| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.36% | -0.32% | -0.32% |
EdgePoint's Q1 2026 commentary examines how human psychology drives market cycles, from historical bubbles like the Nifty Fifty to recent work-from-home winners. The firm argues that professional investors often succumb to herd behavior due to career risk management, leading to benchmark-hugging strategies despite being paid for active management. Most large global equity funds exhibit low active share and similar holdings, essentially providing closet indexing at active fees. EdgePoint differentiates through high conviction positioning, with holdings like Dollar Tree demonstrating successful business model evolution from strict dollar pricing to multi-price points. The firm structures its investment process to combat behavioral biases through independent thinking, long-term compensation tied to absolute performance, concentrated product offerings, and collaborative team decision-making. Despite a modest -0.32% quarterly decline, EdgePoint maintains its disciplined approach, emphasizing that markets will remain driven by emotional cycles but their methodology has delivered strong long-term results across multiple decades and market environments.
EdgePoint seeks to capitalize on market inefficiencies created by behavioral biases and institutional constraints by maintaining an independent, concentrated approach focused on businesses with strong competitive positions and long-term growth prospects.
Markets will remain as unpredictable as the range of human emotions, but EdgePoint's approach will remain consistent through countless cycles of fear and greed, as it has for more than 50 years.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 19 2026 | 2026 Q1 | DLTR | active management, Behavioral Finance, Concentration, Global Equity, long-term, value creation | DLTR | EdgePoint argues most active managers are closet indexers driven by career risk, while markets cycle through predictable fear-greed patterns. The firm maintains high-conviction concentrated positioning exemplified by Dollar Tree's successful pricing evolution. Despite Q1's -0.32% decline, EdgePoint's behavioral-aware investment process and long-term focus have generated strong returns across 50+ years of market cycles. |
| Jan 19 2026 | 2025 Q4 | ALFA.ST, LECO, ROG.SW, TMO | contrarian, global, Quality, Resilience, risk management, value, volatility |
TMO LII RHHBY ALFVY |
EdgePoint Global Portfolio capitalized on April 2025's Liberation Day volatility to buy quality businesses at discounted prices, moving over 25% of the portfolio during the market stress. The firm's focus on resilient businesses with proprietary insights generated strong returns while maintaining downside protection, as demonstrated by Lincoln Electric's 17.4% IRR despite thesis not materializing. |
| Oct 19 2025 | 2025 Q3 | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value |
AMA SM TE Connectivity plc SAP SE Mattel Inc. Franco-Nevada Corporation |
EdgePoint warns against the AI bubble in mega-cap tech stocks, arguing their concentrated approach in smaller companies offers better long-term returns. With 98% active share and average holdings of $73 billion market cap versus peers' $867 billion, they provide true active management focused on buying growth without paying for it. |
| Jun 30 2025 | 2025 Q2 | CFR, CPNG, O | capital structure, credit, ecommerce, Luxury, Margin Of Safety, risk management |
O FTCH |
EdgePoint applies disciplined credit investing focused on capital preservation through margin of safety analysis. The firm targets businesses with improving fundamentals not reflected in bond prices, conducting rigorous pre-mortems and stress testing. Their Farfetch case study demonstrates how senior positioning protected capital despite failed business thesis, generating positive returns where equity investors lost everything. |
| Apr 15 2025 | 2025 Q1 | 4612.T, DAY, PAC, RHHBY, RVTY, TTNDY | Change, discount, global, growth, mid cap, Research, uncertainty, value | - | EdgePoint embraces market uncertainty to find undervalued growth opportunities in medium-sized companies. Their Q1 portfolio trades at 20% discount to large-cap darlings despite similar growth prospects, targeting businesses undergoing positive change like cloud transitions and industry consolidation. The disciplined research approach has delivered 11.92% annualized returns since 2008 inception. |
| Jan 16 2025 | 2024 Q4 | 6479.T, AMAT, FFH.TO, MAT, ROG.SW, RVTY, SAP | global, insurance, long-term, Pharmaceuticals, Proprietary Insights, software, value |
FFH.TO SAP ROG.SW |
EdgePoint applies disciplined value investing globally, seeking misunderstood companies trading below intrinsic value. Recent successes include Fairfax Financial and SAP, both doubling as transformation stories played out. The team added semiconductor, pharmaceutical, and industrial names in 2024 through extensive research. They maintain long-term focus while markets chase short-term predictions. |
| Oct 22 2024 | 2024 Q3 | CS | Bonds, credit, duration, fixed income, rates, risk management | - | EdgePoint advocates simplified fixed income risk management through fundamental business analysis rather than complex models. They manage credit, interest rate, liquidity and ESG risks via concentrated portfolios and buy-and-hold strategies. Their approach of thinking like businesspeople lending to businesses has delivered superior long-term performance versus benchmarks while avoiding the pitfalls of quantitative risk models. |
| Jul 17 2024 | 2024 Q2 | AAL, ACQ.TO, BBWI, CC, CNK, CWK, CZR, DISH, FDC, FTR, HCA, MTL.TO, O-I, OR.TO, PHII, PRM, PSD.TO, SMG, TEVA, WDC | active management, Benchmarks, credit, fixed income, portfolio construction, risk management | - | EdgePoint argues that fixed income indexes create perverse incentives by weighting the most indebted companies highest. They construct credit portfolios of 40-50 bonds based on fundamental analysis and proprietary insights rather than index methodology. The team defines risk as permanent capital loss, not tracking error, and focuses on long-term performance to align with end investor goals. |
| Apr 17 2024 | 2024 Q1 | BERY, DLTR, MAT, NSC | Acquisitions, Business Analysis, Capital Allocation, Operating Efficiency, Pricing Power, value |
MAT DLTR NSC BERY |
EdgePoint focuses on proprietary business insights rather than market themes, targeting three value levers: revenue growth, operating efficiency, and capital allocation. Current holdings include Mattel (IP monetization), Dollar Tree (pricing power beyond $1), Norfolk Southern (operational transformation), and Berry Global (acquisition-driven growth). Management co-invests and expects superior long-term returns through concentrated, undervalued positions. |
| Jan 16 2024 | 2023 Q4 | ALFA.ST, LECO | Energy Transition, global, Industrial, Manufacturing, technology, value | LECO | EdgePoint discovered Lincoln Electric through proprietary research connecting hydrogen economy trends to industrial applications. The century-old welding company offers dual optionality in EV charging infrastructure and 3D printing, trading at 17x base earnings excluding growth catalysts. The firm's unconstrained global mandate and long-term focus enable identification of overlooked opportunities across traditional sector boundaries. |
| Oct 16 2023 | 2023 Q3 | AAPL, AMZN, CSCO, GNTX, GOOGL, INTC, META, MSFT, NVDA, TSLA | Bubbles, inflation, Mid-cap, technology, valuation, value | - | EdgePoint positions in undervalued mid-caps trading at 45% discount to large caps while most investors concentrate in expensive Magnificent Seven tech stocks. Manager sees parallels to historical bubbles and believes current inflationary environment favors their contrarian value approach focused on smaller companies with growth potential at reasonable prices. |
| Jul 13 2023 | 2023 Q2 | - | Asset Management, compensation, Concentration, long-term, structure | - | EdgePoint's 15-year outperformance stems from structural advantages: peer-relative compensation that encourages benchmark differentiation, concentrated decision-making limiting choices to 2-3 ideas per team member annually, and private employee ownership aligning interests with clients. These foundations enable genuine active management with 98% active share, avoiding the industry's benchmark-hugging Cobra Effect. |
| Apr 17 2023 | 2023 Q1 | BERY, CSX, DE, MC.PA, QSR, TSLA | consumer, Cyclical, growth, Industrial, Long Term, technology, value | - | EdgePoint delivered strong three-year returns by buying growth without paying for it during COVID-19 uncertainty. Key winners included Berry Global, CSX, and Restaurant Brands purchased at attractive valuations. The manager acknowledges missing opportunities in Tesla, LVMH, and Deere that delivered exceptional results despite high expectations, while maintaining conviction in the long-term value creation approach. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Behavioral FinanceMarkets are driven by recurring cycles of fear and greed, with professional investors often succumbing to herd behavior due to career risk management. Historical bubbles from the Nifty Fifty to work-from-home winners demonstrate how narratives override fundamental valuation measures. EdgePoint structures its approach to reduce behavioral biases through independent thinking, long-term compensation, and team-based decision making. |
Psychology Bubbles Herd Behavior Career Risk Contrarian |
Active ManagementMost active managers exhibit low active share and look similar to benchmarks due to perverse incentives tied to relative performance compensation. The benchmark effect leads to closet indexing where managers are paid active fees for passive-like portfolios. EdgePoint differentiates through high conviction, concentrated positioning and compensation tied to absolute performance over longer periods. |
Active Share Benchmarking Concentration Differentiation Fees | |
Discount RetailDollar Tree successfully transitioned from a strict dollar price point to multi-price model, with customers accepting the change and providing flexibility for cost pressures from tariffs or supply chain issues. The pricing evolution allows higher-priced items and expands demographics to include wealthier customers while maintaining the core value proposition. |
Dollar Tree Pricing Power Demographics Value Retail | |
| 2025 Q4 |
GrowthThe fund seeks long-term growth of capital by investing in growth-oriented common stocks using a quantitative formula that identifies the 50 stocks with highest one-year price appreciation meeting specific criteria. The Growth Strategy considers stock price appreciation as often associated with positive fundamentals such as strong growth or improving profitability. |
Growth Stocks Price Appreciation Quantitative |
ValueThe fund uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company's potential value. This represents a value overlay on the growth strategy. |
Price To Sales Value Criterion Sales | |
FinancialsThe fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate fluctuations. |
Financial Services Interest Rates Regulation | |
| 2025 Q3 |
AIArtificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. |
Technology Bubble Competition Innovation Software |
ValueEdgePoint focuses on buying growth without paying for it, investing in smaller companies with longer runways for growth. The average company has a market cap of $73 billion versus $867 billion for peers, providing better opportunities for multiple expansion. |
Growth Undervalued Small Caps Multiple Expansion Opportunity | |
QualityThe portfolio is concentrated in best ideas with meaningful impact potential. Over five years, 28% of EdgePoint's holdings contributed more than 1% to performance versus just 0.5% for the MSCI World Index, demonstrating superior stock selection. |
Concentration Stock Selection Performance Best Ideas Alpha | |
| 2025 Q2 |
Credit StressEdgePoint focuses on credit investments with margin of safety, analyzing permanent loss of capital risk. The firm conducts pre-mortems to discuss what could go wrong with investments and stress tests businesses under pessimistic scenarios to ensure debt coverage. |
Credit Risk Management Capital Structure Defaults |
LuxuryDetailed case study of Farfetch, the 'Amazon of Luxury' ecommerce marketplace connecting luxury brands like Cartier, Louis Vuitton and Gucci to consumers. Despite the core business challenges, EdgePoint earned positive returns through senior secured positioning. |
Luxury Goods Ecommerce Marketplace Premium Brands | |
E-commerceAnalysis of Farfetch as luxury ecommerce marketplace and its Platform Services segment providing backend software to brand websites. The investment thesis centered on the potential of FPS business despite concerns about the core marketplace burning cash. |
Online Retail Digital Commerce Platform Marketplace | |
| 2025 Q1 |
UncertaintyThe manager emphasizes embracing uncertainty as a core investment philosophy, arguing that uncertainty creates opportunity for long-term investors. Historical examples from the 1970s through 2020s demonstrate how navigating uncertain periods has rewarded patient investors. The approach involves looking for businesses undergoing significant change when the economic backdrop is rocky or companies are navigating transformation. |
Volatility Risk Change Transformation Cycles |
ValueThe portfolio focuses on medium-sized companies trading at considerable valuation discounts compared to large popular companies. Despite similar future growth estimates, portfolio businesses trade at more than 20% discount relative to market darlings. The strategy aims to capture growth without paying premium prices for perceived certainty. |
Discount Valuation Premium Undervalued | |
GrowthThe portfolio is composed of businesses with unrecognized growth potential, often navigating change or operating in less-followed market corners. The manager seeks companies with compelling growth prospects that offer the opportunity to buy into future growth without paying high prices demanded for certainty. |
Potential Expansion Development Future | |
| 2024 Q4 |
ValueEdgePoint applies a value-oriented approach, looking for businesses trading below their intrinsic value due to market misunderstanding. The fund owns companies at vastly different P/E ratios (Fairfax at 8.9x vs SAP at 50.7x) because they focus on future value creation rather than current earnings multiples. Both positions doubled in about a year as the market recognized their undervaluation. |
Undervaluation Intrinsic Value Market Inefficiency P/E Ratios Mispricing |
PharmaceuticalsRoche Holding AG is highlighted as a 130-year-old Switzerland-based leader in biologic drug development and diagnostics, representing the pharmaceutical sector exposure in EdgePoint portfolios. The company developed Herceptin, the first gene-based drug approved for cancer, demonstrating innovation in biotechnology and oncology treatments. |
Biotechnology Drug Development Oncology Diagnostics Gene Therapy | |
SoftwareSAP represents the software theme through its mission-critical enterprise software business. EdgePoint identified the value creation potential from SAP's transition to cloud-based software delivery, which was obvious to the investment team but not fully appreciated by the market at the time of investment. |
Enterprise Software Cloud Transition SaaS Mission Critical Digital Transformation | |
| 2024 Q3 |
CreditEdgePoint emphasizes credit risk assessment as business risk, focusing on knowing borrowers inside and out rather than relying on rating agencies. They maintain a concentrated portfolio with dedicated resources to thoroughly study and monitor businesses, allowing highly selective credit choices. |
Credit Risk Business Risk Rating Agencies Concentrated Portfolio Credit Analysis |
RatesThe firm manages interest rate risk by avoiding it when not adequately compensated, particularly when yield curves are inverted. They don't make big bets on economic forecasts and prefer shorter duration portfolios when short-term rates exceed long-term rates. |
Interest Rate Risk Duration Yield Curve Rate Environment Compensation | |
LiquidityEdgePoint's buy-and-hold strategy reduces liquidity risk importance, with 71% of credit holdings held to maturity. Their long investment horizon and transparent pricing allow them to take liquidity premiums when compensated. |
Liquidity Risk Hold to Maturity Investment Horizon Liquidity Premium Turnover | |
| 2024 Q2 |
BenchmarksManager argues that using indexes as benchmarks creates perverse incentives similar to Goodhart's Law, where the measure becomes the target and ceases to be a good measure. Fixed income indexes weight companies by debt issuance size, meaning the most indebted companies get the largest weights, which is counterintuitive for credit investing. |
Indexing Performance Incentives Risk Active Management |
CreditEdgePoint focuses on fundamental credit analysis of 40-50 bonds issued by businesses where they have proprietary insights on companies improving their ability to repay debt. They stress test portfolios for diversification by business idea rather than following index weights based on debt issuance size. |
Fixed Income Corporate Bonds Credit Analysis Fundamental Research Portfolio Construction | |
RiskManager defines risk as permanent loss of capital rather than tracking error versus an index. They argue that index-following creates conflicts where manager risk becomes underperformance risk while end investor risk remains not reaching financial goals. |
Risk Management Capital Preservation Investment Philosophy Alignment Downside Protection | |
| 2024 Q1 |
ValueEdgePoint focuses on identifying businesses trading below intrinsic value through proprietary insights on revenue growth, operating cost improvements, and capital allocation. The firm distinguishes between market themes and tangible business levers that drive value creation. |
Value investing Intrinsic value Business analysis Capital allocation Operating leverage |
Discount RetailDollar Tree represents a pricing opportunity as the company moves beyond its traditional $1 price point to higher prices up to $7 per item. This pricing strategy allows for revenue growth, better cost leverage, and attracts a wider customer base in the mature discount retail category. |
Pricing power Revenue growth Customer base Retail strategy Cost leverage | |
RailroadsNorfolk Southern has the opportunity to transition from a legacy hub-and-spoke system to a scheduled point-to-point operating model like its peers. This reconfiguration could significantly improve profitability through greater predictability and reduced unproductive idling. |
Operating efficiency Scheduled operations Cost reduction Transportation Infrastructure | |
PackagingBerry Global demonstrates capital allocation excellence through acquisitions in the fragmented packaging space. The company can improve acquired companies' margins by 5% through scale advantages in resin procurement, earning attractive returns on deployed capital. |
Acquisitions Scale advantages Margin improvement Fragmented industry Capital returns | |
| 2023 Q4 |
3D PrintingLincoln Electric has emerged as a significant player in industrial 3D printing, particularly for large-scale metal components. The company successfully 3D printed 226kg nickel-alloy parts for Chevron's refinery, demonstrating capability to produce parts twice the size and 10 times the weight at their facility. |
Industrial Manufacturing Metal Components Supply Chain |
EV ChargingLincoln Electric leveraged its welding power-management technology to develop EV chargers, capitalizing on $7.5 billion in Biden Administration stimulus for domestic charging networks. The company expects to sell chargers for $100k each starting in 2024, with management confident their product will be faster, more durable and reliable than current market offerings. |
Infrastructure Power Electronics Domestic Content Fast Charging Reliability | |
Energy TransitionThe hydrogen economy investment cycle drove initial research into heat exchangers and related equipment. Alfa Laval emerged as a beneficiary positioned across traditional markets like HVAC and refineries, as well as newer applications including heat pumps, carbon capture and green hydrogen projects. |
Hydrogen Heat Exchangers Carbon Capture Heat Pumps Energy Efficiency | |
| 2023 Q3 |
InflationInflation has returned to levels not seen since the 1970s, creating challenges for investors who lack experience with such environments. The manager notes that most investors today weren't active during the last inflationary period and don't have real-world experience investing through current conditions. Higher inflation reduces purchasing power and makes flat market performance particularly damaging. |
Inflation Interest Rates Purchasing Power Central Banks Monetary Policy |
ValueThe fund focuses on investing in undervalued ideas where they can buy growth without paying for it. Their approach emphasizes finding companies trading at attractive valuations relative to their fundamentals. The manager highlights a significant valuation disconnect between smaller and larger market-cap companies, with mid-caps trading at approximately 45% discount to large caps. |
Valuation Discount Undervalued Growth Fundamentals | |
Small CapsThe portfolio has shifted toward smaller companies, with weighted-average market cap falling from 50% to under 10% relative to MSCI World Index. Mid-caps are trading at historically large valuation discounts to large caps, similar to conditions 20 years ago when mid-caps subsequently outperformed for over a decade. The fund's average holding size is approximately one-ninth that of peer funds. |
Mid-cap Market Cap Outperformance Discount Valuation | |
| 2023 Q1 |
PackagingBerry Global demonstrated resilient cash flow through economic cycles, with counter-cyclical margin expansion during downturns. The company successfully integrated RPC Group acquisition and grew EPS by 60% over three years while deleveraging. |
Packaging Materials Cyclical Acquisitions Cash Flow |
RailroadsCSX benefited from scheduled railroading transition and pricing power above inflation. The company grew EPS by 40% from 2019-2022 while requiring minimal capital for growth due to existing rail network infrastructure. |
Railroads Transportation Infrastructure Pricing Power | |
RestaurantsRestaurant Brands operates as a royalty company earning percentage of sales from franchisees without capital requirements for growth. The business model provides resilient cash flows across Tim Hortons, Burger King and Popeyes banners. |
Restaurants Franchising Royalties Quick Service | |
Electric VehiclesTesla achieved remarkable scale economics and profitability with $10k per vehicle cost advantage versus traditional OEMs. The company leveraged fixed costs across high volumes with 95% of vehicles on same platform. |
Electric Vehicles Manufacturing Scale Automation | |
LuxuryLVMH owns prestigious brands with century-long histories that are difficult to replicate. The company benefits from rising living standards driving luxury demand and pricing power from brand exclusivity. |
Luxury Brands Pricing Power Consumer | |
Ag EquipmentDeere maintains industry-leading R&D spending twice that of closest competitor, providing technological advantages and productivity gains for farmers. The company is transitioning to subscription-based precision farming model for higher margins and stability. |
Agriculture Equipment Technology Subscription |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 19, 2026 | Fund Letters | EdgePoint Global | DLTR | Dollar Tree, Inc. | Discount Stores | Discount Stores | Bull | NASDAQ | Demographic Expansion, discount retail, Inflation Protection, Multi-price Point, Pricing power, supply chain, tariffs, Value retail | Login |
| Jan 19, 2026 | Fund Letters | George Droulias | TMO | Thermo Fisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | cashflow, compounding, lifesciences, scale, Volatility | Login |
| Jan 19, 2026 | Fund Letters | George Droulias | LII | Lincoln Electric Holdings, Inc. | Industrials | Industrial Machinery | Bull | NASDAQ | Automation, Capitalreturns, Industrials, Marginofsafety, resilience | Login |
| Jan 19, 2026 | Fund Letters | George Droulias | RHHBY | Roche Holding AG | Health Care | Pharmaceuticals | Bull | Swiss Exchange | cashflow, diagnostics, pharma, pipeline, Volatility | Login |
| Jan 19, 2026 | Fund Letters | George Droulias | ALFVY | Alfa Laval AB | Industrials | Industrial Machinery | Bull | NASDAQ | compounding, efficiency, Electrification, Industrials, Volatility | Login |
| Oct 19, 2025 | Fund Letters | George Droulias | SAP SE | SAP | Information Technology | Application Software | Bull | NYSE | Automation, cloud, enterprise, ERP, recurring revenue, SaaS, Software | Login |
| Oct 19, 2025 | Fund Letters | George Droulias | Mattel Inc. | MAT | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brands, consumer, entertainment, Ip, Licensing, Margins, Toys | Login |
| Oct 19, 2025 | Fund Letters | George Droulias | Franco-Nevada Corporation | FNV | Materials | Precious Metals & Mining | Bull | NYSE | cashflow, diversification, Gold, inflation hedge, Margins, Mining, Royalty | Login |
| Oct 19, 2025 | Fund Letters | George Droulias | AMA SM | Amadeus IT Group, S.A. | Financials | Software & Services | Bull | Brasil Bolsa Balcão | Airlines, Digitalization, Hotels, infrastructure, It, Software, Travel | Login |
| Oct 19, 2025 | Fund Letters | George Droulias | TE Connectivity plc | TEL | Industrials | Electrical Components & Equipment | Bull | NYSE | automotive, Electrification, FCF, growth, Industrials, Sensors, technology | Login |
| Jul 15, 2025 | Fund Letters | EdgePoint Global | O | O-I Glass, Inc. | Materials | Glass Products | Bull | NYSE | Consumer Goods Packaging, cost optimization, Credit Investment, Glass Manufacturing, Industrial materials, operational efficiency, Packaging | Login |
| Jul 15, 2025 | Fund Letters | EdgePoint Global | FTCH | Farfetch Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NYSE | capital structure, Credit Investment, Distressed Credit, Luxury E-commerce, Luxury goods, margin of safety, marketplace, Platform Services, Term Loan | Login |
| Jan 14, 2025 | Fund Letters | EdgePoint Global | ROG.SW | Roche Holding AG | Health Care | Biotechnology | Bull | SIX Swiss Exchange | biotechnology, diagnostics, Gene-Based Drugs, healthcare innovation, Oncology, pharmaceuticals, Precision-medicine, Swiss | Login |
| Jan 14, 2025 | Fund Letters | EdgePoint Global | FFH.TO | Fairfax Financial Holdings Ltd. | Financials | Property & Casualty Insurance | Bull | Toronto Stock Exchange | Canadian, capital allocation, Cash Flow Predictability, Property & Casualty Insurance, transformation, turnaround, Value | Login |
| Jan 14, 2025 | Fund Letters | EdgePoint Global | SAP | SAP SE | Information Technology | Systems Software | Bull | XETRA | cloud migration, Digital transformation, Enterprise software, German, growth, Mission-Critical Software, SaaS, technology | Login |
| Apr 18, 2024 | Fund Letters | EdgePoint Global | DLTR | Dollar Tree, Inc. | Consumer Discretionary | Discount Stores | Bull | NASDAQ | Customer loyalty, discount retail, fixed cost leverage, margin expansion, Pricing Strategy, Retail Transformation, Value retail | Login |
| Apr 18, 2024 | Fund Letters | EdgePoint Global | NSC | Norfolk Southern Corp. | Industrials | Railroads | Bull | NYSE | Asset Utilization, Bulk Commodities, infrastructure, operational efficiency, Pricing power, railroad, Scheduled Operations, Transportation | Login |
| Apr 18, 2024 | Fund Letters | EdgePoint Global | MAT | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brand monetization, Consumer products, entertainment, Intellectual Property, Media Franchises, Movies, Toys, volume growth | Login |
| Apr 18, 2024 | Fund Letters | EdgePoint Global | BERY | Berry Global, Inc. | Materials | Paper & Plastic Packaging Products & Materials | Bull | NYSE | Acquisitions, capital allocation, consolidation, Free Cash Flow, Industrial materials, Low-cost producer, Packaging, Scale Advantages | Login |
| Jan 17, 2024 | Fund Letters | EdgePoint Global | LECO | Lincoln Electric Holdings, Inc. | Industrials | Industrial Machinery | Bull | NASDAQ | 3D printing, Additive Manufacturing, Domestic Manufacturing, EV charging, Free Cash Flow, Industrial automation, infrastructure, power electronics, Welding Equipment | Login |
| TICKER | COMMENTARY |
|---|---|
| DLTR | Dollar Tree, Inc., one of the equity holdings in the EdgePoint Portfolios, is a discount variety store operator with locations in the U.S. and Canada. Our original thesis focused on management's willingness to break the buck or charge more than a dollar for products. Customers have accepted the change, giving Dollar Tree more flexibility if costs go up due to tariffs or supply-chain issues. Additionally, the switch to a multi-price point model has allowed the company to sell higher-priced items and expand its demographics to include wealthier customers. |
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