2025: The Year GZC's Research Voice Grew
Looking back at 2025, the headline for Green Zone Capital is not any single investment outcome — it is the maturation of the firm as a research institution. We published more work in 2025 than in any prior year, expanded our coverage universe to include critical minerals, joined Forbes Finance Council's Public Markets group, and deepened the analytical infrastructure that underlies our investment process.
This is the year the research-first identity we have always claimed became most visible externally.
Research Output: The Numbers
In 2025, GZC published 12 research pieces across four categories: investor letters, research reports, market analysis, and company updates. This compares to 7 pieces in 2024, representing a 70% increase in published output.
The increase reflects two factors: the depth of the investment opportunity set in AI infrastructure and critical minerals, which generated substantial analytical work deserving of documentation, and a deliberate decision to be more consistent in sharing our research process with investors and the broader market.
The research themes of 2025 clustered around three areas:
AI Infrastructure Bottlenecks: The core of our equities pool work — HBM memory, optical interconnect, liquid cooling, transformer and switchgear supply chains. Each of these themes generated dedicated research reports as our analysis deepened.
Critical Minerals and Commodities: The expansion of Pool Two's research coverage to include copper, lithium, and uranium represented a meaningful analytical investment. We built proprietary supply-demand models for each of these markets and developed investment frameworks appropriate for each.
Portfolio and Process Transparency: Our investor letters in 2025 were more detailed than in prior years — specifically in how we described the Bottleneck-to-Ticker process in action, including both the positions that worked and the ones where we made mistakes. We believe this transparency serves our investors better than a filtered presentation of only our successes.
Firm Infrastructure Milestones
2025 brought several operational milestones that strengthen GZC's institutional foundation:
Forbes Finance Council: Ahijah Ireland's appointment as a leader in Forbes Finance Council's Public Markets group represented external validation of GZC's research credibility and provided a new channel for contributing analytical work to the broader finance community.
Critical Minerals Coverage Expansion: Formally adding copper, lithium, and uranium to our commodities research coverage universe expanded our analytical capability and the potential opportunity set for Pool Two. This expansion was supported by dedicated research build-out and the integration of new data sources into our monitoring infrastructure.
Investor Reporting Enhancements: We improved the consistency and detail of quarterly investor reporting, adding structured performance attribution commentary and explicit thesis tracking that makes it easier for investors to assess how our stated process is translating to portfolio outcomes.
What GZC Is Building Toward in 2026
Our strategic direction for 2026 reflects the same philosophy that has guided the firm since 2019: build the research capability first, and the investment results and investor relationships will follow.
Specifically, we are focused on three areas in 2026:
Deepening the Critical Minerals Research: We expect the copper and uranium supply-demand dynamics to create compelling investment entry points in 2026 as the market works through its current cycle positioning. Our research infrastructure is built for this, and we will deploy capital when the setup is right.
Expanding the Investor Access Process: We are adding structure to how prospective investors interact with GZC's due diligence process — making it clearer, more informative, and more efficient for both qualified prospects and for our team.
Maintaining Research Publication Discipline: We commit to publishing at least one substantial research piece per month in 2026, maintaining the cadence we established in 2025. Our investors deserve consistent visibility into how we are thinking about the markets and the portfolio.
A Note of Gratitude
2025 was our sixth full year of operation. We remain a small, focused firm — deliberately so. The investors who have trusted us with their capital over these years have received our full attention, our most rigorous analytical work, and our honest accountability for every investment decision. That relationship is the most important thing we manage, and we do not take it lightly.
Thank you for the continued partnership. We look forward to what 2026 brings.
— Ahijah Ireland, Founder & CIO, Green Zone Capital
