Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.6% | -15.7% | -15.7% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.6% | -15.7% | -15.7% |
Langdon Global Smaller Companies Portfolio declined 15.7% in Q1 2026, giving back prior outperformance versus the MSCI World Small Cap benchmark. The drawdown was concentrated in four positions, with three companies (Goosehead, Hypoport, SmartCraft) experiencing valuation compression due to perceived AI disruption risk despite continued revenue and earnings growth. The manager emphasizes that current prices appear to assume damage not yet supported by operating evidence, with portfolio companies projected to grow earnings 23% annually versus 12% for broader markets. The firm responded by increasing process intensity through quarterly portfolio reviews, implementing new research infrastructure, and actively reweighting positions during volatility. Key moves included increasing Goosehead and Hypoport to maximum weights while maintaining discipline on SmartCraft, and re-initiating Topicus after a 50% decline. The manager maintains conviction that cash earnings will compound over time and that price-value convergence will ultimately drive returns, viewing current volatility as opportunity rather than permanent impairment.
Concentrated portfolio of global smaller companies trading at significant discounts to intrinsic value, with underlying businesses continuing to compound cash earnings despite share price volatility driven by AI disruption fears and valuation compression.
Manager expects portfolio companies to grow earnings per share at roughly 23% annually over the next three years, more than double the broader market's expected 12%. Believes current valuations have become materially more negative than operating evidence supports, creating opportunity for value convergence over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | GSHD, TOI.TO | AI, Concentration, Drawdown, fundamentals, global, small caps, value | - | Concentrated global small-cap portfolio suffered 15.7% Q1 decline primarily from AI disruption fears affecting three core holdings despite continued business growth. Manager increased conviction positions during drawdown, viewing current prices as disconnected from fundamentals. Portfolio companies expected to grow earnings 23% annually versus 12% market average, creating compelling value opportunity. |
| Jan 14 2026 | 2025 Q4 | BUR.L, CSWI, WOSG.L, YETI | Concentration, consumer, global, Luxury, Quality, small caps, value, volatility |
YETI WOSG LN BUR LN |
Langdon's small-cap portfolio delivered 6.9% in 2025 despite Q4 weakness, validating their quality-focused approach during market stress. Consumer holdings like YETI and Watches of Switzerland rebounded strongly in Q4 after first-half pressure. The concentrated portfolio of high-quality businesses with strong balance sheets enters 2026 well-positioned for long-term value creation at attractive valuations. |
| Sep 30 2025 | 2025 Q3 | 4490.T, DOC.VI, GSHD, JLG.AX, KI, RBREW.CO, SAFE.L, YETI | cash flow, financials, global, industrials, Quality, small caps, valuation | - | Portfolio declined 2.7% in Q3 despite strong underlying business performance, with volatility driven by liquidity flows rather than fundamentals. Manager maintains conviction in quality smaller companies trading at compressed valuations, staying largely invested with 3% cash. Focus remains on founder-involved businesses with self-funded growth and disciplined capital allocation that can double intrinsic value over five years. |
| Jul 1 2025 | 2025 Q2 | AGYS, AND.TO, FEVR.L, JLG.AX, TOI.TO | global, healthcare, industrials, Quality, small caps, technology, value |
JLG.AX AGYS AHG.TO ATG.L TOI.TO CHA.DE FEVR.L |
Strong Q2 performance driven by Johns Lyng Group's re-rating and take-private discussions, Agilysys benefiting from hospitality modernization, and Andlauer's strategic sale to UPS. Manager maintains disciplined approach, exiting underperformers while identifying opportunities in specialty insurance, industrial software, and asset-light services in fragmented European markets. |
| May 12 2025 | 2025 Q1 | 4658.T, AND.TO, DAL.L, ENX.PA, FEVR.L, JLG.AX, RBREW.CO, SKWD, WOSG.L, YETI | consumer, global, private markets, small caps, tariffs, value, volatility | - | Langdon Global Smaller Companies delivered flat Q1 performance amid tariff-driven volatility that particularly hurt consumer discretionary holdings. The manager welcomes this uncertainty as their preferred environment for alpha generation, reducing consumer exposure while maintaining 70% non-US allocation. Recent software investment signals improving US valuations, with the vast small cap opportunity set supporting continued selective deployment. |
| Jan 30 2025 | 2024 Q4 | ATG.L, ESQ, FEVR.L, GSHD, RBREW.DC, SFE.L, SKWD, WOSG.L | Beverages, global, insurance, private credit, small caps, value |
WED.TO FEVR.L RBREW.DC |
Langdon delivered strong 19.8% annual returns led by Westaim validation through CC Capital's $250M investment and successful Skyward exit. Consumer holdings faced margin pressures but trade at decade-low multiples despite solid fundamentals. Manager reduced consumer exposure while maintaining conviction in value opportunities across 30 concentrated global small-cap positions. |
| Oct 23 2024 | 2024 Q3 | CSWI, DQ, ESQ, FEVR.L, GSHD, HEINY, JLG.AX, MEDP, NVDA, ROYAL.CO, YETI | Europe, global, Research, small caps, software, Travel |
YETI ALSK.PA |
Langdon delivered 9.0% in Q3 through strong US stock picking and a successful Esker exit that returned 2x cost. The manager's innovative extended European research trip reinforced their 'invest like a local' philosophy. Despite some Australian and biotech detractors, the global small-cap strategy continues generating attractive returns through disciplined field research and opportunistic capital deployment. |
| Jul 31 2024 | 2024 Q2 | - | compensation, Europe, global, Quality, small caps, value | - | Langdon's global small-cap fund posted 1.9% in Q2, benefiting from quality companies with conservative balance sheets. The manager sees the end of multiple expansion as favorable for their long-term value approach. Portfolio overweights Europe due to more disciplined executive compensation structures that avoid excessive stock-based dilution common in US companies. |
| Apr 17 2024 | 2024 Q1 | ATD.TO, ATZ.TO, HYQ.DE, MEDP, RBREW.CO, RCH.TO, TOI.TO, WOSG.L | Beverages, Europe, global, healthcare, Luxury, small caps, value |
RBREW.CO WOSG.L MEDP |
Langdon's global small-cap portfolio gained 5.1% in Q1 2024, led by four holdings up 30-40% but hurt by Watches of Switzerland's 50% decline. The manager doubled down on Royal Unibrew as the new top holding, viewing current valuations as attractive given temporarily depressed returns from recent acquisitions and inflation. Extensive field research reinforces conviction in undervalued quality businesses. |
| Jan 29 2024 | 2023 Q4 | 2HP.DE, ATG.L, IRE.AX, WOSG.L, XPEL | concentrated, global, Quality, small caps, value |
WOSG LN MEDP FEVR LN HYQ GR JLG AU AGYS YETI |
Langdon delivered strong 2023 returns of 26.7% through disciplined value investing in 28 global smaller companies. The manager focuses on cash-generative businesses with proven management teams, independent of macro conditions. Despite market volatility from changing rate expectations, the portfolio benefited from buying during dislocations, maintaining the philosophy of not wasting a good crisis. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe market has grouped Goosehead, Hypoport, and SmartCraft into companies perceived to be exposed to AI-related disruption, causing valuation compression despite continued business growth. Current prices appear to assume a degree of damage and pace of change that present facts do not yet support. |
Disruption Workflow Automation Valuation Technology |
Small CapsPortfolio focuses on global smaller companies with concentrated holdings of 30-35 positions. Companies are projected to grow earnings per share at roughly 23% annually over the next three years, more than double the 12% expected for the broader market. |
Concentration Earnings Growth Outperformance Fundamentals Valuation | |
ValueManager emphasizes disconnect between share prices and underlying business fundamentals, with stocks trading back toward 2022 levels despite businesses being meaningfully larger and more profitable. Focus on cash earnings as primary value driver. |
Fundamentals Cash Earnings Mispricing Compounding Intrinsic Value | |
| 2025 Q4 |
TechnologyThe Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
Small CapsPortfolio focuses on smaller companies with market caps between $1.5-7.5 billion where the manager finds the best combination of scalability and entrepreneurial agility. Valuations for smaller companies remain compressed relative to larger peers, with many holdings trading at mid-teens earnings multiples despite high returns on capital. |
Small Cap Valuation Liquidity Entrepreneurial |
QualityFocus on businesses with self-funded growth, prudent capital allocation, and consistent cash generation. The manager seeks founder-involved, high-return businesses that can double their intrinsic value over five years through disciplined reinvestment and steady cash-flow growth. |
Cash Flow Capital Allocation Returns Reinvestment Balance Sheet | |
| 2025 Q2 |
Industrial SoftwareThe manager sees attractive opportunities in industrial software and highlights Agilysys as benefiting from structural modernization trends in hospitality. Their software platform is becoming mission-critical for hotels and casinos upgrading property management systems, with the company still in early innings of capturing wallet share globally. |
Software Hospitality Modernization Mission-critical Recurring Revenue |
Specialty InsuranceThe manager currently sees attractive opportunities in specialty insurance and mentions Johns Lyng Group as a leading provider of insurance building restoration, commercial construction, and disaster recovery services that experienced significant re-rating during the quarter. |
Insurance Building Restoration Disaster Recovery Commercial Construction | |
Healthcare LogisticsAndlauer Healthcare Group's sale to UPS at a meaningful premium demonstrated the strategic value of healthcare logistics businesses. UPS recognized they could not build an Andlauer from scratch and had to acquire them at a premium to expand in Canada, highlighting the quality and defensibility of specialized logistics operations. |
Healthcare Logistics Strategic Value Acquisition Premium | |
| 2025 Q1 |
Small CapsManager emphasizes the small cap universe is 10x the size of large caps, providing abundant opportunity. Despite weak IPO activity over the past three years, approximately 1,750 companies have still come to market. The fund maintains focus on building a collection of durable, value-creating businesses that can deliver strong absolute returns across market environments. |
Small Caps IPO Universe Opportunity Value |
Trade PolicyTariff uncertainty has negatively impacted consumer discretionary holdings, with companies like Watches of Switzerland, Thule, YETI, and Do & Co declining 20-35%. The manager notes this uncertainty led to reducing consumer exposure by 20% through the Thule elimination. However, some companies like Fever-Tree successfully navigated tariff concerns by moving production to the US. |
Tariffs Trade Consumer Uncertainty Policy | |
Consumer ElectronicsConsumer discretionary has been the area of weakest returns for the portfolio. The manager decided to reduce exposure to the sector by 20% due to economic and tariff uncertainty. Companies like YETI and Watches of Switzerland saw significant declines, while Royal Unibrew was insulated due to zero US exposure. |
Consumer Discretionary Electronics Exposure Weakness | |
Capital MarketsThe manager discusses the convergence between private and public markets, noting that leading private market firms have gone public despite advocating for staying private longer. The fund views this as a temporal rather than structural shift in capital formation, welcoming the convergence between private and public markets. |
Private Markets Public Markets IPO Capital Formation Convergence | |
| 2024 Q4 |
InsuranceWestaim's successful exit from Skyward Specialty Insurance delivered approximately 2.5-3x multiple of capital with 13% gross annualized return. CC Capital's investment brings insurance platform expertise to create an insurance-led asset management model similar to Apollo/Athene and Ares/Aspida. |
Specialty Insurance Insurance Platform Asset Management Skyward |
Private CreditWestaim has built Arena Investors private credit manager from scratch since 2014. The CC Capital transaction positions Arena well for transition from NAV-based valuation to earnings-based trading model. |
Arena Investors Private Credit Asset Management NAV | |
BeveragesRoyal Unibrew and FeverTree faced margin pressures but maintain strong balance sheets. Both companies trade at lowest earnings multiples in a decade despite delivering 10% and 20% annualized revenue growth respectively. Margin improvements of 30% at FeverTree show recovery potential. |
Royal Unibrew FeverTree Margin Recovery Valuation | |
ValuePortfolio companies like Westaim trading below net cash on balance sheet represent material dislocation between price and value. FeverTree and Royal Unibrew trading at historical low multiples despite strong fundamentals create compelling value opportunities. |
Net Cash Valuation Dislocation Historical Multiples Fundamentals | |
| 2024 Q3 |
TravelThe manager spent 2+ months in Lyon, France testing an extended stay approach to investment research, conducting dozens of meetings across Western Europe. This 'invest like a local' philosophy involves understanding local context through extended presence rather than brief hotel-based visits. |
Research Europe Local Field Work |
SoftwareEsker, a French software company providing finance department automation solutions, was acquired by private equity at €262 per share, delivering a 61% IRR and 2x return on cost. The company provides sticky software for order-to-cash and source-to-pay workflows to enterprise customers. |
Enterprise Automation SaaS Private Equity | |
| 2024 Q2 |
QualityThe fund emphasizes quality businesses with conservative balance sheets and talented management teams. The manager believes the end of the multiple expansion era will benefit quality companies that create sustainable long-term value rather than relying on financial engineering. |
Conservative Management Sustainable Balance Sheets |
ValueThe transition away from multiple expansion driven by cheap debt creates opportunities for patient, long-term value investors. The manager focuses on calculating true owner earnings and discounting to present value to identify attractively priced businesses. |
Multiple Expansion Owner Earnings Present Value Attractively Priced | |
| 2024 Q1 |
BeveragesRoyal Unibrew has made 11 acquisitions in 3 years spending over $900 million, doubling invested capital. Input costs per hectoliter increased over 50% due to inflation, temporarily depressing returns on capital to half historical levels. The company trades at lowest cash earnings multiple since 2013 on near trough earnings. |
Beverages Acquisitions Inflation Europe Distribution |
LuxuryWatches of Switzerland lowered guidance after weak Christmas holiday period in UK and negative product mix in Rolex deliveries. The business trades at or near invested capital despite authorized Rolex agencies being unwilling to sell at current trading multiples. Expected mid-teens growth after 2024 with 15%+ EPS growth track record since IPO. |
Luxury Watches Retail United Kingdom Rolex | |
CRO & CDMOMedpace is a full-service clinical trial provider for small to mid-size biotech companies. Competitive advantage from having majority of employees in one location with lower cost of living and nearby universities for recruiting. Main campus grew 30% over 24 months to 6,000 people with years of further headcount growth potential. |
CRO Clinical Trials Biotechnology Healthcare Services | |
| 2023 Q4 |
ValueManager emphasizes value creation within companies rather than market timing, focusing on cash-generative assets with proven management teams. The approach involves disciplined buying during market dislocations when sellers act with urgency. |
Value Creation Cash Flow Undervalued Disciplined |
Small CapsPortfolio consists of 28 smaller companies globally, with management believing optimal conditions exist for making great investments in this space. Focus on businesses undergoing improvement plans with proactive management teams. |
Smaller Companies Concentrated Business Improvement Management |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 14, 2026 | Fund Letters | Greg Dean | WOSG LN | Watches of Switzerland Group plc | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | compounding, Inventory, Luxury, Margins, retail, ROIC | Login |
| Jan 14, 2026 | Fund Letters | Greg Dean | BUR LN | Burford Capital Limited | Financials | Specialty Finance | Bull | New York Stock Exchange | Cashrealization, diversification, Litigationfinance, Optionality, valuation | Login |
| Jan 14, 2026 | Fund Letters | Greg Dean | YETI | YETI Holdings, Inc. | Consumer Discretionary | Leisure Products | Bull | New York Stock Exchange | Branding, Directtoconsumer, Freecashflow, Inventory, Margins, Outdoor | Login |
| Sep 30, 2025 | Fund Letters | Greg Dean | YETI | YETI Holdings, Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | Brand, buybacks, compounder, expansion, Margins, premiumization | Login |
| Jul 1, 2025 | Fund Letters | Greg Dean | JLG AU | Johns Lyng Group Limited | Industrials | Construction & Engineering | Bull | NYSE | Catastrophe, Insurance, recurring revenue, Restoration, take-private | Login |
| Jul 1, 2025 | Fund Letters | Greg Dean | AGYS | Agilysys, Inc. | Information Technology | Application Software | Bull | NASDAQ | cloud, hospitality, recurring revenue, SaaS, vertical software | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | JLG.AX | Johns Lyng Group | Industrials | Construction & Engineering | Bull | ASX | Australia, Building Restoration, construction, Disaster Recovery, Insurance, take-private, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | AGYS | Agilysys | Information Technology | Application Software | Bull | NASDAQ | Casinos, hospitality, Hotels, Modernization, property management, recurring revenue, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | AHG.TO | Andlauer Healthcare Group | Industrials | Air Freight & Logistics | Bull | TSX | acquisition, Canada, Healthcare Logistics, Specialized Services, Strategic Premium, supply chain, UPS | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | ATG.L | Auction Technology Group | Communication Services | Interactive Media & Services | Bear | LSE | Antiques, Art, Digitization, exit, market share, marketplace, Online auctions, Take rate | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | TOI.TO | Topicus.com | Information Technology | Application Software | Bull | TSX | Buy and Hold, Canada, Decentralized, Mission-Critical, Niche Software, Software Acquisitions, Vertical Markets | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | CHA.DE | CHAPTERS Group AG | Information Technology | Application Software | Bull | XETRA | Buy and Hold, Decentralized, Early stage, Germany, Niche Software, Software Acquisitions, Vertical Markets | Login |
| Jun 30, 2025 | Fund Letters | Langdon Global Smaller Companies | FEVR.L | Fever-Tree | Consumer Staples | Soft Drinks | Bull | LSE | asset-light, Brand Marketing, Joint venture, Molson Coors, Premium Mixers, turnaround, UK | Login |
| Jan 30, 2025 | Fund Letters | Greg Dean | FEVR LN | Fever-Tree Drinks plc | Consumer Staples | Brewers | Bull | London Stock Exchange | Brand, growth, Margins, Mixers, premium | Login |
| Jan 30, 2025 | Fund Letters | Greg Dean | HYQ GR | Hypoport SE | Financials | Diversified Financial Services | Bull | - | Fintech, Germany, Mortgages, Platforms, Upside | Login |
| Apr 17, 2024 | Fund Letters | Greg Dean | WOSG LN | Watches of Switzerland Group PLC | Consumer Discretionary | Specialty Stores | Bull | London Stock Exchange | Eps, Franchises, Luxury, Re-rating, retail, Volatility | Login |
| Apr 17, 2024 | Fund Letters | Greg Dean | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Cro, growth, Headcount, Outsourcing, Scalability | Login |
| - | Fund Letters | Langdon Global Smaller Companies | WED.TO | Westaim Corporation | Financials | Investment Banking & Brokerage | Bull | TSX | asset management, Delaware, Insurance Platform, Investment Holding Company, NAV discount, Private Credit, private equity, specialty insurance, turnaround, Value Realization | Login |
| - | Fund Letters | Langdon Global Smaller Companies | RBREW.CO | Royal Unibrew A/S | Consumer Staples | Brewers | Bull | NASDAQ Copenhagen | Acquisitions, Beverages, consumer staples, Cyclical Recovery, defensive, Denmark, Distribution, Europe, Value | Login |
| - | Fund Letters | Langdon Global Smaller Companies | YETI | YETI Holdings Inc | Consumer Discretionary | Leisure Products | Neutral | NYSE | Brand, Consumer products, Coolers, Drinkware, Europe, Outdoor Recreation, Product Portfolio, retail | Login |
| - | Fund Letters | Langdon Global Smaller Companies | MEDP | Medpace Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Cincinnati, Clinical trials, Cro, growth, healthcare, life sciences, pharmaceuticals | Login |
| - | Fund Letters | Langdon Global Smaller Companies | ALSK.PA | Esker SA | Information Technology | Application Software | Bull | Euronext Paris | Enterprise software, Finance Software, france, private equity, SaaS, sticky revenue, takeover, workflow automation | Login |
| - | Fund Letters | Langdon Global Smaller Companies | FEVR.L | Fevertree Drinks PLC | Consumer Staples | Soft Drinks | Bull | LSE | Beverages, consumer staples, defensive, Margin recovery, Premium Mixers, Revenue Growth, UK, valuation discount, Value | Login |
| - | Fund Letters | Langdon Global Smaller Companies | WOSG.L | Watches of Switzerland Group PLC | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Consumer Discretionary, Luxury Retail, Rolex, Specialty retail, turnaround, UK, Value, Watches | Login |
| - | Fund Letters | Langdon Global Smaller Companies | RBREW.DC | Royal Unibrew A/S | Consumer Staples | Brewers | Bull | Copenhagen Stock Exchange | Brewers, consumer staples, defensive, Europe, European Beverages, Margin stability, Revenue Growth, valuation discount, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| GSHD | Goosehead delivered mid-teens revenue and earnings growth in 2025. Current expectations are for Goosehead to continue growing revenue and earnings at a mid-teens rate in 2026. In the last six months, we increased our position from a minimum to a maximum weight. Expected EBITDA has increased from $70m in 2023 to $123m expected in 2026, a 76% increase, while share price has only increased 20% from our initial purchase price. |
| TOI.TO | Between 2022 and 2025, we built and exited a position in the business, generating approximately 2.5x our capital. We sold not because our view of the company deteriorated, but because the forward return no longer justified the valuation. After a decline of more than 50% from where we exited, we believe the market is again offering us the chance to own a business with a long runway for reinvestment and a demonstrated ability to allocate capital at high rates of return. |
| 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 | |||