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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | HalvioCapital | 6.7% | - | 6249 JP, 7952 JP, 8291 JP, CPH CN, FILA IM, NLOP | asset value, Buybacks, Corporate Reform, Japan Equities, volatility | The letter emphasizes volatility as a source of opportunity rather than risk, particularly in underfollowed international and Japanese equities. Management highlights deeply discounted, asset-rich companies benefiting from corporate reform, buybacks, and activist pressure. Patient capital and valuation discipline are central as excess cash and real assets provide downside protection. | NLOP CPH CN 6249 JP 7952 JP 8291 JP |
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| 2025 Q3 | Nov 19, 2025 | DKAM Donville Kent Asset Management | - | - | CEG, CPH CN, E CN, FORA CN, GRID CN, GSY CN, MDA CN, PRL CN, TGH CN, VHI CN, ZDC CN | CashEarnings, cybersecurity, SmallCaps, software, VerticalMarket | Software: The letter focuses heavily on AIs impact on SaaS, arguing that vibe-coding cannot replicate secure, regulated, mission-critical software, protecting vertical-market vendors like VitalHub and Constellation. It emphasizes domain expertise, compliance requirements, and multi-decade workflow knowledge as durable moats that AI tools cannot replace. SmallCaps: The manager reiterates that true small-cap value emerges when accounting distortions (IFRS/GAAP vs. cash earnings) are corrected, highlighting Zedcor as deeply mispriced relative to its real cash-generation. CashFlow: Across positions, the fund stresses cash earnings over reported income, presenting models where cash margins, reinvestment IRRs, and capital-light scalability drive intrinsic value regardless of sentiment. :contentReference[oaicite:0]{index=0} | GSY CT E CT MDA CT CSU CT VHI CT |
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| 2025 Q3 | Oct 6, 2025 | HalvioCapital | 12.6% | 19.3% | CPH CN, FILA IM, MCCK, NLOP | Buybacks, Japan, Pharmaceuticals, REITs, small caps | The letter emphasizes disciplined value investing in overlooked small-cap and micro-cap equities, particularly where liquidity constraints deter larger funds. It highlights opportunities driven by balance sheet strength, asset backing, shareholder returns, and corporate actions such as buybacks, dividends, spin-offs, and wind-downs. Value is framed as resilient even in frothy markets, as downside protection and cash flow ultimately anchor long-term returns. | 8841 JP 9478 JP MCCK US NLOP US CPH CN |
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| 2025 Q1 | Apr 16, 2025 | DKAM Donville Kent Asset Management | - | - | CPH CN, CSU CN, E CN, FORA, GAMB, GSY CN, MDA CN, PRL CN, VHI CN, ZDC CN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 9, 2026 | Fund Letters | Anthony | Cipher Pharmaceuticals Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | cashflow, deleveraging, litigation, pharma, royalties | View Pitch |
| Jan 8, 2026 | Fund Letters | Anthony | Cipher Pharmaceuticals Inc. | Health Care | Pharmaceuticals | Bull | Toronto Stock Exchange | acquisition, cashflow, dermatology, Licensing, Margins | View Pitch |
| Nov 29, 2025 | Fund Letters | Anthony | Cipher Pharmaceuticals Inc. | Health Care | Pharmaceuticals | Bull | TSX | buybacks, cash flow, deleveraging, growth, NASDAQ, pharma, valuation | 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. | ||||||||