White Falcon Capital Management’s Q1 2025 Investor Letter

White Falcon Capital Management, an investment fund manager, released its first-quarter 2025 investor letter. The fund’s performance for the recent quarter was below expectations, as the gains from gold and silver royalty holdings were unable to cover the losses in some of the larger positions. On a positive note, the portfolio company, Converge Technologies (CTS), was acquired at a significant premium during this time. In the quarter, the fund returned -6.7% compared to a -4.4% return for the S&P 500 (CAD), -1.2 % for the MSCI All Country (CAD), and 1.5% for the S&P TSX TR. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of White Falcon Capital Management’s Q1 2025 investor letter can be downloaded here.