WED-TO

WED-TO

WED-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 31, 2024	Langdon Canadian Smaller Companies	0.1%	4.4%	ATS.TO, ATZ.TO, BYD.TO, ENGH.TO, GCG.TO, TVK.TO, WED.TO	Canada, cash flow, Consolidation, small caps, value	The fund focuses exclusively on Canadian small cap companies, emphasizing those with strong cash flow generation compared to the broader S&P/TSX Completion index where 4 out of 10 positive performers had negative free cash flow. The portfolio demonstrates strong downside protection through concentrated holdings in cash-generative businesses.	BYD.TO TVK.TO	View
2025 Q4	Jan 30, 2026	Moerus Capital Management	4.8%	40.4%	1200.HK, CMW.AX, DC.TO, DOUG, EXOR.MI, JEF, JSE.L, LTM, NTCO3.SA, STAN.L, TARS, TSGYO.IS, VAL, VALT.L, WED.TO	Banking, contrarian, emerging markets, international, Mining, Recovery, value, volatility	The Fund focuses on deeply discounted opportunities where overly pessimistic expectations are priced in, creating upside potential when outcomes prove merely benign. Examples include Valterra Platinum, Midland Holdings, and LATAM Airlines, all purchased when expectations were at their nadir. The manager believes there is less competition for deep value, out-of-favor opportunities due to attrition among value investors and style drift toward Growth strategies. Valterra Platinum, the world's largest producer of Platinum Group Metals, was purchased when expectations were rock-bottom due to EV adoption concerns. The platinum market entered its third consecutive year of supply deficit in 2025, with producers cutting higher-cost production and auto manufacturers walking back EV ambitions. Platinum prices surged from depressed levels, driving significant gains. LATAM Airlines Group was purchased in 2023 shortly after emerging from bankruptcy when stigma and pandemic effects repelled investors. The company had a much-improved financial profile, competitive position, and cost structure post-bankruptcy with meaningfully reduced debt and operating costs. Performance was driven by passenger volume recovery and impressive business results leading to increased profitability and share repurchases. Türkiye Sigorta was added in 2023 when general investor flight from Turkey occurred amid unorthodox economic policies and 85% inflation. The insurance environment was painful with dramatically rising claims costs, but created opportunity to invest in a high-quality business at heavily discounted prices. Performance improved as policies reset at higher prices and the Turkish Central Bank adopted orthodox monetary policy. Midland Holdings, the leading Hong Kong residential property broker, was purchased when shares had sunk to extremely depressed levels amid an ailing local residential market hurt by higher interest rates and economic issues. The company's cash made up roughly 70% of market cap at purchase, with nascent signs of improvement in the Hong Kong residential market exceeding minimal expectations.		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
2024 Q2	Jun 30, 2024	Moerus Capital Management	-	7.9%	0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO	Argentina, Corporate Activity, emerging markets, real estate, Turkey, value	Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration.		View
2023 Q2	May 31, 2023	Moerus Capital Management	-	2.7%	AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO	Banking, Buybacks, energy, growth, inflation, Latin America, technology, value	Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward.		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 Canadian Smaller Companies	Westaim Corporation	Financials	Asset Management & Custody Banks	Bull	Toronto Stock Exchange	alternative assets, Arena Investors, asset management, CC Capital, holding company, Insurance, NAV discount, Private Credit, specialty insurance, Value	View Pitch
Apr 13, 2026	Fund Letters	Langdon Global Smaller Companies	Westaim Corporation	Financials	Investment Banking & Brokerage	Bull	TSX	asset management, Delaware, Insurance Platform, Investment Holding Company, NAV discount, Private Credit, private equity, specialty insurance, turnaround, Value Realization	View Pitch

BSD Shareholders of WED-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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