CIGI-TO

CIGI-TO

CIGI-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2024 Q2	Jul 16, 2024	The Bristol Gate U.S. Equity Strategy	-0.4%	6.1%	AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS	Concentration, dividends, growth, Quality, technology, value	Bristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential.	ODFL GE	View
2026 Q1	Apr 14, 2026	Fenimore Small Cap Strategy	-10.0%	-10.0%	BIP, BROS, BWIN, CBIZ, CIGI.TO, CWST, DFH, DSGX.TO, ESI, EXLS, LSTR, OSW, SPSC	AI, energy, Quality, small caps, software, value			View
2024 Q3	Oct 8, 2024	Mawer International Equity Fund	6.9%	16.0%	3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO	AI, China, consumer, international, Japan, rates, real estate	Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates.		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
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	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
2023 Q4	Jan 19, 2024	The Bristol Gate U.S. Equity Strategy	-	23.9%	AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH	dividends, financials, HVAC, industrials, Quality, technology, value	Bristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth.	CARR	View
2025 Q4	Jan 13, 2026	DKAM Donville Kent Asset Management	0.0%	0.0%	CIGI.TO, CPH.TO, E.TO, GSY.TO, MDA.TO, PNG.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, Corrections, earnings, LNG, small caps, technology, value	Small caps are set to have higher earnings growth than large caps for the first time in a long time, while the valuation mismatch between large caps and small caps is at historic levels. The fund focuses on small-medium compounders that have been oversold despite strong fundamentals. The correction has created a setup similar to 2022 where high-quality companies with strong fundamentals are trading at historically cheap valuations. Many stocks are now at record cheap valuations while continuing to grow earnings, creating significant opportunities for value-oriented investors. The Canadian government is going all in on LNG with approvals of LNG Phase 1 & 2 and Ksi Lisims. Prime Minister Carney stated Canada could export 50 million metric tons per year of LNG by 2030 and double that by 2040, implying all west coast LNG projects would proceed.	ZDC VHI E PRL GSY	View
2023 Q1	Mar 31, 2023	Oakmark Fund- International Small Cap	3.8%	0.0%	4613.T, CIGI.TO, MEDX.SW, SOW.DE, TMV.DE	Commercial real estate, Enterprise Software, Europe, small caps, Specialty Chemicals, value	TeamViewer exceeded expectations with 18% SMB growth and 42% Enterprise billing growth, while Software AG showed solid results with 7% product revenue growth despite margin compression from SaaS transition. Both companies demonstrate strong fundamentals in the enterprise software space.	MEDX.SW 4613.T CIGI.TO SOW.DE TMV.DE	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Oakmark Fund- International Small Cap	Colliers International Group Inc	Real Estate	Real Estate Services	Bull	Toronto Stock Exchange	asset management, Canada, commercial real estate, CRE Cyclical, Equity Retention, M&A strategy, Real Estate Services, recurring revenue	View Pitch

BSD Shareholders of CIGI-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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