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Focus

Dec 2024 → Jul 2026 · Publishes quarterly · 5 funds

Our archive holds 10 letters from Focus, behind 12 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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10
Letters
9
Companies
3
Moves
12
Theses

5 strategies

Focus publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 3 moves

  • New positionValeura Energy
    December 2024
    “We mentioned in our third quarter letter that we have started building a position in a new company trading at a $350 million valuation, with no debt and about $150 million of cash, and making about $150 million a year in net profit.”
    Read the letter
  • ExitedDexCom, Inc.
    December 2024
    “We sold Dexcom after the surprisingly weak second quarter earnings report and only a modest recovery in the third quarter.”
    Read the letter
  • AddedEli Lilly and Company
    December 2024
    “Buys Eli Lilly”
    Read the letter

Companies held · 9

Every company Focus has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 12

  • Renhe Commercial Holdings
    June 2026

    Renhe Commercial Holdings had a unique underground mall model with free land rights, rapid development, recurring lease revenue, and the potential for steady long-term growth.

    Read the full thesis
  • Silicon Motion Technology Corporation
    June 2026

    Silicon Motion benefits from the AI-driven memory crunch, is taking share in its core memory controller business, and is expanding into new growth areas with Nvidia and data-center products.

    Read the full thesis
  • Burford Capital
    April 2026

    Burford Capital is a litigation finance company whose core portfolio and optionality appear materially undervalued despite the setback in YPF.

    Read the full thesis
  • Burford Capital
    December 2025

    Burford Capital is a global litigation finance firm whose core portfolio economics imply realizations far exceeding its $2 billion market cap, with additional upside from the multibillion-dollar YPF case.

    Read the full thesis
  • Valeura Energy
    December 2025

    Valeura Energy is a cash-generative Gulf of Thailand oil producer advancing high-IRR Wassana upgrades, expanding via a low-cost PTTEP farm-in, retaining a free-option Turkey gas JV, and remaining profitable even at lower oil prices.

    Read the full thesis
  • Kingsgate
    December 2025

    Kingsgate is an Australian gold miner centered on the Chatree mine, generating strong cash flow and remaining undervalued versus $200–$250 million annual cash flow and a $1 billion market cap, with exploration and regulatory tailwinds.

    Read the full thesis
  • Silicon Motion
    December 2025

    Silicon Motion is a NAND flash controller leader with strong market share gains, a robust Gen5 and UFS lineup, enterprise traction, and investments poised to drive revenue to $1–$2 billion and higher profitability.

    Read the full thesis
  • Uber
    September 2025

    Uber is a compelling investment due to its significant growth potential, strong brand recognition, and favorable valuation despite the long-term threat of autonomous vehicles.

    Read the full thesis
  • Valeura Energy
    March 2025

    Valeura is highly profitable even with low oil prices, significantly undervalued relative to its strong cash flow and net present value of reserves.

    Read the full thesis
  • Burford Capital
    December 2024

    Burford Capital is a global litigation finance company showing strong operational growth and potential for recovery in stock valuation despite recent legal challenges and a significant ongoing case against Argentina.

    Read the full thesis
  • Kingsgate Consolidated Limited
    December 2024

    Kingsgate is an undervalued Australian gold mining company poised to generate significant cash flow from its recently reopened Chatree mine in Thailand, forecasting robust production and profitability in the coming years.

    Read the full thesis
  • Silicon Motion
    December 2024

    Silicon Motion is a promising investment opportunity with significant revenue growth and market share expansion anticipated in 2024, especially in high-end PC and AI/data center segments, despite a current stock loss.

    Read the full thesis

Letter archive · 10

2026

2025

2024

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