PSK-TO

PSK-TO

PSK-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2023 Q2	Jul 28, 2023	Azvalor Iberia	-	9.4%	ARCH, DEC.PA, ELE.MC, Gold, GRF.MC, NE, NOV, PSG.MC, PSK.TO, TLW.L, TRE.MC, TS.PA, TUB.MC	contrarian, Discipline, energy, Europe, gold, Spain, valuation, value	Azvalor emphasizes disciplined value investing, buying companies trading below intrinsic value and selling when they reach fair value. The fund's price-to-value ratio indicates attractive returns ahead, contrasting with expensive broader markets where only 10 companies drove 82% of S&P 500 returns.		View
2023 Q2	Jul 28, 2023	Azvalor Internacional	-	-0.3%	ARCH, CMMC, DEC.PA, Gold, NE, NOV, PDCE, PSK.TO, TEN.MI, TLW.L	contrarian, energy, gold, Spain, valuation, value	Azvalor emphasizes disciplined value investing through rigorous company valuation and contrarian positioning. The firm's process involves buying undervalued companies when unpopular and selling when they reach fair value, as demonstrated by their Tenaris-JC Decaux rotation. Current portfolios trade at attractive valuations with significant upside potential.		View
2025 Q2	Jun 30, 2025	Cooper Investors Global Equities Fund (Unhedged)	5.2%	-	BME.L, CDW, G24.DE, PSK.TO, TKO	energy, Global Equities, Media, royalties, technology, value creation	TKO Holdings owns UFC and WWE combat sports content assets, showing strong growth with UFC and WWE EBITDA growing 17% and 38% respectively. The company is expanding revenue through site fees by festivalizing events across multiple days, demonstrating economic value to cities.	PSK.TO TKO G24.DE CDW BME LN TKO G24 GR	View
2026 Q1	May 13, 2026	Cooper Investors Global Equities Fund (Unhedged)	-9.2%	-9.2%	4478.T, CME, FWONK, PSK.TO, RYAN, SHAK, SHEN, TSM	AI, energy, global, inflation, real assets, semiconductors		CME PSK.TO RYAN TSM 4478.T	View
2026 Q1	Apr 20, 2026	Hosking Partners	3.2%	3.2%	000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L	AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors			View
2024 Q1	Apr 17, 2024	Langdon Canadian Smaller Companies	4.3%	4.3%	ATS.TO, ATZ.TO, CSU.TO, GM, LMN.TO, PSK.TO, TOI.TO, TVK.TO	Canada, energy, Industrial, small caps, technology, value	ATS Automation provides automated supply chain technology and factory automation solutions across life sciences, food & beverage, energy, industrial, and consumer sectors. The company faced headwinds from GM's delayed EV battery program but is rebasing toward higher quality end-markets like life sciences and food & beverage.	TOI.TO ATS.TO	View
2026 Q1	Apr 15, 2026	Langdon Canadian Smaller Companies	-1.5%	-1.5%	DFY.TO, EQB.TO, LGN.TO, PSK.TO, TVK.TO	Canada, free cash flow, oil, Quality, royalties, small caps		PSK.TO	View
2026 Q1	Apr 14, 2026	Black Bear Value Partners	13.2%	13.2%	BLDR, FLG, FPH, PSK.TO, TDW	commodities, energy, Housing, Long/Short, private credit, Regional Banks, value		TDW PSK.TO FLG FPH BLDR TDW PSK.TO FPH	View
2025 Q4	Feb 5, 2026	Black Bear Value Partners	0.1%	-12.6%	BLDR, FLG, HCC, PSK.TO, TDW	banks, Coal, energy, Housing, Shorts, turnaround, value	Structural shortage of housing in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. New homebuilders capturing increasing share of home sales as they can buy-down mortgages to lower rates. Significant underinvestment in metallurgical coal which is a needed input for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Minimal worldwide met coal resource development over the last 10 years could lead to tight supply when steel production improves. Significant underinvestment in natural gas, oil and thermal coal which are necessary for the world's economies to function and grow. While renewables will play an increasing role, the change will occur over decades, not years. Lack of global investment in energy development creates opportunities. Flagstar has exceptional management and board that are ahead of the game in turning their business around after balance sheet issues. Trading at significant discount to conservatively marked balance sheet compared to similar banks. While AI will have an impact on lives, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. Weak business fundamentals should become more apparent over time. The space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures.	LXS GR HCC FLG PSK CN TDW BLDR	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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 13, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	PrairieSky Royalty	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	Canada, Energy Royalty, infrastructure, Oil & Gas, Perpetual Royalty, Real assets, Western Canada	View Pitch
Apr 23, 2026	Fund Letters	Langdon Canadian Smaller Companies	PrairieSky Royalty Ltd.	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	asset-light, Canada, capital efficiency, energy, Free Cash Flow, mineral rights, oil and gas, Royalty, Value	View Pitch
Apr 23, 2026	Fund Letters	Black Bear Value Partners	PrairieSky Royalty	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	Toronto Stock Exchange	asset-light model, Canada, Commodity Exposure, dividend yield, Energy Underinvestment, Equity, Oil & Gas Royalties	View Pitch
Apr 17, 2026	Fund Letters	Black Bear Value Partners	PrairieSky Royalty	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	Toronto Stock Exchange	asset-light model, Canada, Commodity Exposure, dividend yield, Energy Underinvestment, Equity, Oil & Gas Royalties	View Pitch
Apr 13, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	PrairieSky Royalty Ltd	Energy	Oil & Gas Exploration & Production	Bull	TSX	Canada, cash generation, Counter-cyclical Investing, energy, Management Quality, Perpetual Assets, Royalty, Technology Catalyst, Value Latency	View Pitch
Apr 13, 2026	Fund Letters	McElvaine Value Fund	PrairieSky Royalty Ltd	Energy	Oil, Gas & Consumable Fuels	Bull	TSX	contrarian, dividend yield, energy, oil and gas, Royalty, Western Canada	View Pitch
Aug 13, 2025	Seeking Alpha	Leo Nelissen	PrairieSky Royalty	Other	-	Bull	TSX	—	View Pitch

BSD Shareholders of PSK-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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