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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Tactile Fund LP | 3.7% | 15.3% | AND CN, CNRD, FUM IM | Hard assets, inflation, infrastructure, Scarcity, Tourism | Hard assets: The fund continues its focus on land, minerals, timber, and durable physical assets that maintain scarcity value during inflationary periods. Infrastructure: Investments in shipbuilding, quarries, and Alpine rail networks provide irreplaceable long-life assets with strong pricing power and limited competition. Tourism: Alpine rail operators (Jungfraubahn, BVZ, Mont-Blanc) provide monopolistic access to world-class destinations; revenues benefit from inelastic global tourism demand and constrained supply of new infrastructure. | View | |
| 2025 Q2 | Jul 1, 2025 | Langdon Global Smaller Companies | 10.5% | 10.5% | AGYS, AND CN, ATG LN, FEVR LN | buyouts, compounders, healthcare, industrials, software | Global small-cap leaders in industrials, software, and healthcare continued to compound value through secular niche dominance and disciplined capital allocation. The portfolio benefited from take-private activity, recurring-revenue models, and consolidation trends in fragmented markets. Compounders remain a durable theme as select smaller companies grow free cash flow predictably across cycles. | View | |
| 2025 Q1 | May 12, 2025 | Langdon Canadian Smaller Companies Portfolio | -7.2% | - | AND CN, ATZ CN, TVK CN | Canada, Logistics, SmallCaps, takeover, valuation | The portfolio experienced unexpected drawdowns across several small-cap holdings despite strong underlying fundamentals and management access providing conviction. Acquisitions like UPS buying Andlauer highlight asymmetric upside inherent in undervalued niche leaders. Small caps remain attractive for long-term investors focused on intrinsic value gaps and high-quality management teams. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Greg Dean | Andlauer Healthcare Group Inc. | Industrials | Health Care Technology | Bull | TSX | acquisition, Culture, growth, healthcare, Logistics, management, Margins, Moat, Outsourcing, Returns, Transportation, valuation | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||