3] - ASA mandates that at least 80% of its total assets must be invested in common shares or securities convertible into common shares of companies engaged in the exploration, mining, or processing of precious minerals, or held as bullion [4] - ASA employs a bottom-up fundamental analysis approach, relying on primary research, including meetings with company executives and site visits, to inform its investment decisions [5] Group 2 - Merk Investments LLC is an SEC registered investment adviser that provides investment advice across various liquid global markets, including equities, fixed income, commodities, and currencies [7] - ASA shareholders approved an investment advisory agreement with Merk on April 12, 2019, indicating a strategic partnership for investment management [3]