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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 22, 2026 | Third Avenue International Real Estate Value Fund | -1.2% | 25.6% | 8923.T, BYG.L, CTP.AS, GLV.L, HKL.L, LLC.AX, MPNGF, NSR.AX, SVI.TO, TEG.DE, VEST.MX | Asia, discount, international, NAV, Privatization, real estate, Self Storage, value | Fund focuses on international real estate companies trading at significant discounts to net asset value, with holdings across self-storage, residential development, hotels, and diversified real estate platforms. The portfolio emphasizes deep value opportunities in undersupplied markets and companies with resource conversion potential. Fund trades at 13x forward P/E versus 22x for S&P 500, representing the widest relative discount in a decade. Holdings trade at 30% discount to conservative NAV estimates, with privatization activity validating these discounts through meaningful premiums. Multiple self-storage holdings entered privatization negotiations during the quarter, including National Storage receiving a 27% premium offer from Brookfield and GIC. These platforms operate 10-20 years behind the mature U.S. market with significant scalability and structural growth potential. | View | |
| 2025 Q4 | Jan 14, 2026 | Langdon Canadian Smaller Companies Portfolio | 5.7% | 19.7% | FSV.TO, GYM.TO, RCH.TO, SVI.TO, TVK.TO | Canada, Pharmaceuticals, real estate, retail, small caps, value | The portfolio focuses on Canadian smaller companies with market caps under $1 billion. The manager emphasizes that this segment remains materially underfollowed and inefficient, providing opportunities for patient and flexible capital to be rewarded. The investment approach centers on ensuring appropriate compensation for risks taken rather than avoiding risk altogether. The manager focuses on disciplined portfolio construction anchored in business fundamentals and clear assessment of downside risk. Top contributors included Groupe Dynamite, a founder-led specialty apparel retailer operating the Garage and Dynamite banners, demonstrating the portfolio's exposure to retail businesses with strong fundamentals. | 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. | ||||||||