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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 7, 2024 | Plural Investing | 9.2% | 3.1% | CXI.TO, TVK.TO | consumer, FCF, industrials, international, small caps, value | Fund focuses on businesses trading at substantial discounts to intrinsic value. Portfolio trades at 7.2x FCF in three years with double-digit growth prospects. Manager finds ignored businesses at single-digit FCF multiples. | CXI.TO TVK.TO |
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| 2023 Q3 | Nov 10, 2023 | Plural Investing | 9.2% | 3.1% | CXI.TO, JET2.L | Drawdown, Intrinsic Value, small caps, Travel, undervalued, value | The fund holds two major travel-related investments: Currency Exchange International (foreign banknotes for travel) and Jet2 (UK package holiday business). Both companies serve the travel market and have been impacted by post-Covid recovery dynamics, with CXI benefiting from competitor Travelex's exit and Jet2 achieving record profits despite macro headwinds. | JET2.L CXI.TO |
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| 2023 Q2 | Jul 18, 2023 | Plural Investing | 9.2% | 3.1% | CXI.TO, E2N.DE | consumer, gaming, payments, small caps, Travel, value | Endor AG dominates the premium sim racing market with 60% market share, making racing wheels and pedals for motorsport games. The industry has grown 25% annually for a decade, driven by gaming growth, Formula 1 popularity, and increasingly realistic equipment used by professional F1 drivers for training. | CXI.TO E2N |
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| 2023 Q1 | Apr 20, 2023 | Plural Investing | 9.2% | 3.1% | CXI.TO, JET2.L | consumer, international, payments, small caps, Travel, value | Travel recovery continues to drive earnings growth for portfolio companies. CXI benefits from travel recovery as banknotes are typically used for travel, with the Covid downturn masking major market share gains. Jet2 reached a milestone becoming the UK's largest package holiday operator with 20% market share, up from 14% pre-Covid. | JET2.L CXI.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Plural Investing | Currency Exchange International | Financials | Diversified Financial Services | Bull | Toronto Stock Exchange | Acquisitions, Banknotes, Cash Deployment, financial services, foreign exchange, founder-led, international expansion, oligopoly, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Plural Investing | Currency Exchange International | Financials | Diversified Financial Services | Bull | Toronto Stock Exchange | Banknotes, Cash Deployment, currency exchange, Federal Reserve License, financial services, founder-led, international expansion, market share gains, oligopoly, Travel Recovery | View Pitch |
| Apr 27, 2026 | Fund Letters | Plural Investing | Currency Exchange International | Financials | Diversified Financial Services | Bull | Toronto Stock Exchange | Banknotes, Federal Reserve License, foreign exchange, founder-led, international expansion, oligopoly, post-COVID recovery, Travel Services, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Currency Exchange International | Financials | Specialized Finance | Bull | Toronto Stock Exchange | Banknotes, capital allocation, cash-rich, Federal Reserve Licensed, financials, foreign exchange, founder-led, international expansion, oligopoly, Share Buybacks, Specialized Finance, Travel | 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. | ||||||||