DNTL-TO

DNTL-TO

DNTL-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 2, 2025	Silver Beech Capital	3.7%	6.6%	CTRI, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, SWX, WSC	insurance, Regulated, small caps, undervalued, Utilities, value	Southwest Gas Holdings represents a pure-play regulated utility opportunity with multiple catalysts including deconsolidation from Centuri, deleveraging, understated rate base growth of 8-12% CAGR, and improving regulatory frameworks in Arizona and Nevada that will address regulatory lag.	FFH.TO SWX FFH CN SWX	View
2025 Q2	Aug 23, 2025	1 Main Capital	13.3%	9.2%	BFIT.AS, DNTL.TO, IWG.L, MCFT, SSUP, WATR.L	alpha, Concentration, Cyclical, small caps, value	The fund focuses on buying good businesses with aligned management at attractive prices, particularly when the market has given up on names. Small boring businesses are being ignored while large tech commands outsized valuations, creating opportunities for disciplined value investors.	MCFT MCFT	View
2025 Q1	Jun 16, 2025	Silver Beech Capital	-2.8%	-2.8%	BN, BUR, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, WSC	Logistics, REITs, small caps, tariffs, value, volatility	The logistics real estate sector has been a top-performing asset class for over a decade, driven by structural shifts including e-commerce growth and U.S. manufacturing reindustrialization. Current supply constraints from high construction costs and elevated interest rates have created a compelling investment opportunity, with new supply projected 60% below peak 2022 deliveries.	FR	View
2025 Q1	May 5, 2025	Buckley Capital	-0.5%	-0.5%	BFIT.AS, DNTL.TO, IWG.L, LQDA, UTHR, VRNA	Europe, healthcare, small caps, tariffs, value, volatility	The fund has significant exposure to healthcare companies with best-in-class or first-in-class products, focusing on de-risked assets that don't require molecular-level analysis. Two material positions, Verona Pharma and Liquidia Corp, have grown to 5%+ positions due to strong performance and represent opportunities in COPD and pulmonary arterial hypertension treatments respectively.	LQDA VRNA BFIT.AS DNTL.TO	View
2024 Q1	May 30, 2024	Silver Beech Capital	0.0%	22.3%	BN, BTI, BUR, C, CROX, DNTL.TO, ET, FFH, FNF, GOOGL, SD, WSC	cash flow, Consolidation, infrastructure, Pricing Power, small cap, undervalued, value	Silver Beech focuses on finding undervalued companies trading below intrinsic value. The portfolio trades at significantly lower valuations than the S&P 500 while maintaining similar growth and operating metrics. The fund seeks to capitalize on market inefficiencies and human nature-driven boom and bust cycles.	DNTL.TO WSC	View
2024 Q1	May 16, 2024	1 Main Capital	4.0%	11.3%	BFIT, CZR, DNTL.TO, ENZ, IWG.L, LMB	Concentration, FCF, gaming, small caps, underperformance, value	Manager discusses extreme underperformance of small caps versus large caps over the last 5 years, noting this is one of the most extreme cycles in history dating back to 1926. Small cap underperformance driven by differences in earnings growth and multiple compression, with unprofitable companies dragging down overall index performance. Manager believes this creates attractive opportunities in small and mid-cap space.	CZR	View
2025 Q1	Apr 30, 2025	1 Main Capital	-3.6%	-3.6%	ARVN, BFIT.AS, CZR, DNTL.TO, ENZ, IWG.L, NVS, PFE, THRD, WATR.L	Biotechnology, Cash, Defensive, small cap, Trade Policy, value, volatility	The Fund made several new biotech investments in Q1, representing a low double-digit percentage of assets. Manager is focusing on simple assets like cash and shareholder incentives rather than deep science understanding. Examples include Arvinas with over $1 billion in cash and significant licensing agreements, and Third Harmonic Bio which announced dissolution and cash return to shareholders.	ENZ THRD ARVN	View
2025 Q3	Dec 4, 2025	Silver Beech Capital	-	3.5%	DNTL.TO, ET, FFH, FR, GFR.TO, GSY.TO, MHC, PLYM, PRKS, RTO, SWX, WSC	Canada, Consolidation, Cyclical, Industrial, small caps, value	Silver Beech's portfolio trades at over a 50% discount to the S&P 500's price-earnings ratio while possessing similar projected earnings-per-share growth and returns-on-capital. The fund focuses on finding disconnects between price and value, as demonstrated with WillScot trading at a 13% free cash flow yield despite being a dominant industrial services franchise.		View
2024 Q3	Nov 27, 2024	Silver Beech Capital	0.0%	22.3%	BN, BUR, DNTL.TO, ET, FFH, FNF, MHC, RTO, SNX, WSC	Asset Management, Concentration, Construction, private markets, small cap, Specialty Rental, value	Silver Beech focuses on constructing a portfolio of misunderstood companies at attractive prices. The fund's portfolio trades at significantly lower valuations than broader indices with a 2.1x price-to-book ratio versus 5.1x for the S&P 500. The strategy emphasizes downside-oriented investing in companies that can win in extreme market conditions.	WSC BN	View
2023 Q3	Nov 11, 2023	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, LMB, SP	Concentration, fundamentals, small caps, technology, value	Small-cap stocks continue to trade as though the economy is at peak levels and a recession is imminent. The lack of investor confidence in near-term fundamentals is leading to exacerbated moves when nonfundamental flows occur. This creates an excellent environment for good stock pickers.	ENZ ^GSPC	View
2025 Q3	Oct 7, 2025	1 Main Capital	6.3%	16.1%	BFIT.AS, DNTL.TO, IWG.L, KKR, LMB, MBUU, MCFT, RICK, RLGT	Capital Allocation, Concentration, cyclicals, fundamentals, Logistics, small caps, value	1MC invests in good businesses with aligned management at low multiples that have slowly de-rated but continued to execute over long periods. The fund seeks companies that have endured stagnant periods despite healthy underlying cash generation and growth, with poor investor sentiment signaling attractive entry points.	RLGT	View
2024 Q3	Oct 25, 2024	1 Main Capital	4.0%	11.3%	AAPL, BFIT, CZR, DNTL.TO, IWG.L, LMB, PRKR, QCOM	Concentration, Fed policy, Litigation, rates, small caps, value	Small cap valuations had become unusually cheap relative to their large cap counterparts. Small cap earnings are more sensitive than large caps to economic growth and interest rates. The RTY rally began early in the quarter when inflation data came in below expectations, spurring optimism that the Fed would begin to cut interest rates.	PRKR	View
2023 Q3	Oct 25, 2023	Buckley Capital	4.8%	0.5%	DNTL.TO, GFF, LNW	gaming, healthcare, Industrial, Outperformance, small caps, value	Small caps are at their most depressed levels since March 2020 pandemic bottom. The relative valuation of small cap stocks is near an all-time high with earnings positive IWN trading at 9x vs S&P at 21x. The Russell 2000 is down 30%+ from its November 2021 peak with multiple contraction of 40%+.	AAGFF DNTL.TO LNW	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
2024 Q2	Aug 13, 2024	Silver Beech Capital	0.0%	22.3%	BN, BTI, BUR, DNTL.TO, ET, FFH.TO, FNF, RCM, WSC	Concentration, Legal Finance, multiples, Outperformance, technology, value	Silver Beech focuses on companies trading at low multiples of normalized earnings power and below intrinsic value. The portfolio trades at 14.7x forward P/E versus 22.7x for the S&P 500, while maintaining similar growth and operating metrics. The fund seeks companies with strong competitive advantages that are misunderstood by the market.	BUR	View
2023 Q2	Jul 31, 2023	Buckley Capital	4.8%	0.5%	DNTL.TO, GFF, MRLLN, NGMS, XPOF	Acquisitions, Building Products, Fitness, gaming, small cap, Testing, value	Neogames was the fund's second largest position when acquired by Aristocrat. The iLottery business has 67% market share in North America and provides services for governments transitioning from traditional scratch cards to online lottery programs. The North American iLottery market is projected to grow at 30%+ CAGR from 2021-2027.		View
2024 Q2	Jul 27, 2024	1 Main Capital	4.0%	11.3%	BFIT, BNED, CZR, DNTL.TO, FUN, IWG.L, LMB	Concentration, Education, Opportunistic, Recapitalization, small caps, value	Manager believes small caps provide highly attractive long-term investment opportunities due to fatigue from multi-decade underperformance and increased volatility during economic uncertainty. The Fund's performance was driven by just four small cap stocks representing under one-third of the portfolio.	BNED	View
2024 Q2	Jul 23, 2024	Buckley Capital	4.8%	0.5%	BFIT, CC, DNTL.TO, HGV, IWG.L	Chemicals, Europe, Fitness, Russell 2000, small caps, Timeshare, Travel, value	Manager believes small caps are at their worst level relative to large caps since 2000, creating significant opportunity. Russell 2000 vs S&P 500 trading at all-time low valuation similar to 2000. Expects small caps to outperform large caps over next 5 years, similar to 2000-2004 period when Russell 2000 beat S&P 500 by 9.5% annualized.	BFIT HGV	View
2023 Q2	Jul 23, 2023	1 Main Capital	4.0%	11.3%	BFIT, DNTL.TO, IWG.L, KKR, LMB	Concentration, Europe, Quality, small cap, value	Manager focuses on high-quality businesses trading at below-market multiples with conservative assumptions. Emphasizes companies that are cheap on normalized earnings and currently under-earning rather than over-earning to benefit from potential overextrapolation.	CLMB KKR IWG.L DNTL.TO BFIT	View
2023 Q4	May 2, 2024	Buckley Capital	4.8%	0.5%	AAPL, DNTL.TO, GFF, GSY.TO, IWG.L, XPOF	Canada, Consolidation, Franchising, Short Squeeze, small caps, value	Manager emphasizes small and mid-cap value stocks are generationally cheap relative to other asset classes. Portfolio trades at 9.6x earnings with 18% EPS growth compared to expensive large caps like Apple at 28x earnings with only 8% projected growth.		View
2023 Q1	Apr 13, 2023	1 Main Capital	4.0%	11.3%	DNTL.TO, LMB	Consolidation, growth, healthcare, Industrial, Quality, small cap, value	Manager emphasizes finding high quality businesses at attractive valuations, describing current portfolio as having low valuations with strong growth prospects. Views current environment as providing plentiful opportunities for exceptional forward returns despite market pessimism.	CLMB DNTL.TO	View
2024 Q4	Mar 26, 2025	Silver Beech Capital	-	23.9%	BN, BUR.L, DNTL.TO, ET, FFH.TO, GFR.TO, MHC, PRKS, RTO, WSC	Consolidation, energy, financials, real estate, Turnarounds, value	Silver Beech focuses on durable companies priced at attractive multiples of free cash flow, contrasting with the S&P 500's near-record multiples. The fund targets out-of-favor areas including real estate, finance companies, banks, insurers, and companies with misunderstood asset-rich balance sheets that feature attractive valuations conducive to strong forward returns.	RTO	View
2024 Q4	Feb 14, 2025	1 Main Capital	-2.8%	8.2%	BFIT, CZR, DNTL.TO, IWG.L, WATR.L	Concentration, Flexible Office, market breadth, Passive investing, small caps, value	IWG is the global leader in flexible office space with $4 billion of system sales across 4k+ locations. The company is transitioning to a managed workspace model where landlords fund buildouts while IWG collects recurring management fees. The managed and franchised segment is expected to grow from 15% to nearly half of system sales by decade end.	SUP.TO IWG.L	View
2024 Q4	Jan 27, 2025	Buckley Capital	1.5%	2.0%	AAPL, DNTL.TO, GOGO, MSFT, PLNT, TSLA, XPOF	Aviation, Connectivity, Fitness, Franchising, Russell 2000, small cap, undervalued, value	Manager emphasizes investing in undervalued stocks trading at significant discounts to intrinsic value, comparing portfolio holdings like IWG and Basic Fit to overvalued large-cap names like Apple and Tesla. Portfolio consists of undervalued stocks diversified across multiple businesses with substantial gaps between current prices and intrinsic values.	XPOF GOGO	View
2023 Q4	Jan 23, 2024	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, KKR, LMB, RICK	Concentration, Quality, Roll-ups, small caps, value	Manager focuses on high-quality, well-managed businesses trading at attractive multiples that represent upside rather than downside to investment value. Emphasizes finding undervalued companies with attractive growth prospects where multiple expansion can contribute to returns alongside earnings growth.	CLMB	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Buckley Capital	Dentalcorp	Health Care	Health Care Services	Bull	TSX	Canada, consolidation, defensive, deleveraging, Dental Services, Free Cash Flow Growth, Healthcare services, Labor Inflation, margin expansion, Multiple re-rating	View Pitch
Apr 28, 2026	Fund Letters	1 Main Capital	dentalcorp	Health Care	Health Care Services	Bull	Toronto Stock Exchange	Canadian market, cash generation, Defensive Healthcare, Dental Services, Healthcare consolidation, Practice acquisitions, strategic review	View Pitch
Apr 27, 2026	Fund Letters	1 Main Capital	dentalcorp Holdings	Health Care	Health Care Services	Bull	Toronto Stock Exchange	Canada, Cash-paying, defensive, Dental Services, DSO, healthcare, private equity, Rollup, strategic review	View Pitch
Apr 13, 2026	Fund Letters	Buckley Capital	Dentalcorp Holdings Ltd.	Health Care	Health Care Facilities	Bull	Toronto Stock Exchange	acquisition strategy, Canada, cash generation, defensive, Dental Services, Healthcare consolidation, market leader, Recession-resistant	View Pitch
Apr 13, 2026	Fund Letters	Silver Beech Capital	Dentalcorp	Health Care	Health Care Facilities	Bull	TSX	Canada, Cash-Pay Healthcare, defensive, Dental Services, essential services, Government Subsidies, Healthcare consolidation, M&A Platform, recurring revenue, Utility-like	View Pitch

BSD Shareholders of DNTL-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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