ONEX-TO

ONEX-TO

ONEX-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 6, 2024	Greenlight Capital	1.1%	9.0%	ALIT, BHF, CEIX, CPRI, FCNCA, GPOR, HPQ, KD, ODP, ONEX.TO, SOLB.BR	energy, gold, Long/Short, Macro, technology, value	Gold continued its strong year-to-date performance and was a material contributor to the macro book this quarter, generating more than one percent return.	CPRI SOLB.BR KD HPQ CEIX	View
2024 Q2	Aug 27, 2024	McElvaine Value Fund	-	-0.2%	CKHUY, FFH.TO, JMHLY, MDORF, MXG.TO, ONEX.TO, PSK.TO, SEG, XCO	Canada, contrarian, dividends, Natural Gas, royalties, small caps, value	Manager focuses on buying discounted assets at 50 cents on the dollar, particularly holding companies trading below net asset value. Portfolio consists of orphans and misfits bought when others were selling, with emphasis on finding cheap stocks with aligned owners.	SEG PSK.TO ONEX.TO MOIL.L XCO MXG.TO	View
2023 Q2	Aug 23, 2023	McElvaine Value Fund	-	5.1%	1.HK, BLCO, MXG.TO, ONEX.TO, PSK.TO, WBD	Canada, Cautious, Hedge, small cap, value	The fund holds Maxim Power which is commissioning a Combined Cycle Gas Turbine expansion expected to be operational by late fall. PrairieSky had strong performance with oil royalty production and leasing activity hitting multi-year highs.		View
2025 Q2	Aug 21, 2025	McElvaine Value Fund	-	-4.0%	AIM.TO, CFP.TO, FIH.TO, GUD.TO, HHH, J36.SI, M04.L, MXG.TO, ONEX.TO, PSK.TO, WINT, XCO	Canada, discount, energy, NAV, private equity, small cap, value	Manager emphasizes sticking with the 'dregs of value' approach, focusing on cheap reasonably financed companies with aligned owner/operators. All holdings are trading at significant discounts to NAV with strong balance sheets and insider ownership.	GUD CN MPX CN AIM CN ONEX CN CFP CN HHH FIH CN PSK CN	View
2024 Q4	Dec 31, 2024	McElvaine Value Fund	-	19.2%	CFP.TO, ECO.TO, FFI.TO, GUD.TO, JMHLY, MDOHY, MXGP.TO, ONEX.TO, PSK.TO, SEG, WBD	Buybacks, Canada, Concentration, energy, royalties, value	The fund focuses on finding 50 cent dollars by investing in companies selling below intrinsic value. The manager emphasizes creating a margin of safety when Homer Simpson-like market pricing creates opportunities versus Mr. Spock-like intrinsic value determinations. The approach centers on bargain hunting rather than macro forecasting.		View
2023 Q4	Dec 31, 2023	McElvaine Value Fund	-	3.0%	0001.HK, BLCO, FIH.TO, J36.SI, MXG.TO, ONEX.TO, PSK.TO, WBD, XCO	Canada, Concentration, discount, Intrinsic Value, small caps, value	Manager focuses on finding 50 cent dollars through his ABBA framework, seeking companies selling below intrinsic value. Emphasizes that intrinsic value is a range supported on the downside and open-ended on the upside, preferring straightforward estimates over complex models. Current holdings are viewed as trading at significant discounts to estimated 3-5 year intrinsic values.		View
2023 Q3	Oct 25, 2023	Horos Asset Management	2.9%	9.8%	AAPL, CKN.L, EAT.WA, GOOGL, MSFT, NVDA, ONEX.TO, PDG.L, TSLA, VRLA.PA	China, commodities, Concentration, Pattern, Reflexivity, Spain, technology, value	Manager emphasizes fishing in ponds with many fish and few fishermen, focusing on undervalued markets like Spanish and Chinese equities that trade at attractive valuations due to lack of investor interest. The fund maintains significant exposure to these markets despite poor recent performance.		View
2025 Q4	Jan 14, 2026	Horos Asset Management	0.0%	0.0%	0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA	AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value	The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels.	TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	McElvaine Value Fund	Onex Corporation	Financials	Capital Markets	Bull	TSX	Capital markets, discount to NAV, insider alignment, private equity, Share Buybacks	View Pitch

BSD Shareholders of ONEX-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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