Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.7% | -1.5% | -1.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.7% | -1.5% | -1.5% |
The Langdon Canadian Smaller Companies Portfolio declined 1.5% in Q1 2026 versus a 7.3% benchmark gain, continuing underperformance relative to a Canadian market driven by gold-related equities. The fund's core thesis centers on scarcity - seeking businesses with resilient compounding free cash flow, strong balance sheets, talented management, and attractive valuations. This combination is rare and allows businesses to adapt and compound value over time. Key contributors included PrairieSky Royalty (now the largest holding after additions), Logan Energy, and EQB Inc. Detractors were TerraVest Industries and Definity Financial, where short-term price movements diverged from underlying business performance. PrairieSky exemplifies the strategy, owning one of Canada's largest mineral title portfolios and collecting royalties without operational exposure or capital requirements. The manager acknowledges frustrating periods of divergence but views this as the price of investing with discipline, maintaining a concentrated approach focused on long-term free cash flow compounding rather than commodity or macro forecasts.
Langdon seeks businesses where scarcity is reflected in a combination of resilient and compounding free cash flow, strong balance sheets, talented and aligned management teams, and attractive valuations relative to intrinsic value - characteristics that individually are not rare but in combination are scarce and difficult to replicate.
The manager maintains focus on owning a concentrated group of businesses that can compound free cash flow per share over long periods, with strong balance sheets and trusted management teams. The process remains unchanged despite short-term divergence from benchmarks.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 Q1 |
OilThe 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 |
QualityThe 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 |
GrowthThe fund seeks long-term growth of capital by investing in growth-oriented common stocks using a quantitative formula that identifies the 50 stocks with highest one-year price appreciation meeting specific criteria. The Growth Strategy considers stock price appreciation as often associated with positive fundamentals such as strong growth or improving profitability. |
Growth Stocks Price Appreciation Quantitative |
ValueThe fund uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult for 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 | |
FinancialsThe 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 |
GoldThe 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 CapsThe 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 |
ResiliencePortfolio 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 CapsFocus 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 |
LogisticsAndlauer 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 CapsThe 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 PolicyTariff 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 |
CultureManagement 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 |
RestaurantsA&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 |
AutomationATS 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 |
ApparelAritzia 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 CapsThe 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 |
AutomationATS 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 SoftwareTopicus 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 GasStorm 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 CapsThe 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 |
QualityThe 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| TICKER | COMMENTARY |
|---|---|
| PSK.TO | PrairieSky Royalty Ltd. embodies the core tenets of scarcity that we believe underpin successful long-term investing. The company owns one of the largest portfolios of fee simple mineral title in Canada. Unlike traditional energy companies, PrairieSky does not operate wells or spend money drilling, completing or tying in wells. Instead, it collects royalties on production from third-party operators across its land base. This model results in a business with high margins and resilient free cash flow. Because PrairieSky does not bear the capital costs of drilling and is not exposed to operational execution risk, its economics are structurally different from those of traditional producers. The strength of the business is rooted in its low capital intensity. With no requirement to fund development activity, PrairieSky maintains flexibility through cycles while preserving the ability to allocate capital toward acquiring additional royalty interests. The asset base itself is difficult to replicate. PrairieSky's land position has been assembled over decades and represents a finite resource with perpetual ownership, providing long duration exposure to production without requiring ongoing capital investment. We have already earned a handsome return on our investment with this company, but we felt that coming into 2025, the liquids growth and corresponding cash flows were not being appreciated by the market, so we decided to add to our investment, and it's now the largest holding in the fund. |
| LGN.TO | Logan Energy Corp. — a growing platform focused on Western Canadian oil and gas development |
| EQB.TO | EQB Inc. — a challenger bank continuing to scale deposits and lending through its digital platform |
| TVK.TO | TerraVest Industries Inc. — a diversified industrial business serving energy and infrastructure markets |
| DFY.TO | Definity Financial Corporation — a P&C insurer focused on disciplined underwriting and long-term book value growth |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| 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 | |||