| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
YCG's Q1 2026 letter addresses investor concerns about underperformance relative to AI stocks, reaffirming their conviction in quality businesses with enduring competitive advantages. The manager believes current market speculation, evidenced by unprofitable companies outperforming profitable ones and historic concentration in AI themes, has created compelling opportunities for their strategy. While acknowledging AI's transformative potential, they avoid most AI winners due to excessive competition and inflated valuations, preferring businesses resistant to AI disruption. Their portfolio consists of physical infrastructure companies with minimal AI exposure (waste management, railroads, luxury goods) and technology platforms positioned to benefit from AI adoption (cloud infrastructure, financial data networks, payment systems). During the quarter, they used market volatility to rotate from lower conviction positions facing long-term pricing power threats into higher conviction names experiencing temporary valuation compression. The manager emphasizes their disciplined approach focuses on businesses with sustainable competitive moats rather than chasing speculative themes, positioning the portfolio for attractive risk-adjusted returns over time.
YCG maintains conviction in owning high-quality businesses with enduring competitive moats and pricing power, believing the current market rotation into speculative AI investments has created compelling opportunities for disciplined value investors focused on durable competitive advantages.
Manager expects AI to be transformative and disruptive but maintains disciplined approach focused on businesses resistant to disruption. They believe current market conditions favor their strategy of owning quality businesses with enduring competitive advantages, and they are actively seeking opportunities to deploy capital at attractive prices during periods of market volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 6 2026 | 2026 Q1 | AMZN, GOOGL, MA, META, MSFT, V, WCN | AI, disruption, infrastructure, moats, Networks, Quality, technology | - | YCG maintains conviction in quality businesses with enduring competitive moats despite AI stock outperformance. They view current market speculation as creating opportunities for disciplined investors. Portfolio combines physical infrastructure resistant to AI disruption with technology platforms positioned to benefit from AI adoption, using recent volatility to upgrade to higher conviction positions. |
| Jan 31 2026 | 2025 Q4 | AAPL, CPRT, GOOGL, LIN, META, TDG, VRSK | aerospace, Industrial, Long Term, Networks, Quality, Speculation, technology, value |
TDG LIN META |
YCG sees current market speculation as creating opportunities in quality stocks. The firm trimmed outperforming tech holdings to buy underperforming quality names like Copart and Verisk, while adding TransDigm (aerospace parts monopolies) and Linde (industrial gas leader). Historical patterns suggest quality stocks recover strongly after periods of underperformance, supporting their contrarian rebalancing strategy. |
| Sep 30 2025 | 2025 Q3 | AAPL, AMZN, BABA, CBRE, CRH, CSGP, EL, GOOGL, MCO, META, MLM, MSFT, NKE, SPGI, VMC | AI, Bubble, Cloud, Data centers, diversification, Quality, risk management, technology | - | YCG warns of dangerous AI bubble conditions with S&P 500 concentration reaching 37.5% in top 8 AI companies. Despite benefiting from cloud holdings, they avoid concentrated AI bets, instead building a diversified portfolio of durable businesses with dominant networks and pricing power to act as recession-resistant toll collectors on global GDP. |
| Jun 30 2025 | 2025 Q2 | AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK | Network Effects, Pricing Power, Quality, regulation, tariffs, value |
AAPL FICO |
YCG used Q2 tariff-driven market volatility to rebalance toward Apple and FICO while trimming Verisk and selling Pepsi. Their core thesis focuses on owning global champions with enduring pricing power and unregulated pricing that create positive convexity. They avoid government-regulated sectors like utilities and healthcare, believing these exhibit negative convexity despite strong fundamentals. |
| Mar 31 2025 | 2025 Q1 | CME, CRH, MLM, MSFT, OR.PA, VMC | Aggregates, AI, Construction, Cyclical, infrastructure, NIMBY, real estate |
CRH VMC MLM |
YCG pivoted from beauty and exchanges into aggregates leaders CRH, Vulcan Materials, and Martin Marietta. These companies benefit from network effects, NIMBY barriers, and local monopoly dynamics while facing massive pent-up demand across housing, industrial real estate, and infrastructure. Current cyclical fears created attractive valuations for businesses with proven long-term pricing power exceeding inflation. |
| Dec 31 2024 | 2024 Q4 | AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA | AI, diversification, global, Luxury, Quality, technology | - | YCG rebalanced toward FICO and luxury leaders Hèrmes and LVMH while comparing the AI boom to historical technology bubbles. Despite market concentration risks in AI beneficiaries, the firm maintains a diversified portfolio of dominant global companies with strong competitive moats, positioning as a recession-resistant toll collector on global GDP across multiple scenarios. |
| Sep 30 2024 | 2024 Q3 | AON, CME, CNI, CP, GOOGL, MMC, OR.PA, PGR, RMS.PA, RSG, UL, WM | Bear Markets, insurance, long-term, Luxury, Pricing Power, Railroads, Waste management | - | YCG rebalanced toward higher-quality pricing power plays, trimming tech winners for Canadian rails, waste management, and luxury leader Hermes. Manager emphasizes historical perspective on market cycles, noting 60% S&P gains since 2022 warrant caution. Focus remains on companies with enduring competitive advantages and controlled supply dynamics that can compound wealth through inevitable market volatility. |
| Jun 30 2024 | 2024 Q2 | AMZN, CME, EFX, EL, EXPN.L, FICO, GOOGL, MCO, MSCI, NKE, PGR, TRU | credit, financials, Networks, Pricing Power, Quality, value | FICO | YCG added FICO to their portfolio of global champions with enduring pricing power. FICO dominates U.S. credit scoring with 90% market share among large lenders, benefits from network effects and institutional risk aversion, and has significant untapped pricing power after keeping prices flat for 30 years. The investment exemplifies YCG's strategy of owning recession-resistant toll collectors on global GDP. |
| Mar 31 2024 | 2024 Q1 | EL, FICO, MCO, NKE | Behavioral, Conservative, Diversified, Networks, Pricing Power, Quality | - | YCG exploits behavioral biases favoring high-quality businesses over speculative stocks while applying analytical discipline focused on six key characteristics including dominant networks and pricing power. Their approach emphasizes ignoring information noise beyond core performance indicators, as research shows additional data increases overconfidence without improving accuracy, leading to portfolio concentration and decision-making errors. |
| Dec 31 2023 | 2023 Q4 | - | global, growth, innovation, Networks, Quality, Recession, wealth | - | YCG maintains a portfolio of global champions with dominant networks and conservative balance sheets, designed as recession-resistant toll collectors on global GDP. Despite 2024 uncertainties around geopolitics and elections, they believe continued innovation and expanding global connectivity will drive sustained wealth creation, positioning their quality businesses to benefit from long-term growth. |
| Sep 30 2023 | 2023 Q3 | AAPL, AMZN, COST, DIS, FICO, GOOGL, INTU, MCO, RACE, RMS.PA, SPGI, WMT | global, Networks, Pricing Power, Quality, ROIC, value | - | YCG owns global champions with dominant networks and conservative balance sheets that act as toll collectors on GDP growth. The strategy targets businesses with structural supply constraints and untapped pricing power, exploiting investor behavioral biases that discount quality stocks. Portfolio positioning leverages the correlation between improving returns on invested capital and superior stock performance. |
| Jun 30 2023 | 2023 Q2 | 0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM | Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management |
BRWM.L RSG CP.TO CNI CME |
YCG upgraded portfolio quality by replacing uncertain tech stocks and risky banks with dominant network businesses in waste management, Canadian railroads, and financial exchanges. These oligopolistic businesses benefit from NIMBY protection, physical network effects, and pricing power that exceeds inflation while serving as superior hedges against deglobalization without banking sector tail risks. |
| Mar 31 2023 | 2023 Q1 | - | Banking, Credit Stress, Financial Services, interest rates, Quality, risk management |
LGND CNI CRH LN VMC FICO SBR WM US RSG US CP CN CME US |
Banking crisis from duration risk validates YCG's quality-first investment approach. Silicon Valley Bank's failure highlights dangers of sacrificing quality for yield. Manager maintains focus on global champions with dominant positions and conservative balance sheets. Brokerage assets remain protected through segregation and insurance. Quality emphasis expected to continue benefiting portfolio navigation through market volatility. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager believes AI will be transformative but views current AI stocks as overvalued due to excessive investor and company competition chasing returns. They avoid most AI winners despite believing in the technology's potential, preferring businesses resistant to AI disruption or positioned to benefit from AI adoption. |
Artificial Intelligence Technology Disruption Valuation Competition |
QualityManager emphasizes owning high-quality businesses with enduring pricing power and competitive moats. They believe the current market rotation away from quality businesses into speculative AI bets has created compelling opportunities for their strategy focused on durable competitive advantages. |
Competitive Moats Pricing Power Durability Value Fundamentals | |
Risk AppetiteManager observes increased market speculation with unprofitable companies outperforming profitable ones, momentum being the best-performing factor, and historic concentration in AI themes. They view this as creating opportunities for disciplined investors focused on quality businesses. |
Speculation Market Concentration Momentum Discipline | |
Capital MarketsPortfolio includes businesses like CME Group, S&P Global, MSCI, FICO, and Moody's that own dominant networks and proprietary languages deeply embedded in global financial workflows. These businesses should benefit from AI-driven economic growth increasing capital markets activity. |
Financial Infrastructure Market Data Derivatives Credit Ratings | |
PaymentsVisa and Mastercard provide deeply entrenched payment infrastructure connecting billions of consumers with millions of merchants. Their dispute resolution and fraud protection capabilities provide advantages over alternative payment systems, and they partner rather than compete with potential disrupters. |
Payment Networks Infrastructure Fraud Protection Network Effects | |
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. Manager views AI as accelerating vendor concentration, with incumbent software platforms positioned to thrive by integrating AI into mission-critical systems. Dominant vertical software companies can successfully reinvent themselves for an agentic world. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, creating significant overweight headwind for the fund. Manager believes market is wrong to treat all software uniformly, as incumbents with engineering talent and proprietary data have structural advantages. Software firms are fastest AI adopters and historically early adopters capture lion's share of benefits. |
Enterprise Software SaaS Technology Vertical Software | |
ValueFund experienced broadening out of returns and leadership shift to small cap value industries, but was unable to capitalize due to software overweight. Traditional value industrial exposure outperformed but was outweighed by software positions. Market showing renewed enthusiasm for oldest industries like materials and tools. |
Small Cap Value Industrial Materials Cyclical | |
HotelsChoice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher revenue segments like Extended Stay and international markets. Trading at historic discount with potential for significant cash unlock and share buybacks. |
Hospitality Franchising Extended Stay Real Estate | |
| 2025 Q3 |
AIAI is a transformative technology with huge potential to drive global growth and productivity, but the manager warns of bubble-like conditions with excessive concentration in AI-related stocks. The S&P 500's top 8 companies now represent 37.5% of the index, all betting heavily on AI, while 84 AI-related stocks account for 35% of earnings and 50% of market cap. |
Artificial Intelligence Bubble Concentration Technology Growth |
CloudMicrosoft, Amazon, and Google as the three largest cloud services providers are benefiting most from AI as the digital infrastructure layer on which majority of AI compute runs. There is overwhelming demand for their services from start-ups and enterprises that they cannot build capacity fast enough to fulfill it. |
Cloud Services Digital Infrastructure Compute Capacity Demand | |
Data CentersCommercial real estate holdings CBRE and Costar Group, along with construction aggregates companies Martin Marietta Materials, Vulcan Materials, and CRH Group are benefiting from exponential growth in data center construction. Data center construction often requires commercial real estate transactions and management services and almost always requires significant aggregates and cement. |
Data Center Construction Commercial Real Estate Aggregates Infrastructure Growth | |
| 2025 Q2 |
Pricing PowerYCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns. |
Pricing Power Network Effects Monopolies Regulation Inflation |
TariffsThe Trump administration announced unprecedented tariffs creating geopolitical and investor angst, leading to substantial selloffs. YCG used this market dislocation as a rebalancing opportunity, trimming Verisk and adding to Apple, viewing tariff concerns as market-timing mispricing that investors tend to overreact to. |
Tariffs Trade Policy Geopolitical Market Volatility Rebalancing | |
RegulationYCG analyzes regulatory risk as a key factor in investment selection, avoiding sectors like utilities, defense, and healthcare where government intervention caps pricing and returns. They distinguish between temporary price controls and permanent regulatory constraints that create negative convexity for investors. |
Regulation Government Utilities Healthcare Defense | |
| 2025 Q1 |
AggregatesInitiated positions in CRH, Vulcan Materials, and Martin Marietta Materials - the three largest American aggregates companies. These businesses benefit from physical network effects, NIMBY dynamics that prevent new supply, and uneconomic non-local transportation costs that create local monopolies. Long-term demand growth expected from pent-up demand in residential, commercial, and infrastructure construction. |
Construction Building Materials Infrastructure Spending NIMBY |
Infrastructure SpendingSignificant infrastructure underinvestment in the US with American Society of Civil Engineers giving infrastructure a C grade and estimating $9.1 trillion in investment needs. US spends only 0.5% of GDP on transportation versus 0.8-1.5% for other developed countries and 4.8% for China. Political will to streamline building policies and fund infrastructure likely to rise over time. |
Construction Government Spending Transportation Public Works | |
AIConcerns about market concentration in AI trade materialized when Chinese startup DeepSeek released innovative AI model requiring much less energy and semiconductors than US models. Microsoft withdrew from at least two gigawatts of data center projects. These developments drove underperformance of AI-related names and highlighted risks of demand falling short or supply growing faster than expected. |
Technology Data Centers Semiconductors Energy | |
Commercial Real EstateStructural shortage exists mainly in industrial real estate driven by pandemic and geopolitical tensions convincing Americans of manufacturing base underinvestment. Increased onshoring and nearshoring activity could provide long-term boost to commercial real estate growth rates, particularly in industrial segments. |
Industrial Manufacturing Onshoring Supply Chain | |
| 2024 Q4 |
AIThe manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders. |
Artificial Intelligence Technology Bubble Capital Investment Datacenter Innovation |
LuxuryThe fund increased positions in Hèrmes and LVMH while selling Nike and Estee Lauder, gaining conviction that the most favorable long-term economics accrue to brands that become the most desirable status symbols through heritage, storytelling, and controlled supply. LVMH's collection of over 75 brands and 6,097 stores provides tremendous bargaining power with retailers and prime real estate owners. |
Status Symbol Heritage Controlled Supply Bargaining Power Premium Brands | |
QualityThe portfolio focuses on dominant, oligopolistic global companies that have grown for decades despite economic challenges, possessing six key characteristics: dominant networks, competitive moats, untapped pricing power, GDP-plus growth categories, conservative balance sheets, and ownership-minded management teams. This approach aims to create a diversified, recession-resistant toll collector on global GDP. |
Dominant Networks Oligopolistic Pricing Power Conservative Balance Sheets Recession-Resistant | |
| 2024 Q3 |
LuxuryManager increased conviction in Hermes over L'Oreal, believing luxury brands with the most desirable status symbols through heritage, storytelling, and controlled supply have the most favorable long-term economics. Hermes handbags routinely sell above retail prices, with exclusive $100,000-$200,000 bags selling at auction for double their retail price. |
Luxury Hermes Status Pricing Scarcity |
RailroadsManager increased positions in Canadian Pacific Kansas City and Canadian National Railway during the quarter, viewing them as having stronger long-term pricing power prospects than the companies they trimmed. |
Railroads Pricing Infrastructure Transportation | |
Waste ManagementManager increased positions in Waste Management and Republic Services, believing these companies have stronger long-term pricing power prospects than the companies they sold. |
Waste Pricing Environmental Services | |
| 2024 Q2 |
CreditFICO owns the dominant credit scoring algorithm used by 90% of large U.S. lenders and 95% of consumer credit securitizations. The company benefits from network effects and institutional risk aversion that create barriers to competition. FICO has significant untapped pricing power, having kept mortgage division prices flat for nearly 30 years until 2018. |
Credit Scoring Network Effects Pricing Power Mortgage Securitization |
Dominant NetworksYCG focuses on businesses with dominant protocol networks that benefit from exponential value scaling. FICO exemplifies this with its universally recognized credit scoring standard that creates switching costs and institutional lock-in. The strategy involves owning a diverse collection of global champions with enduring pricing power. |
Network Economics Protocol Standards Switching Costs Market Leadership Barriers to Entry | |
| 2024 Q1 |
QualityYCG focuses on high-quality businesses that can maintain or increase future returns on capital. They believe high-quality businesses are likely to outperform the stock market based on their study of historical investment drivers. The strategy centers on owning a diversified collection of high-quality companies with strong profitability and conservative leverage. |
Quality Returns Profitability Conservative Outperformance |
| 2023 Q4 |
GlobalThe fund emphasizes global economic growth and wealth creation driven by increased connectivity and innovation. They believe global interconnectivity has enabled exponential growth in business reach and innovation, leading to rapid wealth creation that benefits shareholders. |
Global Growth Innovation Connectivity Wealth |
QualityThe portfolio consists of global champions with dominant networks, conservative balance sheets, ownership-minded management teams, and untapped pricing power. These businesses are described as recession-resistant toll collectors on global GDP with enduring competitive advantages. |
Quality Networks Pricing Conservative Management | |
| 2023 Q3 |
QualityYCG focuses on owning a diverse collection of global champions with dominant networks, conservative balance sheets, and ownership-minded management teams. They believe high-quality businesses have historically outperformed during economic downturns and earned market-beating returns with less risk due to behavioral biases that create a boredom discount on quality stocks. |
Quality Networks Conservative Management Outperformance |
Capital MarketsThe letter extensively discusses return on invested capital as a key driver of investment performance, citing research showing businesses with improving returns on capital tend to outperform the stock market. Examples include credit rating agencies like Moody's and S&P Global that charge minimal fees but provide significant value to bond issuers. |
ROIC Capital Performance Efficiency Returns | |
LuxuryHermes and Ferrari are highlighted as examples of companies with significant untapped pricing power, where base models sell for less than resale market prices and higher-end models fetch small fractions of auction prices. This creates opportunities for explosive stock performance when price-value gaps close. |
Luxury Pricing Premium Untapped Value | |
| 2023 Q2 |
RailroadsCanadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases. |
Network Effects Oligopoly Pricing Power Infrastructure Transportation |
Waste ManagementWaste Management and Republic Services are the two largest waste management companies in North America with 29% and 19% market share respectively. They benefit from physical network effects through extensive landfill and collection networks, plus NIMBY dynamics that have reduced US landfills from 7,683 in 1986 to 1,733 today, driving tipping fees up 5.2% annually versus 2.7% inflation. |
Network Effects NIMBY Pricing Power Consolidation Essential Services | |
Capital MarketsCME Group owns the world's leading futures and options exchanges with 95% market share in US interest rate futures trading and exclusive licenses for S&P 500, Russell 2000, and Nasdaq futures. The company benefits from two-sided network effects and clearinghouse position netting that creates huge incentives for customers to consolidate trading through fewer platforms. |
Network Effects Market Share Liquidity Exchanges Financial Infrastructure | |
OnshoringThe manager views railroads and waste management companies as better hedges against deglobalization and nearshoring trends than banks. In a scenario of more North American industrial production and stronger middle class from reshoring, these businesses could benefit from volume tailwinds while avoiding the tail risks that plague the banking sector. |
Deglobalization Nearshoring Industrial Production Volume Growth Risk Management | |
InflationWaste management tipping fees have grown 5.2% annually versus 2.7% inflation from 1982-2021, while railroads charge only 25% of trucking costs yet earn 40% operating margins. In an inflationary environment, these businesses can raise prices faster than costs due to their dominant market positions and operational efficiency advantages. |
Pricing Power Operating Leverage Cost Advantage Margin Expansion Real Returns | |
| 2023 Q1 |
Credit StressBanking sector experienced significant stress with Silicon Valley Bank and Signature Bank failures due to duration risk from rising interest rates. Banks locked up deposits in low-yielding long-duration securities, creating solvency issues when Fed rates rose to 5%. Government interventions included guaranteeing uninsured deposits and providing additional funding to prevent forced asset sales. |
Banking Duration Risk Interest Rates Liquidity Solvency |
QualityManager emphasizes prioritizing quality across all business aspects, from custody providers to portfolio holdings. Focus on well-managed, financially sound institutions and companies with dominant market positions, conservative balance sheets, and ownership-minded management teams. Quality approach viewed as critical for navigating crises successfully. |
Conservative Balance Sheets Dominant Positions Financial Soundness Management Quality Risk Management |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | Fund Letters | Brian Yacktman | TDG | TransDigm Group Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, annuity, Monopoly, Pricing power | Login |
| Jan 31, 2026 | Fund Letters | Brian Yacktman | LIN | Linde plc | Materials | Industrial Gases | Bull | New York Stock Exchange | Contracts, Industrial Gases, Inflation Protection, Pricing power, scale | Login |
| Jan 31, 2026 | Fund Letters | Brian Yacktman | META | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, monetization, network effects, social media | Login |
| Sep 30, 2025 | Fund Letters | Brian Yacktman | CME US | CME Group Inc. | Financials | Financial Exchanges & Data | Bull | NASDAQ | Capitalmarkets, Clearinghouse, Derivatives, Exchanges, Liquidity, Networks, Pricingpower | Login |
| Jun 30, 2025 | Fund Letters | Brian Yacktman | VMC | Vulcan Materials Company | Materials | Construction Materials | Bull | NYSE | aggregates, Buildingmaterials, construction, Inflationprotection, infrastructure, Nimby, Pricingpower | Login |
| Jun 30, 2025 | Fund Letters | YCG Investment | AAPL | Apple Inc. | Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | consumer electronics, Ecosystem, Global Champion, manufacturing, market mispricing, network effects, Pricing power, tariffs, technology | Login |
| Jun 30, 2025 | Fund Letters | YCG Investment | FICO | Fair Isaac Corporation | Software | Application Software | Bull | NYSE | Consumer credit, credit scoring, Data Analytics, financial services, Monopoly, Mortgage, network effects, Pricing power, Regulatory risk | Login |
| Mar 31, 2025 | Fund Letters | Brian Yacktman | LGND | Ligand Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Blockbuster, cashflow, Launches, royalties | Login |
| Mar 31, 2025 | Fund Letters | Brian Yacktman | CNI | Canadian National Railway | Industrials | Railroads | Bull | NYSE | efficiency, Logistics, Margins, Pricing, railroads | Login |
| Mar 31, 2025 | Fund Letters | Brian Yacktman | CRH LN | CRH plc | Materials | Construction Materials | Bull | London Stock Exchange | aggregates, construction, inflation, infrastructure, materials, Monopolies, Nimby, Pricingpower | Login |
| Mar 31, 2025 | Fund Letters | YCG Investment | CRH | CRH plc | Materials | Construction Materials | Bull | NYSE | aggregates, Building materials, construction materials, Cyclical, infrastructure, Local Monopolies, Mining, Nimby, Physical Network Effects, Pricing power | Login |
| Mar 31, 2025 | Fund Letters | YCG Investment | VMC | Vulcan Materials Company | Materials | Construction Materials | Bull | NYSE | aggregates, Building materials, construction materials, Cyclical, infrastructure, Local Monopolies, Mining, Nimby, Physical Network Effects, Pricing power | Login |
| Mar 31, 2025 | Fund Letters | YCG Investment | MLM | Martin Marietta Materials | Materials | Construction Materials | Bull | NYSE | aggregates, Building materials, construction materials, Cyclical, infrastructure, Local Monopolies, Mining, Nimby, Physical Network Effects, Pricing power | Login |
| Jun 30, 2024 | Fund Letters | Brian Yacktman | FICO | Fair Isaac Corporation | Information Technology | Application Software | Bull | NYSE | — | Login |
| Jun 30, 2024 | Fund Letters | YCG Investment | FICO | Fair Isaac Corporation | Software & Services | Application Software | Bull | NYSE | credit scoring, financial services, Institutional Risk Aversion, Monopolistic, mortgage market, network effects, Pricing power, SaaS | Login |
| Jun 30, 2023 | Fund Letters | Brian Yacktman | SBR | Sabine Royalty Trust | Energy | Oil & Gas Royalty Trusts | Bull | NYSE | Depletion, Distributions, energy, Gas, Income, oil, Reserves, Royalty | Login |
| Jun 30, 2023 | Fund Letters | Brian Yacktman | WM US | Waste Management, Inc. | Industrials | Environmental & Facilities Services | Bull | NYSE | inflation, Landfills, Networks, Nimby, Pricingpower, Tollcollector, waste | Login |
| Jun 30, 2023 | Fund Letters | Brian Yacktman | RSG US | Republic Services, Inc. | Industrials | Environmental & Facilities Services | Bull | NYSE | Inflationhedge, infrastructure, Landfills, Networks, Nimby, Pricingpower, waste | Login |
| Jun 30, 2023 | Fund Letters | Brian Yacktman | CP CN | Canadian Pacific Kansas City Limited | Industrials | Railroads | Bull | TSX | Freight, infrastructure, Networks, Nimby, Pricingpower, railroads, Reshoring | Login |
| Jun 30, 2023 | Fund Letters | YCG Investment | BRWM.L | Waste Management Inc. | Industrials | Environmental & Facilities Services | Bull | NYSE | defensive, environmental services, Industrials, Landfills, network effects, Nimby, North America, Pricing power, Toll Collector, waste management | Login |
| Jun 30, 2023 | Fund Letters | YCG Investment | RSG | Republic Services Inc. | Industrials | Environmental & Facilities Services | Bull | NYSE | defensive, environmental services, Industrials, Landfills, network effects, Nimby, North America, Pricing power, Toll Collector, waste management | Login |
| Jun 30, 2023 | Fund Letters | YCG Investment | CP.TO | Canadian Pacific Kansas City Limited | Industrials | Rail Transportation | Bull | TSX | Canadian Railway, Industrials, Mexico, network effects, Nimby, North America, oligopoly, Pricing power, Rail Transportation, Toll Collector | Login |
| Jun 30, 2023 | Fund Letters | YCG Investment | CNI | Canadian National Railway Co. | Industrials | Rail Transportation | Bull | TSX | Canada, Canadian Railway, Industrials, network effects, Nimby, North America, oligopoly, Pricing power, Rail Transportation, Toll Collector | Login |
| Jun 30, 2023 | Fund Letters | YCG Investment | CME | CME Group Inc. | Financials | Financial Exchanges & Data | Bull | NASDAQ | Capital markets, Clearinghouse, energy, Equity Indexes, Financial Exchanges, Futures, Interest rates, network effects, Options, Toll Collector | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft and Amazon (AWS) in Global Enterprise IT and Amazon (E-Commerce), Alphabet, and Meta in Global Advertising & E-Commerce are our holdings in this category. These businesses all own dominant multibillion-person networks that are, in many ways, everything stores for their customers. |
| AMZN | Microsoft and Amazon (AWS) in Global Enterprise IT and Amazon (E-Commerce), Alphabet, and Meta in Global Advertising & E-Commerce are our holdings in this category. These businesses all own dominant multibillion-person networks that are, in many ways, everything stores for their customers. |
| GOOGL | Microsoft and Amazon (AWS) in Global Enterprise IT and Amazon (E-Commerce), Alphabet, and Meta in Global Advertising & E-Commerce are our holdings in this category. Alphabet, Amazon, Microsoft, and Meta own the cloud infrastructure layer on which AI runs. |
| META | Microsoft and Amazon (AWS) in Global Enterprise IT and Amazon (E-Commerce), Alphabet, and Meta in Global Advertising & E-Commerce are our holdings in this category. Alphabet, Amazon, Microsoft, and Meta own the cloud infrastructure layer on which AI runs. |
| V | Visa and Mastercard connect billions of consumers with millions of merchants and thousands of banks, leading to a deeply entrenched payment infrastructure. Mastercard and Visa provide dispute resolution, chargeback infrastructure, fraud liability allocation, and other legal and regulatory protections that significantly reduce the theoretical cost advantages of alternative stablecoin payment infrastructures. |
| MA | Visa and Mastercard connect billions of consumers with millions of merchants and thousands of banks, leading to a deeply entrenched payment infrastructure. Moreover, Mastercard and Visa continue to aggressively invest in new payment technologies and to partner rather than compete with potential disrupters such as PayPal, Apple, Google, most of whom quickly realize that they can't solve the coordination problem of getting consumers and merchants to switch en masse. |
| WCN | Where appropriate, given tax considerations, we've added this business to our waste management bucket. The Waste Connections investment thesis is very similar to the other waste companies, except that the company deliberately focuses on secondary and rural markets where it is frequently the sole service provider – creating economics that are, if anything, more attractive than those of its larger peers. |
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