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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 6, 2025 | Seeking Winners | 8.2% | - | APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, TOI.TO | AI, cash flow, conviction, Portfolio Management, Position Sizing, Recurring Revenue, software | The fund emphasizes vertical market software companies as core holdings, believing they create enduring competitive advantages through embedded business processes. The emergence of Vertical AI represents an even grander market opportunity than legacy Vertical SaaS, with LLM-native companies achieving strong growth and margins while complementing rather than competing with existing solutions. | CMG.TO APPF |
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| 2025 Q1 | Apr 6, 2025 | Seeking Winners | -0.5% | -0.5% | APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, LMN.V, TOI.V | Acquisitions, aerospace, cash flow, insurance, Quality, software | The portfolio is heavily concentrated in software companies, particularly those that acquire and develop smaller software businesses. The Constellation family operates as a highly efficient reinvestment engine leveraging VMS acquisitions with a decentralized M&A framework. Computer Modelling Group is positioned to benefit from the oil and gas industry's shift towards software solutions and is expanding into carbon capture and storage software markets. | View | |
| 2024 Q3 | Oct 3, 2024 | Seeking Winners | 5.5% | - | APPF, ATD, CMG.TO, CSU.TO, EVO.ST, LMN.TO, ODFL, TOI.TO | Capital Allocation, growth, Quality, small caps, software | The fund acquired two software companies - Computer Modelling Group (CMG) and AppFolio - representing a strategic shift toward high-quality software businesses. CMG operates in a near-monopoly position in reservoir simulation software with 71% recurring revenue, while AppFolio dominates property management software with strong unit economics and margin expansion potential. | APPF CMG.TO |
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| 2025 Q3 | Oct 16, 2025 | Pender Small Cap Opportunities Fund | - | 6.4% | BDI.TO, CMG.TO, DCBO.TO, DND.TO, DNTL.TO, GRID.TO, MDA.TO, NFI.TO, PNG.TO, QIS.TO | Canada, defense, M&A, small caps, technology, value | Small caps remain attractive on both absolute and relative valuation basis, providing long-term tailwind as mean reversion brings multiples closer to historical averages. US small caps gained 15% in Q3 versus large caps at 10.5%, supported by real earnings growth and attractive relative valuations. | PNG PNG |
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| 2024 Q4 | Jan 11, 2025 | Seeking Winners | - | 26.6% | APPF, BRK-B, CMG.TO, CRM, CSGP, CSU.TO, HEI, IT, LMN.TO, NVDA, TOI.TO, TWLO | Capital Allocation, cash flow, Concentration, Quality, Research, software, technology | The manager acknowledges AI will fundamentally revolutionize numerous industries but maintains a cautious perspective on current AI-focused investments. They note the overwhelming market momentum concentrated in select AI stocks like Nvidia and express skepticism about long-term terminal values of AI ecosystem companies despite significant stock price appreciation. | IT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Vltava Fund | Magna International Inc. | Consumer Discretionary | Auto Parts & Equipment | Bear | Toronto Stock Exchange | Auto parts, Automotive Supplier, Canadian, capital allocation, Disappointment, Management Change, Underperformance | View Pitch |
| Apr 13, 2026 | Fund Letters | Seeking Winners | Computer Modelling Group Ltd | Software & Services | Application Software | Neutral | TSX | Carbon Capture Storage, cyclical industry, energy transition, M&A strategy, Oil and Gas Software, Position Sizing, Reservoir simulation, vertical software | View Pitch |
| Apr 13, 2026 | Fund Letters | Seeking Winners | Computer Modelling Group Ltd. | Information Technology | Application Software | Bull | Toronto Stock Exchange | Canada, carbon capture, duopoly, energy technology, growth, Oil and Gas Software, recurring revenue, Reservoir simulation, SaaS | View Pitch |
| Jan 8, 2026 | Substack | Compound and Fire | Computer Modelling Group | Software | Software | Bull | Toronto Stock Exchange | capital allocation, Computer Modelling Group, growth prospects, innovation, market position, oil and gas, shareholder value, software solutions, Strategy 4.0, technological advancements | View Pitch |
| Nov 2, 2025 | Substack | Compound and Fire | Computer Modelling Group | Information Technology | Software - Application | Bull | Computer Modelling Group, energy transition, growth, investment thesis, M&A focus, market position, Reservoir simulation, Software, strategic initiatives, valuation opportunity | 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. | ||||||||