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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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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