TSS, Inc.

• 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 $22MAAPL $4.8TSRBIF $240M +1

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