Core Insights - Alphyn Capital Management's Master Account returned 3.0% net in Q3 2025, underperforming the S&P 500 Index which returned 8.1% [1] - The top ten holdings represented approximately 68% of the portfolio, with around 17% held in cash as of Q3 2025 [1] - The market narrative was influenced by advancements in AI, credit cycles, and geopolitical uncertainties during the quarter [1] Company Focus: Fairfax Financial Holdings Limited - Fairfax Financial Holdings Limited (OTC:FRFHF) experienced a one-month return of -4.36% but saw a 32.30% increase in value over the past 52 weeks [2] - As of October 27, 2025, Fairfax's stock closed at $1,662.03 per share, with a market capitalization of $36.962 billion [2] - Fairfax's fundamental performance remains strong, with a 10.8% year-to-date increase in book value per share to $1,158, supported by a 93.3% combined ratio and robust investment results [3]

Core Insights - Alphyn Capital Management's Master Account returned 3.0% net in Q3 2025, underperforming the S&P 500 Index which returned 8.1% [1] - The top ten holdings represented approximately 68% of the portfolio, with around 17% held in cash as of Q3 2025 [1] - The market narrative during the quarter was influenced by advancements in AI, credit cycles, and geopolitical uncertainties [1] Company Focus: Cogent Communications Holdings, Inc. - Cogent Communications Holdings, Inc. (NASDAQ:CCOI) is highlighted as a key stock, providing high-speed Internet access, private network, and data center colocation services [2] - The stock experienced a one-month return of 15.10% but has lost 45.99% of its value over the past 52 weeks, closing at $44.14 per share with a market capitalization of $2.171 billion on October 27, 2025 [2] - The investment thesis for Cogent hinges on significant revenue growth from wavelength services, targeting approximately 500 installations per month with an average monthly revenue per wave of $2,000, leading to a potential revenue run rate of roughly $144 million at a contribution margin exceeding 90% [3]

Group 1: Alphyn Capital Management Overview - Alphyn Capital Management's Master Account returned 3.0% net in Q3 2025, compared to 8.1% for the S&P 500 Index [1] - As of Q3 2025, the top ten holdings accounted for approximately 68% of the portfolio, with around 17% held in cash [1] - The market narrative in the quarter was influenced by AI advancements, credit cycles, and geopolitical uncertainty [1] Group 2: Burford Capital Limited Analysis - Burford Capital Limited (NYSE:BUR) experienced a one-month return of -6.77% and a 52-week loss of 17.23%, closing at $11.29 per share with a market capitalization of $2.47 billion on October 27, 2025 [2] - The share price performance of Burford Capital is significantly affected by the $16 billion YPF judgment against Argentina, with a turnover order issued by US District Judge Preska [3] - The US Department of Justice filed an amicus curiae brief arguing that seizing a sovereign nation's controlling stake would violate principles of sovereign immunity, leading to a stay of Judge Preska's order by the US Second Circuit Court of Appeals [3]

Core Insights - Alphyn Capital Management reported a 3.0% net return for its Master Account in Q3 2025, underperforming the S&P 500 Index which returned 8.1% [1] - The top ten holdings of the fund represented approximately 68% of the portfolio, with around 17% held in cash as of Q3 2025 [1] - The market narrative during the quarter was influenced by advancements in AI, credit cycles, and geopolitical uncertainties [1] Company Focus: Brookfield Corporation (NYSE:BN) - Brookfield Corporation is highlighted as a key investment, with a one-month return of 1.42% and a 52-week gain of 28.25% [2] - As of October 27, 2025, Brookfield Corporation's stock closed at $46.75 per share, with a market capitalization of $104.903 billion [2] - The company reported a 13% year-over-year growth in distributable earnings (DE) before realizations, supported by nearly $100 billion in capital inflows over the past twelve months [3]

Market Trends - Gold's parabolic run is fueled by geopolitical and monetary uncertainty [1] - A prolonged period of uncertainty may lead to a more violent rotation into risk assets when the situation resolves [1] - Bitcoin is expected to be the fastest-growing asset when the market uncertainty subsides [1]

If you sell bitcoin amid geopolitical uncertainty, you never understood what you owned. ...

Market Trends & Potential Risks - White House considering an executive order addressing misinformation about potential tariffs on gold bars, causing market uncertainty [1] - A 39% tariff on Swiss gold could equate to $24 billion USD in tariffs annually, disrupting the gold trading dynamic between Switzerland, London, and New York [2] - Geopolitical uncertainty and a weakening dollar are contributing to higher gold prices [4] Investment Opportunities & Considerations - Gold is seen as a safe and finite investment option with a 75-year history and a 9% return [6] - Crypto is considered new and volatile compared to gold [6] - A million dollars worth of gold can be stored in a small safe [8] Economic Factors - Expectation of interest rates decreasing is influencing market behavior [4] - Dollar weakening makes gold more valuable [4]

Financial Performance - Vontobel Holding experienced net inflows of client funds in the first half of the year [1] - Profit was driven lower by geopolitical uncertainty and lower interest rates [1]