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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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 |
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| 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 |
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| 2023 Q4 | Jan 29, 2024 | Langdon Canadian Smaller Companies | 10.3% | 15.8% | ATZ.TO, CIGI.TO, ENGH.TO, EQB.TO, LMN.TO, RCH.TO | Canada, cash flow, Quality, small caps, value | The fund focuses on Canadian smaller companies with an average business age of 41 years, emphasizing proven, profitable companies rather than speculative investments. They take a blue-chip approach to small cap investing, comparing portfolio characteristics to large-cap businesses. | EQB CN DFY CN AND CN BYD CN TVK CN TOI CN ATS CN ATZ CN |
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| 2024 Q4 | Jan 21, 2025 | The Bristol Gate U.S. Equity Strategy | -5.2% | 9.1% | AMAT, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS | AI, Concentration, dividends, semiconductors, underperformance, value | Bristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index. | View | |
| 2025 Q4 | Jan 20, 2026 | The Bristol Gate Canadian Equity | 3.4% | 7.4% | CLS.TO, CM.TO, DOL.TO, EFN.TO, ENGH.TO, EQB.TO, FSV.TO, L.TO, OTEX.TO, PBH.TO, PET.TO, RY.TO, SHOP.TO, TFII.TO, TIH.TO, TRI.TO, TVK.TO | Banking, Canada, commodities, Copper, dividends, gold, materials, value | Bristol Gate focuses on companies with consistent high dividend growth supported by robust free cash flow and disciplined capital allocation. The firm believes dividend growth rates are powerful predictors of total return, with fastest dividend growers often outperforming the broader dividend-growth universe. Several portfolio transactions were driven by deteriorating dividend growth prospects. Gold finished up 67.41% in 2025, the strongest annual return since 1979. Gold benefitted from multiple underlying fundamental and macro drivers, pushing the metal meaningfully higher. The portfolio's underweight and lack of exposure to gold/silver miners was a primary detractor from relative performance. Copper gained over 42% in 2025 and continued its move higher after bottoming during the pandemic. Copper finished up 21.43% in Q4 alone, benefitting from multiple underlying fundamental and macro drivers. The metal's strong performance contributed to Materials sector dominance. | TFII CN CM CN PET CN RY CN OTEX CN TRI CN FSV TVK CN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Langdon Canadian Smaller Companies | Equitable Group Inc. | Financials | Thrifts & Mortgage Finance | Bull | Toronto Stock Exchange | banking, Canada, Challenger Bank, digital banking, financial technology, leadership transition, Portfolio Contributor | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | EQB Inc. | Financial Services | Banking | Bull | Toronto Stock Exchange | Canadian banking, credit cards, customer base expansion, EQB Inc., financial services, long-term investment, non-interest revenue, PC Financial acquisition, shareholder value, strategic growth | 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. | ||||||||