SES.TO Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 21, 2025	Laughing Water Capital	13.1%	-	CDMO, CLAR, CTLP, GFL, HUBS, LFCR, NN, PAR, PLYA, SES.TO, THRY, VTY.L, WCN	Biotech, Buybacks, Canada, Oil Services, small caps, value, Waste management	SECURE Waste Infrastructure represents a transformation from cyclical oil services to recurring waste management with 80% of cash flows now recurring versus 60% previously cyclical. The company benefits from regulatory moats, geographic advantages, and stable demand from Western Canadian oil production. Management is aggressively repurchasing shares at attractive valuations.	VTY.L PAR NN LFCR SES.TO CLAR THRY VTY LN PAR NN LFCR SES CN CLAR	View
2026 Q1	Apr 20, 2026	Laughing Water Capital	-4.5%	-4.5%	LFCR, LQDA, LRN, NN, PAR, SES.TO, TBPH, VTY.L	Biotechnology, Concentration, small cap, special situations, value			View
2026 Q1	Apr 15, 2026	Greystone Capital	1.4%	1.4%	SES.TO	Buybacks, Canada, Concentration, small caps, value, Waste management		SES.TO	View
2025 Q4	Jan 13, 2026	Laughing Water Capital	6.8%	3.9%	LFCR, LQDA, NN, PAR, SES.TO, THRY, UTHR, VTY.L, WCN	Biotechnology, contrarian, defense, Factor Investing, small caps, value	Manager discusses two biotech investments: Lifecore Biomedical, a CDMO with excess capacity in a supply-constrained market, and Liquidia Corp, which has FDA approval for Yutrepia to treat pulmonary arterial hypertension with superior delivery versus incumbents. NextNav represents a national security investment focused on creating a terrestrial backup to GPS, with bipartisan support and urgency driven by China and Russia having satellite-killing capabilities while the US lacks terrestrial backup systems. Secure Waste Infrastructure operates alongside oil fields in Western Canada with stable cash flows, high economic EBITDA margins above 30%, and management aggressively repurchasing shares at attractive valuations. Manager emphasizes focus on off-the-beaten-path small cap investments during times of uncertainty, noting that factors like size, growth, and momentum have driven recent market performance against their investment approach.	VTY LN SES CN NN LQDA LFCR	View
2023 Q4	Jun 2, 2024	Alta Fox Capital Management	4.2%	12.5%	RSG, SES.TO, WCN	activism, Canada, consumer, small caps, value, Waste management	The fund initiated a new position in Secure Energy Services Inc, a Canadian energy waste management company that has consolidated its industry through acquisitions. The company is divesting non-core assets and trading at attractive valuations compared to US waste management peers, with potential for 100%+ appreciation.	SES.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Alta Fox Capital Management	Secure Energy Services Inc	Industrials	Environmental & Facilities Services	Bull	Toronto Stock Exchange	Asset Divestiture, Canada, debt reduction, EBITDA Multiple Expansion, Energy Services, environmental services, M&A Target, Share Buybacks, Value, waste management	View Pitch
Apr 23, 2026	Fund Letters	Greystone Capital	Secure Waste Infrastructure	Waste Management	Environmental & Facilities Services	Bull	New York Stock Exchange	Canada, Energy Services, infrastructure, M&A, operating leverage, Share Buybacks, Toll Booth, turnaround, Value, waste management	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	SECURE Waste Infrastructure Corp	Industrials	Environmental & Facilities Services	Bull	TSX	Canada, EBITDA margins, multiple expansion, Oil Services, recurring revenue, Share Buybacks, waste management	View Pitch

BSD Shareholders of SES-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

SES-TO

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Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of SES-TO

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