KITS-TO

KITS-TO

KITS-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 30, 2025	Greystone Capital	14.8%	6.3%	APG, DR.TO, KITS.TO, NRP, SYZ.TO	Coal, E-Commerce, healthcare, Quality, small caps, software, value	Small caps remain in prolonged underperformance relative to large caps, with capital flowing to emerging markets instead. Despite conditions for outperformance being in place for years including resilient economy, cheap valuations, and decade-plus underperformance, the return profile shows fits and starts pattern. Manager believes environment will eventually shift and small caps will get their moment in the sun.	DR.TO KITS.TO SYZ.TO APG NRP DR CN KITS CN SYZ CN APG NRP	View
2025 Q1	May 5, 2025	Pender Small Cap Opportunities Fund	-11.7%	-11.7%	DND.TO, KITS.TO, MAU.V, STC.TO, TVK.TO, VCM.TO, WELL.TO	Canada, healthcare, materials, small caps, technology, Trade Policy, value, volatility	Small cap stocks are very attractively priced on both relative and absolute basis. The small cap universe remains cheap despite macro headwinds and continued market volatility driven by headline news.	TVK.TO	View
2025 Q1	May 2, 2025	Greystone Capital	-7.9%	-7.9%	BELFB, FC, KITS.TO, LNF.TO, NRP, XPOF	E-Commerce, Optical, Quality, small caps, tariffs, Trade Policy, value, volatility	Tariff measures announced against global trade partners created geopolitical and recession fears, driving market volatility. The inconsistency and unpredictable messaging around new trade rules creates planning difficulties for businesses. Portfolio companies have varying direct exposure to tariffs, with Natural Resource Partners, Leon's Furniture, and Bel Fuse being the only holdings with direct tariff exposure.	KITS.TO BELFA LNF.TO NRP	View
2026 Q1	Apr 10, 2026	Cedar Grove Capital Management	-23.0%	-23.0%	ABVX, EVLV, HIMS, KITS.TO, LNSR, MTY.TO, NKTR, OSW, REAL, SNWV, TOI, WW	Biotechnology, consumer, healthcare, Long/Short, Multi-Strategy, small cap, special situations		MTY.TO NKTR ABVX TOI SNWV EVLV REAL KITS.TO	View
2025 Q4	Jan 28, 2026	Rodrigo Benedetti	0.0%	0.0%	ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP	AI, Biotechnology, commodities, Fintech, gold, healthcare, oil	Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system.	EMO CN KITS CN	View
2025 Q4	Jan 24, 2026	Greystone Capital	0.3%	2.8%	APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX	Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value	Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value.	FOUR DR CN APG KITS CN NRP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Cedar Grove Capital Management	KITS Eyewear	Specialty Retail	Specialty Retail	Bull	Toronto Stock Exchange	Canadian, Contact lenses, DTC, e-commerce, EBITDA Positive, Eyewear, net cash, Specialty retail, vertically integrated	View Pitch
Apr 13, 2026	Fund Letters	Greystone Capital	KITS Eyecare	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	TSX	Canada, Consumer Discretionary, digital health, e-commerce, eyecare, founder-led, growth, high-margin, online retail	View Pitch
Apr 13, 2026	Fund Letters	Greystone Capital	KITS Eyecare	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	TSX	direct-to-consumer, disruption, e-commerce, eyecare, growth, manufacturing, recurring revenue, vertical integration	View Pitch
Aug 7, 2025	Substack	Pound the Rock Investing	KITS Eyecare	Consumer Discretionary	Specialty Retail	Bull	TSX	—	View Pitch

BSD Shareholders of KITS-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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: