| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
DKAM runs a concentrated portfolio focused on small cap Canadian companies, believing their edge lies in depth of understanding rather than macro forecasting. The fund sold positions in GoEasy and Constellation Software in 2025, now holding ~10% cash for strategic deployment. Current holdings include Zedcor (security towers), Blue Ant (media content), Enterprise (natural gas services), VitalHub (healthcare software), and Tantalus (smart grid solutions). Each largest investment is positioned for record financial performance in 2026. The managers see significant opportunity in small caps, which have reached their cheapest levels versus large caps in over 3 decades. Key themes include AI-driven productivity gains that disproportionately benefit smaller companies, Canada's natural gas market inflection, and government healthcare digitization. While acknowledging Middle East conflict risks and potential inflation impacts, they remain optimistic about their portfolio companies' fundamentals and growth trajectories. The fund expects 52% revenue growth and 63% earnings growth in 2026 while trading at 9.2x cash P/E versus 21.8x for the S&P 500.
Running a concentrated portfolio of small cap Canadian companies trading at attractive valuations with strong fundamentals, allowing detailed underwriting of each business to provide confidence in forward earnings power regardless of short-term macro volatility.
Very optimistic about the companies we own with a few expected to have very good outcomes with significant upside over the coming months. Currently working on getting two investments over their respective finish lines - one coming public and one working through a strategic process to be acquired. Focused on trajectory of revenue growth and earnings with each of our largest investments having record revenues and earnings in 2026.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 8 2026 | 2026 Q1 | AMZN, BAMI.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, PRL.TO, VHI.TO, ZDC.TO | Canada, energy, growth, healthcare, productivity, small caps, technology, value |
GSY.TO PRL.TO CSU.TO ZDC.TO BAMI.TO E.TO VHI.TO GRID.TO |
DKAM operates a concentrated small cap Canadian portfolio with 10% cash following strategic exits from GoEasy and Constellation Software. Holdings like Zedcor, Blue Ant, and VitalHub are positioned for record 2026 performance. Small caps trade at 30-year lows versus large caps despite superior growth prospects. Fund expects 63% earnings growth at 9.2x P/E while S&P 500 trades at 21.8x for 14% growth. |
| Jan 13 2026 | 2025 Q4 | CIGI.TO, CPH.TO, E.TO, GSY.TO, MDA.TO, PNG.TO, PRL.TO, VHI.TO, ZDC.TO | Canada, Corrections, earnings, LNG, small caps, technology, value |
GSY PRL E VHI ZDC |
DKAM sees the current correction as a repeat of 2022's opportunity, with high-quality small caps trading at record cheap valuations despite strong fundamentals. The fund's holdings are set for record 2026 performance with 40% revenue growth and 56% earnings growth. Managers are positioning aggressively for a substantial rebound similar to the 325-394% gains following 2022's selloff. |
| Nov 19 2025 | 2025 Q3 | CPH.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, PRL.TO, TGH.TO, VHI.TO, ZDC.TO | AI, growth, healthcare, Rate Cuts, small caps, software, technology, Valuations |
VHI CT CSU CT MDA CT E CT GSY CT |
Small cap fund positioned for outperformance with portfolio trading at 13.2x 2026 earnings despite 47% earnings growth. AI narrative creating software opportunities for companies with regulatory moats. Rate cut catalyst expected September 2025-early 2026 based on historical small cap outperformance patterns. Adding to quality positions during pullbacks. |
| Jul 9 2025 | 2025 Q2 | BLN.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, VHI.TO, ZDC.TO | Canada, earnings, energy, growth, healthcare, M&A, small caps, technology |
E CN VHI CN GRID CN GSY CN E.TO ZDC.TO VHI.TO MDA.TO GRID.TO GSY.TO |
Canadian small-cap growth fund up 9.36% in June, positioning for strong second half 2025 performance. Concentrated portfolio includes energy transition plays like Enterprise Group's LNG operations, healthcare software consolidator VitalHub targeting $200M revenue, space technology leader MDA, grid infrastructure provider Tantalus, and consumer lender GoEasy exceeding loan book targets. Bullish on earnings growth and favorable macro conditions. |
| Apr 16 2025 | 2025 Q1 | CPH.TO, CSU.TO, E.TO, FORA.TO, GAMB, GSY.TO, MDA.TO, PRL.TO, VHI.TO, ZDC.TO | Canada, growth, Quality, Sentiment, small caps, tariffs, Trade Policy, value |
GSY.TO PRL.TO ZDC.TO VHI.TO GAMB CPH.TO FORA.TO MDA.TO CSU.TO E.TO |
DKAM sees the trade war selloff as creating attractive buying opportunities in quality growth companies. Their concentrated portfolio of ten holdings shows 40% revenue growth and 49% earnings growth while trading at discount multiples. The manager is actively deploying capital into service businesses with minimal trade exposure, expecting significant outperformance as tariff uncertainty peaks and sentiment recovers. |
| Feb 7 2025 | 2024 Q4 | AAPL, AEP.V, AMZN, CPH.TO, CTS.TO, E.TO, FORA.TO, GOOGL, GSY.TO, MDA.TO, META, MSFT, NVDA, PNG.V, PRL.TO, SECU.V, TSLA, VHI.V, ZDC.TO | AI, Canada, earnings, energy, growth, inflation, small caps, tariffs | - | DKAM returned 102.75% in 2024, believing they're in year one of a 5-7 year small cap bull cycle. Their concentrated Canadian portfolio offers 45% earnings growth at 13.8x PE versus Mag 7's 21% growth at 39x. The fund is insulated from tariff risks through knowledge-based investments and benefits from USD revenue exposure amid CAD weakness. |
| Oct 7 2024 | 2024 Q3 | BYD.TO, E.TO, GSY.TO, MTY.TO, PRL.TO, VHI.V, ZDC.V | Canada, Compounding, rates, ROE, small caps, value |
BYD.TO MTY.TO GSY.TO VHI.V ZDC.V E.TO |
DKAM's fund is up 68% YTD, positioning for the next small-cap cycle driven by Fed rate cuts, $7 trillion in sideline cash, and historically cheap small-cap valuations. The fund focuses on compounding investments like Zedcor and Enterprise Group that can reinvest capital at 40-50% IRRs with long growth runways. |
| Jul 18 2022 | 2024 Q2 | CSU.TO, VHI.V | Bull Market, Canada, Cash, inflation, interest rates, small caps, Valuations | - | DKAM returned 34.59% in H1 2024 as small caps enter a 5-6 year bull market. Interest rates have peaked with inflation declining, following rate cuts by multiple central banks. Record $6 trillion in money markets will redeploy as cash returns fall. Small caps trade at better valuations than 2009 and superior value versus large caps. |
| Apr 23 2024 | 2024 Q1 | NVEI.TO, VHI.TO, ZDC.TO | Canada, payments, security, small caps, technology, value |
ZDC.TO VHI.TO |
Small caps have reached their cheapest level ever and are entering a 5-7 year bull market as rates peak. The fund holds high-quality Canadian names like Zedcor (premium security services) and VitalHub (healthcare software with Constellation-like characteristics). Nuvei buyout proceeds will fund additional positions in undervalued holdings. |
| Jan 29 2024 | 2023 Q4 | CSU.TO, CTS.TO, DE.TO, GSY.TO, KUT.TO, NVEI.TO, PAY.TO, PRL.TO, SECU.TO, VHI.TO | AI, Buybacks, Canada, growth, small caps, technology, value |
CTS.TO PRL.TO DE.TO GSY.TO SECU.V KUT.TO NVEI.TO PAY.TO VHI.V CSU.TO |
DKAM's small cap growth fund delivered record November returns and expects momentum to accelerate in 2024. Their thesis centers on companies that survived recent stress and are now operating optimally, positioned for margin improvement, earnings growth, and multiple expansion as interest rates peak. Portfolio shows strong fundamentals with attractive valuations across technology, financial services, and industrial holdings. |
| Oct 26 2023 | 2023 Q3 | CTS.TO, KUT.TO, RET.TO | Canada, Cycles, inflation, Recession, small caps, value |
RET.TO CTS.TO KUT.TO |
Small caps trade at historically cheap 6.5x earnings while growing faster than large caps at 26.5x earnings, creating an 8x earnings yield difference. The fund's holdings report record results despite fear-driven selling. Historical patterns show small caps outperform in recessions as overselling reverses. Current positioning targets quality companies at extreme discounts ahead of the inevitable cycle turn. |
| Oct 7 2023 | 2023 Q2 | DE.TO, HPS.A.TO, RET-A.TO, STC.TO, TC.TO | Canada, inflation, retail, small caps, technology, Transformers, value |
RET-A.TO CTC.TO STC.TO HPS-A.TO DE.TO |
Small caps offer record profits at historically cheap valuations after two years of underperformance. Inflation has peaked with real-time data showing faster deceleration than Fed data suggests. Portfolio concentrated in transformation stories like Reitmans and infrastructure plays like Hammond Power. Setup resembles past bottoms that led to multi-year outperformance cycles. |
| Jan 5 2023 | 2023 Q1 | CSU.TO, CTS.TO, GSY.TO, KUT.TO, NVEI, RET.V, TC.TO, VHI.V | Canada, growth, inflation, interest rates, small cap, technology, value | - | Small cap growth stocks hit historic cheap valuations despite record fundamentals as rising rates overshadowed strong business performance. With Fed pivoting from inflation-fighting to economic stabilization and rates peaking, the primary headwind becomes a tailwind. Portfolio companies trade at single digit earnings multiples with 25% projected growth, creating the best risk-reward opportunity managers have seen. |
| Jan 31 2023 | 2022 Q4 | RET CN | - | - | |
| Nov 17 2022 | 2022 Q3 | SECU | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Small CapsSmall caps have continually gotten cheaper versus large caps since 2020, now at the cheapest levels in over 3 decades. The fund sees significant opportunity in small cap growth stocks trading at low earnings multiples with strong fundamentals. |
Value Growth Opportunity |
AIAI-driven productivity boom is unfolding with ChatGPT business users saving 40-60 minutes daily. Every 1% labour cost saving translates to 6% increase in earnings for small cap stocks versus 2% for S&P 500 companies. |
Productivity Automation Software | |
Energy TransitionCanada's natural gas market is inflecting higher in 2025-2026. LNG Canada reached full utilization in March 2026 after delays, and natural gas prices have rebounded from weak 2025 levels. |
Natural Gas LNG Infrastructure | |
Smart GridUtilities need to optimize power distribution with smart grid solutions that enable communication and data analysis between substations, meters, and smart home appliances for accurate load forecasting and management. |
Grid Data Analytics Utilities | |
Healthcare SoftwareGovernment healthcare funding for digital tools is growing to drive efficiency given rising demand and lack of capacity in hospitals. Cybersecurity, workflow efficacy, and reliability are priorities in this highly regulated industry. |
Healthcare Digital Efficiency | |
| 2025 Q4 |
Behavioral FinanceManager discusses behavioral biases in investing, comparing rational Morning Investor mode versus impulsive Nighttime Investor decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions. |
Behavioral Biases Psychology Decision Making |
ValueMature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy maintains exposure across the business life cycle including mature value names. |
Free Cash Flow Capital Return Mature Businesses | |
GrowthEmerging (Growth) businesses were weak in Q4, reversing substantial gains from earlier in 2025, though they delivered strong full-year performance and generated significant alpha relative to benchmark. The strategy maintains diversified exposure across growth stages. |
Emerging Businesses Alpha Generation | |
| 2025 Q3 |
AIAI creates both opportunities and threats for software companies. While AI enables cheap app development through vibe-coding, this creates security vulnerabilities that make traditional software companies with proper certifications more valuable in regulated industries like healthcare and finance. The fund's software holdings benefit from AI efficiency gains while being protected by regulatory moats. |
Software Security Healthcare Regulation Efficiency |
SoftwareSoftware sector experiencing inflection point with AI disruption narrative causing sector-wide selloff. Fund believes this creates opportunity to distinguish between winners with regulatory moats and domain expertise versus losers in less regulated sectors. VitalHub and Constellation Software positioned to benefit from AI efficiency while maintaining competitive advantages. |
SaaS Healthcare Niche Moats Disruption | |
Small CapsSmall caps historically outperform large caps after 50-150 basis points of rate cuts. With cuts beginning in 2024, catalyst expected September 2025-early 2026. Fund's small cap holdings trade at significant discounts to large caps while delivering superior growth rates, creating compelling risk-adjusted returns. |
Valuations Rate Cuts Outperformance Growth Catalyst | |
CybersecurityAI-generated vibe-coded applications create massive security vulnerabilities and cyber incidents due to lack of investment in security infrastructure. This strengthens the competitive position of traditional software companies with proper SOC 2, DoD, and HIPAA certifications in regulated industries. |
Vulnerabilities Compliance Certifications Healthcare Defense | |
| 2025 Q2 |
Energy TransitionEnterprise Group's acquisition of Flex Energy Canada provides exposure to natural gas turbines for permanent power installations. The operational Coastal GasLink and LNG Canada facility represents significant infrastructure for Canadian LNG exports to Asia. Canada LNG is positioned as the lowest cost natural gas globally during constrained power supply conditions. |
LNG Natural Gas Power Generation Energy Infrastructure Turbines |
Healthcare SoftwareVitalHub continues expanding through acquisitions like Novari Health for $44M, focusing on patient referral software digitization. The company is developing three AI products for 2027 rollout and targeting $200M revenue within 2-3 years with 35% EBITDA margins through cross-selling and efficiency improvements. |
Healthcare IT Patient Referrals AI Software Digitization M&A | |
SpaceMDA Space closed acquisition of Satixfy and benefits from government funding for Lunar Gateway project where they construct Canadarm3. The space-based industry is accelerating while MDA trades at relatively cheap valuations considering growth and profitability prospects. |
Aerospace Government Contracts Lunar Gateway Canadarm3 Satellites | |
Grid UpgradeTantalus commercialized TruSense Gateway technology for utility grid monitoring, providing granular access to critical data that improves electrical grid resiliency and reliability. The company received their first large TruSense order with recurring revenue potential. |
Smart Grid Utilities Grid Monitoring Electrical Infrastructure TruSense | |
Consumer FinanceGoEasy reached their $5B loan book target six months ahead of schedule and shifted focus to attaining $10B. Management describes exceptional demand for their products with continued diversification including a new card product launch. Late-stage delinquencies are declining month over month. |
Lending Loan Book Credit Cards Delinquencies Financial Services | |
| 2025 Q1 |
Trade PolicyThe manager discusses the significant market impact of tariffs and trade war policies, noting that the market has shifted focus entirely to trade concerns. They believe the worst of tariff uncertainty has peaked and expect countries to come to the bargaining table for new trade deals. |
Tariffs Trade War Policy Negotiations Manufacturing |
QualityThe fund focuses on quality compounders - companies with products and services that generate cash which can be reinvested at high rates of return. These businesses continue to grow earnings despite market volatility and trade concerns. |
Compounders Cash Generation Reinvestment Earnings Growth Business Quality | |
ValueThe manager emphasizes buying high-quality businesses at discount prices during market panics. They note their portfolio trades at cheaper multiples than major indices while delivering significantly higher growth, creating an attractive risk-reward setup. |
Discount Prices Multiples Risk Reward Market Panic Valuation | |
GrowthThe portfolio companies show strong growth metrics with average revenue growth of 40% and earnings growth of 49%. The manager focuses on niche growth companies, particularly service businesses that are asset light with minimal trade exposure. |
Revenue Growth Earnings Growth Service Businesses Asset Light Niche | |
| 2024 Q4 |
Small CapsThe fund focuses on small/mid cap growth stocks and believes they are in the next 5-7 year bull cycle for this segment. Large caps have never been this overvalued versus small caps, with small caps offering more than twice the earnings growth for almost one third the valuation. |
Small Cap Mid Cap Growth Valuation Bull Cycle |
AIThe fund sees AI as driving massive productivity gains and views data centers as a derivative play on AI growth. Enterprise Group benefits from power demand for data centers, particularly in Western Canada which has cheap energy and cold weather advantages. |
AI Data Centers Productivity Power Demand | |
EnergyEnterprise Group offers natural gas turbines that replace diesel generators for energy production sites, eliminating diesel costs and reducing pollution. The company has exclusive access to turbines that work in frigid Canadian temperatures and can power sites using flaring gas. |
Natural Gas Power Generation Energy Efficiency Turbines | |
EarningsThe fund emphasizes that earnings are the North Star for investing, with market earnings growth accelerating to more than 16% late in 2025 and into 2026. Their portfolio companies average 45% earnings growth versus 21% for the Mag 7. |
Earnings Growth Fundamentals Revenue Growth Profitability | |
| 2024 Q3 |
Small CapsFund focuses on small and mid-cap stocks which are at historically cheap discounts relative to large caps. Small cap earnings growth is forecast to be 30% greater than large cap earnings growth in 2025. The combination of declining rates, cash on sidelines, and cheap valuations supports the view that we're at the beginning of the next multi-year cycle for small and mid-cap stocks. |
Valuations Earnings Growth Cycle Discount Opportunity |
RatesThe Fed cut interest rates by 50 bps in September, tracking the fund's outlook that we're past peak inflation and therefore peak interest rates. Declining rates across the globe over the next few years should support a strong small- and mid-cap cycle, as rising rates during 2022-2023 was the major headwind to these stocks. |
Fed Peak Cycle Headwind Support | |
ValueThe fund emphasizes finding compounding investments that can reinvest capital at high rates of return. They look for companies trading at attractive valuations with the ability to compound earnings over long periods. Even with strong fund performance, they're still finding tremendous opportunities with depressed valuations. |
Compounding ROE IRR Reinvestment Opportunity | |
| 2024 Q2 |
Small CapsManager believes small caps hit record low valuations in October 2023 and are now entering a 5-6 year bull market cycle. Small caps are trading at extremely attractive valuations, more attractive than the 2009 market bottom, and offer better value versus large caps currently. |
Valuations Cycle Bull Market Undervalued Relative Performance |
RatesInterest rates are viewed as having peaked with inflation declining toward the Fed's 2% target. Multiple countries have already cut rates and the manager expects US rate cuts to follow, which should benefit small cap performance as cash flows back into equities. |
Fed Inflation Rate Cuts Monetary Policy CPI | |
LiquidityRecord $6 trillion sits in money market funds as investors moved to cash during the rate hiking cycle. As rates decline, this cash is expected to redeploy into equities, driving the next market cycle similar to patterns seen in 2000-2001 and 2008-2009. |
Cash Money Markets Redeployment Cycle Flows | |
| 2024 Q1 |
Small CapsManager believes small caps reached their cheapest level ever and are now a few months into the next 5-7 year bull market. The end of October 2023 appears to be the bottom for the small cap downturn, with pieces in place for the next multi-year run. |
Value Cycle Bull Market Rates Rebound |
| 2023 Q4 |
AITechnology infrastructure investments are experiencing massive budget increases, with some jumping 10x in 2024. There is currently a bottleneck in compute power driving these investments. Converge Technology benefits from this trend, with Nvidia gear sales topping $120m in the first 9 months of 2023, up from $12m the year prior. |
Technology Infrastructure Compute Power Nvidia Hardware Growth |
Small CapsThe fund focuses on small and mid cap growth stocks that have been under stress but are now operating in a more optimal state. These companies have adapted through margin improvement, earnings growth, and are positioned for multiple expansion as interest rates have peaked. |
SMID Cap Growth Stocks Valuation Multiple Expansion Stress Testing | |
BuybacksSeveral portfolio companies are executing stock buyback programs as their margins improve and cash flow strengthens. Converge is focused on a large stock buyback program, reinforcing how cheap the stock is. SSC Security is expected to deploy cash on buybacks along with dividends. |
Share Repurchases Capital Allocation Cash Flow Valuation Management | |
| 2023 Q3 |
Small CapsSmall caps are trading at the cheapest valuations in recent history with an 8x difference in earnings yield versus large caps. The fund's small cap holdings are growing faster but trading at 6.5x earnings versus large caps at 26.5x earnings. Small caps historically outperform in recessions as capital rushes back after being oversold. |
Valuations Outperformance Recession Concentration Opportunity |
ValueThe strategy focuses on buying cheap and discarded stocks with solid fundamentals. Current small cap companies are reporting record revenue and earnings but trading at extremely cheap prices due to fear-driven selling. The valuation gap between small and large caps represents a historic opportunity. |
Cheap Fundamentals Discount Opportunity Fear | |
InflationInflation has been more entrenched than expected, negatively impacting stock multiples, especially small caps. However, secular forces like declining population growth and technological deflation should continue to push rates lower over time, similar to the 40-year decline before COVID. |
Rates Technology Demographics Deflation Cycle | |
| 2023 Q2 |
Small CapsSmall cap stocks are at historically cheap valuations with record revenues and profits. The last 4-5 weeks have shown markedly different sentiment with increased investor interest. Historical comparison suggests an upcoming strong rebound and multi-year run for small cap stocks. |
Small Caps Valuations TSXV Underperformance Rebound |
InflationInflation appears to have peaked with PPI leading CPI lower. Real-time data shows faster slowdown than official statistics, particularly in housing. The Fed is using outdated data and the market is front-running what the Fed will do 6-12 months from now. |
Inflation CPI PPI Housing Fed | |
Grid UpgradeThe electrical grid worldwide is not close to handling demand from new technology. Transformers are essential infrastructure with Hammond Power having 25% North American market share and strong expansion opportunities. |
Grid Transformers Electrification Infrastructure Demand | |
| 2023 Q1 |
Small CapsThe fund focuses on small cap growth stocks which have been beaten down by rising interest rates despite posting record revenues and earnings. Management believes this segment is at the cheapest valuation in history and poised for high returns as the interest rate headwind reverses. |
Small Cap Growth Valuation Interest Rates |
RatesInterest rates have peaked and are expected to decline as the Fed pivots from fighting inflation to stabilizing the economy. This creates a strong tailwind for previously beaten-down growth assets as the discount rate headwind subsides. |
Interest Rates Fed Policy Inflation Monetary Policy | |
InflationInflation is decelerating and the focus is shifting from fighting inflation to economic stabilization. The fund believes the Fed's fight against inflation is over, creating a pivot point for markets. |
Inflation Fed Policy Economic Cycle | |
ValueThe portfolio companies are trading at single digit cash earnings multiples despite strong fundamentals including 27% revenue growth, 35% EBITDA growth, and 19% operating margins. This represents the best growth to valuation trade-off the managers have ever seen. |
Valuation Fundamentals Cash Flow Multiples |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | GSY.TO | GoEasy Ltd. | Credit Services | Consumer Finance | Bear | Toronto Stock Exchange | Canadian, consumer finance, exit strategy, Lending, Regulatory risk, risk management | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | PRL.TO | Propel Holdings Inc. | Credit Services | Consumer Finance | Neutral | Toronto Stock Exchange | consumer finance, Credit risk, Fintech, Government Impact, Position Reduction, US market | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | CSU.TO | Constellation Software Inc. | Software - Application | Systems Software | Bear | Toronto Stock Exchange | Ai Risk, capital allocation, exit strategy, leadership transition, serial acquirer, Software, Vertical Markets | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | ZDC.TO | Zedcor Inc. | Other | Technology Hardware, Storage & Peripherals | Bull | Toronto Stock Exchange | Equipment Rental, growth, manufacturing, ROE, Solar power, Surveillance Technology, tax efficiency | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | BAMI.TO | Blue Ant Media Inc. | Entertainment | Movies & Entertainment | Bull | Toronto Stock Exchange | Content production, entertainment, Global distribution, media, net cash, Streaming, undervalued | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | E.TO | Enterprise Group Inc. | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | Toronto Stock Exchange | Canadian, Capex Inflection, Cyclical Recovery, Energy Services, Equipment Rental, LNG, natural gas | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | VHI.TO | VitalHub Corp. | Health Information Services | Health Care Technology | Bull | Toronto Stock Exchange | cash generation, Defensive Moat, government funding, healthcare software, M&A, Rule of 40, SaaS | Login |
| Apr 8, 2026 | Fund Letters | DKAM Donville Kent Asset Management | GRID.TO | Tantalus Systems Holding Inc. | Electrical Equipment & Parts | Electronic Equipment & Instruments | Bull | Toronto Stock Exchange | Energy Management, Grid modernization, infrastructure, IoT, Smart Grid, technology hardware, utilities | Login |
| Jan 13, 2026 | Fund Letters | J.P. Donville | GSY | goeasy Ltd | Financials | Consumer Finance | Bull | New York Stock Exchange | compounding, Consumerfinance, Nonprime, ROE, valuation | Login |
| Jan 13, 2026 | Fund Letters | J.P. Donville | PRL | Propel Holdings Inc | Financials | Consumer Finance | Bull | New York Stock Exchange | Fintech, growth, Lending, ROE, valuation | Login |
| Jan 13, 2026 | Fund Letters | J.P. Donville | E | Enterprise Group Inc | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | cashflow, Energyservices, infrastructure, LNG, recovery | Login |
| Jan 13, 2026 | Fund Letters | J.P. Donville | VHI | VitalHub Corp | Health Care | Health Care Technology | Bull | New York Stock Exchange | Healthtech, Margins, Mna, Software, valuation | Login |
| Jan 13, 2026 | Fund Letters | J.P. Donville | ZDC | Zedcor Inc | Industrials | Security Services | Bull | New York Stock Exchange | cashflow, growth, Operatingleverage, Security, Surveillance | Login |
| Nov 19, 2025 | Fund Letters | J.P. Donville, Jesse Gamble | GSY CT | goeasy Ltd. | Other | Consumer Finance | Bull | TSX | consumer, Credit, Finance, Re-rating, ROE, Smallcap, valuation | Login |
| Nov 19, 2025 | Fund Letters | J.P. Donville, Jesse Gamble | VHI CT | VitalHub Corp | Materials | Health Care Technology | Bull | TSX | AI, compounding, cybersecurity, Digitalization, Government, healthcare, SaaS, Software | Login |
| Nov 19, 2025 | Fund Letters | J.P. Donville, Jesse Gamble | CSU CT | Constellation Software Inc. | Information Technology | Application Software | Bull | TSX | Acquisitions, AI, cashflow, compounding, Moat, Software, Vertical | Login |
| Nov 19, 2025 | Fund Letters | J.P. Donville, Jesse Gamble | MDA CT | MDA Space Ltd. | Industrials | Aerospace & Defense | Bull | TSX | Aerospace, backlog, Defense, growth, infrastructure, Re-rating, Space | Login |
| Nov 19, 2025 | Fund Letters | J.P. Donville, Jesse Gamble | E CT | Enterprise Group Inc. | Energy | Oil & Gas Equipment & Services | Bull | TSX | cashflow, Decarbonization, energy, Equipment, infrastructure, Power, Smallcap | Login |
| Jul 9, 2025 | Fund Letters | DKAM Donville Kent Asset Management | MDA.TO | MDA Space | Industrials | Aerospace & Defense | Bull | TSX | acquisition, Aerospace, Canadarm3, government contracts, Lunar Gateway, Space Industry, Space Technology, valuation | Login |
| Jul 9, 2025 | Fund Letters | DKAM Donville Kent Asset Management | GSY.TO | GoEasy | Financials | Consumer Finance | Bull | TSX | Collections, consumer finance, Credit Products, growth, loan book, Non-prime Lending, Product Diversification, Revenue Yield | Login |
| Jul 9, 2025 | Fund Letters | DKAM Donville Kent Asset Management | ZDC.TO | Zedcor | Technology | Technology Hardware, Storage & Peripherals | Bull | TSX | Amazon, EBITDA margins, enterprise clients, growth, Remote Monitoring, security solutions, technology, valuation disconnect | Login |
| Jul 9, 2025 | Fund Letters | DKAM Donville Kent Asset Management | E.TO | Enterprise Group | Energy | Oil & Gas Equipment & Services | Bull | TSX | acquisition, Canada, Commercial Buildings, Energy Services, infrastructure, LNG, natural gas, power solutions, Turbines | Login |
| Jul 9, 2025 | Fund Letters | DKAM Donville Kent Asset Management | VHI.TO | VitalHub | Health Care | Health Care Technology | Bull | TSX | Acquisitions, AI products, cross-selling, Digitization, EBITDA margins, Healthcare Systems, Healthcare Technology, Patient Referrals, Software | Login |
| Jul 9, 2025 | Fund Letters | J.P. Donville | E CN | Enterprise Group Inc. | Energy | Construction & Engineering | Bull | TSX | Contracts, growth, Installations, LNG, Turbines | Login |
| Jul 9, 2025 | Fund Letters | J.P. Donville | VHI CN | VitalHub Corp. | Materials | Health Care Technology | Bull | TSX | Acquisitions, AI, Margins, Referrals, Software | Login |
| Jul 9, 2025 | Fund Letters | DKAM Donville Kent Asset Management | GRID.TO | Tantalus | Technology | Electronic Equipment, Instruments & Components | Bull | TSX | Electrical Grid, Grid Monitoring, infrastructure, recurring revenue, Smart Grid, technology, TruSense, utilities | Login |
| Jul 9, 2025 | Fund Letters | J.P. Donville | GRID CN | Tantalus Systems Holding Inc. | Other | Electronic Equipment & Instruments | Bull | TSX | Grid, IoT, Modernization, Recurring, utilities | Login |
| Jul 9, 2025 | Fund Letters | J.P. Donville | GSY CN | GoEasy Ltd. | Other | Consumer Finance | Bull | TSX | Credit, Delinquencies, Demand, growth, Lending | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | PRL.TO | Propel Holdings Inc. | Consumer Finance | Consumer Finance | Bull | TSX | Canada, consumer finance, Counter-cyclical, Fintech, growth, Online Lending, Value | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | MDA.TO | MDA Space Ltd. | Aerospace & Defense | Aerospace & Defense | Bull | TSX | Aerospace, backlog growth, Defense, margin expansion, Sector Tailwinds, Space Technology | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | ZDC.TO | Zedcor Inc. | Commercial Services & Supplies | Security & Alarm Services | Bull | TSX | Geographic Expansion, growth, Mobile Surveillance, scalable business model, security services, US Expansion | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | CSU.TO | Constellation Software Inc. | Software | Application Software | Bull | TSX | capital allocation, high margins, M&A, serial acquirer, Software, vertical market software | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | VHI.TO | VitalHub Corp. | Health Care Technology | Health Care Technology | Bull | TSX | Australia, Canada, defensive, government contracts, Healthcare Technology, Regulatory tailwinds, SaaS, UK | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | E.TO | Enterprise Group Inc. | Energy Equipment & Services | Oil & Gas Equipment & Services | Bull | TSX | Disruptive Technology, energy equipment, LNG, natural gas, Technology S-Curve, turnaround, Western Canada | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | GSY.TO | GoEasy Ltd. | Consumer Finance | Consumer Finance | Bull | TSX | Canada, consumer finance, Counter-cyclical, Non-prime Lending, turnaround, Value | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | CPH.TO | Cipher Pharmaceuticals Inc. | Pharmaceuticals | Pharmaceuticals | Bull | TSX | dermatology, Licensing, pharmaceuticals, Specialty pharma, turnaround, US market | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | FORA.TO | VerticalScope Holdings Inc. | Interactive Media & Services | Interactive Media & Services | Bull | TSX | AI technology, Forums, international expansion, Online Communities, Share Buybacks, User-generated content, Value | Login |
| Apr 16, 2025 | Fund Letters | DKAM Donville Kent Asset Management | GAMB | Gambling.com Group Limited | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | Affiliate Marketing, asset-light, Data Analytics, growth, online gambling, player acquisition | Login |
| Sep 30, 2024 | Fund Letters | DKAM Donville Kent Asset Management | ZDC.V | Zedcor Inc. | Industrials | Security & Alarm Services | Bull | TSXV | compounder, high IRR, Mobile Towers, North America, Rental Equipment, security services, Surveillance | Login |
| Sep 30, 2024 | Fund Letters | DKAM Donville Kent Asset Management | E.TO | Enterprise Group Inc. | Energy | Oil & Gas Equipment & Services | Bull | TSX | Emissions Reduction, energy equipment, Exclusive Technology, high IRR, Mining, Mobile Power, oilfield services | Login |
| Sep 30, 2024 | Fund Letters | DKAM Donville Kent Asset Management | MTY.TO | MTY Food Group Inc. | Consumer Discretionary | Restaurants | Bull | TSX | acquisition strategy, Canada, compounder, Food Courts, Food service, Franchising, High ROI, Roll-up Strategy | Login |
| Sep 30, 2024 | Fund Letters | DKAM Donville Kent Asset Management | GSY.TO | goeasy Ltd. | Financials | Consumer Finance | Bull | TSX | Branch Network, Canada, compounder, consumer finance, financial services, high ROE, subprime lending | Login |
| Sep 30, 2024 | Fund Letters | DKAM Donville Kent Asset Management | BYD.TO | Boyd Group Services Inc. | Consumer Discretionary | Automotive Retail | Bull | TSX | Automotive Services, cash generation, Collision Repair, compounder, high IRR, North America, Roll-up Strategy | Login |
| Sep 30, 2024 | Fund Letters | DKAM Donville Kent Asset Management | VHI.V | VitalHub Corp. | Information Technology | Health Care Technology | Bull | TSXV | acquisition strategy, cash generation, compounder, cross-selling, Healthcare Technology, margin expansion, Software | Login |
| Apr 8, 2024 | Fund Letters | DKAM Donville Kent Asset Management | VHI.TO | VitalHub Corp | Information Technology | Health Care Technology | Bull | TSX Venture Exchange | Acquisitions, growth, Healthcare Technology, margin expansion, organic growth, Software, technology platform | Login |
| Apr 8, 2024 | Fund Letters | DKAM Donville Kent Asset Management | ZDC.TO | Zedcor Inc | Industrials | Commercial Services & Supplies | Bull | TSX Venture Exchange | AI technology, Commercial Services, growth, security services, Surveillance Equipment, Texas Expansion, Value | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | CTS.TO | Converge Technology Solutions Corp | Information Technology | Technology Hardware, Storage & Peripherals | Bull | TSX | AI infrastructure, Canada, NVIDIA, organic growth, Share Buybacks, Technology Solutions, Value | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | PRL.TO | Propel Holdings Inc | Financials | Consumer Finance | Bull | TSX | Canada, consumer finance, Fintech, Geographic Expansion, growth, Partnerships, Underbanked | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | DE.TO | Decisive Dividend Corporation | Industrials | Industrial Conglomerates | Bull | TSX | Acquisitions, Canada, conservative management, Industrial Roll-up, manufacturing, margin expansion, organic growth | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | GSY.TO | goeasy Ltd | Financials | Consumer Finance | Bull | TSX | compounder, consumer finance, Dividend Growth, Non-prime Lending, operating leverage, product innovation, Share Buybacks | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | SECU.V | SSC Security Services Corp | Industrials | Security & Alarm Services | Bull | TSXV | capital allocation, cash-rich, cybersecurity, government contracts, high-margin business, No Debt, security services | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | KUT.TO | RediShred Capital Corp | Industrials | Environmental & Facilities Services | Bull | TSX | Cash Margins, Defensive growth, Document Destruction, niche market, operational efficiency, Paper Industry, Recycling | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | NVEI.TO | Nuvei Corporation | Information Technology | Data Processing & Outsourced Services | Bull | TSX | Adobe Partnership, Fintech, Global Payments, High Cash Margins, Microsoft partnership, payment processing, wallet share | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | PAY.TO | PayFare Inc | Information Technology | Data Processing & Outsourced Services | Bull | TSX | DoorDash, Fintech, Gig Economy, Lyft, Real-time Payments, UBER, W-2 Expansion, Worker Retention | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | VHI.V | VitalHub Corp | Health Care | Health Care Technology | Bull | TSXV | Acquisitions, Competitive Advantage, Electronic Health Records, Healthcare SaaS, Healthcare Technology, Long-term compounder, organic growth | Login |
| Jan 1, 2024 | Fund Letters | DKAM Donville Kent Asset Management | CSU.TO | Constellation Software Inc | Information Technology | Systems Software | Bull | TSX | Acquisitions, capital allocation, Long-term compounder, M&A, Spin-outs, Value Compounding, vertical market software | Login |
| Jul 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | RET-A.TO | Reitmans (Canada) Limited | Consumer Discretionary | Specialty Retail | Bull | TSX Venture Exchange | Canada, multiple expansion, profitability, restructuring, Specialty retail, turnaround, Value, Women's Apparel | Login |
| Jul 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | CTC.TO | Tucows Inc. | Communication Services | Internet Services & Infrastructure | Bull | Toronto Stock Exchange | BEAD Program, Broadband Infrastructure, Canada, Fiber Internet, government funding, growth, internet services | Login |
| Jul 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | STC.TO | Sangoma Technologies Corporation | Information Technology | Communications Equipment | Bull | Toronto Stock Exchange | CEO transition, Communications Equipment, EBITDA growth, recurring revenue, SaaS, Unified Communications, Value | Login |
| Jul 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | HPS-A.TO | Hammond Power Solutions Inc. | Industrials | Electrical Equipment | Bull | Toronto Stock Exchange | electrical equipment, Electrification, expansion, Free Cash Flow, Grid Infrastructure, market share, Transformers | Login |
| Jul 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | DE.TO | Decisive Dividend Corporation | Industrials | Industrial Conglomerates | Bull | Toronto Stock Exchange | Acquisitions, compounding, Dividend Growth, growth, Industrial Roll-up, Integration, Metal Fabrication, yield | Login |
| Oct 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | KUT.TO | RediShred Capital Corp | Industrials | Commercial Services & Supplies | Bull | Toronto Stock Exchange | Acquisitions, Canada, Cash Earnings, Commercial Services, Cyclical, Document Shredding, High Return CAPEX, small-cap | Login |
| Oct 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | RET.TO | Reitmans (Canada) Limited | Consumer Discretionary | Specialty Retail | Bull | TSX Venture Exchange | activist, Apparel, Canada, cash generation, Corporate Governance, deep value, dual-class shares, Recession-Resilient, TSX Venture, turnaround, Value retail, Women's Clothing | Login |
| Oct 1, 2023 | Fund Letters | DKAM Donville Kent Asset Management | CTS.TO | Converge Technology Solutions Corp | Information Technology | IT Services | Bull | Toronto Stock Exchange | Canada, cash flow positive, cloud solutions, EBITDA growth, growth, IT services, small-cap, technology | Login |
| TICKER | COMMENTARY |
|---|---|
| GSY.TO | We sold our entire position in GoEasy in December 2025 at $123-124/share. This was after selling a majority of the position in August around $200-205/share then adding it back in November-December at $122-165/share. That report made us dig in deeper and with the help of AI, we found legal filings against GoEasy's subsidiary Lendcare. They had violated consumer protection laws in Alberta and were ordered to cease engaging in direct sales practices. These findings made us sell our position the next day. |
| PRL.TO | We reduced our weighting in Propel from an 8% weighting at the end of October 2025 to 1.0% weighting in January. We significantly reduced this position based on how it would react in relation to GoEasy, but also due to how the US government shutdown would impact its business. Propel reported Q4 earnings on March 3, 2026, the stock declined ~12%. Most of the weakness in their quarter was due to the government shutdown plus them ramping lending in December 2025. |
| CSU.TO | As previously discussed, we sold our Constellation investment in 2025 at $3,250-$3,760/share. We made this decision due to three factors. Mark Leonard stepped down from his position as CEO (this past Friday it was announced he stepped down from the board as well). Constellation is now more difficult to model and therefore value. However now, they are expanding their capital deployment to include minority investments in public companies. Constellation owns over 1,500 different vertical market software companies. However, with so many companies it is hard to assess the impact of AI on each business. |
| ZDC.TO | Zedcor raised $30M at $6.00/share in February. This is enough capital to build ~100 towers so reading between the lines, we expect they have a large order coming from someone like Amazon or Kroger, who they have been working on for a while, and needed the extra capacity. We are still very bullish on Zedcor as they still have a long runway for growth. They are currently doubling their salesforce this year and have the opportunity to 4x the number of regional hubs they have. A common pushback we hear is that the stock is expensive, but if you model out the financials instead of looking up the PE on Bloomberg or Yahoo Finance, you'll see it is on 10x 2027 cash earnings while growing revenues +90% and earnings +100%. |
| BAMI.TO | Blue Ant grew revenue 18% per year from 2020 to 2025 with 18% return on capital. The global streaming market is projected to grow over 20% per year for the next several years. Blue Ant received an additional $34.7M cash payout in March as part of the RTO process and is now sitting with a Net Cash balance sheet. Factoring in their recently closed acquisitions, but not projecting more M&A, the stock is currently trading on 2.5x earnings. The stock is currently trading at $5.65/share and we think it is worth ~$20/share with upside from there as they are sitting on cash and expect to acquire additional libraries of content. |
| E.TO | Enterprise was facing 3 headwinds in 2025 that have turned into tailwinds in 2026. The LNG Canada was delayed in 2025, and it took a while to reach full utilization, which only happened in March 2026. The price of natural gas in Canada was weak in 2025 (even went negative) but has since rebounded. One of their largest clients was undergoing a large asset sale and stopped activity during due diligence but that client has since returned to the market in full form in 2026. 2024-2025 was a time of growth capex investment for Enterprise and now they will see those investments pay off and cashflow should inflect higher. |
| VHI.TO | VitalHub is our only software investment at the moment. Government healthcare funding for digital tools, like the ones VitalHub offers, is growing in order to drive efficiency given the rising demand and lack of capacity in hospitals and doctors offices. VitalHub completed most of their recent M&A integration in H2/25. EBITDA should grow ~35% in 2026 with close to 100% free cash flow conversion. VHI has $120M in cash on hand and will add another ~35M from cashflow in 2026. |
| GRID.TO | Tantalus is bringing intelligence to the electrical grid with data and analytics where there wasn't before. They are a provider of smart grid solutions to public power and electric cooperative utilities. Before coming public Tantalus had 18 consecutive quarters of profitability. They went public in 2021 in order to raise the capital needed to invest in the TruSense Gateway. They invested over $10M into the product and expensed it all, making the company look like they were losing money up front but are now scaling the final product and profits are inflecting higher. Tantalus hasn't had a single trial user not convert to orders and revenue growth is now ramping as more and more users convert. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
