| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.1% | - | 6.5% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 41.6% | 52.7% | 13.5% | -18.8% | 49.0% | 5.1% |
Starvine Capital delivered exceptional returns in 2025, with the Flagship Strategy up 41.6% and Mid-Large Cap Strategy up 37.0%, marking the third-strongest year on record. However, U.S. dollar depreciation against the Canadian dollar detracted approximately 3% from performance, reflecting the high proportion invested in U.S. companies. The strong performance was driven by broad gains across most positions with no significant detractors. Market volatility in spring 2025, triggered by trade tariff uncertainty, created a sharp sell-off that saw strategies down over 23% year-to-date at the April trough. The manager opportunistically added exposure during this decline at attractive prices, increasing conviction in existing holdings and initiating new positions. One top holding became subject to a takeout battle after years of underperformance. The manager emphasizes these returns are unsustainable, maintaining focus on owning quality companies at reasonable valuations for long-term compounding while taking advantage of market dislocations when they arise.
Own above-average quality companies purchased at cheap-to-fair valuations to create favorable asymmetry, while opportunistically taking advantage of market dislocations for long-term capital compounding.
The manager maintains that returns generated over the past two years are not sustainable and should be beyond question. The overarching objective remains unchanged: to own companies with characteristics that allow capital to compound at a reasonable rate over the long term, while opportunistically taking advantage of market dislocations. Using a baseball analogy, the aim is to consistently hit singles and doubles, with 2024 and 2025 representing anomalous home runs.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 13 2026 | 2025 Q4 | - | Canada, Compounding, long-term, Quality, value, volatility | - | The manager emphasizes owning companies with characteristics that allow capital to compound at reasonable rates over the long term, focusing on above-average quality companies purchased at cheap-to-fair valuations. This creates favorable asymmetry despite market volatility. Market volatility in spring 2025 triggered by trade tariff uncertainty led to a broad sell-off, with strategies down over 23% year-to-date at the trough. The manager used this volatility to add exposure at attractive prices during the decline. |
| Jul 23 2025 | 2025 Q2 | - | Discipline, free cash flow, long-term, Quality, volatility | - | The commentary reflects on a decade-long evolution toward prioritizing business quality alongside valuation. Management emphasizes free cash flow durability, disciplined behavior, and learning from past mistakes such as overreliance on spin-offs. Volatility is framed as inevitable but manageable with a refined process. |
| Jan 30 2025 | 2024 Q4 | - | - | - | |
| Jul 27 2024 | 2024 Q2 | - | - | - | |
| Jan 31 2024 | 2023 Q4 | - | - | - | |
| Jun 30 2023 | 2023 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
VolatilityMarket volatility in spring 2025 triggered by trade tariff uncertainty led to a broad sell-off, with strategies down over 23% year-to-date at the trough. The manager used this volatility to add exposure at attractive prices during the decline. |
Market volatility Sell-off Opportunity Exposure Timing | |
| 2025 Q2 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| 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 | |||
