MDA-TO

MDA-TO

MDA-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 2, 2025	Ghosh Capital	17.3%	25.3%	AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V	AI, Canada, global, Satellites, Space, technology, value	Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat.	MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN	View
2025 Q1	Apr 2, 2025	Ghosh Capital	8.0%	8.0%	APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA	defense, growth, infrastructure, Nationalism, small caps, Valuations, value	Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide.	KPG.AX	View
2025 Q1	Mar 31, 2025	Barometer Capital Management	-	-	AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO	Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility	Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs.	TMX HWM ERJ AEM	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	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	Pender Small Cap Opportunities Fund	11.3%	38.4%	ARR.TO, AVNW, BL, DND.TO, MDA.TO, THNC.TO, TVK.TO	Canada, growth, Resources, small caps, Space, value	The space industry is seeing rapid growth driven by growing demand for satellite broadband, declining costs of rocket launches, renewed interest in space exploration and increasing geopolitical importance. The shift to commercialization enables new entrepreneurs to innovate and develop technologies for this fast-growing industry.	MDA.TO	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
2024 Q4	Jan 27, 2025	Pender Small Cap Opportunities Fund	14.8%	-	DTOL.TO, GLASF, LSPD.TO, MDA.TO, NFI.TO, PNG.V, SIS.TO, SYZ.TO, WISH.V	Canada, contrarian, Hedging, small caps, technology, value	The fund focuses exclusively on small cap opportunities, noting that small caps have once again underperformed large caps both in Canada and the US. The managers see pockets of risk-taking emerging in the small cap market, though it is not broad-based as evidenced by overall small cap index performance.	LSPD.TO MDA.TO	View
2025 Q4	Jan 19, 2026	Purpose Investment Partners	0.0%	8.2%	BE, FLNC, MDA.TO	Canada, credit, Data centers, defense, Energy Storage, fixed income, high yield, Mortgage	The team views the secular increase in global defense spending as an investable theme due to long-term great-power rivalry and U.S. assertiveness on NATO defense spending targets. They initiated positions in MDA Space and added to Top Aces, both defense-related companies providing tailwinds for high-yielding credit investments in the space. Data center-driven electricity demand remains one of the most meaningful conviction themes in the Fund. However, the team recently downsized its positioning in the AI-driven electricity demand theme due to material valuation increases, not because of reduced conviction in industry fundamentals. The Fund maintains exposure to energy storage through positions in Fluence Energy and Bloom Energy bonds. These were among the largest contributors to performance in 2025, reflecting the team's conviction in the energy transition and grid modernization themes. U.S. mortgage demand continues to be one of the most meaningful conviction themes in the Fund. This reflects the team's view on the supportive U.S. employment picture and overall economic resilience supporting credit quality in the mortgage sector.	MDA CN	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
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

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	MDA Space Ltd.	Aerospace & Defense	Aerospace & Defense	Bull	TSX	Aerospace, backlog growth, Defense, margin expansion, Sector Tailwinds, Space Technology	View Pitch
Apr 13, 2026	Fund Letters	Ghosh Capital	MDA Space	Industrials	Aerospace & Defense	Bull	TSX	Aerospace, Canada, Defense, Geointelligence, geopolitical, government contracts, recurring revenue, Satellites, Space Robotics, valuation discount	View Pitch
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	MDA Space	Industrials	Aerospace & Defense	Bull	TSX	acquisition, Aerospace, Canadarm3, government contracts, Lunar Gateway, Space Industry, Space Technology, valuation	View Pitch
Apr 13, 2026	Fund Letters	Pender Small Cap Opportunities Fund	MDA Space Ltd.	Industrials	Aerospace & Defense	Bull	TSX	Aerospace, business transformation, Canada, contrarian, High Margin Products, secular growth, Space Technology	View Pitch
Apr 13, 2026	Fund Letters	Pender Small Cap Opportunities Fund	MDA Space Ltd.	Industrials	Aerospace & Defense	Bull	Toronto Stock Exchange	Aerospace, Canada, Equity, Geointelligence, government contracts, growth, recurring revenue, robotics, Satellite Systems, Space Technology	View Pitch

BSD Shareholders of MDA-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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