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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Brandes Small Cap Value Fund | 12.1% | 4.9% | AOUT, ARLO, AVDL, ELAN, EPC, GIL.TO, GLOB, HBI, HURC, HXL, IEX, KMT, MOG.A, ORION, PAHC, PBH, PINC, PKE, SON, UNF | healthcare, industrials, positioning, small caps, underperformance, value | The fund focuses on small-cap value investing, seeking companies trading below intrinsic value estimates. The manager emphasizes the fund's lower valuations compared to the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects. | GLOB PBH |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Fund- International Small Cap | -10.9% | -2.9% | 1128.HK, ATG.L, BAER.SW, CPR.MI, ENX.PA, GIL.TO, LXS.DE, SJP.L, SOP.PA, STRS.TA, SWON.SW | Beverages, Europe, international, small cap, technology, value | The fund sees the U.K. wealth management industry as attractive and growing, with St. James's Place best positioned competitively to capture strong asset flows. Management has a credible plan to double earnings by 2030 through cost-cutting and strategic initiatives. | SOP.PA CPRI.MI ATG.L SWON.SW SJP.L |
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| 2025 Q3 | Oct 31, 2025 | Turtle Creek Fund Test | 0.4% | - | AHT.L, ATD.TO, BFH, DOL.TO, DOO.TO, GIL.TO, KNSL, PFB.TO, SCI, SYF, TFII.TO, URI, WSC | Canada, Concentration, growth, mid cap, Quality, value | Portfolio trades at 10.4x earnings, below historical median range of 9x-13x, while S&P 500 trades at elevated 22x earnings in top fifth percentile of 20-year range. Manager emphasizes valuation discipline and relative attractiveness versus broad market multiples. | CTAS KNSL WSC CTAS KNSL WSC |
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| 2025 Q3 | Oct 21, 2025 | Brandes Small Cap Value Fund | 11.2% | 16.6% | AOUT, ARLO, AVDL, ELAN, EPC, GIL.TO, GLOB, HBI, HURC, HXL, IEX, KMT, MOG.A, ORION, PAHC, PBH, PINC, PKE, SON, UNF | healthcare, industrials, positioning, small caps, technology, underperformance, value | The fund focuses on small-cap value investing, seeking companies trading below intrinsic value estimates. The manager emphasizes the fund's lower valuations compared to the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects. | PBH GLOB PBH GLOB |
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| 2024 Q2 | Jul 31, 2024 | Turtle Creek Fund Test | -10.6% | 0.0% | GIL.TO | Apparel, Canada, Concentration, Governance, value | Portfolio trading at 64% discount to intrinsic value, comparable only to crisis periods like COVID crash, Greek Crisis, and Great Financial Crisis. Trading at 9 times next year's earnings with 20% projected annual growth over five years. Attractive valuation driven by years of research expanding coverage to over 100 companies. | GIL.TO |
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| 2023 Q4 | Feb 20, 2024 | Turtle Creek Fund Test | -10.6% | 0.0% | GIL.TO | activism, Apparel, Canada, mid cap, Succession | Turtle Creek has been a long-term shareholder in Gildan Activewear for over a decade, viewing it as one of Canada's great success stories. The company has grown from a small family business into a global apparel company with over US$3 billion in sales and a 90-fold share price increase over 25 years under founder Glenn Chamandy's leadership. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Turtle Creek | Gildan Activewear Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Toronto Stock Exchange | Activewear, activist, Apparel, Canada, Founder CEO, Global, Governance, manufacturing, Textiles, turnaround, vertically integrated | 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. | ||||||||