TOI-TO

TOI-TO

TOI-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Longriver Investment Partners	11.7%	11.4%	0700.HK, 1523.HK, 2359.HK, 9442.T, AAPL, AMD, AMZN, BABA, BIDU, FUTU, GAW.L, GOOGL, INTC, META, MSFT, NVDA, ORCL, TOI.TO, TSM, VTC.L, WISE.L	AI, Big tech, China, Cloud, growth, semiconductors, technology	AI is moving from hype to habit with real usage growth, as evidenced by Microsoft processing over 100 trillion tokens quarterly. OpenAI leads in product and distribution with ChatGPT becoming a household verb, while Meta uses AI to enhance ad platform performance. The shift from training-heavy to inference-focused infrastructure spending is reshaping capex priorities across the industry.	NVDA TSM 0700.HK META	View
2025 Q2	Jul 6, 2025	Seeking Winners	8.2%	-	APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, TOI.TO	AI, cash flow, conviction, Portfolio Management, Position Sizing, Recurring Revenue, software	The fund emphasizes vertical market software companies as core holdings, believing they create enduring competitive advantages through embedded business processes. The emergence of Vertical AI represents an even grander market opportunity than legacy Vertical SaaS, with LLM-native companies achieving strong growth and margins while complementing rather than competing with existing solutions.	CMG.TO APPF	View
2023 Q2	Jul 5, 2023	Longriver Investment Partners	3.1%	-	0700.HK, AMD, AMZN, BFF.MI, BRK-A, EVVTY, GAW.L, HDB, TOI.TO, TSM, TTI	Asia, Concentration, global, growth, Process, Quality, technology, value	US Big Tech's ability to cut costs quickly and lean into a new investment cycle driven by AI has led to a rally in their stocks, lifting US equity indices out of their bear market. AI fever took hold during the quarter, prompting the manager to trim AMD position though he was early.	AMD AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM TTI	View
2025 Q2	Jul 30, 2025	REQ Global Compounders	-	-	ADDT-B.ST, BEIJ-B.ST, BERG-B.ST, BRK-A, CSU.TO, DCC.L, HEI.A, HMS.ST, INDU-A.ST, LAGR-B.ST, LIFCO-B.ST, LMN.TO, NCAB.ST, NIBE-B.ST, TOI.TO	Acquisitions, compounders, Decentralization, Europe, long-term, Nordics, Quality	REQ focuses on acquisition-driven compounders that reinvest 75-80% of cash flow into organic growth and acquisitions at high returns. These companies demonstrate sustained exponential earnings growth through high reinvestment rates, strong returns on invested capital, and long duration of growth opportunities.	ROKO.ST	View
2025 Q2	Jul 2, 2025	Ghosh Capital	17.3%	25.3%	AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V	AI, Canada, global, Satellites, Space, technology, value	Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat.	MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN	View
2025 Q2	Jul 15, 2025	Akre Focus Fund	6.5%	-	AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM	Compounding, drawdowns, long-term, Quality, value	The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth.		View
2025 Q2	Jul 11, 2025	Rowan Street Capital	-	20.1%	ADYEY, DNP.WA, META, NFLX, SHOP, SPOT, TOI.TO, TTD	Compounding, conviction, growth, long-term, Multi-bagger, technology	The fund holds long-term positions in Netflix and Spotify, both delivering over 20% annual returns. Spotify particularly demonstrated the psychological challenges of multi-bagger investing, round-tripping to zero returns after five years before appreciating nearly 10x from 2022 lows.	SPOT META SPOT META	View
2025 Q2	Jul 1, 2025	Langdon Global Smaller Companies	10.5%	10.5%	AGYS, AND.TO, FEVR.L, JLG.AX, TOI.TO	global, healthcare, industrials, Quality, small caps, technology, value	The manager sees attractive opportunities in industrial software and highlights Agilysys as benefiting from structural modernization trends in hospitality. Their software platform is becoming mission-critical for hotels and casinos upgrading property management systems, with the company still in early innings of capturing wallet share globally.	FEVR.L CHA.DE TOI.TO ATG.L AHG.TO AGYS JLG.AX	View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, 8069.TWO, CNM, CWAN, DAVA, EVD.L, FEVR.L, GLOB, JDG.L, PME.AX, REVG, TOI.TO, WIZZ.L	global, growth, infrastructure, IT Services, Quality, SMID Cap, software	The portfolio holds multiple IT services companies including Globant and Endava, both facing headwinds from cautious client spending on digital transformation. Despite near-term challenges, the managers maintain confidence in long-term secular trends driving digital transformation and AI integration.	3697.T DAVA GLOB CNM EVD.DE TOI.TO	View
2024 Q1	Apr 3, 2024	Seeking Winners	14.5%	14.5%	AMZN, CSU.TO, EVO.ST, GOOGL, HEI, LMN.TO, META, MSFT, NVDA, TOI.TO	AI, Capital Allocation, Concentration, long-term, semiconductors, software, value	Manager expresses caution about AI hype, noting expensive development costs and unclear path to profitability outside of established players like Microsoft, Nvidia, and Amazon. Discusses concerns about speculative trading around AI and semiconductor stocks, with particular skepticism about Nvidia's revenue growth potentially being inflated through closed-loop investments in AI startups.	TOI.TO CSU.TO	View
2024 Q1	Apr 28, 2024	Akre Focus Fund	11.8%	18.6%	AMT, BAM, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, SBAC, TOI.TO, V	active management, Concentration, large cap, Passive investing, technology, value	The fund discusses the shift to passive index-replicating ETFs and mutual funds, questioning whether this trend has gone too far and whether the stock market is now broken. They argue that passive investing depends on active investors for price discovery and value judgments.		View
2026 Q1	Apr 26, 2026	Deep Sail Capital Partners	-17.8%	-17.8%	AMPG, AMZN, CRDO, CSU.TO, FSLY, GOOGL, KRKNF, META, MSFT, NET, ONON, ORCL, QBTS, TOI.TO, VRT	5G, AI, defense, Long/Short, small cap, technology		AMPG	View
2025 Q1	Apr 2, 2025	Ghosh Capital	8.0%	8.0%	APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA	defense, growth, infrastructure, Nationalism, small caps, Valuations, value	Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide.	KPG.AX	View
2026 Q1	Apr 18, 2026	Rowan Street Capital	-19.8%	-19.8%	CSU.TO, META, NFLX, SHOP.TO, TOI.TO, TSLA	Concentration, growth, long-term, technology, value, volatility		CSU.TO SHOP TSLA META	View
2025 Q1	Apr 18, 2025	Longriver Investment Partners	-0.3%	-0.3%	0175.HK, 0700.HK, 1211.HK, 9442.T, AMZN, GAW.L, META, TCOM, TM, TOI.TO, TSLA, TSM, VTC.L, WISE.L	BYD, China, Electric Vehicles, Energy Transition, tariffs, Valuations	Manager argues now is a great time to buy Chinese equities, drawing parallels to US in 2010-2011 post-housing crisis. China has undergone deleveraging after real estate bubble burst in 2021, with valuations not reflecting business transformations. DeepSeek's AI breakthrough rekindled confidence and demonstrated China's technological capabilities despite US sanctions.	1211.HK	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
2024 Q1	Apr 17, 2024	Langdon Global Smaller Companies	5.1%	5.1%	ATD.TO, ATZ.TO, HYQ.DE, MEDP, RBREW.CO, RCH.TO, TOI.TO, WOSG.L	Beverages, Europe, global, healthcare, Luxury, small caps, value	Royal Unibrew has made 11 acquisitions in 3 years spending over $900 million, doubling invested capital. Input costs per hectoliter increased over 50% due to inflation, temporarily depressing returns on capital to half historical levels. The company trades at lowest cash earnings multiple since 2013 on near trough earnings.	MEDP WOSG.L RBREW.CO	View
2026 Q1	Apr 15, 2026	Langdon Global Smaller Companies	-15.7%	-15.7%	GSHD, TOI.TO	AI, Concentration, Drawdown, fundamentals, global, small caps, value			View
2025 Q1	Apr 10, 2025	Akre Focus Fund	1.5%	1.5%	ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V	Cash, Concentration, Discipline, Patience, Quality, valuation, value	The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital.		View
2026 Q1	Mar 31, 2026	Akre Focus Fund	-19.4%	-19.4%	BN, CCCS, CPRT, CRM, CSGP, CSU.TO, FICO, KKR, LVMUY, MA, MCO, NOW, ORLY, ROP, TOI.TO, V	AI, Concentration, private credit, Quality, software, valuation		BN KKR CSU.TO	View
2025 Q3	Oct 30, 2025	Church House Human Capital	-4.6%	-	9424.T, BERG-B.ST, CHAP.DE, CICN.SW, CSU.TO, DPLM.L, INDU.ST, JDG.L, KPG.AX, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MGRP.ST, PMS, SIS.TO, TOI.TO	Acquisitive, Decentralised, global, Mid-cap, small caps, value	The fund focuses on entrepreneurial, acquisitive, decentralised businesses that are being overlooked as markets remain fixated on the Magnificent Seven. The manager sees this as creating opportunities in smaller companies with strong fundamentals.		View
2024 Q3	Oct 3, 2024	Seeking Winners	5.5%	-	APPF, ATD, CMG.TO, CSU.TO, EVO.ST, LMN.TO, ODFL, TOI.TO	Capital Allocation, growth, Quality, small caps, software	The fund acquired two software companies - Computer Modelling Group (CMG) and AppFolio - representing a strategic shift toward high-quality software businesses. CMG operates in a near-monopoly position in reservoir simulation software with 71% recurring revenue, while AppFolio dominates property management software with strong unit economics and margin expansion potential.	APPF CMG.TO	View
2023 Q3	Oct 26, 2023	Seeking Winners	-2.0%	-	AMZN, BRK-B, CPRT, CSGP, CSU.TO, GOOGL, HEI, LMN.TO, MSFT, TOI.TO	Long Term, Quality, software, technology, value	The manager emphasizes owning enduring quality businesses and expresses satisfaction with the portfolio companies' quality. The strategy focuses on fractional ownership of great businesses, particularly when available at attractive valuations during potential recessions.		View
2025 Q3	Oct 24, 2025	Rowan Street Capital	0.2%	20.4%	ADYEY, DNP.WA, META, NFLX, SHOP.TO, SPOT, TOI.TO, TSLA, TTD	AI, Compounding, conviction, Electric Vehicles, growth, innovation, long-term, technology	Tesla's Full Self-Driving system leverages billions of miles of real-world driving data to train neural networks, creating a compounding advantage that grows stronger every day. Tesla's proprietary AI stack powered by Dojo processes video data to handle unpredictable driving situations, learning in the real world rather than relying on synthetic data. The company has solved edge cases like driving in direct sunlight, fog, or at night using a direct photon count approach.	SPOT TSLA SPOT TSLA	View
2023 Q3	Oct 19, 2023	Akre Focus Fund	11.8%	18.6%	ADBE, AMT, BN, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V	Concentration, financials, interest rates, Quality, real estate, technology, value	The second quarter narrative abruptly changed to bullishness on artificial intelligence, giving rise to the Magnificent 7 market darlings. These seven companies were largely responsible for the S&P 500's 13.07% year-to-date return through September, while the S&P 493 excluding them only returned 3.18%.		View
2024 Q3	Oct 13, 2024	Andvari Associates	0.0%	20.3%	AJG, CSU.TO, LMN.TO, ROL, TOI.TO	Capital Allocation, insurance, M&A, Serial Acquirers, software, value creation	The fund owns three serial acquirers of vertical market software companies: Constellation Software, Topicus.com, and Lumine Group. This trio acquired another 22 software businesses in just the prior quarter. The manager views this group as a semi-permanent holding still capable of outperforming the market over the long term.	ROL AJG CSU.TO	View
2025 Q3	Oct 10, 2025	Akre Focus Fund	-3.4%	3.9%	BN, CSGP, CSU.TO, FICO, KKR, MA, MC.PA, MCO, ORLY, ROP, TOI.TO, V	AI, Compounding, ETF Conversion, software, tax efficiency, technology, Vertical Markets	The fund addresses concerns about AI disruption to vertical market software companies, particularly through AI-native competitors using large language models. However, they believe Constellation Software can navigate this technological shift due to customer intimacy and access to the same AI tools as competitors.	CSU CN	View
2024 Q4	Jan 30, 2025	Langdon Canadian Smaller Companies	2.8%	13.1%	ATS.TO, ATZ.TO, AW.TO, BYD.TO, DFY.TO, SKWD, SVI.TO, TOI.TO, TVK.TO, WED.TO	Canada, Culture, private equity, QSR, small caps, value	Management emphasizes culture as a key investment criterion, noting that culture attracts like-minded talent, motivates organizations, and fosters employee tenure. A&W exemplifies this with founders owning 35% after 35 years and senior management averaging over 20 years tenure. Culture shapes decision-making and drives long-term success measurement timeframes.	WED.TO AW.TO	View
2025 Q4	Jan 29, 2026	8th Wonder Investments	0.0%	0.0%	AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD	aerospace, AI, Leadership, Luxury, M&A, Media, software, value	Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins.	TOI CN CSU CN RH HEI WBD	View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View
2025 Q4	Jan 13, 2026	Mawer International Equity Fund	-1.8%	18.4%	000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT	AI, defense, equities, global, gold, Quality, semiconductors, Valuations	AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors.		View
2025 Q4	Jan 12, 2026	Akre Focus Fund	-2.8%	1.2%	ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V	AI, Concentration, ETF, Quality, software, value	The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process.		View
2025 Q4	Jan 12, 2026	REQ Global Compounders	0.0%	0.0%	ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO	Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software	AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific.	CSU CN BRO JDG LN	View
2024 Q4	Jan 11, 2025	Akre Focus Fund	-0.5%	18.0%	AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V	Compounding, Concentration, large cap, Long Term, Quality, value	The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods.		View
2024 Q4	Jan 11, 2025	Seeking Winners	-	26.6%	APPF, BRK-B, CMG.TO, CRM, CSGP, CSU.TO, HEI, IT, LMN.TO, NVDA, TOI.TO, TWLO	Capital Allocation, cash flow, Concentration, Quality, Research, software, technology	The manager acknowledges AI will fundamentally revolutionize numerous industries but maintains a cautious perspective on current AI-focused investments. They note the overwhelming market momentum concentrated in select AI stocks like Nvidia and express skepticism about long-term terminal values of AI ecosystem companies despite significant stock price appreciation.	IT	View
2023 Q4	Jan 1, 2024	Seeking Winners	12.8%	-	AMZN, GOOGL, LMN.TO, MSFT, NVDA, SNOW, TOI.TO	Concentration, growth, Long Term, software, technology, value	The manager discusses Nvidia as the current hype stock in AI, acknowledging its real cash generation and expanding moat through unmatched GPU and Cuda software combination. However, he avoids the stock due to valuation concerns at 27x sales multiple, despite recognizing the company's strong fundamentals and growth prospects.		View
2025 Q1	Apr 4, 2025	Andvari Associates	7.2%	7.2%	AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS	durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value	Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth.		View
2023 Q4	Jan 31, 2024	Deep Sail Capital Partners	13.8%	23.5%	ADYEN.AS, AFRM, CREX, ESTC, TOI.TO, VIT-B.ST	AI, Europe, Long/Short, Quality, small caps, Vertical Software	Manager discusses AI as a potential bubble scenario for 2024, similar to the Dotcom bubble, with technology and AI stocks reaching insane valuations. Elastic benefited from the rising generative AI trend in Q3 earnings.	VIT-B.ST	View
2023 Q4	Jan 24, 2024	Rowan Street Capital	12.8%	42.3%	ADYEY, META, SHOP, SPOT, TOI.TO, TTD	Advertising, E-Commerce, growth, long-term, payments, Social Media, Streaming, technology	Adyen represents the best-run payments company globally with a unified platform offering end-to-end payment services. The company processes 910 billion euros in payment volume with 37% revenue CAGR over five years while maintaining 65% EBITDA margins. Their single integrated platform eliminates reliance on legacy partners and provides competitive advantages through high authorization rates and global reach.	ADYEY	View
2024 Q4	Jan 20, 2025	Andvari Associates	-	13.3%	AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL	dividends, interest rates, real estate, REITs, software, technology, Telecommunications	Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts.	TOI.TO CSGP SBAC AMT	View
2023 Q4	Jan 20, 2024	Andvari Associates	0.0%	20.3%	CSU.TO, LMN.TO, MLAB, TOI.TO	Acquisitions, Capital Allocation, Compounding, Concentration, software	Constellation Software's acquisition strategy focuses on niche, vertical market software businesses with high margins and mission-critical applications. The company acquired over 100 such businesses in 2023, demonstrating the continued opportunity in this space. These businesses typically have low organic growth but generate substantial free cash flows that can be reinvested at high rates of return.	CSU.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Langdon Global Smaller Companies	Topicus.com	Information Technology	Application Software	Bull	TSX	Buy and Hold, Canada, Decentralized, Mission-Critical, Niche Software, Software Acquisitions, Vertical Markets	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global SMID Company Growth	Topicus.com	Information Technology	Systems Software	Bull	TSX	acquisition strategy, European markets, growth, Mission-Critical, recurring revenue, SaaS, vertical software	View Pitch
Apr 13, 2026	Fund Letters	Ghosh Capital	Topicus	Information Technology	Application Software	Bull	TSX	Acquisitions, Canada, capital allocation, FCF yield, growth, Software, spinoff, Vertical SaaS	View Pitch
Apr 13, 2026	Fund Letters	Seeking Winners	Topicus.com Inc.	Information Technology	Systems Software	Bull	Toronto Stock Exchange	Acquisitions, capital allocation, cash flow, Europe, Software, Special dividend, technology, vertical market software	View Pitch
Apr 13, 2026	Fund Letters	Langdon Canadian Smaller Companies	Topicus.com Inc.	Information Technology	Application Software	Bull	Toronto Stock Exchange	Business Development, capital deployment, Constellation Software, European markets, serial acquirer, spinoff, vertical market software	View Pitch
Apr 13, 2026	Fund Letters	Andvari Associates	Topicus.com Inc	Information Technology	Systems Software	Bull	TSX	European Software, Free Cash Flow, government software, growth, M&A, serial acquirer, Software, vertical software	View Pitch

BSD Shareholders of TOI-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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