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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 20, 2026 | White Falcon Capital Management | -6.1% | -6.1% | AFN.TO, AMZN, APP, IVN.TO, NFI.TO, NU, ORCL, U | AI, Cloud, Enterprise, Precious Metals, software, technology, value | U ORCL |
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| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2025 Q3 | Oct 20, 2025 | White Falcon Capital Management | 10.8% | 21.9% | AFN.TO, AMD, DAVA, EPAM, FNV, NFI.TO, NU, SSL.TO, TFPM, TIXT | Agriculture, AI, gold, Quality, royalties, technology, value | Gold and silver royalty names performed very well thanks to recent strength in metal prices. The manager's preferred vehicle for investing in gold has been royalty companies, which are high quality businesses offering diversification, yield, and option value. Positions in Franco-Nevada, Triple Flag, and Sandstorm Gold have more than doubled since March 2024, leading to position trimming due to parabolic price moves. | AFN CN DAVA EPAM NU NFI CN AMD SSL CN TFPM CN FNV CN FNV CN |
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| 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 |
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| 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 |
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| 2025 Q4 | Jan 21, 2026 | White Falcon Capital Management | 5.6% | 28.4% | AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W | AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value | AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns. | HUN NFI NU EPAM AMD |
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| 2025 Q1 | Apr 21, 2025 | White Falcon Capital Management | -6.7% | -6.7% | CTS.TO, DAVA, EPAM, GRFS, NFI.TO, NU, RTO.L | Biotechnology, global, gold, IT Services, small caps, tariffs, Trade Policy, value | President Trump's unexpected tariff announcements created significant market volatility and uncertainty. Tariffs as high as 145% on China essentially amount to an embargo, with unclear reasoning behind the policy. The manager believes these destructive policies will likely be reversed or negotiated away before causing lasting damage. | GRFS |
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| 2024 Q4 | Jan 17, 2025 | White Falcon Capital Management | 5.5% | 14.4% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NFI.TO, NU, PRGO, RTO.L, VALE, XEQT.TO | Brazil, Pharmaceuticals, small caps, technology, turnaround, value | White Falcon gravitates towards opportunities with low expectations and low valuations, particularly in smaller companies left behind in the market rally. The portfolio has shifted more towards 'value today' positioning with significant margin of safety. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||