| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.7% | - | 24.5% |
| 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|
| 25.9% | 16.8% | -5.8% | 11.5% |
Greenfield Investment Management has delivered strong returns since inception in September 2021, with the Equity Composite generating 18.4% annualized returns after all fees. The firm follows a long-term value investing approach, buying quality companies at attractive valuations across global markets. Top contributors include Heidelberg Materials, which benefited from infrastructure investment themes, McKesson as a play on growing pharmaceutical consumption, and Power Corporation as an undervalued conglomerate. The manager sold Intel after management decisions threatened profitability, demonstrating disciplined risk management. Current top holdings include Ryanair, Jardine Matheson, and Alphabet, representing diverse geographic and sector exposure. While acknowledging that strong recent market performance and high valuations increase the odds of a correction, the manager identifies pockets of opportunity and plans to remain fully invested given the difficulty of timing market swings. The approach emphasizes patient capital deployment, thorough fundamental research, and maintaining conviction in quality businesses trading at reasonable valuations.
Long-term value investing approach focused on buying quality companies at attractive valuations across global markets, with particular emphasis on infrastructure, pharmaceuticals, and diversified conglomerates.
Manager expects potential market pullback due to strong recent performance and high valuations, but believes there are pockets of opportunity and areas still trading at reasonable valuations. Plans to remain close to fully invested given difficulty of timing market swings.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 5 2026 | 2025 Q4 | BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC | Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value | - | Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
InfrastructureDigital 9 Infrastructure holds telecom infrastructure assets including Arqiva stake. Despite poor 2025 performance, potential capital returns and asset sales could unlock value. Infrastructure assets provide defensive characteristics. |
Telecom Infrastructure Digital Infrastructure |
PharmaceuticalsEli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. |
Pharmaceuticals GLP1 Diabetes Obesity Healthcare | |
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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| BLDR | This is the largest supplier of building materials in the United States. They sell lumber and prefabricated products such as trusses and millwork to homebuilders, often helping the builders improve efficiency. The company has been buying up industry competitors. We bought a small amount of stock in 2024 at the price of US$149 per share. I estimated this represented approximately 12 times earnings. However, lumber prices and home building activity are cyclical, and both continued to decline from elevated levels after the COVID-19 crisis. I still like the company and the investment idea. I think the company will benefit from continued industry consolidation. The stock is currently trading at US$105 which is about 17 times earnings. I believe the company's earnings could be temporarily depressed but we have not yet bought more shares. Builders FirstSource is now one of our smallest investments. |
| BNT.DE | This is the largest distributor of chemicals globally. When Greenfield started managing investments in September 2021, we bought shares in their competitor, Univar, which was the second largest chemicals distributor globally at the time. Univar was trading at roughly 10 times earnings. Then, in March 2023, private equity firm Apollo announced they would buy Univar, thereby taking the company private. Although we were up roughly 50% on our Univar investment, I was unhappy with the takeover, as I felt Apollo was getting Univar too cheaply, and I liked the idea of owning a large global chemicals distributor. So, after doing additional research, we sold our Univar shares in July 2023, before the closing of the takeover by Apollo in August, and rolled the sale proceeds into Brenntag shares at around €75 per share, representing roughly 12 times earnings. However, as with Builders FirstSource discussed above, the chemicals industry was coming off a COVID high, and chemicals pricing, volumes, and profit margins all continued to decline. Now Brenntag shares are trading around €49, representing roughly 13 times earnings. I still like the investment idea and the company, including their new CEO. I think their earnings could be temporarily depressed, but we have not yet added to our position. |
| CARR | Carrier Global fell after lowering their 2025 guidance during the Q3 results. Residential sales volumes continue to be weak in the Americas region as higher interest rates and distributor destocking weighed on the segment. In early December the board of directors announced a 6.7% increase which was below our expectations. We added to Carrier Global as part of our rebalancing process. |
| CSU.TO | Broad pressure on the stocks of software companies enabled us to initiate a position in Constellation Software. This is a unique business we had on our radar for a long time but were never able to purchase due to its high valuation. At its core, the company is a permanent capital vehicle designed to acquire 'vertical market software' (VMS) businesses and hold them indefinitely. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| HEI.DE | I followed this global cement company for many years, but only first bought the stock around the time Greenfield started managing money in September 2021. The stock had been falling when we purchased it around €65, representing about 8 times earnings. It continued to fall and in April 2022 I wrote a blog about the industry. The stock continued falling all the way to about €40 in September 2022, equating to just 5 times earnings. Since then, the stock has been on a steady climb to €222 or about 17 times earnings, making it our highest contributing investment. We trimmed the stock a few times, but it remains a large investment. I believe the company will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. |
| INTC | even Intel (a frequent punchline for missing cycles) found itself unexpectedly capacity-constrained in data-centre CPUs. |
| JMHLY | As mentioned above, I wrote a blog in August 2021 about conglomerates. In it, I wrote that Jardine Matheson was one of my favourite conglomerates. It is a large and diversified family-run business focused mainly on Greater China and Southeast Asia. They have businesses in retail, real estate, engineering, mining equipment, autos, agriculture, hotels, finance, etc. I have owned the stock since 2015, and we bought it for US$51 when Greenfield started managing investments in September 2021. At the time it was trading for roughly 11 times earnings. Today it trades for $68 and trades for approximately 12 times earnings. More than a quarter of our gains from Jardine Matheson have come from dividends. I believe our investment in the company gives us well-managed diversification at an attractive valuation. |
| MCK | This is a pharmaceutical distribution company, operating mainly in the United States. I followed their industry for many years. I first bought the stock for US$144 in the spring of 2018 when many investors worried the company would be permanently damaged by liabilities stemming from the opioid crisis in the United States. We later bought the stock for US$205 when Greenfield started managing money in September 2021, representing roughly 10 times earnings. The stock has climbed steadily to US$824 today, which works out to roughly 20 times earnings. We have trimmed the position size but continue to own shares today. I see the investment similar to a royalty on Americans taking more pharmaceuticals over time. |
| OMC | We are holding the combined entity going forward as we believe Omnicom is differentiated by its foundation in creative excellence, breadth of client engagements across sectors and platforms, and its independence and longstanding client relationships. While the market remains concerned about the long-term viability of traditional advertising agencies amid technological disruption and competition from digitally-focused firms and consultancies, we see Omnicom's position as a trusted third-party advisor as increasingly valuable. With the rise of new digital platforms, data analytics, and privacy restrictions, Omnicom's ability to combine creative expertise with advanced analytical capabilities should continue to set it apart from new entrants and reinforce its leadership in a rapidly evolving marketing landscape. |
| POW.TO | This is the holding company controlled by Montréal's Desmarais family. It holds many investments, but its largest asset is Great-West Lifeco, one of the largest insurance companies in Canada. Canadians may be more familiar with Great-West's local brand name, Canada Life. I have owned shares in this company for almost 20 years. In August 2021, I wrote a blog about conglomerates. In it, I mentioned Power Corp. and how its stock price had done very little for years, despite decent operating performance. When Greenfield started managing money in September 2021, we bought the stock for $42. The stock continued to languish for a few years, and we added to positions several times. Since August 2024, the stock moved up significantly to about $72. Despite the rise, it still trades for about 12 times earnings. Roughly 20% of our return from Power Corp. came from their dividends. We continue to own shares. I feel the company should continue to benefit from their customers in Canada, America, and Europe saving for retirement. |
| RYAAY | This is the largest airline in Europe. I followed the company for about 18 years. I owned its shares professionally for much of that time. We bought Ryanair's American Depository Shares when Greenfield started managing investments in September 2021 at around US$45 (adjusted for a subsequent stock split). At the time, the airline was still losing money from the COVID-19 pandemic, but it previously had consistently strong profitability. The price at the time represented only 16 times what the airline had earned back in 2018. I felt their earnings would eventually be materially higher. And, unlike many airlines, Ryanair still had an excellent balance sheet. The American Depository Shares now trade at around US$73 representing roughly 14 times earnings. I feel the airline will continue using its low-cost competitive advantage to grow by stealing market share from weaker airlines. |
| TAP | layoff announcements from major companies including Meta, Target, Amazon, Molson Coors |
| WCC | Electrical products distributor WESCO International outperformed in Q4 after reporting solid Q3 results and raising 2025 guidance. Better-than-expected organic growth was driven by its rapidly expanding data center business, which reached nearly 20% of total revenue. |
| 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 | |||
