DFY.TO Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Langdon Canadian Smaller Companies	7.1%	13.2%	DFY.TO, GCG.TO, GYM.TO, TVK.TO	Canada, Compounding, gold, materials, small caps, value	The market continues to be powered by materials, mainly gold. Over the past two years, gold-related equities have surged on the story of irresponsible central bank policy. The strongest narratives often feel the most convincing until they don't.		View
2025 Q2	Jul 1, 2025	Langdon Canadian Smaller Companies	13.9%	5.7%	AND.TO, ATS.TO, ATZ.TO, DFY.TO, EQB.TO	Canada, insurance, Quality, Resilience, small caps, value	Portfolio companies demonstrated resilience by overcoming tariff-related challenges and external shocks. Groupe Dynamite and Aritzia proved tariffs were manageable obstacles, delivering strong growth with margin expansion despite operational headwinds.	EQB.TO ATS.TO DFY.TO ATZ.TO DYN.TO	View
2026 Q1	Apr 15, 2026	Langdon Canadian Smaller Companies	-1.5%	-1.5%	DFY.TO, EQB.TO, LGN.TO, PSK.TO, TVK.TO	Canada, free cash flow, oil, Quality, royalties, small caps		PSK.TO	View
2024 Q4	Jan 30, 2025	Langdon Canadian Smaller Companies	2.8%	13.1%	ATS.TO, ATZ.TO, AW.TO, BYD.TO, DFY.TO, SKWD, SVI.TO, TOI.TO, TVK.TO, WED.TO	Canada, Culture, private equity, QSR, small caps, value	Management emphasizes culture as a key investment criterion, noting that culture attracts like-minded talent, motivates organizations, and fosters employee tenure. A&W exemplifies this with founders owning 35% after 35 years and senior management averaging over 20 years tenure. Culture shapes decision-making and drives long-term success measurement timeframes.	WED.TO AW.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Langdon Canadian Smaller Companies	Definity Financial Corporation	Financials	Property & Casualty Insurance	Bull	Toronto Stock Exchange	acquisition, Canada, Earnings Tailwind, Excess Capital Deployment, Management Quality, Property & Casualty Insurance, Scale Benefits	View Pitch

BSD Shareholders of DFY-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

DFY-TO

DFY-TO

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of DFY-TO

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