CTS-TO

CTS-TO

CTS-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 16, 2025	White Falcon Capital Management	17.6%	10.0%	AMD, ATZ.TO, CTS.TO, DAVA, DSEY, EPAM, MAXR.TO, NU, RGLD, ROVR, SSL.TO, T.TO, TIXT.TO, W	Acquisitions, AI, Canada, Gold Royalties, IT Services, technology, value, volatility	The fund experienced gains in gold and silver royalty holdings during Q2. Precious metal royalty companies represent the top positions in the White Falcon portfolio. The fund benefited from the acquisition of portfolio company Sandstorm Gold by Royal Gold at a 98% premium to their cost basis.	TIXT.TO DAVA EPAM W ATZ.TO	View
2024 Q1	Apr 29, 2024	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, ATZ.TO, CTS.TO, DAVA, FNV, LFCR, NU, TECK.TO	Canada, gold, IT Services, small caps, technology, value	Manager discusses IT service providers as good businesses that act as a royalty on IT spend, serving as an important link between technology and corporations. Sees favorable backdrop with rising technology investments, growing outsourcing trends, and emergence of AI. Endava and Converge represent significant positions in this space.	CTS.TO LCBM EQTL	View
2024 Q1	Apr 26, 2024	Mawer International Equity Fund	6.9%	16.0%	AMZN, ASMIY, ASML, BA.L, BWXT, CTS.TO, ESL.TO, GOOGL, MSFT, RHM.DE, SCT.L, SFTC.TO, TEP.PA, TSM	AI, defense, Equity, global, semiconductors, technology	Technology companies positioned to benefit from artificial intelligence and semiconductor demand performed strongly. TSMC, ASML, and ASM International benefited from explosive growth in demand expectations for the semiconductor industry. Value-added resellers are positioned to benefit from exploration and deployment of artificial intelligence technologies by their customers.		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
2024 Q4	Feb 19, 2025	Voss Value Fund	9.5%	19.9%	AMTM, CTS.TO, EEFT, FUJHY, MBGYY, PLYA, SWI	Long/Short, M&A, small caps, special situations, undervalued, value	The fund focuses on identifying undervalued securities trading at significant discounts to intrinsic value. The manager emphasizes valuation discipline as a core investment virtue and seeks idiosyncratic, value-oriented special situations amid market extremes.	AMTM FUJHY MBGYY EEFT	View
2023 Q2	Dec 7, 2023	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NU, TECK.TO, WPM	AI, Brazil, gold, IT Services, Mining, semiconductors, technology, value	Manager views AI as a significant catalyst for technology companies and believes IT services providers like EPAM will be key enablers of corporate AI adoption. Discusses how AI helped investors get comfortable with future earnings growth in tech companies and argues against the narrative that AI will hurt IT services companies.	EPAM WPM AMZN AMD ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2023 Q3	Oct 26, 2023	DKAM Donville Kent Asset Management	0.0%	68.1%	CTS.TO, KUT.TO, RET.TO	Canada, Cycles, inflation, Recession, small caps, value	Small caps are trading at the cheapest valuations in recent history with an 8x difference in earnings yield versus large caps. The fund's small cap holdings are growing faster but trading at 6.5x earnings versus large caps at 26.5x earnings. Small caps historically outperform in recessions as capital rushes back after being oversold.	KUT.TO CTS.TO RET.TO	View
2025 Q1	Apr 21, 2025	White Falcon Capital Management	-6.7%	-6.7%	CTS.TO, DAVA, EPAM, GRFS, NFI.TO, NU, RTO.L	Biotechnology, global, gold, IT Services, small caps, tariffs, Trade Policy, value	President Trump's unexpected tariff announcements created significant market volatility and uncertainty. Tariffs as high as 145% on China essentially amount to an embargo, with unclear reasoning behind the policy. The manager believes these destructive policies will likely be reversed or negotiated away before causing lasting damage.	GRFS	View
2024 Q4	Feb 19, 2025	Voss Value Offshore Fund	9.6%	19.2%	AMTM, CTS.TO, EEFT, FUJHY, J, MBGYY, PLYA, SWI, TM, TSLA	buyouts, Long/Short, M&A, small caps, special situations, value	The fund's main theme for 2025 focuses on small cap M&A and special situations after two years of dismal deal flow. Three quick wins from acquisitions occurred year-to-date: SWI, CTS CN, and PLYA. The manager expects several additional portfolio companies to be acquired as the year progresses.	AMTM FUJHY MBGYY EEFT	View
2023 Q4	Jan 29, 2024	DKAM Donville Kent Asset Management	0.0%	68.1%	CSU.TO, CTS.TO, DE.TO, GSY.TO, KUT.TO, NVEI.TO, PAY.TO, PRL.TO, SECU.TO, VHI.TO	AI, Buybacks, Canada, growth, small caps, technology, value	Technology infrastructure investments are experiencing massive budget increases, with some jumping 10x in 2024. There is currently a bottleneck in compute power driving these investments. Converge Technology benefits from this trend, with Nvidia gear sales topping $120m in the first 9 months of 2023, up from $12m the year prior.	CSU.TO VHI.V PAY.TO NVEI.TO KUT.TO SECU.V GSY.TO DE.TO PRL.TO CTS.TO	View
2024 Q4	Jan 17, 2025	White Falcon Capital Management	5.5%	14.4%	AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NFI.TO, NU, PRGO, RTO.L, VALE, XEQT.TO	Brazil, Pharmaceuticals, small caps, technology, turnaround, value	White Falcon gravitates towards opportunities with low expectations and low valuations, particularly in smaller companies left behind in the market rally. The portfolio has shifted more towards 'value today' positioning with significant margin of safety.		View
2023 Q4	Jan 17, 2024	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, CNDT, CTS.TO, DCBO.TO, FTRE, LFCR, NU, ROVR, WBD	Brazil, Fintech, growth, Quality, small caps, technology, value	White Falcon practices value investing by buying businesses for less than they are worth when the market has low expectations. Their style has nothing to do with low current valuations - a stock at 10x P/E can be expensive while another at 30x P/E may be fantastic value.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ROVR	View
2024 Q4	Jan 14, 2025	Mawer International Equity Fund	-1.2%	14.6%	AAPL, AHT.L, AON, APH, ASM.AS, ASML, AVGO, BAM, CME, CPG.L, CTS.TO, IAG.TO, META, NFLX, NVDA, TSLA, TSM, TVK.TO, V, WKL.AS	AI, financials, global, long-term, Quality, semiconductors, value	Mawer believes they are in the earlier stages of AI deployment and therefore long-term winners and losers are too difficult to predict. They maintain diversified exposure toward companies that benefit from AI use cases as well as those focused on building AI infrastructure. Taiwan Semiconductor Manufacturing Co. performed well on strong AI-driven demand and advanced chip technologies, while Amphenol continued its positive trajectory with AI-related products driving significant growth.		View
2023 Q1	Jan 5, 2023	DKAM Donville Kent Asset Management	0.0%	68.1%	CSU.TO, CTS.TO, GSY.TO, KUT.TO, NVEI, RET.V, TC.TO, VHI.V	Canada, growth, inflation, interest rates, small cap, technology, value	The fund focuses on small cap growth stocks which have been beaten down by rising interest rates despite posting record revenues and earnings. Management believes this segment is at the cheapest valuation in history and poised for high returns as the interest rate headwind reverses.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	DKAM Donville Kent Asset Management	Converge Technology Solutions Corp	Information Technology	Technology Hardware, Storage & Peripherals	Bull	TSX	AI infrastructure, Canada, NVIDIA, organic growth, Share Buybacks, Technology Solutions, Value	View Pitch
Apr 28, 2026	Fund Letters	DKAM Donville Kent Asset Management	Converge Technology Solutions Corp	Information Technology	IT Services	Bull	Toronto Stock Exchange	Canada, cash flow positive, cloud solutions, EBITDA growth, growth, IT services, small-cap, technology	View Pitch
Apr 13, 2026	Fund Letters	White Falcon Capital Management	Converge Technology Solutions Corp	Information Technology	Technology Distributors	Bull	TSX	Canada, cash conversion, Integration, IT services, M&A, Managed services, Roll-up, technology distribution, turnaround, Value	View Pitch

BSD Shareholders of CTS-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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