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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
The Langdon Canadian Smaller Companies Portfolio declined 4.9% net of fees in the third quarter of 2026, trailing the benchmark S&P/TSX Completion Total Return Index, which gained 1.7%. Year-to-date, the portfolio recorded a net return of -7.8% compared to an 11.4% gain for the benchmark, bringing annualized net returns since inception to 10.1%. A major portfolio positioning dynamic has been the steady expansion of the energy sector weighting, which has risen from roughly 4% at the fund's 2022 inception to 42% by the close of the third quarter of 2026 as opportunities met the manager's strict standards. The manager observed that while Canada has historically struggled to attract adequate global investment capital, international institutional interest is beginning to turn, highlighted by the Toronto Canada Investment Summit drawing allocators overseeing more than $100 trillion. Langdon treats this broader capital attention as an observational tailwind rather than a foundational investment thesis. The strategy remains anchored in identifying overlooked domestic smaller companies with resilient balance sheets, countercyclical allocators, and declining capital intensity. Quarterly attribution was pressured by detractors ATS Corporation and Aventus Capital, while Logan Energy and PrairieSky Royalty served as key positive contributors. Langdon completely eliminated its holding in ATS Corporation after recognizing that the capital and operational repositioning required to restore return on invested capital was larger than originally estimated. Conversely, the manager maintained conviction in Aventus Capital, assessing paper book value drops under new IFRS rules as transitory, and highlighted Logan Energy's rapid production growth and disciplined per-share funds flow expansion.
Identify exceptional businesses where the combination of quality, growth, and valuation provides an attractive opportunity to compound capital over long periods.
The manager expects that if international capital increasingly recognizes exceptional Canadian businesses with robust balance sheets, disciplined teams, and mispriced valuations, it will provide a meaningful tailwind.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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