Emeth Value Capital

Investor Summary

Andrew J. Carreon is the Founder and Managing Partner of Emeth Value Capital, LLC. Before founding Emeth Value Capital, he spent seven years as an Investment Manager at the University of Notre Dame Investment Office, which manages a global endowment portfolio valued at $15.6 billion across multiple asset classes. At Notre Dame, Andrew focused on global public equities, co-managing a $6+ billion portfolio that included long-only, hedge fund, and direct equity strategies. He holds a Bachelor of Business Administration degree in accounting and a dual major in Economics from the University of Notre Dame and is a CFA charterholder accredited by the CFA Institute.

Fund Strategy

Emeth Value Capital is an investment firm focused on maximizing long-term net returns for a select group of qualified investors. Our investment approach emphasizes business quality and seeks to identify a small number of highly mispriced securities. Independent thought, structural simplicity, and philosophically aligned investors feed the competitive advantage of our strategy. The strategy focuses on minimizing long-term permanent loss of capital, favoring concentrated portfolios without diversification mandates.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
18.15%	0%	-3.79%

2025	2024	2023	2022	2021	2020
-3.8%	28.5%	42.8%	-14.0%	36.3%	8.1%

Executive Summary

Emeth Value Capital delivered -3.79% net returns in 2025 versus +22.41% for MSCI ACWI, underperforming by 26.20%. The manager reflects on lessons learned from worst performing investments, identifying five key patterns: market share fluidity risks, leverage vulnerabilities in growth businesses, scale disadvantages, directional misjudgments, and focusing on potential rather than existing outcomes. Superior Plus exemplifies the preferred investment profile as North America's leading propane distributor serving 750,000 customers with sticky relationships due to company-owned tanks and container laws. The company's Superior Delivers transformation program targets $70 million in EBITDA improvements by 2027 through cost optimization and customer growth. Certarus provides additional exposure to energy infrastructure through compressed natural gas delivery, benefiting from AI data center buildout and renewable natural gas transport. The portfolio emphasizes physical activity businesses protected from AI displacement while participating in infrastructure growth. Despite near-term underperformance, the manager maintains conviction in businesses with durable competitive advantages, predictable cash flows, and clear operational improvement pathways.

Forward Outlook

The manager expresses cautious optimism about the portfolio's positioning in physical activity businesses that remain protected from AI displacement while benefiting from AI infrastructure growth. Superior Plus transformation program provides clear operational improvement pathway, while the broader portfolio benefits from scale advantages and sticky customer relationships.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Feb 4 2026	2025 Q4	SPB.TO	Canada, CNG, Consolidation, Distribution, energy, Propane, Transformation, value	SPB CN	Emeth Value Capital underperformed significantly in 2025 but maintains focus on businesses with durable competitive advantages. Superior Plus represents the investment philosophy through its dominant propane distribution platform with sticky customer relationships and ongoing operational transformation targeting $70 million EBITDA improvement. Portfolio positioned in physical activity businesses protected from AI displacement while benefiting from infrastructure growth.
Jul 14 2025	2025 Q2	ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW	Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology	SWON SE SWON.SW	Emeth Value Capital focuses on businesses with one-sided operating leverage, combining downside protection with upside growth potential. The primary holding, SoftwareOne, experienced significant challenges in 2024 but is positioned for recovery through new leadership, cost reduction, and the strategic Crayon merger, creating substantial value creation opportunities in the expanding enterprise cloud market.
Feb 7 2025	2024 Q4	DRVN, SEAT, UA	Concentrated Portfolio, Entertainment, Event Ticketing, Expectations, marketplaces, Reflexivity, Value Investing	-	Emeth Value Capital's concentrated value approach delivered 28.51% returns in 2024, outperforming by 12.08%. The portfolio offers superior earnings yields compared to concentrated S&P 500 indices. Extensive analysis of Vivid Seats highlights secondary ticketing opportunities at attractive valuations. The manager leverages inverse reflexivity dynamics where low expectations create strategic flexibility for portfolio companies.
Aug 14 2024	2024 Q2	BDEV.L, MO, RDW.L	Capital Cycle, Homebuilders, regulation, supply, Tobacco, United Kingdom, value	-	Capital cycle analysis drives investment in UK homebuilding leader Barratt Developments, where regulatory complexity creates oligopolistic returns despite declining volumes. Barratt-Redrow merger enhances multi-branding capabilities with eighty-five percent upside to intrinsic value. Similar to tobacco case study, supply-side constraints generate exceptional returns for incumbents with structural competitive advantages.
Jan 30 2024	2023 Q4	DRVN	Automotive, Consolidation, Franchising, small cap, value	DRVN	Value investing has been damaged by passive flows, but this creates extraordinary opportunities for remaining practitioners. Emeth targets companies at 5x earnings that return cash through dividends and buybacks, building portfolios so cheap success is nearly inevitable. Driven Brands exemplifies this approach - trading at 9x EBITDA despite 40% discount to peers and superior growth from Take 5 Oil Change expansion delivering 45% returns on new locations.
Jan 8 2023	2023 Q2	BBU, BEP, BIP, BN, DKS	Alternative Asset Managers, Brookfield, infrastructure, insurance, real estate, Renewable Energy, Value Investing	ABBN SW	Concentrated value fund focused on Brookfield Corporation, a leading alternative asset manager trading at a significant discount following its asset management spin-off. The manager sees 79% upside potential driven by Brookfield's diversified real asset platform spanning renewables, infrastructure, and real estate. The thesis centers on long-term value creation in high-quality businesses with strong management ownership.
Dec 2 2023	2022 Q4	DESP	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Feb 4 2026

2025 Q4

SPB.TO

Canada, CNG, Consolidation, Distribution, energy, Propane, Transformation, value

SPB CN

Emeth Value Capital underperformed significantly in 2025 but maintains focus on businesses with durable competitive advantages. Superior Plus represents the investment philosophy through its dominant propane distribution platform with sticky customer relationships and ongoing operational transformation targeting $70 million EBITDA improvement. Portfolio positioned in physical activity businesses protected from AI displacement while benefiting from infrastructure growth.

Jul 14 2025

2025 Q2

ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW

Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology

SWON SE
SWON.SW

Emeth Value Capital focuses on businesses with one-sided operating leverage, combining downside protection with upside growth potential. The primary holding, SoftwareOne, experienced significant challenges in 2024 but is positioned for recovery through new leadership, cost reduction, and the strategic Crayon merger, creating substantial value creation opportunities in the expanding enterprise cloud market.

Feb 7 2025

2024 Q4

DRVN, SEAT, UA

Concentrated Portfolio, Entertainment, Event Ticketing, Expectations, marketplaces, Reflexivity, Value Investing

Emeth Value Capital's concentrated value approach delivered 28.51% returns in 2024, outperforming by 12.08%. The portfolio offers superior earnings yields compared to concentrated S&P 500 indices. Extensive analysis of Vivid Seats highlights secondary ticketing opportunities at attractive valuations. The manager leverages inverse reflexivity dynamics where low expectations create strategic flexibility for portfolio companies.

Aug 14 2024

2024 Q2

BDEV.L, MO, RDW.L

Capital Cycle, Homebuilders, regulation, supply, Tobacco, United Kingdom, value

Capital cycle analysis drives investment in UK homebuilding leader Barratt Developments, where regulatory complexity creates oligopolistic returns despite declining volumes. Barratt-Redrow merger enhances multi-branding capabilities with eighty-five percent upside to intrinsic value. Similar to tobacco case study, supply-side constraints generate exceptional returns for incumbents with structural competitive advantages.

Jan 30 2024

2023 Q4

DRVN

Automotive, Consolidation, Franchising, small cap, value

DRVN

Value investing has been damaged by passive flows, but this creates extraordinary opportunities for remaining practitioners. Emeth targets companies at 5x earnings that return cash through dividends and buybacks, building portfolios so cheap success is nearly inevitable. Driven Brands exemplifies this approach - trading at 9x EBITDA despite 40% discount to peers and superior growth from Take 5 Oil Change expansion delivering 45% returns on new locations.

Jan 8 2023

2023 Q2

BBU, BEP, BIP, BN, DKS

Alternative Asset Managers, Brookfield, infrastructure, insurance, real estate, Renewable Energy, Value Investing

ABBN SW

Concentrated value fund focused on Brookfield Corporation, a leading alternative asset manager trading at a significant discount following its asset management spin-off. The manager sees 79% upside potential driven by Brookfield's diversified real asset platform spanning renewables, infrastructure, and real estate. The thesis centers on long-term value creation in high-quality businesses with strong management ownership.

Dec 2 2023

2022 Q4

DESP

QUARTER	THEMES	TAGS
2025 Q4	Small Caps The fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio.	Microcap Small Cap Concentration
2025 Q2	Leverage Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage.	Operating leverage Pricing power Financial leverage Scalability Margin expansion
	Cloud Extensive discussion of cloud computing transformation in enterprise IT, including migration from on-premise to cloud-based solutions, Microsoft's cloud strategy evolution, and the growing importance of cloud solution providers in the technology ecosystem.	Cloud migration Azure AWS Cloud infrastructure SaaS
	Enterprise Software Deep analysis of enterprise software licensing business models, evolution from perpetual licenses to subscription-based models, and the critical role of software asset management in helping organizations optimize their IT spend across hundreds of vendors.	Software licensing Enterprise agreements Software asset management IT optimization Subscription models
2024 Q4	Event Ticketing Extensive analysis of Vivid Seats as a secondary ticketing marketplace with 20% US market share. The live events industry has grown faster than GDP for 34 of the last 40 years. Secondary ticketing represents $17 billion annually with 20% commission rates versus primary's $45 billion at 5-7% rates.	Secondary Markets Live Events Marketplace Commission Rates Market Share
	Entertainment Live entertainment spending has increased faster than GDP for 34 of 40 years, growing at 1.4x GDP rate. Artists now derive 90% of income from touring versus 50% from album sales in 1997. Over 10,000 artists now tour North America, up 40% from a decade ago.	Live Music Touring Revenue Artist Economics Concert Industry Revenue Streams
	Marketplaces Vivid Seats operates as a leading online marketplace with unique competitive advantages including Skybox ERP platform used by 70% of professional brokers, proprietary data access, and white-label solutions generating $125 million in revenue.	Platform Business Network Effects B2B Software Data Advantage White Label
2024 Q2	Homebuilders UK homebuilding industry benefits from structural supply constraints due to complex planning system. Only large volume builders can navigate regulatory complexity, creating oligopolistic market structure with exceptional returns on capital.	Planning Supply Volume Regulation Oligopoly
	Tobacco Tobacco industry demonstrates how regulatory barriers create pricing power despite declining volumes. Advertising bans prevent new entrants while excise taxes enhance pricing power for incumbents.	Regulation Pricing Barriers Oligopoly Decline
2023 Q4	Value Manager emphasizes buying companies at extremely cheap valuations where fundamental buyers have disappeared due to passive investing. Strategy focuses on companies trading at 5x earnings that return cash through dividends and buybacks, building portfolios so cheap and unloved it will be difficult to lose.	Multiple compression Passive investing Earnings yield Unloved stocks
	Auto Aftermarket Extensive analysis of Driven Brands as the largest automotive services platform in North America with over 5,000 locations. Industry benefits from growing car parc, increasing vehicle complexity, and shift from DIY to DIFM services. Highly fragmented market provides consolidation opportunities.	Automotive services Franchising Market consolidation Vehicle maintenance
	Electric Vehicles Manager argues EV transition concerns are overblown for oil change business. Analysis shows even with 50% BEV penetration in new car sales over a decade, ICE vehicles on road would only decline 8% due to slow fleet turnover. Geographic concentration in Gulf Coast states provides additional protection.	EV transition Fleet turnover Geographic exposure ICE vehicles
2023 Q2	Alternative Asset Managers Brookfield Corporation represents a leading global alternative asset manager with over $400 billion in assets under management. The manager views the alternative investment sector as positioned for robust growth, driven by increasing institutional allocations and the democratization of alternatives reaching retail investors. Brookfield's acquisition of Oaktree and strong franchises in renewables and infrastructure position it well for continued expansion.	Asset Management Private Markets Institutional Retail Growth
	Renewable Developers Brookfield Renewable Partners owns one of the world's largest portfolios of hydroelectric, wind, solar, and renewable storage assets. The manager highlights the partnership's development pipeline of over 200,000 GWh of power projects and expects 5% annual cash flow growth from development activity. The quality of hydro assets provides perpetual cash flows with superior capacity factors compared to wind and solar.	Hydroelectric Wind Solar Development Pipeline
	Infrastructure Spending Brookfield Infrastructure Partners owns critical global infrastructure including utilities, transport, midstream, and data segments. The manager emphasizes the partnership's proven record of consistent dealmaking across market cycles with a 26% blended IRR across concluded investments. Infrastructure assets provide inflation-indexed cash flows and long-term contracted revenues.	Utilities Transport Midstream Data Contracted
	Commercial Real Estate Brookfield owns a $22 billion portfolio of global office and retail properties, with the manager acknowledging current headwinds from rising interest rates. However, they emphasize that over 80% of their office portfolio consists of high-occupancy, trophy properties with long-term leases. The post-pandemic recovery has been weighted toward the best office assets as corporates trade up in quality.	Office Retail Trophy Properties Occupancy Recovery
	Insurance Brookfield has invested heavily in scaling its insurance solutions business since 2020, underwriting predictable long-term insurance liabilities in life and annuity verticals. The manager views this as a better form of banking, borrowing long and investing long, targeting mid-teens returns on equity. Recent acquisitions of American National and American Equity position the business for significant scale.	Life Insurance Annuities Underwriting Spread Scale

QUARTER

THEMES

Small Caps

The fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio.

Microcap Small Cap Concentration

2025 Q2

Leverage

Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage.

Operating leverage Pricing power Financial leverage Scalability Margin expansion

Cloud

Extensive discussion of cloud computing transformation in enterprise IT, including migration from on-premise to cloud-based solutions, Microsoft's cloud strategy evolution, and the growing importance of cloud solution providers in the technology ecosystem.

Cloud migration Azure AWS Cloud infrastructure SaaS

Enterprise Software

Deep analysis of enterprise software licensing business models, evolution from perpetual licenses to subscription-based models, and the critical role of software asset management in helping organizations optimize their IT spend across hundreds of vendors.

Software licensing Enterprise agreements Software asset management IT optimization Subscription models

2024 Q4

Event Ticketing

Extensive analysis of Vivid Seats as a secondary ticketing marketplace with 20% US market share. The live events industry has grown faster than GDP for 34 of the last 40 years. Secondary ticketing represents $17 billion annually with 20% commission rates versus primary's $45 billion at 5-7% rates.

Secondary Markets Live Events Marketplace Commission Rates Market Share

Entertainment

Live entertainment spending has increased faster than GDP for 34 of 40 years, growing at 1.4x GDP rate. Artists now derive 90% of income from touring versus 50% from album sales in 1997. Over 10,000 artists now tour North America, up 40% from a decade ago.

Live Music Touring Revenue Artist Economics Concert Industry Revenue Streams

Marketplaces

Vivid Seats operates as a leading online marketplace with unique competitive advantages including Skybox ERP platform used by 70% of professional brokers, proprietary data access, and white-label solutions generating $125 million in revenue.

Platform Business Network Effects B2B Software Data Advantage White Label

2024 Q2

Homebuilders

UK homebuilding industry benefits from structural supply constraints due to complex planning system. Only large volume builders can navigate regulatory complexity, creating oligopolistic market structure with exceptional returns on capital.

Planning Supply Volume Regulation Oligopoly

Tobacco

Tobacco industry demonstrates how regulatory barriers create pricing power despite declining volumes. Advertising bans prevent new entrants while excise taxes enhance pricing power for incumbents.

Regulation Pricing Barriers Oligopoly Decline

2023 Q4

Value

Manager emphasizes buying companies at extremely cheap valuations where fundamental buyers have disappeared due to passive investing. Strategy focuses on companies trading at 5x earnings that return cash through dividends and buybacks, building portfolios so cheap and unloved it will be difficult to lose.

Multiple compression Passive investing Earnings yield Unloved stocks

Auto Aftermarket

Extensive analysis of Driven Brands as the largest automotive services platform in North America with over 5,000 locations. Industry benefits from growing car parc, increasing vehicle complexity, and shift from DIY to DIFM services. Highly fragmented market provides consolidation opportunities.

Automotive services Franchising Market consolidation Vehicle maintenance

Electric Vehicles

Manager argues EV transition concerns are overblown for oil change business. Analysis shows even with 50% BEV penetration in new car sales over a decade, ICE vehicles on road would only decline 8% due to slow fleet turnover. Geographic concentration in Gulf Coast states provides additional protection.

EV transition Fleet turnover Geographic exposure ICE vehicles

2023 Q2

Alternative Asset Managers

Brookfield Corporation represents a leading global alternative asset manager with over $400 billion in assets under management. The manager views the alternative investment sector as positioned for robust growth, driven by increasing institutional allocations and the democratization of alternatives reaching retail investors. Brookfield's acquisition of Oaktree and strong franchises in renewables and infrastructure position it well for continued expansion.

Asset Management Private Markets Institutional Retail Growth

Renewable Developers

Brookfield Renewable Partners owns one of the world's largest portfolios of hydroelectric, wind, solar, and renewable storage assets. The manager highlights the partnership's development pipeline of over 200,000 GWh of power projects and expects 5% annual cash flow growth from development activity. The quality of hydro assets provides perpetual cash flows with superior capacity factors compared to wind and solar.

Hydroelectric Wind Solar Development Pipeline

Infrastructure Spending

Brookfield Infrastructure Partners owns critical global infrastructure including utilities, transport, midstream, and data segments. The manager emphasizes the partnership's proven record of consistent dealmaking across market cycles with a 26% blended IRR across concluded investments. Infrastructure assets provide inflation-indexed cash flows and long-term contracted revenues.

Utilities Transport Midstream Data Contracted

Commercial Real Estate

Brookfield owns a $22 billion portfolio of global office and retail properties, with the manager acknowledging current headwinds from rising interest rates. However, they emphasize that over 80% of their office portfolio consists of high-occupancy, trophy properties with long-term leases. The post-pandemic recovery has been weighted toward the best office assets as corporates trade up in quality.

Office Retail Trophy Properties Occupancy Recovery

Insurance

Brookfield has invested heavily in scaling its insurance solutions business since 2020, underwriting predictable long-term insurance liabilities in life and annuity verticals. The manager views this as a better form of banking, borrowing long and investing long, targeting mid-teens returns on equity. Recent acquisitions of American National and American Equity position the business for significant scale.

Life Insurance Annuities Underwriting Spread Scale

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Andrew Carreon	SPB CN	Superior Plus Corp.	Energy	Oil & Gas Storage & Transportation	Bull	New York Stock Exchange	buybacks, cashflow, consolidation, Distribution, EBITDA, energy, Logistics, Propane, turnaround	Login
Jul 14, 2025	Fund Letters	Andrew Carreon	SWON SE	SoftwareOne Holding AG	Information Technology	IT Consulting & Other Services	Bull	Swiss Exchange	cloud, Margins, Procurement, Software, transformation	Login
Jul 14, 2025	Fund Letters	Emeth Value Capital	SWON.SW	SoftwareOne Holding AG	Information Technology	IT Consulting & Other Services	Bull	SIX Swiss Exchange	Channel partner, cloud solutions, Enterprise software, IT services, Merger Synergies, Microsoft Partner, Software Reseller, Switzerland, turnaround, Value	Login
Jan 30, 2024	Fund Letters	Emeth Value Capital	DRVN	Driven Brands Holdings Inc.	Consumer Discretionary	Automotive Retail	Bull	NASDAQ	Auto Glass, Automotive Services, Car wash, Collision Repair, DIFM, franchise, Multi-Site Operator, North America, Oil Change, private equity, Quick Service, turnaround, Value	Login
Aug 1, 2023	Fund Letters	Emeth Value Capital	ABBN SW	Brookfield Corporation	Financials	Asset Management & Custody Banks	Bull	NYSE	Alternative Asset Manager, Carried interest, demerger, Fee Related Earnings, infrastructure, Institutional Investors, permanent capital, private equity, Real Estate, Renewable Power	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 4, 2026

Fund Letters

Andrew Carreon

SPB CN

Superior Plus Corp.

Energy

Oil & Gas Storage & Transportation

Bull

New York Stock Exchange

buybacks, cashflow, consolidation, Distribution, EBITDA, energy, Logistics, Propane, turnaround

Jul 14, 2025

Fund Letters

Andrew Carreon

SWON SE

SoftwareOne Holding AG

Information Technology

IT Consulting & Other Services

Bull

Swiss Exchange

cloud, Margins, Procurement, Software, transformation

Jul 14, 2025

Fund Letters

Emeth Value Capital

SWON.SW

SoftwareOne Holding AG

Information Technology

IT Consulting & Other Services

Bull

SIX Swiss Exchange

Channel partner, cloud solutions, Enterprise software, IT services, Merger Synergies, Microsoft Partner, Software Reseller, Switzerland, turnaround, Value

Jan 30, 2024

Fund Letters

Emeth Value Capital

DRVN

Driven Brands Holdings Inc.

Consumer Discretionary

Automotive Retail

Bull

NASDAQ

Auto Glass, Automotive Services, Car wash, Collision Repair, DIFM, franchise, Multi-Site Operator, North America, Oil Change, private equity, Quick Service, turnaround, Value

Aug 1, 2023

Fund Letters

Emeth Value Capital

ABBN SW

Brookfield Corporation

Financials

Asset Management & Custody Banks

Bull

NYSE

Alternative Asset Manager, Carried interest, demerger, Fee Related Earnings, infrastructure, Institutional Investors, permanent capital, private equity, Real Estate, Renewable Power

TICKER	COMMENTARY
SPB.TO	Superior Plus is a leading North American distributor of propane, serving 750,000 residential and commercial customers across the U.S. and Canada. The company was founded in Ontario, Canada in 1951, and today delivers approximately one billion gallons of propane annually, making the group the largest and most profitable propane distributor in North America on a per gallon basis. Superior Plus has grown rapidly in recent years through more than $3 billion in acquisitions, a new leadership team has now refocused on operations to cement the advantages of this large-scale platform. The Superior Delivers transformation program announced in November 2024 targets a $70 million increase in EBITDA by 2027 through cost to serve improvements and customer growth initiatives. The base case scenario implies a fair value of C$17.79 per share, or 153 percent upside to intrinsic value.

TICKER

COMMENTARY

SPB.TO

Superior Plus is a leading North American distributor of propane, serving 750,000 residential and commercial customers across the U.S. and Canada. The company was founded in Ontario, Canada in 1951, and today delivers approximately one billion gallons of propane annually, making the group the largest and most profitable propane distributor in North America on a per gallon basis. Superior Plus has grown rapidly in recent years through more than $3 billion in acquisitions, a new leadership team has now refocused on operations to cement the advantages of this large-scale platform. The Superior Delivers transformation program announced in November 2024 targets a $70 million increase in EBITDA by 2027 through cost to serve improvements and customer growth initiatives. The base case scenario implies a fair value of C$17.79 per share, or 153 percent upside to intrinsic value.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

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Shares Sold

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Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Small Caps

Leverage

Cloud

Enterprise Software

Event Ticketing

Entertainment

Marketplaces

Homebuilders

Tobacco

Value

Auto Aftermarket

Electric Vehicles

Alternative Asset Managers

Renewable Developers

Infrastructure Spending

Commercial Real Estate

Insurance

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Emeth Value Capital