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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | YCG Investment | - | - | AON, CME, CNI, CP, GOOGL, MMC, OR.PA, PGR, RMS.PA, RSG, UL, WM | Bear Markets, insurance, long-term, Luxury, Pricing Power, Railroads, Waste management | Manager increased conviction in Hermes over L'Oreal, believing luxury brands with the most desirable status symbols through heritage, storytelling, and controlled supply have the most favorable long-term economics. Hermes handbags routinely sell above retail prices, with exclusive $100,000-$200,000 bags selling at auction for double their retail price. | View | |
| 2023 Q2 | Jul 28, 2023 | Atherean Value Fund | - | - | CNI | AI, Bubble, Canada, infrastructure, Railroads, Transportation, value | North American freight railroads are attractive due to operational efficiency from Precision Scheduled Railroading, high margins exceeding 30%, monopolistic characteristics, and substantial cost advantages over trucking. The manager views railroads as durable businesses providing essential services with pricing power and reasonable valuations. | CNI |
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| 2025 Q2 | Jul 19, 2025 | Appalaches Capital | 7.4% | 6.9% | ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC | Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value | Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts. | EXP ASML US LRCX US EXP US |
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| 2023 Q2 | Jun 30, 2023 | YCG Investment | - | - | 0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM | Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management | Canadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases. | CME CNI CP.TO RSG BRWM.L |
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| 2025 Q1 | Apr 5, 2025 | 13D Activist Fund | -10.2% | -10.2% | AAPL, AVGO, BLCO, CL, CMG, CNI, DKS, FTRE, HR, JNJ, KVUE, MIDD, MSFT, OR.PA, PG, QRVO, SN, SWKS, WEN, YETI | activism, consumer, M&A, semiconductors, small cap, value, volatility | The fund focuses exclusively on activist investing situations, holding positions for the full activist cycle until catalysts are no longer compelling. Activist investors are keeping their heads down and focusing on portfolios despite market volatility, with 2025 already outpacing 2024 with 45 new campaigns versus 36 last year. | View | |
| 2026 Q1 | Apr 21, 2026 | Templeton & Phillips Capital Management | - | - | CNI, ELF | energy, geopolitics, LNG, oil, small caps, Trade Down, value, volatility | ELF CNI |
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| 2026 Q1 | Apr 20, 2026 | Appalaches Capital | -2.2% | -2.2% | ASML, CNI, CP, GOOGL, LRCX, MA, V | AI, payments, Railroads, semiconductors, uncertainty, value | MA V |
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| 2025 Q4 | Jan 12, 2026 | QV Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, BABA, CAT, CNI, DG, FTT.TO, GOOGL, MU, NVDA, TPZ.TO, UNP | AI, commodities, Dollar, financials, gold, international, Market Concentration, value | AI narrative shifted from Magnificent 7 to hardware providers building data centers. Memory chip providers like Micron and Samsung surged 240% and 120% respectively. Industrial businesses like Caterpillar and Finning benefited from AI-related capital spending for power generation equipment. Gold prices rose 64% as global central banks bolstered reserves and investors sought store of value amid geopolitical concerns and US deficit levels. Precious metals had their best year since 1979, contributing significantly to Canadian market returns. European financials rose 65.7% in 2025 as positive interest rates re-ignited profitability. Canadian bank stocks rose 43.4% as falling rates caused yield curve steepening. Over five years, European financials returned 111.5% versus S&P 500's 82.3%. Manager emphasizes opportunities in defensive areas like healthcare and consumer staples trading at historically low multiples. European cyclicals and smaller cap companies globally trade at low earnings multiples with depressed margins, offering reasonable returns with conservative assumptions. Industrial metals moved to new highs following precious metals surge. Manager sees opportunity in companies that manufacture raw materials into value-added products and pass through cost increases. Commodities rising alongside capital expenditure and fiscal stimulus. | TPZ CN FTT CN DG 005930 KS |
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| 2024 Q3 | Sep 30, 2024 | Appalaches Capital | 3.0% | 7.1% | AZO, CME, CNI, CPNG, CSX, GOOGL, LAD, OCI, TELL | Auto Aftermarket, E-Commerce, Event-Driven, Exchanges, Railroads, spinoffs, value | North American railroads have not seen volume growth over 20 years despite being the cheapest, cleanest, and safest freight transportation due to poor reliability. Recent implementation of scheduled railroading by CSX and Canadian National should improve service metrics and drive real volume growth. Both companies are reinvesting in service rather than just cutting costs. | View | |
| 2023 Q2 | Jul 26, 2023 | Stenham Asset Management | 4.7% | 15.1% | AI, AMAT, AMZN, CHGG, CNI, CP, DHR, DUOL, GOOGL, KR, MA, MSFT, NVDA, RACE, TMO, UMG.AS | AI, global, infrastructure, large cap, Quality, semiconductors, technology | AI is this year's favorite buzzword with companies mentioning it on earnings calls to boost stock prices. The fund takes a picks and shovels approach, investing in infrastructure companies like semiconductors and cloud providers that benefit regardless of AI winners and losers. Historical technological revolutions show most companies fail, making infrastructure plays the most sustainable investment strategy. | View | |
| 2023 Q1 | Apr 27, 2023 | Stenham Asset Management | 10.0% | 10.0% | ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V | disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology | The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up. | ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA |
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| 2025 Q1 | Apr 21, 2025 | Appalaches Capital | 0.5% | 0.5% | ACGL, ASML, AZO, CME, CNI, CSX, GOOG, LAD, LRCX, SGOV | Cyclical, insurance, Quality, Railroads, semiconductors, tariffs, Trade Policy, value | New tariff policies announced in February and March have created market volatility, with reciprocal tariffs causing the S&P 500 to drop 20% below recent highs. The manager draws parallels to historical trade restrictions but believes current policies will not end American hegemony due to strong institutional foundations. | LRCX ASML ACGL |
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| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2024 Q4 | Jan 18, 2025 | Appalaches Capital | 0.7% | 7.9% | AZO, CME, CNI, CPNG, CSX, GOOG, LAD, MKL, SAFT, SGOV | Concentration, insurance, Railroads, small caps, technology, value | Manager observes excessive risk-seeking behavior in markets, with crypto currencies obtaining market capitalizations large enough for S&P 600 inclusion and quantum computing stocks inflating to unbelievable valuations despite minimal revenues. This frothy environment makes the manager uneasy despite being wrong about pessimism last year. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 6, 2026 | Fund Letters | Templeton & Phillips Capital Management | Canadian National Railway | Railroads | Railroads | Bull | New York Stock Exchange | Canada, energy, infrastructure, LNG, Monopoly, operating leverage, railroad, Share Buyback, Transportation | View Pitch |
| Apr 28, 2026 | Fund Letters | YCG Investment | Canadian National Railway Co. | Industrials | Rail Transportation | Bull | TSX | Canada, Canadian Railway, Industrials, network effects, Nimby, North America, oligopoly, Pricing power, Rail Transportation, Toll Collector | View Pitch |
| Apr 28, 2026 | Fund Letters | Atherean Value Fund | Canadian National Railway | Industrials | Railroads | Bull | NYSE | Canada, Commodities, Freight, infrastructure, Intermodal, Monopoly, Precision Scheduled Railroading, railroad, Transportation, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Stenham Asset Management | Canadian National Railway Company | Industrials | Railroads | Bull | TSX | defensive, Freight, infrastructure, Long-dated Assets, Moat, North America, railroad, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | Stenham Asset Management | Canadian National Railway | Industrials | Road & Rail | Bear | TSX | management execution, operational challenges, railroads, Supply chain reshoring, tariff risks, US Domestic Focus | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Yacktman | Canadian National Railway | Industrials | Railroads | Bull | NYSE | efficiency, Logistics, Margins, Pricing, railroads | View Pitch |
| Nov 27, 2025 | Value Investors Club | JackBlack | Canadian National Railway Co | Industrials | Railroads | — | TSX | Canada-First, Port Arbitrage, Rupert Advantage, TEU Upshift, Annex-I Shock, Rail Pull-Forward, Intermodal Re-Rate, Capacity Catalyst | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $909,420 | 0.00% | 9,200 | -14,800 | -61.67% | 0.0014% |
| Steven Halverson | Private Capital Management | $1.0B | $233,286 | 0.02% | 2,360 | +2,360 | +100.00% | 0.0004% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $51.6M | 0.06% | 522,622 | +207,011 | +65.59% | 0.0785% |
| Ray Dalio | Bridgewater Associates | $27.4B | $18.6M | 0.07% | 187,527 | -15,693 | -7.72% | 0.0282% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $113.0M | 0.15% | 1,143,186 | +1,128,186 | +7521.24% | 0.1717% |
| Israel Englander | Millennium Management LLC | $233.2B | $38.1M | 0.02% | 385,156 | -466,024 | -54.75% | 0.0579% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $443.0M | 0.35% | 4,481,206 | +976,324 | +27.86% | 0.6731% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $74.2M | 0.11% | 750,930 | -497,041 | -39.83% | 0.1128% |
| Cliff Asness | AQR Capital Management | $190.6B | $122.1M | 0.06% | 1,234,030 | +1,214,836 | +6329.25% | 0.1855% |
| Bill Gates | Bill & Melinda Gates Foundation Trust | $35.4B | $5.1B | 14.49% | 51,826,786 | -3,000,000 | -5.47% | 7.7843% |
| Chris Hohn | TCI Fund Management | $53.6B | $974.1M | 1.82% | 9,849,934 | -8,917,840 | -47.52% | 1.4801% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $962,026 | 0.00% | 9,732 | +481 | +5.20% | 0.0015% |