Langdon Canadian Smaller Companies

Investor Summary

Greg Dean, CFA, founded Langdon Equity Partners in 2021 and serves as Chief Executive and lead investor with over 18 years of investment management experience. Before founding Langdon, Dean was a Partner and Portfolio Manager at Cambridge Global Asset Management (part of CI Investments, a $27B firm) for over 10 years, managing Canadian and global smaller companies funds starting in 2011 as an analyst. Prior to Cambridge, he spent three years as an equity analyst at Fidelity Investments Canada specializing in consumer and infrastructure sectors. Dean earned the 2015 Morningstar Breakout Fund Manager of the Year award and received several other industry honors. He holds degrees in Mathematics from the University of Waterloo and a Bachelor of Business Administration from Wilfrid Laurier University, along with the CFA charterholder designation. The firm is employee-owned and majority owned by its working partners.

Fund Strategy

Langdon Equity Partners was founded on the belief that investors deserve more, seeking to do better by thinking differently with the benefit of starting from a clean sheet of paper. The firm's mission is to strive to be the world's top performing small cap investment boutique through delivering exceptional returns for clients while building longstanding partnerships. Core principles include that time is more important than timing, they don't get ahead by following, they are infinite learners, and their word is their bond. Cash flow is their Northstar as they approach the public equity markets as a long-term owner of businesses. As a patient, primary research-led investment firm, they seek to invest in high-quality cash generative smaller companies run by talented and long-term oriented teams that are fundamentally undervalued. Their investment approach is built on developing deep insights through fundamental research.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.3%	-1.6%	-

Executive Summary

The Langdon Canadian Smaller Companies Portfolio declined 1.6% in Q2 2026 versus a 2.0% benchmark return. The manager observes that capital is increasingly chasing businesses fitting prevailing narratives, particularly AI infrastructure and hardware companies, while businesses quietly compounding intrinsic value are overlooked. This dynamic has created what the manager views as one of the most attractive opportunities in years in Canadian small caps. Exchange Income Corporation and PharmaCorp contributed positively during the quarter, while Groupe Dynamite detracted despite continued strong execution. Several portfolio holdings including A&W Food Services, Richelieu Hardware, Definity Financial, and Westaim have materially increased intrinsic value but seen flat or declining share prices due to lack of market attention. The manager highlights A&W as exemplifying this disconnect, noting its exceptional culture, disciplined capital allocation, and strongest 10-year system sales growth among North American burger peers. The portfolio is positioned to allocate meaningful capital to resilient, faster-growing Canadian small caps trading at attractive valuations, requiring patience and concentration to capture value as these businesses compound over time.

Forward Outlook

The manager believes the Canadian small-cap market represents one of the most attractive opportunities in years for investors with patient, long-term capital. As capital has concentrated around dominant narratives, exceptional Canadian businesses have been left behind, creating an unusually attractive opportunity to allocate to businesses that are more resilient, faster growing, cheaper, and better known through field research. Capturing this opportunity requires patience, concentration, and flexibility to remain aligned with businesses as they compound intrinsic value over time.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 23 2026	2026 Q2	AW.UN.TO, DFY.TO, EIF.TO, GD.TO, RCH.TO, WED.TO	AI, Canada, Patience, Quality, Restaurants, small caps, value	-	Langdon sees exceptional opportunity in Canadian small caps as market capital concentrates on AI narratives, leaving quality businesses overlooked. Portfolio holdings like A&W Food Services continue compounding intrinsic value through disciplined execution and strong culture, yet trade flat as investor attention flows elsewhere. The fund is positioned in resilient, faster-growing companies at attractive valuations, requiring patience to capture value as fundamentals compound regardless of market attention.
Apr 15 2026	2026 Q1	DFY.TO, EQB.TO, LGN.TO, PSK.TO, TVK.TO	Canada, free cash flow, oil, Quality, royalties, small caps	PSK.TO	Langdon's Canadian small-cap fund underperformed in Q1 as markets favored gold stocks over their quality-focused approach. The strategy targets scarce combinations of strong cash flows, balance sheets, and management teams. PrairieSky Royalty, a royalty business with no operational risk, became the largest holding. Short-term divergence is accepted as the cost of disciplined, concentrated investing focused on long-term compounding.
Jan 14 2026	2025 Q4	FSV.TO, GYM.TO, RCH.TO, SVI.TO, TVK.TO	Canada, Pharmaceuticals, real estate, retail, small caps, value	-	Langdon's Canadian small-cap portfolio delivered 19.7% in 2025 through diversified holdings in underfollowed sub-$1 billion companies. Strong performance from specialty retail and industrial names offset real estate weakness. New position PharmaCorp exemplifies opportunities in inefficient Canadian small-cap market. Disciplined approach focuses on business fundamentals and appropriate risk-return compensation rather than macro themes.
Sep 30 2025	2025 Q3	DFY.TO, GCG.TO, GYM.TO, TVK.TO	Canada, Compounding, gold, materials, small caps, value	-	Langdon's Canadian small-cap portfolio gained 7.1% in Q3, led by fashion retailer Groupe Dynamite (3x return) and Guardian Capital's acquisition. While gold narratives drive markets, the fund maintains discipline focusing on cash-generative compounders trading below intrinsic value. Strategy unchanged: partner with proven operators building durable businesses through cycles.
Jul 1 2025	2025 Q2	AND.TO, ATS.TO, ATZ.TO, DFY.TO, EQB.TO	Canada, insurance, Quality, Resilience, small caps, value	DYN.TO ATZ.TO DFY.TO ATS.TO EQB.TO	Strong Q2 rebound with 13.9% returns as Canadian small-caps recovered from tariff concerns. Top performers Groupe Dynamite and Aritzia demonstrated operational resilience with margin expansion. Definity's strategic acquisition and ATS's dispute resolution create earnings tailwinds. Portfolio emphasizes quality businesses with proven management teams trading at attractive valuations in the Canadian market.
May 12 2025	2025 Q1	AND.TO, ATS.TO, ATZ.TO, BYD.TO, DND.TO, EQB.TO, GCG.TO, GRGD.TO, RCH.TO, SVI.TO, SYZ.TO, TVK.TO	Acquisition, Canada, healthcare, Logistics, small caps, Trade Policy, value	AND.TO	Langdon's Canadian small-cap portfolio struggled in Q1 2025 with -7.2% returns amid tariff concerns, but UPS's 30% premium acquisition of Andlauer validated the team's conviction-building approach. Management sees significant opportunity as US-exposed businesses weaken, believing their portfolio companies can navigate various economic scenarios and continue creating long-term value.
Jan 30 2025	2024 Q4	ATS.TO, ATZ.TO, AW.TO, BYD.TO, DFY.TO, SKWD, SVI.TO, TOI.TO, TVK.TO, WED.TO	Canada, Culture, private equity, QSR, small caps, value	AW.TO WED.TO	Langdon delivered 13.1% annual returns focusing on culture-driven Canadian small caps. New addition A&W exemplifies their thesis with 35-year founder ownership and strong QSR growth prospects. CC Capital's $250M Westaim investment validates long-term conviction, positioning the company for earnings-based valuation. StorageVault faced consumer headwinds but management maintains confidence in the team's execution ability.
Oct 23 2024	2024 Q3	ATS.TO, ATZ.TO, BYD.TO, CIGI.TO, TVK.TO	Canada, growth, Maintenance Research, small caps, value	ATZ.TO ATS.TO	Langdon delivered 5.4% in Q3 through concentrated Canadian small-cap investing, highlighted by 30%+ gains in TerraVest, Colliers, and Aritzia. The strategy targets non-obvious compounders through deep maintenance research and variant perception, exemplified by Aritzia's successful navigation of capital investment cycles and US expansion representing 55% of revenues.
Jul 31 2024	2024 Q2	ATS.TO, ATZ.TO, BYD.TO, ENGH.TO, GCG.TO, TVK.TO, WED.TO	Canada, cash flow, Consolidation, small caps, value	TVK.TO BYD.TO	Langdon's Canadian small cap portfolio stayed flat in Q2 despite commodity strength, maintaining focus on cash-generative companies. TerraVest led gains as consolidation strategy pays off, while Boyd Group declined amid transition to organic growth. Portfolio's tugboat holdings trade near intrinsic value despite strong fundamentals, providing patient long-term investors with compelling risk-adjusted opportunities.
Apr 17 2024	2024 Q1	ATS.TO, ATZ.TO, CSU.TO, GM, LMN.TO, PSK.TO, TOI.TO, TVK.TO	Canada, energy, Industrial, small caps, technology, value	ATS.TO TOI.TO	Langdon's Canadian small-cap portfolio gained 4.3% in Q1, led by Topicus's European software expansion and strong commodity performance. The team recently added an industrial serial acquirer while reducing ATS Automation exposure due to EV headwinds. Operating in an under-researched market with 19% of holdings having no sell-side coverage, they focus on well-capitalized businesses with insider alignment and hard asset protection.
Jan 29 2024	2023 Q4	ATZ.TO, CIGI.TO, ENGH.TO, EQB.TO, LMN.TO, RCH.TO	Canada, cash flow, Quality, small caps, value	ATZ CN ATS CN TOI CN TVK CN BYD CN AND CN DFY CN EQB CN	Langdon's Canadian small cap fund gained 15.8% in 2023, focusing on proven 41-year-old average businesses generating consistent cash flows. Strong Q4 performance across holdings, with Aritzia's temporary setbacks creating long-term opportunity. Blue-chip approach to small caps emphasizes quality over speculation, seeking mispriced Canadian businesses positioned to compound through cycles.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 23 2026

2026 Q2

AW.UN.TO, DFY.TO, EIF.TO, GD.TO, RCH.TO, WED.TO

AI, Canada, Patience, Quality, Restaurants, small caps, value

Langdon sees exceptional opportunity in Canadian small caps as market capital concentrates on AI narratives, leaving quality businesses overlooked. Portfolio holdings like A&W Food Services continue compounding intrinsic value through disciplined execution and strong culture, yet trade flat as investor attention flows elsewhere. The fund is positioned in resilient, faster-growing companies at attractive valuations, requiring patience to capture value as fundamentals compound regardless of market attention.

Apr 15 2026

2026 Q1

DFY.TO, EQB.TO, LGN.TO, PSK.TO, TVK.TO

Canada, free cash flow, oil, Quality, royalties, small caps

PSK.TO

Langdon's Canadian small-cap fund underperformed in Q1 as markets favored gold stocks over their quality-focused approach. The strategy targets scarce combinations of strong cash flows, balance sheets, and management teams. PrairieSky Royalty, a royalty business with no operational risk, became the largest holding. Short-term divergence is accepted as the cost of disciplined, concentrated investing focused on long-term compounding.

Jan 14 2026

2025 Q4

FSV.TO, GYM.TO, RCH.TO, SVI.TO, TVK.TO

Canada, Pharmaceuticals, real estate, retail, small caps, value

Langdon's Canadian small-cap portfolio delivered 19.7% in 2025 through diversified holdings in underfollowed sub-$1 billion companies. Strong performance from specialty retail and industrial names offset real estate weakness. New position PharmaCorp exemplifies opportunities in inefficient Canadian small-cap market. Disciplined approach focuses on business fundamentals and appropriate risk-return compensation rather than macro themes.

Sep 30 2025

2025 Q3

DFY.TO, GCG.TO, GYM.TO, TVK.TO

Canada, Compounding, gold, materials, small caps, value

Langdon's Canadian small-cap portfolio gained 7.1% in Q3, led by fashion retailer Groupe Dynamite (3x return) and Guardian Capital's acquisition. While gold narratives drive markets, the fund maintains discipline focusing on cash-generative compounders trading below intrinsic value. Strategy unchanged: partner with proven operators building durable businesses through cycles.

Jul 1 2025

2025 Q2

AND.TO, ATS.TO, ATZ.TO, DFY.TO, EQB.TO

Canada, insurance, Quality, Resilience, small caps, value

DYN.TO
ATZ.TO
DFY.TO
ATS.TO
EQB.TO

Strong Q2 rebound with 13.9% returns as Canadian small-caps recovered from tariff concerns. Top performers Groupe Dynamite and Aritzia demonstrated operational resilience with margin expansion. Definity's strategic acquisition and ATS's dispute resolution create earnings tailwinds. Portfolio emphasizes quality businesses with proven management teams trading at attractive valuations in the Canadian market.

May 12 2025

2025 Q1

AND.TO, ATS.TO, ATZ.TO, BYD.TO, DND.TO, EQB.TO, GCG.TO, GRGD.TO, RCH.TO, SVI.TO, SYZ.TO, TVK.TO

Acquisition, Canada, healthcare, Logistics, small caps, Trade Policy, value

AND.TO

Langdon's Canadian small-cap portfolio struggled in Q1 2025 with -7.2% returns amid tariff concerns, but UPS's 30% premium acquisition of Andlauer validated the team's conviction-building approach. Management sees significant opportunity as US-exposed businesses weaken, believing their portfolio companies can navigate various economic scenarios and continue creating long-term value.

Jan 30 2025

2024 Q4

ATS.TO, ATZ.TO, AW.TO, BYD.TO, DFY.TO, SKWD, SVI.TO, TOI.TO, TVK.TO, WED.TO

Canada, Culture, private equity, QSR, small caps, value

AW.TO
WED.TO

Langdon delivered 13.1% annual returns focusing on culture-driven Canadian small caps. New addition A&W exemplifies their thesis with 35-year founder ownership and strong QSR growth prospects. CC Capital's $250M Westaim investment validates long-term conviction, positioning the company for earnings-based valuation. StorageVault faced consumer headwinds but management maintains confidence in the team's execution ability.

Oct 23 2024

2024 Q3

ATS.TO, ATZ.TO, BYD.TO, CIGI.TO, TVK.TO

Canada, growth, Maintenance Research, small caps, value

ATZ.TO
ATS.TO

Langdon delivered 5.4% in Q3 through concentrated Canadian small-cap investing, highlighted by 30%+ gains in TerraVest, Colliers, and Aritzia. The strategy targets non-obvious compounders through deep maintenance research and variant perception, exemplified by Aritzia's successful navigation of capital investment cycles and US expansion representing 55% of revenues.

Jul 31 2024

2024 Q2

ATS.TO, ATZ.TO, BYD.TO, ENGH.TO, GCG.TO, TVK.TO, WED.TO

Canada, cash flow, Consolidation, small caps, value

TVK.TO
BYD.TO

Langdon's Canadian small cap portfolio stayed flat in Q2 despite commodity strength, maintaining focus on cash-generative companies. TerraVest led gains as consolidation strategy pays off, while Boyd Group declined amid transition to organic growth. Portfolio's tugboat holdings trade near intrinsic value despite strong fundamentals, providing patient long-term investors with compelling risk-adjusted opportunities.

Apr 17 2024

2024 Q1

ATS.TO, ATZ.TO, CSU.TO, GM, LMN.TO, PSK.TO, TOI.TO, TVK.TO

Canada, energy, Industrial, small caps, technology, value

ATS.TO
TOI.TO

Langdon's Canadian small-cap portfolio gained 4.3% in Q1, led by Topicus's European software expansion and strong commodity performance. The team recently added an industrial serial acquirer while reducing ATS Automation exposure due to EV headwinds. Operating in an under-researched market with 19% of holdings having no sell-side coverage, they focus on well-capitalized businesses with insider alignment and hard asset protection.

Jan 29 2024

2023 Q4

ATZ.TO, CIGI.TO, ENGH.TO, EQB.TO, LMN.TO, RCH.TO

Canada, cash flow, Quality, small caps, value

ATZ CN
ATS CN
TOI CN
TVK CN
BYD CN
AND CN
DFY CN
EQB CN

Langdon's Canadian small cap fund gained 15.8% in 2023, focusing on proven 41-year-old average businesses generating consistent cash flows. Strong Q4 performance across holdings, with Aritzia's temporary setbacks creating long-term opportunity. Blue-chip approach to small caps emphasizes quality over speculation, seeking mispriced Canadian businesses positioned to compound through cycles.

QUARTER	THEMES	TAGS
2026 Q2	Small Caps The manager views Canadian small caps as one of the most attractive opportunities in years for patient investors. As capital has concentrated around dominant narratives, exceptional Canadian businesses have been overlooked, creating opportunities to invest in resilient, faster-growing companies trading at attractive valuations.	Canadian Valuation Concentration Patience
	AI AI infrastructure and hardware companies drove returns across global markets in Q2, with Korea's equity market rising over 75% driven by memory chipmakers viewed as critical AI suppliers. The manager observes this as a narrative attracting short-term capital rather than a forecast.	Infrastructure Hardware Memory Korea
	Restaurants A&W Food Services has built one of Canada's strongest consumer franchises through disciplined capital allocation and exceptional culture. The company is Canada's second-largest burger chain with the strongest 10-year system sales growth among North American burger peers, yet its share price has been flat despite continued execution.	Quick Service Franchising Culture Canada
2026 Q1	Oil The fund holds multiple oil and gas related positions including PrairieSky Royalty (largest holding), Logan Energy Corp, and TerraVest Industries. The manager discusses how Canadian markets have been driven by gold-related equities but maintains exposure to energy through royalty structures and production companies.	Royalties Production Western Canada Energy Cash Flow
	Quality The manager emphasizes seeking businesses with resilient and compounding free cash flow, strong balance sheets, talented management teams, and attractive valuations. This combination of characteristics is described as scarce and difficult to replicate, forming the core investment philosophy.	Free Cash Flow Balance Sheets Management Compounding Scarcity
2025 Q4	Growth The 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
	Value The fund uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult for companies to manipulate than earnings and frequently provide a clearer picture of potential value. The strategy combines growth and value characteristics in stock selection.	Price To Sales Value Criterion Sales
	Financials The fund is currently substantially invested in the Financials sector, with performance tied closely to developments in this industry. Companies in the Financials sector may be adversely affected by changes in regulatory environment, interest rate fluctuations, and other factors.	Financial Services Banking Interest Rates
2025 Q3	Gold The market continues to be powered by materials, mainly gold. Over the past two years, gold-related equities have surged on the story of irresponsible central bank policy. The strongest narratives often feel the most convincing until they don't.	Gold Materials Central Bank
	Small Caps The fund focuses on Canadian smaller companies that compound free cash flow per share through cycles. In Canada's under-researched small-cap market, value realization often arrives suddenly, as demonstrated by Guardian Capital's acquisition.	Small Caps Value Canada
2025 Q2	Resilience Portfolio companies demonstrated resilience by overcoming tariff-related challenges and external shocks. Groupe Dynamite and Aritzia proved tariffs were manageable obstacles, delivering strong growth with margin expansion despite operational headwinds.	Tariffs Recovery Margin Expansion External Shocks
	Small Caps Focus on Canadian smaller companies with world-class business quality. The strategy emphasizes finding attractively valued businesses in the domestic market, with examples like Definity showcasing small-cap businesses with large-cap talent.	Canadian Valuation Quality Domestic
2025 Q1	Logistics Andlauer Healthcare Group represents a critical logistics provider transporting 85% of pharmaceutical products used in Canada and serving 35% of the Canadian healthcare industry. The company demonstrates best-in-class operating ratios, sticky customer base, and defensible market position with value-add logistics driving outsized margins. UPS acquired Andlauer at a 30% premium, validating the investment thesis.	Healthcare Transportation Acquisition Margins Defensible
	Small Caps The portfolio focuses on Canadian smaller companies with asymmetrical upside relative to downside risk. Management emphasizes building conviction in businesses with low fundamental downside and long runways for growth. The strategy involves identifying companies trading below intrinsic value with strong management teams and defensible market positions.	Canada Asymmetrical Conviction Growth Value
	Trade Policy Tariff headlines and their potential implications have been the dominant market narrative in 2025. The portfolio includes many US-exposed businesses that have weakened in recent weeks due to tariff concerns. Management believes their companies are well positioned to navigate various economic backdrops whether tariffs are implemented or not.	Tariffs US Economic Positioning Navigation
2024 Q4	Culture Management emphasizes culture as a key investment criterion, noting that culture attracts like-minded talent, motivates organizations, and fosters employee tenure. A&W exemplifies this with founders owning 35% after 35 years and senior management averaging over 20 years tenure. Culture shapes decision-making and drives long-term success measurement timeframes.	Management Leadership Tenure Alignment Values
	Restaurants A&W represents a new addition to the portfolio as Canada's second-largest burger chain that has merged with its royalty company to create a pure-play multi-brand QSR. The company demonstrates profitable growth through new restaurant investments at attractive returns and substantial cash flow generation. The Pret-A-Manger rollout and valuation disconnect versus North American QSR peers position A&W for significant value creation.	QSR Franchising Royalties Growth Valuation
2024 Q3	Automation ATS Corporation provides automation solutions to manufacturers globally, designing and assembling automated assembly technology for Life Science, Food and Beverage, Transportation, Packaging, and Energy sectors. The company has made strategic acquisitions in the past five years and maintains a decentralized culture focused on continuous improvement.	Industrial Automation Manufacturing Life Sciences Assembly Lines Engineering
	Apparel Aritzia is positioned as an everyday luxury fashion house focused on female consumers, with revenues growing from $875MM pre-COVID to $2.2B by fiscal 2023. The company has successfully expanded in the US market, which now represents over 55% of revenues, while laying foundations for international expansion.	Fashion Retail Luxury E-commerce US Expansion
2024 Q2	Small Caps The fund focuses exclusively on Canadian small cap companies, emphasizing those with strong cash flow generation compared to the broader S&P/TSX Completion index where 4 out of 10 positive performers had negative free cash flow. The portfolio demonstrates strong downside protection through concentrated holdings in cash-generative businesses.	Cash Flow Consolidation Value Canada
2024 Q1	Automation ATS Automation provides automated supply chain technology and factory automation solutions across life sciences, food & beverage, energy, industrial, and consumer sectors. The company faced headwinds from GM's delayed EV battery program but is rebasing toward higher quality end-markets like life sciences and food & beverage.	Factory Automation Supply Chain Life Sciences Food & Beverage
	Vertical Software Topicus focuses on acquiring vertical market software across Europe, benefiting from niche software solutions tailored to specific countries' language and regulatory requirements. This provides a larger hunting ground and runway than North America alone, with strong organic growth and capital deployment.	Software Acquisition Europe Vertical Markets Regulatory
	Natural Gas Storm Development operates on the border of Northern Alberta/British Columbia and is positioned to benefit from higher gas demand as LNG Canada comes online. The investment reflects exposure to Western Canadian Energy sector with outstanding management teams.	LNG Western Canada Gas Demand Energy Infrastructure
2023 Q4	Small Caps The fund focuses on Canadian smaller companies with an average business age of 41 years, emphasizing proven, profitable companies rather than speculative investments. They take a blue-chip approach to small cap investing, comparing portfolio characteristics to large-cap businesses.	Small Cap Canada Proven Profitable Blue-chip
	Quality The portfolio consists of established businesses with an average founding year of 1983, focusing on companies that generate cash flow through different macroeconomic environments. Cash flow is their North Star, seeking businesses positioned to compound and emerge stronger from economic cycles.	Cash Flow Established Profitable Compound Proven

QUARTER

THEMES

Small Caps

The manager views Canadian small caps as one of the most attractive opportunities in years for patient investors. As capital has concentrated around dominant narratives, exceptional Canadian businesses have been overlooked, creating opportunities to invest in resilient, faster-growing companies trading at attractive valuations.

Canadian Valuation Concentration Patience

AI

AI infrastructure and hardware companies drove returns across global markets in Q2, with Korea's equity market rising over 75% driven by memory chipmakers viewed as critical AI suppliers. The manager observes this as a narrative attracting short-term capital rather than a forecast.

Infrastructure Hardware Memory Korea

Restaurants

A&W Food Services has built one of Canada's strongest consumer franchises through disciplined capital allocation and exceptional culture. The company is Canada's second-largest burger chain with the strongest 10-year system sales growth among North American burger peers, yet its share price has been flat despite continued execution.

Quick Service Franchising Culture Canada

2026 Q1

Oil

The fund holds multiple oil and gas related positions including PrairieSky Royalty (largest holding), Logan Energy Corp, and TerraVest Industries. The manager discusses how Canadian markets have been driven by gold-related equities but maintains exposure to energy through royalty structures and production companies.

Royalties Production Western Canada Energy Cash Flow

Quality

The manager emphasizes seeking businesses with resilient and compounding free cash flow, strong balance sheets, talented management teams, and attractive valuations. This combination of characteristics is described as scarce and difficult to replicate, forming the core investment philosophy.

Free Cash Flow Balance Sheets Management Compounding Scarcity

2025 Q4

Growth

The 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

Value

The fund uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult for companies to manipulate than earnings and frequently provide a clearer picture of potential value. The strategy combines growth and value characteristics in stock selection.

Price To Sales Value Criterion Sales

Financials

The fund is currently substantially invested in the Financials sector, with performance tied closely to developments in this industry. Companies in the Financials sector may be adversely affected by changes in regulatory environment, interest rate fluctuations, and other factors.

Financial Services Banking Interest Rates

2025 Q3

Gold

The market continues to be powered by materials, mainly gold. Over the past two years, gold-related equities have surged on the story of irresponsible central bank policy. The strongest narratives often feel the most convincing until they don't.

Gold Materials Central Bank

Small Caps

The fund focuses on Canadian smaller companies that compound free cash flow per share through cycles. In Canada's under-researched small-cap market, value realization often arrives suddenly, as demonstrated by Guardian Capital's acquisition.

Small Caps Value Canada

2025 Q2

Resilience

Portfolio companies demonstrated resilience by overcoming tariff-related challenges and external shocks. Groupe Dynamite and Aritzia proved tariffs were manageable obstacles, delivering strong growth with margin expansion despite operational headwinds.

Tariffs Recovery Margin Expansion External Shocks

Small Caps

Focus on Canadian smaller companies with world-class business quality. The strategy emphasizes finding attractively valued businesses in the domestic market, with examples like Definity showcasing small-cap businesses with large-cap talent.

Canadian Valuation Quality Domestic

2025 Q1

Logistics

Andlauer Healthcare Group represents a critical logistics provider transporting 85% of pharmaceutical products used in Canada and serving 35% of the Canadian healthcare industry. The company demonstrates best-in-class operating ratios, sticky customer base, and defensible market position with value-add logistics driving outsized margins. UPS acquired Andlauer at a 30% premium, validating the investment thesis.

Healthcare Transportation Acquisition Margins Defensible

Small Caps

The portfolio focuses on Canadian smaller companies with asymmetrical upside relative to downside risk. Management emphasizes building conviction in businesses with low fundamental downside and long runways for growth. The strategy involves identifying companies trading below intrinsic value with strong management teams and defensible market positions.

Canada Asymmetrical Conviction Growth Value

Trade Policy

Tariff headlines and their potential implications have been the dominant market narrative in 2025. The portfolio includes many US-exposed businesses that have weakened in recent weeks due to tariff concerns. Management believes their companies are well positioned to navigate various economic backdrops whether tariffs are implemented or not.

Tariffs US Economic Positioning Navigation

2024 Q4

Culture

Management emphasizes culture as a key investment criterion, noting that culture attracts like-minded talent, motivates organizations, and fosters employee tenure. A&W exemplifies this with founders owning 35% after 35 years and senior management averaging over 20 years tenure. Culture shapes decision-making and drives long-term success measurement timeframes.

Management Leadership Tenure Alignment Values

Restaurants

A&W represents a new addition to the portfolio as Canada's second-largest burger chain that has merged with its royalty company to create a pure-play multi-brand QSR. The company demonstrates profitable growth through new restaurant investments at attractive returns and substantial cash flow generation. The Pret-A-Manger rollout and valuation disconnect versus North American QSR peers position A&W for significant value creation.

QSR Franchising Royalties Growth Valuation

2024 Q3

Automation

ATS Corporation provides automation solutions to manufacturers globally, designing and assembling automated assembly technology for Life Science, Food and Beverage, Transportation, Packaging, and Energy sectors. The company has made strategic acquisitions in the past five years and maintains a decentralized culture focused on continuous improvement.

Industrial Automation Manufacturing Life Sciences Assembly Lines Engineering

Apparel

Aritzia is positioned as an everyday luxury fashion house focused on female consumers, with revenues growing from $875MM pre-COVID to $2.2B by fiscal 2023. The company has successfully expanded in the US market, which now represents over 55% of revenues, while laying foundations for international expansion.

Fashion Retail Luxury E-commerce US Expansion

2024 Q2

Small Caps

The fund focuses exclusively on Canadian small cap companies, emphasizing those with strong cash flow generation compared to the broader S&P/TSX Completion index where 4 out of 10 positive performers had negative free cash flow. The portfolio demonstrates strong downside protection through concentrated holdings in cash-generative businesses.

Cash Flow Consolidation Value Canada

2024 Q1

Automation

ATS Automation provides automated supply chain technology and factory automation solutions across life sciences, food & beverage, energy, industrial, and consumer sectors. The company faced headwinds from GM's delayed EV battery program but is rebasing toward higher quality end-markets like life sciences and food & beverage.

Factory Automation Supply Chain Life Sciences Food & Beverage

Vertical Software

Topicus focuses on acquiring vertical market software across Europe, benefiting from niche software solutions tailored to specific countries' language and regulatory requirements. This provides a larger hunting ground and runway than North America alone, with strong organic growth and capital deployment.

Software Acquisition Europe Vertical Markets Regulatory

Natural Gas

Storm Development operates on the border of Northern Alberta/British Columbia and is positioned to benefit from higher gas demand as LNG Canada comes online. The investment reflects exposure to Western Canadian Energy sector with outstanding management teams.

LNG Western Canada Gas Demand Energy Infrastructure

2023 Q4

Small Caps

The fund focuses on Canadian smaller companies with an average business age of 41 years, emphasizing proven, profitable companies rather than speculative investments. They take a blue-chip approach to small cap investing, comparing portfolio characteristics to large-cap businesses.

Small Cap Canada Proven Profitable Blue-chip

Quality

The portfolio consists of established businesses with an average founding year of 1983, focusing on companies that generate cash flow through different macroeconomic environments. Cash flow is their North Star, seeking businesses positioned to compound and emerge stronger from economic cycles.

Cash Flow Established Profitable Compound Proven

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 23, 2026	Fund Letters	Langdon Canadian Smaller Companies	-	A&W Food Services of Canada Inc.	Other	Restaurants	Bull	Toronto Stock Exchange	Brand Reinvestment, Canada, Consumer Brand, Corporate culture, Digital Capabilities, Franchisor, Long-term compounder, market inefficiency, Quick Service Restaurant, System Sales Growth	Login
Apr 15, 2026	Fund Letters	Langdon Canadian Smaller Companies	PSK.TO	PrairieSky Royalty Ltd.	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	asset-light, Canada, capital efficiency, energy, Free Cash Flow, mineral rights, oil and gas, Royalty, Value	Login
Jul 1, 2025	Fund Letters	Greg Dean	DFY CN	Definity Financial Corporation	Financials	Property & Casualty Insurance	Bull	TSX	capital allocation, consolidation, Insurance, synergies, underwriting	Login
Jul 1, 2025	Fund Letters	Greg Dean	EQB CN	EQB Inc.	Financials	Thrifts & Mortgage Finance	Bull	TSX	Challenger, credit quality, digital banking, Payments, ROE	Login
Jun 30, 2025	Fund Letters	Langdon Canadian Smaller Companies	DYN.TO	Groupe Dynamite Inc.	Consumer Discretionary	Specialty Retail	Bull	Toronto Stock Exchange	Canada, Cyclical Recovery, Fashion retail, margin expansion, Specialty retail, Tariff resilience, Women's Apparel	Login
Jun 30, 2025	Fund Letters	Langdon Canadian Smaller Companies	ATZ.TO	Aritzia Inc.	Consumer Discretionary	Specialty Retail	Bull	Toronto Stock Exchange	Canada, Cyclical Recovery, Fashion retail, margin expansion, Specialty retail, Tariff resilience, Women's Apparel	Login
Jun 30, 2025	Fund Letters	Langdon Canadian Smaller Companies	DFY.TO	Definity Financial Corporation	Financials	Property & Casualty Insurance	Bull	Toronto Stock Exchange	acquisition, Canada, Earnings Tailwind, Excess Capital Deployment, Management Quality, Property & Casualty Insurance, Scale Benefits	Login
Jun 30, 2025	Fund Letters	Langdon Canadian Smaller Companies	ATS.TO	ATS Corporation	Industrials	Industrial Machinery	Bull	Toronto Stock Exchange	balance sheet improvement, capital allocation, EV Battery Assembly, Industrial automation, life sciences, Reinvestment Capacity, settlement	Login
Jun 30, 2025	Fund Letters	Langdon Canadian Smaller Companies	EQB.TO	Equitable Group Inc.	Financials	Thrifts & Mortgage Finance	Bull	Toronto Stock Exchange	banking, Canada, Challenger Bank, digital banking, financial technology, leadership transition, Portfolio Contributor	Login
May 12, 2025	Fund Letters	Greg Dean	AND CN	Andlauer Healthcare Group Inc.	Industrials	Health Care Technology	Bull	TSX	acquisition, Culture, growth, healthcare, Logistics, management, Margins, Moat, Outsourcing, Returns, Transportation, valuation	Login
Apr 30, 2025	Fund Letters	Langdon Canadian Smaller Companies	AND.TO	Andlauer Healthcare Group	Industrials	Ground Transportation	Bull	TSX	acquisition target, Canada, defensive business model, Healthcare Logistics, Management Quality, Pharmaceutical Transportation, Sticky Customers, Transportation, Value-Add Logistics	Login
Jul 31, 2024	Fund Letters	Greg Dean	TVK CN	TerraVest Industries Inc.	Energy	Oil & Gas Equipment & Services	Bull	TSX	Acquisitions, Alignment, consolidation, Fragmentation, Free cashflow, Industrials	Login
Jul 31, 2024	Fund Letters	Greg Dean	BYD CN	Boyd Group Services Inc.	Consumer Discretionary	Auto & Truck Dealerships	Bull	TSX	Alignment, Collision, compounding, consolidation, Free cashflow, services	Login
Jun 30, 2024	Fund Letters	Langdon Canadian Smaller Companies	TVK.TO	TerraVest Industries Inc.	Industrials	Industrial Machinery	Bull	TSX	Acquisitions, Chemicals, consolidator, Fragmented Markets, Fuel, Industrial, Inorganic Growth, manufacturing, Storage, Transportation	Login
Jun 30, 2024	Fund Letters	Langdon Canadian Smaller Companies	BYD.TO	Boyd Group Services Inc.	Consumer Discretionary	Specialized Consumer Services	Bull	TSX	Acquisitions, Auto Glass, Automotive Services, capital allocation, Collision Repair, Greenfield, Insurance Partners, Multi-shop Operators, North America, organic growth	Login
Apr 17, 2024	Fund Letters	Greg Dean	ATS CN	ATS Corporation	Industrials	Industrial Machinery	Bull	TSX	Automation, backlog, Cyclicality, diversification, EVs, Industrials	Login
Apr 17, 2024	Fund Letters	Greg Dean	TOI CN	Topicus.com Inc.	Health Care	Application Software	Bull	TSX	Acquisitions, compounding, Fragmentation, Free Cash Flow, Recurring, Software	Login
Mar 31, 2024	Fund Letters	Langdon Canadian Smaller Companies	ATS.TO	ATS Automation Tooling Systems Inc.	Industrials	Industrial Machinery	Neutral	Toronto Stock Exchange	Customer concentration, EV Battery, Factory Automation, Food & Beverage, Industrial technology, life sciences, supply chain	Login
Mar 31, 2024	Fund Letters	Langdon Canadian Smaller Companies	TOI.TO	Topicus.com Inc.	Information Technology	Application Software	Bull	Toronto Stock Exchange	Business Development, capital deployment, Constellation Software, European markets, serial acquirer, spinoff, vertical market software	Login
Jan 29, 2024	Fund Letters	Greg Dean	ATZ CN	Aritzia Inc.	Consumer Discretionary	Specialty Stores	Bull	TSX	Apparel, ecommerce, growth, retail, turnaround	Login
-	Fund Letters	Langdon Canadian Smaller Companies	ATZ.TO	Aritzia Inc.	Consumer Discretionary	Specialty Retail	Bull	Toronto Stock Exchange	Canada, e-commerce, Everyday Luxury, growth, international expansion, Multi-brand Portfolio, Real Estate Strategy, Specialty retail, US Expansion, Women's Fashion	Login
-	Fund Letters	Langdon Canadian Smaller Companies	ATS.TO	ATS Corporation	Industrials	Industrial Machinery	Bull	Toronto Stock Exchange	Acquisitions, Continuous Improvement, Decentralized Culture, engineering, Europe, Global Platform, Industrial automation, life sciences, Manufacturing Solutions, Medical devices	Login
-	Fund Letters	Langdon Canadian Smaller Companies	AW.TO	A&W Revenue Royalties Income Fund	Consumer Discretionary	Restaurants	Bull	Toronto Stock Exchange	Canada, Culture, franchise, growth, management, Multi-brand, Pret-A-Manger, QSR, Restaurants, Royalty	Login
-	Fund Letters	Langdon Canadian Smaller Companies	WED.TO	Westaim Corporation	Financials	Asset Management & Custody Banks	Bull	Toronto Stock Exchange	alternative assets, Arena Investors, asset management, CC Capital, holding company, Insurance, NAV discount, Private Credit, specialty insurance, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 23, 2026

Fund Letters

Langdon Canadian Smaller Companies

A&W Food Services of Canada Inc.

Other

Restaurants

Bull

Toronto Stock Exchange

Brand Reinvestment, Canada, Consumer Brand, Corporate culture, Digital Capabilities, Franchisor, Long-term compounder, market inefficiency, Quick Service Restaurant, System Sales Growth

Apr 15, 2026

Fund Letters

Langdon Canadian Smaller Companies

PSK.TO

PrairieSky Royalty Ltd.

Oil & Gas E&P

Oil & Gas Exploration & Production

Bull

New York Stock Exchange

asset-light, Canada, capital efficiency, energy, Free Cash Flow, mineral rights, oil and gas, Royalty, Value

Jul 1, 2025

Fund Letters

Greg Dean

DFY CN

Definity Financial Corporation

Financials

Property & Casualty Insurance

Bull

TSX

capital allocation, consolidation, Insurance, synergies, underwriting

Jul 1, 2025

Fund Letters

Greg Dean

EQB CN

EQB Inc.

Financials

Thrifts & Mortgage Finance

Bull

TSX

Challenger, credit quality, digital banking, Payments, ROE

Jun 30, 2025

Fund Letters

Langdon Canadian Smaller Companies

DYN.TO

Groupe Dynamite Inc.

Consumer Discretionary

Specialty Retail

Bull

Toronto Stock Exchange

Canada, Cyclical Recovery, Fashion retail, margin expansion, Specialty retail, Tariff resilience, Women's Apparel

Jun 30, 2025

Fund Letters

Langdon Canadian Smaller Companies

ATZ.TO

Aritzia Inc.

Consumer Discretionary

Specialty Retail

Bull

Toronto Stock Exchange

Canada, Cyclical Recovery, Fashion retail, margin expansion, Specialty retail, Tariff resilience, Women's Apparel

Jun 30, 2025

Fund Letters

Langdon Canadian Smaller Companies

DFY.TO

Definity Financial Corporation

Financials

Property & Casualty Insurance

Bull

Toronto Stock Exchange

acquisition, Canada, Earnings Tailwind, Excess Capital Deployment, Management Quality, Property & Casualty Insurance, Scale Benefits

Jun 30, 2025

Fund Letters

Langdon Canadian Smaller Companies

ATS.TO

ATS Corporation

Industrials

Industrial Machinery

Bull

Toronto Stock Exchange

balance sheet improvement, capital allocation, EV Battery Assembly, Industrial automation, life sciences, Reinvestment Capacity, settlement

Jun 30, 2025

Fund Letters

Langdon Canadian Smaller Companies

EQB.TO

Equitable Group Inc.

Financials

Thrifts & Mortgage Finance

Bull

Toronto Stock Exchange

banking, Canada, Challenger Bank, digital banking, financial technology, leadership transition, Portfolio Contributor

May 12, 2025

Fund Letters

Greg Dean

AND CN

Andlauer Healthcare Group Inc.

Industrials

Health Care Technology

Bull

TSX

acquisition, Culture, growth, healthcare, Logistics, management, Margins, Moat, Outsourcing, Returns, Transportation, valuation

Apr 30, 2025

Fund Letters

Langdon Canadian Smaller Companies

AND.TO

Andlauer Healthcare Group

Industrials

Ground Transportation

Bull

TSX

acquisition target, Canada, defensive business model, Healthcare Logistics, Management Quality, Pharmaceutical Transportation, Sticky Customers, Transportation, Value-Add Logistics

Jul 31, 2024

Fund Letters

Greg Dean

TVK CN

TerraVest Industries Inc.

Energy

Oil & Gas Equipment & Services

Bull

TSX

Acquisitions, Alignment, consolidation, Fragmentation, Free cashflow, Industrials

Jul 31, 2024

Fund Letters

Greg Dean

BYD CN

Boyd Group Services Inc.

Consumer Discretionary

Auto & Truck Dealerships

Bull

TSX

Alignment, Collision, compounding, consolidation, Free cashflow, services

Jun 30, 2024

Fund Letters

Langdon Canadian Smaller Companies

TVK.TO

TerraVest Industries Inc.

Industrials

Industrial Machinery

Bull

TSX

Acquisitions, Chemicals, consolidator, Fragmented Markets, Fuel, Industrial, Inorganic Growth, manufacturing, Storage, Transportation

Jun 30, 2024

Fund Letters

Langdon Canadian Smaller Companies

BYD.TO

Boyd Group Services Inc.

Consumer Discretionary

Specialized Consumer Services

Bull

TSX

Acquisitions, Auto Glass, Automotive Services, capital allocation, Collision Repair, Greenfield, Insurance Partners, Multi-shop Operators, North America, organic growth

Apr 17, 2024

Fund Letters

Greg Dean

ATS CN

ATS Corporation

Industrials

Industrial Machinery

Bull

TSX

Automation, backlog, Cyclicality, diversification, EVs, Industrials

Apr 17, 2024

Fund Letters

Greg Dean

TOI CN

Topicus.com Inc.

Health Care

Application Software

Bull

TSX

Acquisitions, compounding, Fragmentation, Free Cash Flow, Recurring, Software

Mar 31, 2024

Fund Letters

Langdon Canadian Smaller Companies

ATS.TO

ATS Automation Tooling Systems Inc.

Industrials

Industrial Machinery

Neutral

Toronto Stock Exchange

Customer concentration, EV Battery, Factory Automation, Food & Beverage, Industrial technology, life sciences, supply chain

Mar 31, 2024

Fund Letters

Langdon Canadian Smaller Companies

TOI.TO

Topicus.com Inc.

Information Technology

Application Software

Bull

Toronto Stock Exchange

Business Development, capital deployment, Constellation Software, European markets, serial acquirer, spinoff, vertical market software

Jan 29, 2024

Fund Letters

Greg Dean

ATZ CN

Aritzia Inc.

Consumer Discretionary

Specialty Stores

Bull

TSX

Apparel, ecommerce, growth, retail, turnaround

Fund Letters

Langdon Canadian Smaller Companies

ATZ.TO

Aritzia Inc.

Consumer Discretionary

Specialty Retail

Bull

Toronto Stock Exchange

Canada, e-commerce, Everyday Luxury, growth, international expansion, Multi-brand Portfolio, Real Estate Strategy, Specialty retail, US Expansion, Women's Fashion

Fund Letters

Langdon Canadian Smaller Companies

ATS.TO

ATS Corporation

Industrials

Industrial Machinery

Bull

Toronto Stock Exchange

Acquisitions, Continuous Improvement, Decentralized Culture, engineering, Europe, Global Platform, Industrial automation, life sciences, Manufacturing Solutions, Medical devices

Fund Letters

Langdon Canadian Smaller Companies

AW.TO

A&W Revenue Royalties Income Fund

Consumer Discretionary

Restaurants

Bull

Toronto Stock Exchange

Canada, Culture, franchise, growth, management, Multi-brand, Pret-A-Manger, QSR, Restaurants, Royalty

Fund Letters

Langdon Canadian Smaller Companies

WED.TO

Westaim Corporation

Financials

Asset Management & Custody Banks

Bull

Toronto Stock Exchange

alternative assets, Arena Investors, asset management, CC Capital, holding company, Insurance, NAV discount, Private Credit, specialty insurance, Value

TICKER	COMMENTARY
EIF.TO	Exchange Income Corporation was a positive contributor during the quarter.
GD.TO	Groupe Dynamite was the largest detractor. Our investment thesis in Groupe Dynamite remains unchanged. The business continues to execute exceptionally well, while management continues to invest thoughtfully in strengthening its brands and supporting future growth. In our view, the market has become increasingly focused on the durability of today's exceptional results rather than the long-term value those investments are creating.
AW.UN.TO	A&W Food Services is one of the businesses that best illustrates this disconnect. For many Canadians, A&W is simply a familiar restaurant brand. We see something different. We see a business that has quietly built one of Canada's strongest consumer franchises through decades of disciplined capital allocation and an exceptional corporate culture. Since 1991, A&W has had only three Chief Executive Officers, while several members of its senior leadership team have spent decades at the company, many beginning their careers in A&W restaurants. That continuity has created an organization that consistently prioritizes long-term brand health over short-term financial results. Today, A&W is Canada's second-largest burger chain and one of the country's strongest consumer brands. Over the past 20 years, the company has delivered system sales growth well ahead of both the Canadian restaurant industry and the broader quick-service restaurant category. More recently, it has produced the strongest 10-year system sales growth among its North American burger peers. Importantly, management has not allowed that success to breed complacency. The company continues to reinvest thoughtfully in its brand, restaurant network, digital capabilities and long-term growth initiatives. While these investments can modestly reduce near-term earnings, they can also increase the business' intrinsic value over time. Despite this continued execution, A&W's share price has been largely unchanged over the past year. In our view, this reflects the current market environment rather than the quality of the underlying business. For patient investors, we believe this disconnect represents opportunity.
RCH.TO	Companies such as Richelieu Hardware have continued to execute operationally, strengthen their competitive positions and increase underlying business value, but those improvements have largely gone unrecognized by the market.
DFY.TO	Companies such as Definity Financial have continued to execute operationally, strengthen their competitive positions and increase underlying business value, but those improvements have largely gone unrecognized by the market.
WED.TO	Companies such as Westaim have continued to execute operationally, strengthen their competitive positions and increase underlying business value, but those improvements have largely gone unrecognized by the market.

TICKER

COMMENTARY

EIF.TO

Exchange Income Corporation was a positive contributor during the quarter.

GD.TO

Groupe Dynamite was the largest detractor. Our investment thesis in Groupe Dynamite remains unchanged. The business continues to execute exceptionally well, while management continues to invest thoughtfully in strengthening its brands and supporting future growth. In our view, the market has become increasingly focused on the durability of today's exceptional results rather than the long-term value those investments are creating.

AW.UN.TO

A&W Food Services is one of the businesses that best illustrates this disconnect. For many Canadians, A&W is simply a familiar restaurant brand. We see something different. We see a business that has quietly built one of Canada's strongest consumer franchises through decades of disciplined capital allocation and an exceptional corporate culture. Since 1991, A&W has had only three Chief Executive Officers, while several members of its senior leadership team have spent decades at the company, many beginning their careers in A&W restaurants. That continuity has created an organization that consistently prioritizes long-term brand health over short-term financial results. Today, A&W is Canada's second-largest burger chain and one of the country's strongest consumer brands. Over the past 20 years, the company has delivered system sales growth well ahead of both the Canadian restaurant industry and the broader quick-service restaurant category. More recently, it has produced the strongest 10-year system sales growth among its North American burger peers. Importantly, management has not allowed that success to breed complacency. The company continues to reinvest thoughtfully in its brand, restaurant network, digital capabilities and long-term growth initiatives. While these investments can modestly reduce near-term earnings, they can also increase the business' intrinsic value over time. Despite this continued execution, A&W's share price has been largely unchanged over the past year. In our view, this reflects the current market environment rather than the quality of the underlying business. For patient investors, we believe this disconnect represents opportunity.

RCH.TO

Companies such as Richelieu Hardware have continued to execute operationally, strengthen their competitive positions and increase underlying business value, but those improvements have largely gone unrecognized by the market.

DFY.TO

Companies such as Definity Financial have continued to execute operationally, strengthen their competitive positions and increase underlying business value, but those improvements have largely gone unrecognized by the market.

WED.TO

Companies such as Westaim have continued to execute operationally, strengthen their competitive positions and increase underlying business value, but those improvements have largely gone unrecognized by the market.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Small Caps

AI

Restaurants

Oil

Quality

Growth

Value

Financials

Gold

Small Caps

Resilience

Small Caps

Logistics

Small Caps

Trade Policy

Culture

Restaurants

Automation

Apparel

Small Caps

Automation

Vertical Software

Natural Gas

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Quality

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Greg Dean Top Holdings

Recent Buys (13F)

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13F Sector Summary

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Langdon Canadian Smaller Companies