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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 16, 2025 | White Falcon Capital Management | 17.6% | 10.0% | ATZ CN, DAVA, EPAM, RGLD, SSL CN, TIXT, W | asymmetry, Compounding, dislocations, Value Investing, volatility | The letter frames market volatility, particularly tariff-induced swings, as a source of opportunity rather than risk. Management highlights buying quality businesses with asymmetric risk-reward profiles during periods of panic. A diversified, value-oriented portfolio is positioned to compound capital 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 | |
| 2024 Q3 | Oct 23, 2024 | Langdon Canadian Smaller Companies Portfolio | 5.4% | 10.1% | ATS CN, ATZ CN | Canada, CashFlow, compounders, management, SmallCaps | The portfolio focuses on long-duration, cash-generative Canadian businesses with strong management teams capable of compounding value through cycles. The letter highlights variant perception, maintenance research, and the search for non-obvious compounders that can inflect after investment cycles. Small-cap compounders remain compelling for disciplined investors willing to look beyond short-term volatility. | View | |
| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ATEC, ATZ CN, CORT, ELF, LRN, VIAV | earnings growth, Federal Reserve Policy, Infrastructure Spending, Quality Factors, U.S. Small Caps | The letter notes that U.S. small caps rose during the quarter but underperformed large caps as easing monetary policy was offset by policy uncertainty and uneven earnings reactions. Stock-level outcomes were driven by idiosyncratic execution, with health care and consumer names detracting while industrial and data-center-exposed businesses contributed. The outlook remains constructive as rate cuts, infrastructure spending, reshoring, and technological innovation create cyclical tailwinds, with a continued emphasis on higher-quality small-cap companies to manage risk. | CORT |
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| 2023 Q4 | Jan 29, 2024 | Langdon Canadian Smaller Companies Portfolio | 10.3% | 15.8% | ATZ CN | Canada, CashFlow, Compounding, Quality, SmallCaps | Canadian small caps offer proven, cash-generative businesses with long operating histories and durable competitive advantages despite market misconceptions around volatility. Portfolio companies demonstrate resilience through cycles and benefit from mispricings created by short-term investor behavior. Small caps remain attractive for long-term compounding driven by disciplined capital allocation. | EQB CN DFY CN AND CN BYD CN TVK CN TOI CN ATS CN ATZ CN |
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| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | ATZ CN, RTO | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | James England | Aritzia Inc. | Consumer Discretionary | Apparel Retail | Bull | New York Stock Exchange | Apparel, Branding, expansion, Margins, Sourcing | View Pitch |
| Nov 29, 2025 | Fund Letters | Greg Dean | Aritzia Inc. | Consumer Discretionary | Specialty Stores | Bull | TSX | Apparel, ecommerce, growth, retail, turnaround | 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. | ||||||||