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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Jemekk Hedge Fund | 5.5% | 15.8% | AC.TO, AEM, AMZN, ATD.TO, BTG, CRM, EFN.TO, FFH.TO, FNV, GDXJ, GS, MEG.TO, SSL.TO, V, WMT, ZZZ.TO | Canada, financials, gold, Hedging, materials, rates, Resilience | The Gold and Silver theme has begun to play out after years of unsuccessful positioning. A weaker USD, inflationary fears, flow of funds, and rising demand from both Central Banks and retail have pushed prices to all-time highs, significantly rewarding participants. | View | |
| 2025 Q2 | Sep 21, 2025 | Barometer Capital Management | - | - | AEM.TO, BKR, BVN, ERJ, EWA, EWS, FFH.TO, GE, GEV, HWM, IBIT, K.TO, MSFT, NFLX, NVDA, SAN, TMX.TO, TOU.TO, UUP, WSP.TO | aerospace, energy, financials, global, materials, Multi-Strategy, technology, volatility | Strong performance driven by commercial aircraft production disruptions creating demand for aftermarket parts and services. Embraer received largest-ever executive jet order worth up to $7 billion for 182 aircraft. Howmet Aerospace and GE Aerospace benefiting from persistent aircraft production dislocations forcing extended service life. | View | |
| 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 |
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| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua International Growth Fund | 7.7% | 13.1% | 2423.HK, ADYEN.AS, COLOB.CO, CP.TO, CSU.TO, FFH.TO, HDB, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN | China, growth, international, tariffs, technology, Travel, Valuations | President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact. | View | |
| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua Global Growth Fund | 9.1% | 9.8% | 0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN | AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel | President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact. | NVDA 2423 HK FFH CN SAF FP |
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| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2024 Q2 | Aug 27, 2024 | McElvaine Value Fund | - | -0.2% | CKHUY, FFH.TO, JMHLY, MDORF, MXG.TO, ONEX.TO, PSK.TO, SEG, XCO | Canada, contrarian, dividends, Natural Gas, royalties, small caps, value | Manager focuses on buying discounted assets at 50 cents on the dollar, particularly holding companies trading below net asset value. Portfolio consists of orphans and misfits bought when others were selling, with emphasis on finding cheap stocks with aligned owners. | SEG PSK.TO ONEX.TO MOIL.L XCO MXG.TO |
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| 2025 Q2 | Jul 9, 2025 | Alphyn Capital Management | 12.4% | 8.0% | AMZN, BN, CCOI, FFH.TO, FILA.MI, KFS, KKR, KMX, OCSL | Asset Management, cash flow, Compounding, Concentration, insurance, technology, value | Fairfax Financial demonstrates textbook compounding through hard-market pricing, expanding float to $33 billion, and growing interest income from $0.6 billion to $2.5 billion. The company is positioned to earn over $165 per share in 2025, triple the 2019 run rate, driven by disciplined underwriting, growing float, higher yields, and associate contributions. | CCOI AMZN KFS KKR BN FFH.TO OCSL KMX CCOI AMZN KFS KKR BN FFH |
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| 2025 Q2 | Jul 27, 2025 | RS Large Cap Val Strategy | 3.6% | 5.2% | APH, C, CACI, CPAY, EG, ETN, FFH.TO, LKQ, ST, UNH, XOM | defense, large cap, Quality, ROIC, tariffs, technology, Trade Policy, value | The quarter was dominated by tariff-induced volatility, with markets initially selling off on Liberation Day tariff announcements before recovering on perceived softening of the administration's trade policy stance. The administration's protectionist policies have introduced significant uncertainty, overshadowing economic renaissance goals and impacting global currencies and markets. | CPAY CACI |
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| 2024 Q2 | Jul 10, 2024 | Alphyn Capital Management | 8.9% | 13.5% | 0700.HK, AMZN, BUR.L, ESAB, EXOR.MI, FFH.TO, GOOGL, KKR, KMX, PHG, PRX.AS, RACE, STLA, TVK.TO | Capital Allocation, compounders, Concentration, Long/Short, portfolio, risk management, technology, value | Alphabet has started incorporating AI Overviews in searches featuring responses from its LLM and Gemini, with improved user satisfaction and click-through rates. The company is exploring new AI features like short product videos and virtual try-on options within shopping ads. Amazon is adopting a primitive services approach to GenAI, developing custom AI chips, training services, and applications like Alexa and shopping AI called Rufus. | 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 |
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| 2024 Q1 | Jun 11, 2024 | Horos Asset Management | 2.9% | 9.8% | ACX.MC, ALD.PA, ALNT.MC, APAM, ATYM.L, AUBAY.PA, CATOC.MC, FFH.TO, GEST.MC, IBG.MC, LNASF, MEL.MC, MIST, NPAPER.ST, NPN, REN.MC, SDE.TO, SEM.LS, TGS, TLGO.MC | active management, ETFs, Europe, financials, Market Efficiency, Steel, value | The letter extensively discusses value investing philosophy and its challenges in current markets. The manager argues that value investing remains viable despite recent underperformance, citing market inefficiencies and the distortive effects of passive investing. They emphasize their focus on fundamental analysis and finding undervalued companies trading below intrinsic value. | AUB.PA LNA.PA ACX.MC |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD | Buybacks, global, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company. | WBD FIS FDX CNX |
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| 2025 Q1 | Apr 18, 2025 | Templeton & Phillips Capital Management | - | - | AMZN, BN.PA, FFH.TO, HDB, IBN, UMG.AS | Banking, Bargains, India, Quality, Selloffs, tariffs, value | Trump administration's tariff strategy represents a negotiation tactic designed to generate government revenue and foster US reindustrialization. The approach creates intentional uncertainty through extreme opening positions, with actual goals lying much lower to allow both sides to claim victory. | IBN HDB |
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| 2024 Q1 | Apr 15, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, CCOI, CHTR, CIRA.L, DSGR, ESAB, EXO.MI, FFH.TO, KFS, KKR, LBRDK, OCSL, RACE, STLA | Complexity, Holding Companies, insurance, long-term, private equity, Spin-Offs, value | Manager focuses on identifying undervalued companies whose potential isn't fully recognized by the market, seeking quality companies with high returns on capital. The strategy involves finding opportunities with disproportionate odds to payoff ratios, requiring conviction not shared by most market participants. | View | |
| 2026 Q1 | Apr 10, 2026 | East72 Dynasty Trust | -4.6% | -4.6% | 0001.HK, 0066.HK, AKRBP.OL, AVAP.L, AVLT.SW, CG, ELF.TO, FFH.TO, LAGA.PA, ODET.PA, RBT.PA, SDB.PA, VIEL.PA, VIRT | Alternative Assets, Capital markets, ETFs, liquidity, Market Making, oil, private credit, volatility | VIRT |
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| 2025 Q4 | Mar 2, 2026 | RIT Capital | 0.0% | 0.0% | 096770.KS, 1928.HK, ELF.TO, FFH.TO | Buybacks, commodities, diversification, global, gold | Commodity prices surged in January, led by energy, while positive momentum in precious metals was supported by dollar weakness and ongoing macroeconomic uncertainty. The portfolio benefited from commodities-related holdings within quoted equities. Gold contributed positively to performance through uncorrelated strategies, supported by dollar weakness and ongoing macroeconomic uncertainty. | View | |
| 2024 Q4 | Dec 31, 2024 | East72 Dynasty Trust | 7.7% | 17.9% | 0012.HK, AVES.SW, BOL.PA, BSD.PA, CAT.AX, CFT.SW, CGI.TO, ELF.TO, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFF.AX, MFG.AX, MMB.PA, ODET.PA, SRAD, SVC.TO, VIL.PA, VIRT | Discounts, Europe, Family Control, financials, global, liquidity, small caps, value | Strong performance from liquidity providers Virtu Financial and Flow Traders benefiting from increased volumes and volatility. Manager expects continued volatility in 2025 due to new US administration and high equity valuations, creating promising outlook for liquidity providers across all asset classes. | VIL.PA LPE.PA |
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| 2024 Q4 | Dec 31, 2024 | Barometer Capital Management | - | - | AAPL, ATRL.TO, AXON, BWXT, CAT, CCO.TO, CM.TO, FFH.TO, GS, HWM, IBIT, JPM, L.TO, MSI, NEE, NVDA, NVS, REGN, TECK-B.TO, V | AI, banks, Deregulation, financials, industrials, nuclear, technology | AI continued to influence markets with focus shifting to future power demand growth as datacenter build-out requires substantial energy investments. Axon Enterprise's AI products allow police officers to automate report writing, freeing up time for more policing, with police departments increasingly eager to implement this high-margin software. | ATRL HWM AXON |
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| 2024 Q4 | Dec 31, 2024 | Fairfax Financial Holdings | - | - | ALS.TO, BB, BRMI.TO, CIB.CA, DXT.TO, EUROB.AT, FFH.TO, FFI.TO, FMCN.TO, JKHL.CO, KW, ORLA.TO, OXY, QUESSCORP.NS, TCIL.NS, ZZZ.TO | Decentralization, Float, India, insurance, Underwriting, value | Record underwriting profits of $1.8 billion on record gross premiums of $33 billion, with combined ratio of 93%. The company operates 26 decentralized insurance companies globally with strong reserve redundancies averaging $0.5 billion per year over eight years. | View | |
| 2024 Q4 | Dec 31, 2024 | Zelikovic Investments | - | - | AAPL, AGO, AMZN, ATKR, BN, CNHI, EXO.MI, FFH.TO, GOOGL, IAC, JUVE.MI, KKR, KNSL, MKL, MSFT, NVDA, RACE, STLA, TPL, TSLA | Asset Managers, compounders, insurance, international, long-term, small caps, value | Manager focuses on purchasing financially robust companies at attractive prices compared to their economic value while avoiding popular expensive stocks. Emphasizes finding quality companies trading below their intrinsic value, particularly among small caps and international equities. | View | |
| 2023 Q4 | Dec 31, 2023 | Zelikovic Investments | - | - | AGO, APO, CSU.TO, EXO.MI, FFH.TO, IAC, KKR, MKL, TASE.TA, TPL, TVK.TO | compounders, global, insurance, Japan, Quality, ROE, small caps, value | Manager focuses on buying stocks of financially stable companies at attractive prices compared to their economic value, staying away from popular and expensive stocks. Emphasizes careful selection based on clear economic measures and purchasing at discount prices. | TVK.TO CSU.TO TASE.TA TPL FFH.TO KKR IAC EXO.MI |
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| 2025 Q3 | Dec 23, 2025 | Bonhoeffer Capital Management | 1.3% | - | ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB | Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value | Holdings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas. | View | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L | Buybacks, China, Europe, international, Luxury, value | Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact. | DHER.DE KER.PA CFR.SW GLB.L DPG.L |
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| 2023 Q3 | Nov 21, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS | Concentration, insurance, Long Term, Patience, value | Fairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business. | View | |
| 2024 Q3 | Oct 8, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BN, CCOI, CIR.L, FFH.TO, GOOGL, KKR, MRO.L, OCSL, PRX.AS | aerospace, AI, infrastructure, insurance, private equity, real estate, technology, value | KKR benefits from increased capital markets activity after a slowdown, leading to higher transaction fees and potential for more realizations and carried interest as M&A activity resumes. The company has entered a new fundraising cycle with a $10 billion first close on Infrastructure V fund. | View | |
| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO | AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology | Alphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement. | CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL |
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| 2023 Q3 | Oct 25, 2023 | Templeton & Phillips Capital Management | 0.0% | 0.0% | AMZN, BRK-A, FFH.TO, UNH | competition, healthcare, insurance, interest rates, uncertainty, value | Higher interest rates create a luxurious backdrop for investment decision-making not seen in almost twenty years, providing real returns in risk-free assets and patience to do nothing. The rise from zero-bound rates has restored competition between asset classes for investor capital. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua International Growth Fund | 5.2% | 19.0% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations | The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs. | View | |
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua Global Growth Fund | 6.8% | 17.2% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | AI, China, Cloud, growth, international, technology, Trade Policy, Valuations | The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs. | BABA |
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| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 5, 2026 | East72 Dynasty Trust | -2.3% | 8.2% | 1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA | Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value | Manager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. Strong underlying environment with 5-7% growth in international passengers, near 100% capacity utilization, and limited aircraft availability. Avation represents asymmetric opportunity trading at 18% discount to NAV despite improved financial position. International travel showing robust 5-7% growth with domestic passengers up 2-3%. Travel retail through Avolta benefits from solid growth and concession wins, while aircraft leasing capitalizes on passenger growth trends. | AVAP LN DIE BB HANA LN |
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| 2024 Q4 | Jan 16, 2025 | EdgePoint Global | - | - | 6479.T, AMAT, FFH.TO, MAT, ROG.SW, RVTY, SAP | global, insurance, long-term, Pharmaceuticals, Proprietary Insights, software, value | EdgePoint applies a value-oriented approach, looking for businesses trading below their intrinsic value due to market misunderstanding. The fund owns companies at vastly different P/E ratios (Fairfax at 8.9x vs SAP at 50.7x) because they focus on future value creation rather than current earnings multiples. Both positions doubled in about a year as the market recognized their undervaluation. | ROG.SW SAP FFH.TO |
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| 2025 Q4 | Jan 14, 2026 | Jemekk Hedge Fund | 2.2% | 18.3% | CNQ.TO, EIF.TO, FFH.TO, GS, MEG.TO, RTX | aerospace, Canada, commodities, defense, energy, infrastructure, Precious Metals, Resources | The fund is positioned to benefit from elevated defense spending driven by rising defense budgets in the U.S. and allied countries. Growth is underpinned by demand for integrated air and missile defense systems, counter-drone technologies, and other advanced defense programs driven by geopolitical tensions. The entire Defense Prime complex is currently re-rating as countries around the world are committing to spend more on defense initiatives. Energy was a significant contributor to fund performance, with specific mentions of MEG takeover and CNQ performance. The fund sees Canada as having a strong preponderance of Oil (power) as part of its competitive advantages. Energy represents one of the key sectors driving Canadian outperformance versus the US markets. Precious metals provided solid contributions within the quarter through a basket of producers, primarily silver. Gold is viewed as the real store of value, and precious metals represent one of Canada's key competitive advantages. The fund entered Q4 2025 with precious metals as their largest sector allocation. The fund is positioned to capitalize on Build Canada themes, particularly through companies that can provide solutions for building out Canada's North including energy, critical minerals, and transmission/power infrastructure. This represents a pivot toward nation building and infrastructure development that should benefit portfolio companies. The fund expects continued Canadian outperformance driven by strong fundamentals in oil, gold, and financials, combined with a new government approach focused on growth and deregulation. Canada is signaling to the world that it is finally back and open for business, representing a significant pivot from the restrictive decade of the previous regime. | RTX |
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| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone World All Cap Equity Fund | 12.5% | 45.2% | 005930.KS, AC.TO, FFH.TO, Gold, J36.SI, LLOY.L, MT | AI, Asia, Conglomerates, diversification, global, gold, Steel, value | The fund focuses on traditional companies trading at attractive valuations while markets have been distracted by AI and tech excitement. Average price-earnings ratio of holdings is less than twelve and average price-book value is well under one, representing opportunities among essentially sound businesses at moderate valuations. Despite being the year of AI, it has been highly successful for this value manager. The fund has AI exposure through companies in the SK group, Samsung, and Curiosity Stream, with Samsung and SK being major contributors to performance in 2025. Barrick Mining has been the outstanding contributor to fund performance. At the current level of the gold price, it remains highly attractive as an investment opportunity. ArcelorMittal, the European and Indian steel company, has been a major contributor to the fund's performance in 2025 and continues to be held in the portfolio. | View | |
| 2024 Q4 | Jan 11, 2025 | Alphyn Capital Management | 2.6% | 16.9% | AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS | AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value | AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective. | View | |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, ARCO, ASSA-B.ST, BABA, FFH.TO, TESCO.L, UBI.PA, UL, UMG.AS, VIE.PA, WTW | China, Europe, international, Japan, rates, Stimulus, value | China was a standout performer in Q3 as late-quarter stimulus measures boosted stocks significantly. The government announced monetary policy shifts including rate cuts and reserve requirement reductions, plus a forthcoming fiscal policy package aimed at spurring domestic demand. However, details of fiscal stimulus are yet to be announced, and whether this proves a true game-changer remains to be seen. | View | |
| 2024 Q3 | Sep 30, 2024 | Barometer Capital Management | - | - | AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO | AI, banks, energy, gold, insurance, nuclear, Pipelines, technology | Artificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill International | 5.7% | 12.4% | 7751.T, CFR.SW, CNQ, CPG.L, DNP.WA, FFH.TO, FMFL.NS, FUC.DE, HDFCBANK.NS, HWDN.L, IMO, KCR.HE, SAP.DE, SN.L, WALMEX.MX | Banking, China, energy, Europe, inflation, international, rates, value | Energy names including Canadian Natural Resources, Imperial Oil and Japan Petroleum Exploration Company benefited from rising oil prices in Q3 as WTI crude rose from roughly $71/barrel to $90/barrel. The manager maintains conviction in energy holdings despite anticipated ongoing volatility tied to oil price movements. | 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 |
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| 2023 Q2 | Jul 25, 2023 | Diamond Hill International | 5.7% | 12.4% | 7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR | China, Copper, emerging markets, inflation, international, Mining, value | The fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure. | CCS.TO AFM.TO FERG.L EPIA.ST DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO | Asia, Buybacks, China, concentrated, Europe, international, value | Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value. | 4613.T 1999.HK LXS.DE AC.PA APPS.MC |
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| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W | E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value | Initiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually. | CCOI |
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| 2023 Q4 | May 16, 2024 | Tidefall Capital Management | 2.4% | 6.9% | BATS, BTI, BXMT, FFH.TO | Berkshire, Fairfax, insurance, Tobacco, Transformation, value | Manager discusses British American Tobacco extensively, noting the removal of menthol cigarette ban risk and explosive growth in nicotine pouches. Emphasizes transformation from big tobacco to big nicotine with strong growth prospects. | View | |
| 2023 Q1 | Apr 30, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L | Concentration, Fraud, insurance, Litigation, technology, turnaround, value | CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins. | View | |
| 2024 Q1 | Apr 24, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | 0045.HK, 0142.HK, 0700.HK, 9984.T, CAT.AX, CGI.TO, DIE.BR, ELF.TO, FFH.TO, FIH-U.TO, HWG.L, MANU, MFF.AX, OCDO.L, OXY, RBT.PA, SPHR, UHR.SW, VIRT | Airports, Asia, Conglomerates, Europe, Hotels, infrastructure, value | Focus on controlled companies trading at significant discounts to NAV, particularly family-controlled entities with hidden gems. The manager emphasizes that strong NAV/NAV growth is more prevalent than discount closure, citing examples like Exor trading at 40% discount despite Ferrari and Bolloré galaxy at 50%+ discounts despite Universal Music Group growth. | 0045.HK FIH-U.TO DIE.BR |
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| 2024 Q1 | Apr 21, 2022 | Tidefall Capital Management | 2.4% | 6.9% | BTI, FFH.TO | Airports, Fairfax, Float, India, insurance, Tobacco, value | Bangalore International Airport represents a compelling value opportunity as India's aviation market is expected to grow dramatically from 208mn passengers in 2019 to 510m by 2030. BIAL trades at just 9.5x normalized free cash flow despite being positioned as one of the fastest growing airports globally, with passenger capacity expected to reach 90 million within 10 years. The airport's designation as Air India's second hub enhances prospects for lucrative international travellers. | FFH.TO |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG | concentrated, discount, global, industrials, Logistics, Media, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value. | LUMN MGM FDX TIGO 0GEG LN NWBD.L |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value | China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. | KER.PA CFR.SW AC.PA TIGO |
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| 2025 Q1 | Apr 16, 2025 | East72 Dynasty Trust | 0.5% | 0.5% | 0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA | Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing | The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights. | AVAP.L VIV.PA |
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| 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 |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | 035420.KS, 1999.HK, 4612.T, AC.PA, BABA, CFR.SW, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB, GMAB, MLCO, PFD.L, PRX.AS, WHG | Asia, Buybacks, Casinos, China, Europe, Food, Hotels, value | Portfolio focused on high-quality businesses trading at single-digit normalized FCF multiples with strong pricing power. Management emphasizes P/V ratios in high-60s% and disciplined approach to buying discounted companies with margin of safety. | View | |
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD | Banking, Buybacks, global, portfolio, Quality, returns, value | Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | 0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG | Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value | Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Zelikovic Investments | Fairfax Financial Holdings Limited | Financials | Property & Casualty Insurance | Bull | Toronto Stock Exchange | Book Value Compounding, Canada, Float Investment, Higher Interest Rates, Insurance Float, Long-term Track Record, Property & Casualty Insurance | View Pitch |
| Apr 13, 2026 | Fund Letters | Alphyn Capital Management | Fairfax Financial Holdings Ltd | Financials | Property & Casualty Insurance | Bull | Toronto Stock Exchange | Book Value, Canada, fixed income, Float, Hard Market, Property & Casualty Insurance, Reinsurance, underwriting | View Pitch |
| Apr 13, 2026 | Fund Letters | Silver Beech Capital | Fairfax Financial Holdings | Financials | Property & Casualty Insurance | Bull | TSX | Book Value, Canada, capital allocation, Equity, Float Model, Hard Market, Insurance, Property & Casualty, Reinsurance, Rising rates, ROE, underwriting | View Pitch |
| Apr 13, 2026 | Fund Letters | Tidefall Capital Management | Fairfax Financial Holdings Limited | Financials | Property & Casualty Insurance | Bull | Toronto Stock Exchange | bond portfolio, defensive, Float, Insurance, Interest rates, Property & Casualty, TSX, underwriting, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | EdgePoint Global | Fairfax Financial Holdings Ltd. | Financials | Property & Casualty Insurance | Bull | Toronto Stock Exchange | Canadian, capital allocation, Cash Flow Predictability, Property & Casualty Insurance, transformation, turnaround, Value | 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. | ||||||||