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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 6, 2025 | O’Keefe Stevens Advisory, Inc | - | - | 3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP | Japan, liquidation, real estate, small cap, Specialty Pharma, value | Japan offers compelling value opportunities with companies trading at significant discounts to book value while maintaining profitability. Corporate reforms underway over the past 2 years are helping unlock value, and many companies provide downside protection through excess cash or undervalued real estate. The manager has identified approximately 400 Japanese equities on his watchlist, with many trading under book value. | View | |
| 2025 Q2 | Jul 22, 2025 | Curreen Capital | 14.1% | 8.7% | 3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP | Japan, liquidation, real estate, small cap, Specialty Pharma, value | Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition. | VFC ENR GR GETB LN FTDR FTRE CACC AAP |
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| 2025 Q2 | Jul 11, 2025 | HalvioCapital | 6.7% | - | 3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP | Japan, REITs, small caps, Specialty Pharma, spinoffs, value | Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with diverse business segments and strong cash positions. Corporate reforms underway over the past 2 years are helping unlock value, while companies maintain profitability and pay dividends during the value realization period. | NLOP CPH CN 6249 JP 7952 JP 8291 JP |
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| 2025 Q2 | Jun 30, 2025 | Distillate Capital Large Cap Value | - | 1.9% | 3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP | Japan, liquidation, real estate, REIT, small cap, Specialty Pharma, spinoffs, value | Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition. | View | |
| 2024 Q4 | Feb 7, 2025 | DKAM Donville Kent Asset Management | - | 102.8% | AAPL, AEP.V, AMZN, CPH.TO, CTS.TO, E.TO, FORA.TO, GOOGL, GSY.TO, MDA.TO, META, MSFT, NVDA, PNG.V, PRL.TO, SECU.V, TSLA, VHI.V, ZDC.TO | AI, Canada, earnings, energy, growth, inflation, small caps, tariffs | The fund focuses on small/mid cap growth stocks and believes they are in the next 5-7 year bull cycle for this segment. Large caps have never been this overvalued versus small caps, with small caps offering more than twice the earnings growth for almost one third the valuation. | View | |
| 2025 Q3 | Nov 19, 2025 | DKAM Donville Kent Asset Management | - | - | CPH.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, PRL.TO, TGH.TO, VHI.TO, ZDC.TO | AI, growth, healthcare, Rate Cuts, small caps, software, technology, Valuations | AI creates both opportunities and threats for software companies. While AI enables cheap app development through vibe-coding, this creates security vulnerabilities that make traditional software companies with proper certifications more valuable in regulated industries like healthcare and finance. The fund's software holdings benefit from AI efficiency gains while being protected by regulatory moats. | GSY CT E CT MDA CT CSU CT VHI CT |
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| 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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| 2025 Q1 | Apr 16, 2025 | DKAM Donville Kent Asset Management | - | - | CPH.TO, CSU.TO, E.TO, FORA.TO, GAMB, GSY.TO, MDA.TO, PRL.TO, VHI.TO, ZDC.TO | Canada, growth, Quality, Sentiment, small caps, tariffs, Trade Policy, value | The manager discusses the significant market impact of tariffs and trade war policies, noting that the market has shifted focus entirely to trade concerns. They believe the worst of tariff uncertainty has peaked and expect countries to come to the bargaining table for new trade deals. | E.TO CSU.TO MDA.TO FORA.TO CPH.TO GAMB VHI.TO ZDC.TO PRL.TO GSY.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | DKAM Donville Kent Asset Management | Cipher Pharmaceuticals Inc. | Pharmaceuticals | Pharmaceuticals | Bull | TSX | dermatology, Licensing, pharmaceuticals, Specialty pharma, turnaround, US market | View Pitch |
| 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. | ||||||||