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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Platinum International Brands Fund | -4.7% | - | 4819.T, ATZ.TO, BFIT.AS, EZGL.T, GSK, JD, MEIT, PNDR.CO, PROSUS.AS | brands, China, consumer, Discretionary, retail | Fund focuses on consumer discretionary and staples companies globally, with particular emphasis on retailers, apparel companies, and consumer brands. Manager discusses weakening consumer spending in developed markets while Chinese consumer spending remains restrained but could recover. | View | |
| 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 27, 2025 | abrdn U.S. Small Cap Equity Fund | 6.9% | 3.0% | ABCB, ADMA, AHR, ATZ.TO, CHEF, CNMD, CORT, ELF, FIBK, FOLD, GPK, MMSI, REVG, SKWD, TMX.TO | Beauty, healthcare, infrastructure, Onshoring, Quality, small caps, tariffs, Trade Policy | President Trump's sweeping tariff policies initially weighed on investor sentiment, with China facing over 100% US duties. A 90-day pause was announced for most tariffs as part of trade negotiations, followed by US-China agreement on substantial reciprocal tariff reductions. The US doubled tariffs on global steel and aluminum imports to 50%, adding to trade policy uncertainty. | View | |
| 2025 Q2 | Jul 16, 2025 | White Falcon Capital Management | 17.6% | 10.0% | AMD, ATZ.TO, CTS.TO, DAVA, DSEY, EPAM, MAXR.TO, NU, RGLD, ROVR, SSL.TO, T.TO, TIXT.TO, W | Acquisitions, AI, Canada, Gold Royalties, IT Services, technology, value, volatility | The fund experienced gains in gold and silver royalty holdings during Q2. Precious metal royalty companies represent the top positions in the White Falcon portfolio. The fund benefited from the acquisition of portfolio company Sandstorm Gold by Royal Gold at a 98% premium to their cost basis. | TIXT.TO DAVA EPAM W ATZ.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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| 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 29, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, FNV, LFCR, NU, TECK.TO | Canada, gold, IT Services, small caps, technology, value | Manager discusses IT service providers as good businesses that act as a royalty on IT spend, serving as an important link between technology and corporations. Sees favorable backdrop with rising technology investments, growing outsourcing trends, and emergence of AI. Endava and Converge represent significant positions in this space. | CTS.TO LCBM EQTL |
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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 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 |
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| 2024 Q1 | Apr 16, 2024 | Pender Small Cap Opportunities Fund | 18.9% | 18.9% | ATZ.TO, KSI.TO, TCXT.V | Canada, Cannabis, fundamentals, growth, M&A, small caps, technology | The fund focuses on Canadian small cap technology companies that are in the early innings of a rebound from the 2021-2022 selloff. 55% of portfolio companies reported record high revenues, indicating strong fundamental performance. Small caps continue to trade at attractive valuations relative to their history and large cap companies. | KSI.TO |
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| 2023 Q2 | Dec 7, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NU, TECK.TO, WPM | AI, Brazil, gold, IT Services, Mining, semiconductors, technology, value | Manager views AI as a significant catalyst for technology companies and believes IT services providers like EPAM will be key enablers of corporate AI adoption. Discusses how AI helped investors get comfortable with future earnings growth in tech companies and argues against the narrative that AI will hurt IT services companies. | EPAM WPM AMZN AMD ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q3 | Oct 27, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | AAPL, ADYEY, AI, AMZN, ATZ.TO, BLFS, CREX, EH, GOOGL, INMD, META, MITK, MSFT, NVDA, TSLA | AI, Biotechnology, growth, Micro Cap, payments, Recession, small caps | Manager discusses artificial intelligence as part of a mini-rebubble in long-duration, low-quality stocks that occurred in Q2 and continued into Q3. The AI bubble is viewed as similar to previous bubbles in 3D printing, electric vehicles, and cannabis that the fund has traded before. | CREX |
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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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| 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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| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
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| 2023 Q4 | Jan 29, 2024 | Langdon Canadian Smaller Companies | 10.3% | 15.8% | ATZ.TO, CIGI.TO, ENGH.TO, EQB.TO, LMN.TO, RCH.TO | Canada, cash flow, Quality, small caps, value | The fund focuses on Canadian smaller companies with an average business age of 41 years, emphasizing proven, profitable companies rather than speculative investments. They take a blue-chip approach to small cap investing, comparing portfolio characteristics to large-cap businesses. | EQB CN DFY CN AND CN BYD CN TVK CN TOI CN ATS CN ATZ CN |
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| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| 2025 Q4 | Jan 21, 2026 | White Falcon Capital Management | 5.6% | 28.4% | AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W | AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value | AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns. | HUN NFI NU EPAM AMD |
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| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD | AI, IT Services, Quality, small caps, technology, value | AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand. | RTO.L ATZ.TO |
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| 2024 Q4 | Jan 17, 2025 | White Falcon Capital Management | 5.5% | 14.4% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NFI.TO, NU, PRGO, RTO.L, VALE, XEQT.TO | Brazil, Pharmaceuticals, small caps, technology, turnaround, value | White Falcon gravitates towards opportunities with low expectations and low valuations, particularly in smaller companies left behind in the market rally. The portfolio has shifted more towards 'value today' positioning with significant margin of safety. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | Aritzia Inc. | Consumer Discretionary | Specialty Retail | Bull | Toronto Stock Exchange | Canada, Cyclical Recovery, Fashion retail, margin expansion, Specialty retail, Tariff resilience, Women's Apparel | View Pitch |
| Apr 13, 2026 | Fund Letters | White Falcon Capital Management | Aritzia Inc. | Consumer Discretionary | Specialty Retail | Bull | Toronto Stock Exchange | contrarian, founder-led, high-ROIC, Specialty retail, turnaround, US Expansion, Value, Women's Fashion | View Pitch |
| Apr 13, 2026 | Fund Letters | White Falcon Capital Management | Aritzia Inc. | Consumer Discretionary | Specialty Retail | Bull | Toronto Stock Exchange | asymmetric risk-reward, Canada, e-commerce, fashion, market overreaction, Specialty retail, tariff impact, US Expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | Aritzia Inc. | Consumer Discretionary | Specialty Retail | Bull | Toronto Stock Exchange | Canada, e-commerce, Everyday Luxury, growth, international expansion, Multi-brand Portfolio, Real Estate Strategy, Specialty retail, US Expansion, Women's Fashion | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Eric Brierley | Aritzia Inc. | Consumer Discretionary | Apparel Retail | Neutral | TSX | — | 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. | ||||||||