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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 7, 2026 | HalvioCapital | 5.6% | 0.0% | BKM.SI, CPH.TO, EDU.AX, FILA.MI, LNF.TO, MCCK, MYX.AX, NLOP | international, Japan, Merger Arbitrage, real estate, small caps, value | Manager focuses on undervalued securities across multiple markets, highlighting companies trading below intrinsic value such as TOC Co. with real estate worth ¥184B against ¥75B market cap, and FILA trading at attractive enterprise value multiples. The approach emphasizes finding bargains in less picked-over international markets. Japan basket represents a significant holding with focus on corporate governance reforms under new Prime Minister Sanae Takaichi. Manager sees opportunity in companies with excess cash being forced to improve capital allocation, with ¥83 trillion in corporate cash providing catalyst for shareholder returns. Portfolio concentrated in smaller companies across multiple geographies including Australian micro-caps, Canadian small caps, and niche industrial businesses. Manager seeks opportunities in less efficient markets where smaller companies may be mispriced or overlooked by institutional investors. | 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | Substack | Stephen Frampton | Cipher Pharmaceuticals | Pharmaceuticals | Specialty Pharmaceuticals | Bull | Toronto Stock Exchange | Acquisitions, Canadian pharmaceutical market, cash flow, Cipher Pharmaceuticals, Clinical trials, market share, MOB-015, onychomycosis, Specialty pharmaceuticals, toenail fungus treatment | View Pitch |
| Feb 18, 2026 | Substack | Stephen Frampton | Cipher Pharmaceuticals | Pharmaceuticals | Specialty Pharmaceuticals | Bull | Toronto Stock Exchange | Canadian distribution, Cipher Pharmaceuticals, dermatology, market disruption, MOB-015, mycological cure, phase three trial, safety and efficacy, toenail fungus, topical treatment | View Pitch |
| Feb 18, 2026 | Substack | Stephen Frampton | Cipher Pharmaceuticals Inc. | Pharmaceuticals | Specialty Pharmaceuticals | Bull | Toronto Stock Exchange | Absorica, Cipher Pharmaceuticals, dermatology, growth company, lice treatment, MOB-015, Natroba acquisition, patent protection, scabies treatment, US salesforce | View Pitch |
| Nov 25, 2025 | Substack | Raging Bull Investments | Cipher Pharmaceuticals Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Neutral | Acquisitions, cash flow, direct-to-consumer, growth initiatives, institutional marketing, international licensing, litigation, Natroba, pharmaceuticals | View Pitch | |
| Aug 7, 2025 | Substack | Raging Bull Investments | Cipher Pharmaceuticals | Health Care | Drug Manufacturers - Specialty & Generic | Bull | TSX | — | View Pitch |
| Aug 7, 2025 | Substack | Raging Bull Investments | Cipher Pharmaceuticals | Health Care | Drug Manufacturers - Specialty & Generic | Bull | TSX | — | View Pitch |
| Aug 7, 2025 | Substack | Raging Bull Investments | Cipher Pharmaceuticals | Health Care | Drug Manufacturers - Specialty & Generic | Bull | TSX | — | 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. | ||||||||