Investor Letters

Letters through February 3, 2026

1 letter reporting on the period ending February 3, 2026, in each firm's own reckoning.

Pendelhaven Asset Management B.V. Investor’s Letter January 2026 ARAR Fund retained its gold-miner positions, arguing that earnings potential rather than gold-price momentum supports holdings such as Thor Explorations. It added Auxly Cannabis on its Canadian market position, profitability, production scale and Imperial Brands partnership, while backing SK Hynix, Gravity and Jackson Financial on supply constraints, governance change and product expansion. January 2026 CBWTF $263MGRVY $462MIMBBF $31B