nuggetcapitalpartners.substack.com/@nuggetcapitalpartners
Bio
Nugget Capital Partners is a research analyst and investor specializing in commodities, with a primary focus on the Canadian energy market, Canadian REITs, and precious metal stocks. They are an equity and derivatives trader who pursues both long and short opportunities. Their analysis includes Canadian oil stocks, and they have held positions in companies such as Cenovus. 网络评价：加拿大油股分析，持有Cenovus
Ideas
2 Ideas
New REIT position: GO Residential (TSX: GO.U)
The author initiates a long position in GO Residential (GO.U), a TSX-listed REIT owning luxury apartments in Manhattan. The investment thesis is built on a significant valuation discount to private market comparables, providing a substantial margin of safety. The author sees the market's pessimism, driven by rent control fears in New York, as an opportunity. The analysis suggests that the impact of potential rent control is limited for GO's portfolio. The position is further supported by high insider ownership, significant investments from respected real estate funds at higher prices, and strong fundamentals in the Manhattan rental market, which continues to see record-high rents amid low new supply.
Why I am adding more Nomad Foods
The author is adding to their position in Nomad Foods, believing the food sector is currently undervalued due to several negative narratives. The author counters the bear case by pointing out that: the impact of weight-loss drugs like Ozempic is overestimated; SNAP benefit reductions are spread out over a long period; private label competition is not a new threat; and a potential recession could drive investors back to defensive sectors like food. The author sees the underperformance of 'big food' companies as a compelling opportunity, as these companies' products remain consumer staples.