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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Dec 31, 2025 | Green Ash Partners | - | - | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. | View | |
| 2025 Q4 | Jan 13, 2026 | Pender Small Cap Opportunities Fund | 0.0% | 5.7% | DND.TO, FDY.TO, GRID.TO, NGEX.TO, PAR, PNG.TO, SYZ.TO, TCS.TO, VNP.TO | Canada, Defense Spending, Energy Transition, Quality, small caps, value | Kraken Robotics is positioned to benefit from heightened geopolitical tensions and increased global defense spending, particularly in undersea and autonomous systems. The company designs and manufactures advanced subsea robotics, sonar systems, and batteries used in autonomous underwater vehicles for defense applications. Multiple portfolio companies are aligned with the energy transition theme. 5N Plus develops specialty semiconductor and performance materials critical to solar and advanced electronics. Tantalus Systems operates in grid optimization and modernization, providing smart meters and data analytics software that help utilities modernize infrastructure and support the energy transition through improved grid efficiency. After several years of small-cap underperformance relative to large caps in Canada, the slope now appears to be leveling out. This has created a more attractive opportunity set for both small-cap quality and value heading into 2026, with many high-quality Canadian businesses trading at compelling valuations despite being overlooked. | GRID CN VNP CN |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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| No investor data available. | ||||||||