DND-TO

DND-TO

DND-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 29, 2024	Pender Small Cap Opportunities Fund	4.3%	-	AVNW, CHW.TO, CPLF.TO, DND.TO, DTOL.TO, SYZ.TO, TVK.TO	Canada, Education, growth, M&A, small caps, technology, value	Fund outperformed with 4.3% returns versus -0.5% for TSX Composite. Small cap flows showing strength with $1.9 billion into Russell 2000 ETF while large caps saw $2.1 billion outflows. Significant divergence between small and large cap performance may be reversing.	DTOL.TO	View
2025 Q1	May 5, 2025	Pender Small Cap Opportunities Fund	-11.7%	-11.7%	DND.TO, KITS.TO, MAU.V, STC.TO, TVK.TO, VCM.TO, WELL.TO	Canada, healthcare, materials, small caps, technology, Trade Policy, value, volatility	Small cap stocks are very attractively priced on both relative and absolute basis. The small cap universe remains cheap despite macro headwinds and continued market volatility driven by headline news.	TVK.TO	View
2025 Q1	May 12, 2025	Langdon Canadian Smaller Companies	-7.2%	-	AND.TO, ATS.TO, ATZ.TO, BYD.TO, DND.TO, EQB.TO, GCG.TO, GRGD.TO, RCH.TO, SVI.TO, SYZ.TO, TVK.TO	Acquisition, Canada, healthcare, Logistics, small caps, Trade Policy, value	Andlauer Healthcare Group represents a critical logistics provider transporting 85% of pharmaceutical products used in Canada and serving 35% of the Canadian healthcare industry. The company demonstrates best-in-class operating ratios, sticky customer base, and defensible market position with value-add logistics driving outsized margins. UPS acquired Andlauer at a 30% premium, validating the investment thesis.	AND.TO	View
2024 Q3	Oct 7, 2024	Pender Small Cap Opportunities Fund	11.3%	38.4%	ARR.TO, AVNW, BL, DND.TO, MDA.TO, THNC.TO, TVK.TO	Canada, growth, Resources, small caps, Space, value	The space industry is seeing rapid growth driven by growing demand for satellite broadband, declining costs of rocket launches, renewed interest in space exploration and increasing geopolitical importance. The shift to commercialization enables new entrepreneurs to innovate and develop technologies for this fast-growing industry.	MDA.TO	View
2025 Q3	Oct 16, 2025	Pender Small Cap Opportunities Fund	-	6.4%	BDI.TO, CMG.TO, DCBO.TO, DND.TO, DNTL.TO, GRID.TO, MDA.TO, NFI.TO, PNG.TO, QIS.TO	Canada, defense, M&A, small caps, technology, value	Small caps remain attractive on both absolute and relative valuation basis, providing long-term tailwind as mean reversion brings multiples closer to historical averages. US small caps gained 15% in Q3 versus large caps at 10.5%, supported by real earnings growth and attractive relative valuations.	PNG PNG	View
2025 Q4	Jan 29, 2026	Curreen Capital	10.5%	31.0%	AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC	energy, healthcare, small caps, spinoffs, Turnarounds, value	Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. The fund focuses on 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1. They target companies earning above 20% after-tax returns on capital over time. Siemens Energy benefited from the end of decade-long stagnation in global electricity demand, driven by deferred infrastructure maintenance, continued electrification, and rapid rise of AI spurring a new demand cycle.	AAP FTRE FTDR GETB LN ENG GR VFC	View
2025 Q4	Jan 13, 2026	Pender Small Cap Opportunities Fund	0.0%	5.7%	DND.TO, FDY.TO, GRID.TO, NGEX.TO, PAR, PNG.TO, SYZ.TO, TCS.TO, VNP.TO	Canada, Defense Spending, Energy Transition, Quality, small caps, value	Kraken Robotics is positioned to benefit from heightened geopolitical tensions and increased global defense spending, particularly in undersea and autonomous systems. The company designs and manufactures advanced subsea robotics, sonar systems, and batteries used in autonomous underwater vehicles for defense applications. Multiple portfolio companies are aligned with the energy transition theme. 5N Plus develops specialty semiconductor and performance materials critical to solar and advanced electronics. Tantalus Systems operates in grid optimization and modernization, providing smart meters and data analytics software that help utilities modernize infrastructure and support the energy transition through improved grid efficiency. After several years of small-cap underperformance relative to large caps in Canada, the slope now appears to be leveling out. This has created a more attractive opportunity set for both small-cap quality and value heading into 2026, with many high-quality Canadian businesses trading at compelling valuations despite being overlooked.	GRID CN VNP CN	View
2024 Q2	Jul 23, 2024	Curreen Capital	0.9%	1.9%	ADV, CACC, DND.TO, EHAB, FTDR, GETB.L, NILB.ST, SOLV, VFC	distressed, small caps, special situations, spinoffs, Turnarounds, value	Manager focuses on spinoff opportunities, specifically Solventum (spun from 3M) and Enhabit (spun from Encompass Health). These spinoffs typically face temporary challenges while establishing independence, creating attractive entry points for patient capital.	VFC EHAB DND.TO SOLV	View
2023 Q4	Jan 26, 2024	Curreen Capital	0.9%	1.9%	AAP, ADV, CACC, CCC.L, DND.TO, EHAB, FTDR, GETB.L, KAMBI.ST, LNK.AX, NILB.ST, VFC	Cash, contrarian, Opportunistic, Quality, small caps, value	Manager follows a disciplined value strategy, buying excellent businesses at meaningful discounts to downside valuation. The fund takes advantage of market weakness to purchase quality companies trading at ridiculously low prices, with positions bought 33-65% below recent highs.	NILB.ST LNK.AX GETB.L FTDR CACC ADV	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Curreen Capital	Dye & Durham Limited	Information Technology	Application Software	Bull	TSX	Canadian Real Estate, Cyclical Recovery, debt reduction, Legal Technology, SaaS, Software	View Pitch

BSD Shareholders of DND-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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