Arar Fund
Our archive holds 10 letters from Arar Fund, behind 10 investment theses. Every quote below is copied verbatim from the letter it came from.
Arar Fund’s own letters pageTheses · 10
- January 2026
Auxly Cannabis Group is a profitable Canadian cannabis producer with leading brands, efficient scale, an Imperial Brands partnership, and a low P/E supporting attractive growth potential.
Read the full thesis - December 2025
BasicFit is a European low-cost gym operator benefiting from strong member growth and a strategic CleverFit acquisition that adds franchising expertise, German scale, and expansion optionality.
Read the full thesis - December 2025
Jiayin Group is a lending intermediary facing regulatory pressure but with potential recovery through originations rebound, pivot to prime, overseas growth, and an attractive ~4.8x P/E valuation floor.
Read the full thesis - December 2025
Golconda is a gold miner with strong leverage to higher gold prices and a reopened Summit mine that boosts production, supporting attractive earnings power despite large share gains.
Read the full thesis - September 2025
Despite extreme investor pessimism, YuHua Education offers massive upside potential as it pivots to vocational training in line with CCP priorities, trades at a distressed valuation, and stands to benefit from easing regulatory risk and recovering profitability.
Read the full thesis - July 2025
Despite new Chinese regulations on online lending, Jiayin Group’s strong data-driven risk model and limited competitive impact preserve its edge—offering deep value at below 3× earnings with upside if China favors domestic credit expansion.
Read the full thesis - March 2025
Alphabet Inc. is a strong player with significant growth potential in AI, particularly through Waymo, but growing competition in search and geopolitical uncertainties led us to recently sell our position despite its undervaluation.
Read the full thesis - March 2025
Basic Fit is adjusting its capital allocation strategy amid disappointing earnings and member growth, limiting new club openings while focusing on share buybacks, indicating a potential undervaluation of its stock.
Read the full thesis - December 2024
Nippon Shindo is a Japanese Net-Net with significant cash on its balance sheet, a low P/E of 5, growing profits, and potential for future shareholder value creation amidst pressure to utilize its cash.
Read the full thesis - December 2024
PAX Global is an undervalued investment with strong assets, a low P/E of 5.5, and attractive 9% annual dividends, despite a 15% stock decline this year.
Read the full thesis
Letter archive · 10
2025
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