LongSPCXJul 2026
Space Exploration Technologies Corp.
The fund views SpaceX as one of the closest examples of enduring monopolistic positioning in the modern market. At month-end, the shares traded at 23.1x consensus 2028 earnings…
GA-Courtenay Special Situations Fund
Special situations equity strategy focused on dominant, future-facing businesses, combined with positive-carry merger arbitrage and S&P 500 put-option protection.$38M AUM5 published ideas
GA-Courtenay Special Situations Fund is an Irish UCITS fund managed by Green Ash Partners and led by Adrian Courtenay. The equity framework targets monopolistic or near-monopolistic businesses with high barriers to entry, strong management and long-term growth tailwinds, while merger arbitrage and put protection are used to help fund or hedge market risk.
Ideas from GA-Courtenay Special Situations Fund
LongSATSJul 2026
EchoStar Corporation
EchoStar provides the fund with additional indirect exposure to SpaceX. After a 25% decline during the year, the manager's sum-of-the-parts work indicated that EchoStar's market…
LongFTCJul 2026
Filtronic plc
Filtronic is viewed as a monopolistic supplier to SpaceX whose shares had fallen roughly 50% from their May high. Its new factory is designed to support more than £200 million of…
LongIBRXJul 2026
ImmunityBio, Inc.
ImmunityBio's valuation is being assessed against the commercial capacity of its Anktiva franchise. The manager highlights manufacturing facilities capable of producing one…
LongNGJul 2026
NovaGold Resources Inc.
NovaGold is presented as one of the clearer value opportunities in the portfolio. The manager estimates that the company trades at only about 3% of the appraised value of its…
Letters covered
- GA-Courtenay Special Situations Fund, July 2026 FactsheetJuly 31, 2026
Source PDFs are not republished here; only extracted ideas and quotes.