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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings."
McElvaine Value Fund returned 7.3% in the first half of 2026 and approximately 11% year-to-date, underperforming Canadian indices but improving through summer. The manager emphasizes balance sheet resilience across all holdings, with most companies carrying net cash or minimal debt—a defensive posture shaped by painful 2008 losses when leveraged businesses failed. Current positioning reflects the belief that defense resides in company fundamentals, not fund-level cash. Top holdings include PrairieSky Royalty (record production, debt reduction, shares up 50%), Exco Resources (aggressive Haynesville development, gas hedged to 2028), Fairfax Financial (93% combined ratio, aggressive buybacks), and Knight Therapeutics (revenue guidance raised twice, strong buybacks). The portfolio is concentrated in owner-managed businesses with insider alignment. With 22% cash following the Osler Fund merger and a fragile market environment, McElvaine maintains a patient, value-focused approach. He cannot predict timing but remains confident in the portfolio's setup, emphasizing that companies are better positioned than six months ago.
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