ATD-TO

ATD-TO

ATD-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Jemekk Hedge Fund	5.5%	15.8%	AC.TO, AEM, AMZN, ATD.TO, BTG, CRM, EFN.TO, FFH.TO, FNV, GDXJ, GS, MEG.TO, SSL.TO, V, WMT, ZZZ.TO	Canada, financials, gold, Hedging, materials, rates, Resilience	The Gold and Silver theme has begun to play out after years of unsuccessful positioning. A weaker USD, inflationary fears, flow of funds, and rising demand from both Central Banks and retail have pushed prices to all-time highs, significantly rewarding participants.		View
2024 Q3	Sep 30, 2024	Mondrian Global Equity Fund	-	-	ATD.TO, HMC, MMTOF, NSANY, SVNDY, TM	Buybacks, Corporate Governance, Currency, global, Japan, value	Mondrian maintains overweight positioning in Japan based on attractive valuations and corporate governance reforms. The firm has a 35-year track record of stock selection in Japan and sees continued value from improving shareholder returns, share buybacks, and unwinding of cross-shareholdings.		View
2024 Q3	Sep 30, 2024	Mondrian International Equity Value Opportunities	-	-	3382.T, 6201.T, 6503.T, 7201.T, 7203.T, 7211.T, 7267.T, ATD.TO	Corporate Governance, Currency, international, Japan, value	Mondrian maintains overweight position in Japan based on attractive valuations and expectations for future real returns. Corporate governance reforms continue gathering momentum with share buybacks above 2023 record highs and dividend growth at 10% annually over 20 years. The firm sees significant value still to be unlocked from governance improvements.	6201.T 6503.T	View
2023 Q3	Sep 30, 2023	Merchant West	-	-	ATD.TO, NVDA	adaptation, Global Markets, Investment Process, Long Term, Quality, South Africa, technology, value	Artificial Intelligence is discussed as a rapidly evolving technology with exponential growth trajectory. The manager notes that AI development has been ongoing for 15 years, with large language models expected to be 100 times more powerful than GPT-4 within two years. Nvidia is highlighted as dominating the AI sector with significant share price gains.	ATD.TO	View
2024 Q2	Jul 7, 2024	Seeking Winners	2.3%	16.7%	AMZN, ATD.TO, BRK-B, EVVTY, MSFT, NVDA, ODFL	Buybacks, cash flow, Concentration, growth, Quality, technology, value	The manager views the current AI hype as reminiscent of the tech bubble, with companies trading at unsustainable valuations of 40 times sales. He criticizes the disconnect between inflated AI valuations and real-world performance, noting that insiders are selling while retail investors pile in at peak prices.	ODFL ATD.TO EVVTY	View
2025 Q2	Jul 21, 2025	The Bristol Gate U.S. Equity Strategy	-	-	AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS	AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility	AI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance.	TVK.TO ACN TMO UNH MCK GE AVGO ACN MCK AVGO	View
2025 Q2	Jul 16, 2025	Harding Loevner International Equity	9.2%	14.8%	002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM	aerospace, AI, defense, Europe, Health Care, international	Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies.		View
2025 Q2	Jul 16, 2025	Harding Loevner Global Equity	10.2%	7.9%	0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems.	ADBE BKNG ADBE	View
2025 Q2	Jul 11, 2025	Baillie Gifford -International All Cap	-	-	6869.T, 6981.T, ATD.TO, BNZL.L, BRBY.L, JMT.L, MC.PA, RYA.L, SIK.SW, SPOT	Europe, growth, international, Quality, tariffs, Valuations	US imposition of tariffs on global trading partners created uncertainty for companies and management teams. The tariff shock highlighted merits of international equities after US outperformance. Management teams expressed concerns about prolonged uncertainty effects rather than direct tariff impacts.		View
2024 Q1	Apr 17, 2024	Langdon Global Smaller Companies	5.1%	5.1%	ATD.TO, ATZ.TO, HYQ.DE, MEDP, RBREW.CO, RCH.TO, TOI.TO, WOSG.L	Beverages, Europe, global, healthcare, Luxury, small caps, value	Royal Unibrew has made 11 acquisitions in 3 years spending over $900 million, doubling invested capital. Input costs per hectoliter increased over 50% due to inflation, temporarily depressing returns on capital to half historical levels. The company trades at lowest cash earnings multiple since 2013 on near trough earnings.	MEDP WOSG.L RBREW.CO	View
2023 Q4	Feb 20, 2024	Tall Oak Capital Advisors	-	-	AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO	Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology	The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution.	PANW	View
2024 Q4	Feb 11, 2025	Torghatten Capital	-	-	ATCO-A.ST, ATD.TO, BOUV.OL, CSU.TO, EVO.ST, INVE-B.ST, MEDI.OL, NVO, V	Compounding, fundamentals, long-term, Margins, moats, Quality, ROCE, value creation	The fund focuses exclusively on high-quality companies with strong competitive advantages, trustworthy management, profitable operations, and smart capital allocation. Quality is defined through the Quality Triangle: historical numbers, management clarity, and forecastability.	EVO.ST CSU.TO V EVO SS CSU CN V	View
2024 Q4	Dec 31, 2024	Harding Loevner International Equity	-	1.8%	005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM	AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy	AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing.		View
2025 Q3	Nov 30, 2025	Bell Global Emerging Companies Fund	-	-	3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L	AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology	Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.	AUTO LN 3769 JP JKHY	View
2025 Q3	Oct 31, 2025	Turtle Creek Fund Test	0.4%	-	AHT.L, ATD.TO, BFH, DOL.TO, DOO.TO, GIL.TO, KNSL, PFB.TO, SCI, SYF, TFII.TO, URI, WSC	Canada, Concentration, growth, mid cap, Quality, value	Portfolio trades at 10.4x earnings, below historical median range of 9x-13x, while S&P 500 trades at elevated 22x earnings in top fifth percentile of 20-year range. Manager emphasizes valuation discipline and relative attractiveness versus broad market multiples.	CTAS KNSL WSC CTAS KNSL WSC	View
2025 Q3	Oct 19, 2025	EdgePoint Global	-	-	6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX	active management, AI, Concentration, global, Quality, technology, value	Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns.	Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM	View
2024 Q3	Oct 18, 2024	The Bristol Gate U.S. Equity Strategy	8.4%	15.0%	AMAT, ATD.TO, BN, CARR, CIGI, CNR, JWEL.TO, LOW, MCHP, MCK, SHW, SJ.TO	Canada, dividends, financials, industrials, materials, rates, technology	Bristol Gate focuses on high dividend growth companies, with 17 of 22 US portfolio companies announcing dividend increases averaging 13% in 2024. The firm's machine learning model identifies high dividend growers as their core investment universe. Portfolio companies demonstrate sustainable dividend growth backed by earnings and free cash flow growth.		View
2025 Q3	Oct 14, 2025	Harding Loevner Global Equity	2.5%	10.6%	0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, diversification, global, healthcare, momentum, technology, valuation	AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative.	TCEHY US GOOGL US TMO US ELV US VRTX US ACN US	View
2024 Q4	Jan 21, 2025	The Bristol Gate U.S. Equity Strategy	-5.2%	9.1%	AMAT, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS	AI, Concentration, dividends, semiconductors, underperformance, value	Bristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index.		View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2023 Q4	May 1, 2024	Vltava Fund	0.0%	0.0%	ABG, ATD.TO, BRK-A, BUR.L, CVS, JPM, LH	Banking, Concentration, Japan, Quality, small caps, value	Manager emphasizes investing in high-quality companies trading at attractive valuations while avoiding expensive large-cap stocks. Portfolio trades at 9.3x P/E despite 26% average ROE, creating significant value opportunity compared to overvalued mega-cap stocks.		View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY	AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy	The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Merchant West	Alimentation Couche-Tard Inc.	Consumer Staples	Food & Staples Retailing	Bull	Toronto Stock Exchange	Canada, Circle K, consumer staples, convenience stores, Electric Vehicle Charging, Ev infrastructure, Fuel Stations, North America, retail	View Pitch
Apr 13, 2026	Fund Letters	Seeking Winners	Alimentation Couche-Tard Inc	Consumer Staples	Food & Staples Retailing	Bull	TSX	Circle K, convenience stores, Decentralized operations, Defensive growth, EV Resilient, Fragmented Industry, High ROCE, market consolidation, TSX Listed, Value	View Pitch

BSD Shareholders of ATD-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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