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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Langdon Canadian Smaller Companies. This analysis is provided for institutional research purposes only and is not investment advice.
"Langdon sees exceptional opportunity in Canadian small caps as market capital concentrates on AI narratives, leaving quality businesses overlooked. Portfolio holdings like A&W Food Services continue compounding intrinsic value through disciplined execution and strong culture, yet trade flat as investor attention flows elsewhere."
The Langdon Canadian Smaller Companies Portfolio declined 1.6% in Q2 2026 versus a 2.0% benchmark return. The manager observes that capital is increasingly chasing businesses fitting prevailing narratives, particularly AI infrastructure and hardware companies, while businesses quietly compounding intrinsic value are overlooked. This dynamic has created what the manager views as one of the most attractive opportunities in years in Canadian small caps. Exchange Income Corporation and PharmaCorp contributed positively during the quarter, while Groupe Dynamite detracted despite continued strong execution. Several portfolio holdings including A&W Food Services, Richelieu Hardware, Definity Financial, and Westaim have materially increased intrinsic value but seen flat or declining share prices due to lack of market attention. The manager highlights A&W as exemplifying this disconnect, noting its exceptional culture, disciplined capital allocation, and strongest 10-year system sales growth among North American burger peers. The portfolio is positioned to allocate meaningful capital to resilient, faster-growing Canadian small caps trading at attractive valuations, requiring patience and concentration to capture value as these businesses compound over time.
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