Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Langdon Canadian Smaller Companies Portfolio | 7.1% | 13.2% | GCGA CN, GRGD CN, TVK CN | AssetManagement, CashFlow, gold, retail, SmallCaps | Gold: A dominant market narrative driven by gold equities is described as stretched, reinforcing the managers avoidance of narrative-driven commodities in favour of fundamentals. Compounding: The letter highlights businesses like Groupe Dynamite and Guardian Capital as examples of patient compounding where free-cash-flow growthnot macro callsdrives multi-year value realization. SmallCaps: The manager emphasizes under-researched Canadian small caps where intrinsic value realization occurs suddenly, underscoring their discipline of owning founder-led, cash-generative companies. :contentReference[oaicite:1]{index=1} | View | |
| 2025 Q2 | Jul 7, 2025 | GoodHaven Capital Management | - | -5.9% | BLDR, BRK/A, JEF, TVK CN | dislocation, Intrinsic Value, long-term, Quality, volatility | The letter highlights market volatility driven by tariffs and geopolitical shocks as a source of opportunity rather than risk. Management emphasizes owning high-quality businesses trading below intrinsic value and using downturns to add to positions. Long-term compounding and downside protection remain central. | TVK |
View |
| 2024 Q2 | Jul 31, 2024 | Langdon Canadian Smaller Companies Portfolio | 0.1% | 4.4% | BYD CN, TVK CN | AutoRepair, CapitalAllocation, FreeCashFlow, IndustrialConsolidation, SmallCaps | FreeCashFlow: The Canadian portfolio is explicitly organised around businesses that generate and grow free cash flow through cycles, contrasting its largely cash-generative holdings with many Canadian small caps whose recent share price strength masks negative free cash flow, and arguing that FCF growth is the main driver of intrinsic value. SerialAcquirers: TerraVest is showcased as an industrial consolidator in tanks and fuel-handling equipment that is integrating its largest deals yet, such as Highland Tank and AEP, with improving margins and free cash flow and significant runway to roll up fragmented niches under an aligned management team with substantial insider ownership. DownsideProtection: Examples like Boyd Group and net-cash 'tugboat' holdings such as Guardian, Westaim and Enghouse illustrate the focus on strong balance sheets, disciplined capital allocation and multiple growth avenues, which the manager sees as essential to avoiding being shaken out in drawdowns and allowing earnings compounding to show up in share prices over time. :contentReference[oaicite:4]{index=4} | View | |
| 2024 Q2 | Jul 3, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, GOOG, TVK CN | - | View | ||
| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | ACN, ATD CN, AVGO, CIGI, EFN CN, ENGH CN, GE, JWEL CN, MCHP, MCK, MMC, TMO, TVK CN, UNH, WCN CN, ZTS | dividends, free cash flow, income growth, Quality, Resilience | The letter focuses on quality U.S. equities with rising dividends and strong free cash flow generation. Management positions dividend growth as a stabilizing factor amid policy uncertainty and market concentration. AI-led growth is acknowledged but balanced with income discipline. | ACN MCK AVGO |
View |
| 2024 Q2 | Jul 10, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BUR, COGT, ENOV, ESAB, EXO NA, FFH CN, GOOG, IAC, KKR, KMX, PROSY, TVK CN, W | - | View | ||
| 2024 Q1 | May 7, 2024 | Plural Investing | 9.2% | 3.1% | CURN, TVK CN | - | View | ||
| 2025 Q1 | May 5, 2025 | Pender Small Cap Opportunities Fund | -11.7% | -11.7% | TVK CN | - | View | ||
| 2025 Q1 | May 12, 2025 | Langdon Canadian Smaller Companies Portfolio | -7.2% | - | AND CN, ATZ CN, TVK CN | Canada, Logistics, SmallCaps, takeover, valuation | The portfolio experienced unexpected drawdowns across several small-cap holdings despite strong underlying fundamentals and management access providing conviction. Acquisitions like UPS buying Andlauer highlight asymmetric upside inherent in undervalued niche leaders. Small caps remain attractive for long-term investors focused on intrinsic value gaps and high-quality management teams. | View | |
| 2024 Q3 | Oct 7, 2024 | Plural Investing | 9.2% | 3.1% | SEG, TVK CN, WOSG LN | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR LN, CCOI, CRTA, FFH CN, GOOG, MRO LN, PRX NA, ROKOB SS, TVK CN | Artificial Intelligence, Capital Allocation, Compounding, gold, infrastructure | The fund highlighted AI as both a direct and indirect driver of returns through holdings like Alphabet, Amazon, and Brookfield, emphasizing infrastructure-led investment in data centers and renewable power. Management focused on disciplined capital allocation and compounding engines such as Prosus and Roko, which leverage scalable acquisition models. The letter also discussed golds strong rally amid fiscal deficits and currency debasement fears, framing it as a hedge against macro volatility. | CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL |
View |
| 2023 Q1 | Jun 23, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | 003550 KS, AHT LN, CNSL, TIGO, TVK CN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Achilleas Taxildaris | TerraVest Industries Inc. | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | Acquisitions, buybacks, cashflow, growth, Industrials | View Pitch |
| Nov 29, 2025 | Fund Letters | Samer Hakoura | TerraVest Industries Inc. | Energy | Industrial Machinery | Bull | TSX | cross-selling, Defense, Financing-costs, Hydrogen, Integration, M&A, Reinvestment | View Pitch |
| Nov 29, 2025 | Fund Letters | Greg Dean | TerraVest Industries Inc. | Energy | Oil & Gas Equipment & Services | Bull | TSX | Acquisitions, Alignment, consolidation, Fragmentation, Free cashflow, Industrials | View Pitch |
| Nov 28, 2025 | Fund Letters | Samer Hakoura | TerraVest Industries Inc. | Energy | Industrial Machinery | Bull | TSX | cross-selling, Defense, Financing-costs, Hydrogen, Integration, M&A, Reinvestment | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||