LNF-TO

LNF-TO

LNF-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 6, 2025	O’Keefe Stevens Advisory, Inc	-	-	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, small cap, Specialty Pharma, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value while maintaining profitability. Corporate reforms underway over the past 2 years are helping unlock value, and many companies provide downside protection through excess cash or undervalued real estate. The manager has identified approximately 400 Japanese equities on his watchlist, with many trading under book value.		View
2025 Q2	Jul 22, 2025	Curreen Capital	14.1%	8.7%	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, small cap, Specialty Pharma, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition.	VFC ENR GR GETB LN FTDR FTRE CACC AAP	View
2025 Q2	Jul 11, 2025	HalvioCapital	6.7%	-	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, REITs, small caps, Specialty Pharma, spinoffs, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with diverse business segments and strong cash positions. Corporate reforms underway over the past 2 years are helping unlock value, while companies maintain profitability and pay dividends during the value realization period.	NLOP CPH CN 6249 JP 7952 JP 8291 JP	View
2025 Q2	Jun 30, 2025	Distillate Capital Large Cap Value	-	1.9%	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, REIT, small cap, Specialty Pharma, spinoffs, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition.		View
2025 Q1	May 6, 2025	Lowell Capital	-	-	ASO, BOWL.L, BRC, DUR.AX, IWG.L, LNF.TO, LYTS, MACF.L, NSIT, QEPC	Canada, Cash, Defensive, Europe, free cash flow, small caps, value	Manager focuses on undervalued companies with low expectations and attractive valuations. Seeks good businesses with low valuations where market expectations are modest, believing these provide better risk-adjusted returns than growth stocks.	LNF.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
2024 Q3	Oct 30, 2024	Greystone Capital	8.0%	16.0%	LNF.TO, NNBR	Canada, Concentration, Furniture, Quality, retail, small caps, value	Manager focuses exclusively on small companies mostly outside major indices, benefiting from record flows into small caps and potential sustained rotation. Emphasizes that selectivity matters in small caps due to poor index construction and overexposure to operationally and financially risky companies.		View
2025 Q4	Jan 7, 2026	HalvioCapital	5.6%	0.0%	BKM.SI, CPH.TO, EDU.AX, FILA.MI, LNF.TO, MCCK, MYX.AX, NLOP	international, Japan, Merger Arbitrage, real estate, small caps, value	Manager focuses on undervalued securities across multiple markets, highlighting companies trading below intrinsic value such as TOC Co. with real estate worth ¥184B against ¥75B market cap, and FILA trading at attractive enterprise value multiples. The approach emphasizes finding bargains in less picked-over international markets. Japan basket represents a significant holding with focus on corporate governance reforms under new Prime Minister Sanae Takaichi. Manager sees opportunity in companies with excess cash being forced to improve capital allocation, with ¥83 trillion in corporate cash providing catalyst for shareholder returns. Portfolio concentrated in smaller companies across multiple geographies including Australian micro-caps, Canadian small caps, and niche industrial businesses. Manager seeks opportunities in less efficient markets where smaller companies may be mispriced or overlooked by institutional investors.		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
2024 Q2	Jul 30, 2024	Smoak Capital Management	0.0%	24.0%	LNF.TO	Canada, Capital Allocation, real estate, small caps, spinoffs, value	Manager focuses on finding stocks trading at significant discounts to fair value, citing Leon's Furniture at 11x earnings with substantial hidden real estate value. Emphasizes situations where businesses are widely misunderstood or overlooked by investors.	LNF.TO	View
2024 Q2	Jul 30, 2024	Cedar Creek Partners	-0.1%	4.8%	CZBS, ENDI, FIEB, IQV, LNF.TO, MFBP, PCHM, PDRX, PROM, ROYTL, SODI	Community Banks, Expert Market, Microcap, OTC, value	The fund holds multiple community bank positions including First IC Corporation, Citizens Bancshares, and exited M&F Bancorp. These banks offer attractive valuations with strong fundamentals, though management quality varies significantly across holdings.	CZBS ROYTL PROM PCHM ENDI FIEB	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Greystone Capital	Leon's Furniture	Consumer Discretionary	Home Furnishing Retail	Bull	TSX	Canadian Retailer, defensive, furniture, Import Leverage, M&A Opportunity, market share, supply chain, Value	View Pitch
Apr 13, 2026	Fund Letters	Lowell Capital	Leon's Furniture Limited	Consumer Discretionary	Specialty Retail	Bull	Toronto Stock Exchange	Canadian market, cash generation, Family-owned, Fortress Balance Sheet, furniture retailer, high-ROIC, Immigration Tailwinds, market leader, Omnichannel, REIT Spin-off, Share Buybacks, Value	View Pitch
Apr 13, 2026	Fund Letters	Smoak Capital Management	Leon's Furniture	Consumer Discretionary	Home Furnishing Retail	Bull	TSX	Asset-Heavy, Canada, furniture retailer, Hidden-Assets, market leader, Real Estate, REIT Spinoff, Residential Development, Toronto, value unlock	View Pitch
Oct 24, 2025	Value Investors Club	andreas947	Leon's Furniture Limited	Consumer Discretionary	Retail	Bull	TSX	buybacks, furniture, home furnishings, insider ownership, tailwind, undervalued	View Pitch

BSD Shareholders of LNF-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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