GSY-TO

GSY-TO

GSY-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	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 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
2024 Q1	May 22, 2024	Buckley Capital	4.8%	0.5%	CC, GFF, GSY.TO, IWG.L, NGVT	Co-working, Commercial real estate, small caps, Specialty Chemicals, value	Manager initiated position in Ingevity, a specialty chemicals company facing temporary margin pressure from high crude tall oil costs. The company is fixing these issues and should return to high historical growth rates. Also doubled position in Chemours after delayed filing created buying opportunity.		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
2024 Q4	Feb 7, 2025	DKAM Donville Kent Asset Management	-	102.8%	AAPL, AEP.V, AMZN, CPH.TO, CTS.TO, E.TO, FORA.TO, GOOGL, GSY.TO, MDA.TO, META, MSFT, NVDA, PNG.V, PRL.TO, SECU.V, TSLA, VHI.V, ZDC.TO	AI, Canada, earnings, energy, growth, inflation, small caps, tariffs	The fund focuses on small/mid cap growth stocks and believes they are in the next 5-7 year bull cycle for this segment. Large caps have never been this overvalued versus small caps, with small caps offering more than twice the earnings growth for almost one third the valuation.		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
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
2024 Q3	Oct 7, 2024	DKAM Donville Kent Asset Management	0.0%	68.1%	BYD.TO, E.TO, GSY.TO, MTY.TO, PRL.TO, VHI.V, ZDC.V	Canada, Compounding, rates, ROE, small caps, value	Fund focuses on small and mid-cap stocks which are at historically cheap discounts relative to large caps. Small cap earnings growth is forecast to be 30% greater than large cap earnings growth in 2025. The combination of declining rates, cash on sidelines, and cheap valuations supports the view that we're at the beginning of the next multi-year cycle for small and mid-cap stocks.	E.TO ZDC.V VHI.V GSY.TO MTY.TO BYD.TO	View
2025 Q4	Jan 13, 2026	DKAM Donville Kent Asset Management	0.0%	0.0%	CIGI.TO, CPH.TO, E.TO, GSY.TO, MDA.TO, PNG.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, Corrections, earnings, LNG, small caps, technology, value	Small caps are set to have higher earnings growth than large caps for the first time in a long time, while the valuation mismatch between large caps and small caps is at historic levels. The fund focuses on small-medium compounders that have been oversold despite strong fundamentals. The correction has created a setup similar to 2022 where high-quality companies with strong fundamentals are trading at historically cheap valuations. Many stocks are now at record cheap valuations while continuing to grow earnings, creating significant opportunities for value-oriented investors. The Canadian government is going all in on LNG with approvals of LNG Phase 1 & 2 and Ksi Lisims. Prime Minister Carney stated Canada could export 50 million metric tons per year of LNG by 2030 and double that by 2040, implying all west coast LNG projects would proceed.	ZDC VHI E PRL GSY	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
2025 Q1	Apr 16, 2025	DKAM Donville Kent Asset Management	-	-	CPH.TO, CSU.TO, E.TO, FORA.TO, GAMB, GSY.TO, MDA.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, growth, Quality, Sentiment, small caps, tariffs, Trade Policy, value	The manager discusses the significant market impact of tariffs and trade war policies, noting that the market has shifted focus entirely to trade concerns. They believe the worst of tariff uncertainty has peaked and expect countries to come to the bargaining table for new trade deals.	E.TO CSU.TO MDA.TO FORA.TO CPH.TO GAMB VHI.TO ZDC.TO PRL.TO GSY.TO	View
2023 Q4	Jan 29, 2024	DKAM Donville Kent Asset Management	0.0%	68.1%	CSU.TO, CTS.TO, DE.TO, GSY.TO, KUT.TO, NVEI.TO, PAY.TO, PRL.TO, SECU.TO, VHI.TO	AI, Buybacks, Canada, growth, small caps, technology, value	Technology infrastructure investments are experiencing massive budget increases, with some jumping 10x in 2024. There is currently a bottleneck in compute power driving these investments. Converge Technology benefits from this trend, with Nvidia gear sales topping $120m in the first 9 months of 2023, up from $12m the year prior.	CSU.TO VHI.V PAY.TO NVEI.TO KUT.TO SECU.V GSY.TO DE.TO PRL.TO CTS.TO	View
2023 Q1	Jan 5, 2023	DKAM Donville Kent Asset Management	0.0%	68.1%	CSU.TO, CTS.TO, GSY.TO, KUT.TO, NVEI, RET.V, TC.TO, VHI.V	Canada, growth, inflation, interest rates, small cap, technology, value	The fund focuses on small cap growth stocks which have been beaten down by rising interest rates despite posting record revenues and earnings. Management believes this segment is at the cheapest valuation in history and poised for high returns as the interest rate headwind reverses.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	DKAM Donville Kent Asset Management	goeasy Ltd	Financials	Consumer Finance	Bull	TSX	compounder, consumer finance, Dividend Growth, Non-prime Lending, operating leverage, product innovation, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	GoEasy Ltd.	Consumer Finance	Consumer Finance	Bull	TSX	Canada, consumer finance, Counter-cyclical, Non-prime Lending, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	GoEasy	Financials	Consumer Finance	Bull	TSX	Collections, consumer finance, Credit Products, growth, loan book, Non-prime Lending, Product Diversification, Revenue Yield	View Pitch
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	goeasy Ltd.	Financials	Consumer Finance	Bull	TSX	Branch Network, Canada, compounder, consumer finance, financial services, high ROE, subprime lending	View Pitch
Apr 9, 2026	Fund Letters	DKAM Donville Kent Asset Management	GoEasy Ltd.	Credit Services	Consumer Finance	Bear	Toronto Stock Exchange	Canadian, consumer finance, exit strategy, Lending, Regulatory risk, risk management	View Pitch

BSD Shareholders of GSY-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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