Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 8, 2025 | Right Tail Capital | - | - | BYD.TO, CHTR, IAC, NSC, NSIT, SCHW, SSNC | Business, Capital Allocation, Long Term, portfolio, Quality | Right Tail focuses on owning high quality public companies with strong competitive advantages and returns on incremental capital for the long run. The manager emphasizes that 70% of the portfolio consists of companies held for the better part of 3 years, reflecting an outcome of owning high quality businesses that create value over time. | 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 |
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 |
View |
| 2024 Q1 | Apr 26, 2024 | Right Tail Capital | 0.0% | 10.3% | BYD.TO | Auto Aftermarket, Collision Repair, Consolidation, Long Term, value | Boyd Group Services operates ~950 collision repair locations across US and Canada, generating 90% of revenue in the US. The fragmented collision repair industry continues to consolidate with larger players leading the charge, while 60-70% of locations remain single-store operations. Boyd provides significant value to insurance partners through Direct Repair Programs, with 90% of revenue involving insurance companies. | BYD.TO |
View |
| 2024 Q3 | Oct 7, 2024 | DKAM Donville Kent Asset Management | 0.0% | 68.1% | BYD.TO, E.TO, GSY.TO, MTY.TO, PRL.TO, VHI.V, ZDC.V | Canada, Compounding, rates, ROE, small caps, value | Fund focuses on small and mid-cap stocks which are at historically cheap discounts relative to large caps. Small cap earnings growth is forecast to be 30% greater than large cap earnings growth in 2025. The combination of declining rates, cash on sidelines, and cheap valuations supports the view that we're at the beginning of the next multi-year cycle for small and mid-cap stocks. | E.TO ZDC.V VHI.V GSY.TO MTY.TO BYD.TO |
View |
| 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 |
View |
| 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 |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Right Tail Capital | Boyd Group Services | Consumer Discretionary | Specialized Consumer Services | Bull | Toronto Stock Exchange | Automotive Services, Canada, capital allocation, Collision Repair, consolidation, defensive business, Direct Repair Programs, Fragmented Industry, Insurance Partners | View Pitch |
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | Boyd Group Services Inc. | Consumer Discretionary | Specialized Consumer Services | Bull | TSX | Acquisitions, Auto Glass, Automotive Services, capital allocation, Collision Repair, Greenfield, Insurance Partners, Multi-shop Operators, North America, organic growth | View Pitch |
| Apr 13, 2026 | Fund Letters | DKAM Donville Kent Asset Management | Boyd Group Services Inc. | Consumer Discretionary | Automotive Retail | Bull | TSX | Automotive Services, cash generation, Collision Repair, compounder, high IRR, North America, Roll-up Strategy | 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. | ||||||||