Logic Instrume

• FC Fairlight Capital Fairlight Alpha Fund LP Q2 2025 Letter ↗ Fairlight Alpha Fund sold TSS after its AI-data-center-driven rerating made the earnings valuation less compelling, while continuing to screen AI infrastructure and offshore businesses for cheap growth. The fund argues that Logic Instrument’s niche rugged-device certifications, customer relationships and European defense exposure create layered barriers to entry, and sees Serabi Gold as undervalued against higher gold prices and production growth. Q2 2025 ALLOG $21MAAPL $5.2TSRBIF $169M +1
• FC Fairlight Capital Fairlight Alpha Fund LP Q4 2025 Letter ↗ Fairlight Alpha Fund argues that junior gold miners Serabi Gold and Monument Mining remain undervalued despite higher production and gold prices. It also makes cases for Logic Instrument's certified-device niche, Shelly Group's professional IoT channel, and BranchOut Food's patented drying technology, while warning of a non-AI economic slowdown. Q4 2025 ALLOG $21MBOF $31MMMTMF $188M +2
• FC Fairlight Capital Fairlight Alpha Fund LP Q1 2025 Letter ↗ Fairlight Alpha Fund attributes its first-quarter outperformance to Monument Mining and Serabi Gold, arguing that higher gold prices, improved grades and rising cash flow create a margin of safety. It is re-screening for tariff-resilient regional businesses while monitoring Valeura Energy’s Thai assets, tax losses, buyback and debt-free balance sheet. Q1 2025 ALLOG $21MMMTMF $188MSLYG $1.2B +2

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