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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 31, 2024 | Langdon Canadian Smaller Companies | 0.1% | 4.4% | ATS.TO, ATZ.TO, BYD.TO, ENGH.TO, GCG.TO, TVK.TO, WED.TO | Canada, cash flow, Consolidation, small caps, value | The fund focuses exclusively on Canadian small cap companies, emphasizing those with strong cash flow generation compared to the broader S&P/TSX Completion index where 4 out of 10 positive performers had negative free cash flow. The portfolio demonstrates strong downside protection through concentrated holdings in cash-generative businesses. | BYD.TO TVK.TO |
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| 2025 Q2 | Jul 1, 2025 | Langdon Canadian Smaller Companies | 13.9% | 5.7% | AND.TO, ATS.TO, ATZ.TO, DFY.TO, EQB.TO | Canada, insurance, Quality, Resilience, small caps, value | Portfolio companies demonstrated resilience by overcoming tariff-related challenges and external shocks. Groupe Dynamite and Aritzia proved tariffs were manageable obstacles, delivering strong growth with margin expansion despite operational headwinds. | EQB.TO ATS.TO DFY.TO ATZ.TO DYN.TO |
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| 2024 Q1 | May 16, 2024 | Turtle Creek Fund Test | -10.6% | 0.0% | ATS.TO, PFB.TO, TFII | Attribution Analysis, Canada, mid cap, Quality, risk management, value | The fund focuses on purchasing companies at significant discounts to Business Value, with new additions requiring at least 40% discounts. Three new positions were added at greater than 50% discounts to Business Value during the quarter. | View | |
| 2025 Q1 | May 12, 2025 | Langdon Canadian Smaller Companies | -7.2% | - | AND.TO, ATS.TO, ATZ.TO, BYD.TO, DND.TO, EQB.TO, GCG.TO, GRGD.TO, RCH.TO, SVI.TO, SYZ.TO, TVK.TO | Acquisition, Canada, healthcare, Logistics, small caps, Trade Policy, value | Andlauer Healthcare Group represents a critical logistics provider transporting 85% of pharmaceutical products used in Canada and serving 35% of the Canadian healthcare industry. The company demonstrates best-in-class operating ratios, sticky customer base, and defensible market position with value-add logistics driving outsized margins. UPS acquired Andlauer at a 30% premium, validating the investment thesis. | AND.TO |
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| 2024 Q1 | Apr 17, 2024 | Langdon Canadian Smaller Companies | 4.3% | 4.3% | ATS.TO, ATZ.TO, CSU.TO, GM, LMN.TO, PSK.TO, TOI.TO, TVK.TO | Canada, energy, Industrial, small caps, technology, value | ATS Automation provides automated supply chain technology and factory automation solutions across life sciences, food & beverage, energy, industrial, and consumer sectors. The company faced headwinds from GM's delayed EV battery program but is rebasing toward higher quality end-markets like life sciences and food & beverage. | TOI.TO ATS.TO |
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| 2024 Q4 | Mar 10, 2025 | Turtle Creek Fund Test | -2.7% | - | AHT.L, AMCR, ATS.TO, BERY, BF.A, DFS, DOO.TO, KNSL, MGRC, PFB.TO, URBN, URI, WSC | Buybacks, Deregulation, Financial Services, mid cap, Trade Policy, value | Trump administration expected to be more business friendly with push for deregulation and lower corporate taxes. CFPB under Trump widely expected to be more business friendly and less focused on increasing regulatory burden. Proposed cap on credit card late fees may be dropped under new administration. | WSC KNSL AHT.L DOO.TO BERY BFH |
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| 2024 Q3 | Oct 23, 2024 | Langdon Canadian Smaller Companies | 5.4% | 10.1% | ATS.TO, ATZ.TO, BYD.TO, CIGI.TO, TVK.TO | Canada, growth, Maintenance Research, small caps, value | ATS Corporation provides automation solutions to manufacturers globally, designing and assembling automated assembly technology for Life Science, Food and Beverage, Transportation, Packaging, and Energy sectors. The company has made strategic acquisitions in the past five years and maintains a decentralized culture focused on continuous improvement. | ATS.TO ATZ.TO |
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| 2025 Q3 | Oct 21, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance. | RBLX |
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| 2024 Q4 | Jan 30, 2025 | Langdon Canadian Smaller Companies | 2.8% | 13.1% | ATS.TO, ATZ.TO, AW.TO, BYD.TO, DFY.TO, SKWD, SVI.TO, TOI.TO, TVK.TO, WED.TO | Canada, Culture, private equity, QSR, small caps, value | Management emphasizes culture as a key investment criterion, noting that culture attracts like-minded talent, motivates organizations, and fosters employee tenure. A&W exemplifies this with founders owning 35% after 35 years and senior management averaging over 20 years tenure. Culture shapes decision-making and drives long-term success measurement timeframes. | WED.TO AW.TO |
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| 2023 Q2 | Jul 17, 2023 | Upslope Capital Management | 14.8% | 18.1% | 8697.T, ATR, ATS.TO, BOKF, CACI, DPLM.L, EMG.L, FCN, FTT.TO, GLT, GRMN, KOG.OL, SLGN, TECN.SW, X.TO | defense, Exchanges, Japan, Long/Short, mid cap, Quality, technology | Manager sees attractive opportunities in exchange operators, exiting TMX Group to invest in Japan Exchange Group. Views exchanges as having monopolistic competitive positions with steady growth and high margins. Japan Exchange specifically positioned to benefit from Japanese equity market revival and corporate governance reforms. | 8697.T GRMN ABX.TO FCN |
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| 2023 Q1 | Apr 17, 2023 | Upslope Capital Management | 14.8% | 18.1% | ATR, ATS.TO, BOKF, BOLSAA.MX, CACI, CHG.L, DPLM.L, EMG.L, FCN, FTT.TO, GLT, KOG.OL, SLGN, TECN.SW, X.TO | Defensive, international, Long/Short, SMID Cap, value, volatility | Manager holds positions in defense contractors including Chemring (exited), Kongsberg Gruppen, and CACI International. Expects these companies to benefit from geopolitical tailwinds and strong positioning in cyber defense. | FTT.TO CHG.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | ATS Corporation | Industrials | Industrial Machinery | Bull | Toronto Stock Exchange | balance sheet improvement, capital allocation, EV Battery Assembly, Industrial automation, life sciences, Reinvestment Capacity, settlement | View Pitch |
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | ATS Automation Tooling Systems Inc. | Industrials | Industrial Machinery | Neutral | Toronto Stock Exchange | Customer concentration, EV Battery, Factory Automation, Food & Beverage, Industrial technology, life sciences, supply chain | View Pitch |
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | ATS Corporation | Industrials | Industrial Machinery | Bull | Toronto Stock Exchange | Acquisitions, Continuous Improvement, Decentralized Culture, engineering, Europe, Global Platform, Industrial automation, life sciences, Manufacturing Solutions, Medical devices | 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. | ||||||||