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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund initiated a new position in PharmaCorp to exploit inefficiencies in the sub-$1B Canadian equity space."
The Langdon Canadian Smaller Companies Portfolio returned 5.7% in Q4 2025, bringing its calendar-year performance to 19.7%. This strong finish pushed the since-inception (August 2022) annualized return to 15.3%, exceeding the fund's absolute return target of 15%. Top quarterly contributors were Groupe Dynamite, TerraVest Industries, and Richelieu Hardware. The primary performance drags were real estate-related holdings StorageVault Canada and FirstService; however, the manager remains highly confident in their long-term compounding potential and leadership. A new position was initiated in PharmaCorp, a pharmacy acquisition platform, via an equity raise offering attractive warrant optionality. The manager reiterates their commitment to disciplined portfolio construction, focusing on business fundamentals and downside risk rather than relying on macro-thematic drivers like artificial intelligence or monetary policy.
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