GRID-TO

GRID-TO

GRID-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	DKAM Donville Kent Asset Management	-	-3.5%	BLN.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, VHI.TO, ZDC.TO	Canada, earnings, energy, growth, healthcare, M&A, small caps, technology	Enterprise Group's acquisition of Flex Energy Canada provides exposure to natural gas turbines for permanent power installations. The operational Coastal GasLink and LNG Canada facility represents significant infrastructure for Canadian LNG exports to Asia. Canada LNG is positioned as the lowest cost natural gas globally during constrained power supply conditions.	GSY.TO GRID.TO MDA.TO VHI.TO ZDC.TO E.TO GSY CN GRID CN VHI CN E CN	View
2025 Q2	Jul 11, 2025	Pender Small Cap Opportunities Fund	11.0%	-2.0%	CVO.TO, GRID.TO, HPS-A.TO, LSPD.TO, VNP.TO	AI, Canada, Energy Transition, Enterprise Software, growth, small caps, Trade Policy, volatility	The rapid advancement and adoption of AI technologies across sectors is unlocking new efficiencies, redefining competitive moats and creating outsized growth opportunities, particularly for companies with proprietary data and scalable platforms. Coveo Solutions Inc. is highlighted as an AI-powered enterprise search platform that delivers highly relevant search experiences across websites, e-commerce, customer service and workplace applications.	CVO.TO LSPD CN CVO CN	View
2026 Q1	Apr 8, 2026	DKAM Donville Kent Asset Management	-	-	AMZN, BAMI.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, energy, growth, healthcare, productivity, small caps, technology, value		GRID.TO VHI.TO E.TO BAMI.TO ZDC.TO CSU.TO PRL.TO GSY.TO	View
2025 Q3	Nov 19, 2025	DKAM Donville Kent Asset Management	-	-	CPH.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, PRL.TO, TGH.TO, VHI.TO, ZDC.TO	AI, growth, healthcare, Rate Cuts, small caps, software, technology, Valuations	AI creates both opportunities and threats for software companies. While AI enables cheap app development through vibe-coding, this creates security vulnerabilities that make traditional software companies with proper certifications more valuable in regulated industries like healthcare and finance. The fund's software holdings benefit from AI efficiency gains while being protected by regulatory moats.	GSY CT E CT MDA CT CSU CT VHI CT	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 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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	Tantalus	Technology	Electronic Equipment, Instruments & Components	Bull	TSX	Electrical Grid, Grid Monitoring, infrastructure, recurring revenue, Smart Grid, technology, TruSense, utilities	View Pitch
Apr 9, 2026	Fund Letters	DKAM Donville Kent Asset Management	Tantalus Systems Holding Inc.	Electrical Equipment & Parts	Electronic Equipment & Instruments	Bull	Toronto Stock Exchange	Energy Management, Grid modernization, infrastructure, IoT, Smart Grid, technology hardware, utilities	View Pitch

BSD Shareholders of GRID-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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