ZDC-TO

ZDC-TO

ZDC-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	DKAM Donville Kent Asset Management	-	-3.5%	BLN.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, VHI.TO, ZDC.TO	Canada, earnings, energy, growth, healthcare, M&A, small caps, technology	Enterprise Group's acquisition of Flex Energy Canada provides exposure to natural gas turbines for permanent power installations. The operational Coastal GasLink and LNG Canada facility represents significant infrastructure for Canadian LNG exports to Asia. Canada LNG is positioned as the lowest cost natural gas globally during constrained power supply conditions.	GSY.TO GRID.TO MDA.TO VHI.TO ZDC.TO E.TO GSY CN GRID CN VHI CN E CN	View
2026 Q1	Apr 8, 2026	DKAM Donville Kent Asset Management	-	-	AMZN, BAMI.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, energy, growth, healthcare, productivity, small caps, technology, value		GRID.TO VHI.TO E.TO BAMI.TO ZDC.TO CSU.TO PRL.TO GSY.TO	View
2024 Q1	Apr 23, 2024	DKAM Donville Kent Asset Management	0.0%	68.1%	NVEI.TO, VHI.TO, ZDC.TO	Canada, payments, security, small caps, technology, value	Manager believes small caps reached their cheapest level ever and are now a few months into the next 5-7 year bull market. The end of October 2023 appears to be the bottom for the small cap downturn, with pieces in place for the next multi-year run.	VHI.TO ZDC.TO	View
2024 Q4	Feb 7, 2025	DKAM Donville Kent Asset Management	-	102.8%	AAPL, AEP.V, AMZN, CPH.TO, CTS.TO, E.TO, FORA.TO, GOOGL, GSY.TO, MDA.TO, META, MSFT, NVDA, PNG.V, PRL.TO, SECU.V, TSLA, VHI.V, ZDC.TO	AI, Canada, earnings, energy, growth, inflation, small caps, tariffs	The fund focuses on small/mid cap growth stocks and believes they are in the next 5-7 year bull cycle for this segment. Large caps have never been this overvalued versus small caps, with small caps offering more than twice the earnings growth for almost one third the valuation.		View
2025 Q3	Nov 19, 2025	DKAM Donville Kent Asset Management	-	-	CPH.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, PRL.TO, TGH.TO, VHI.TO, ZDC.TO	AI, growth, healthcare, Rate Cuts, small caps, software, technology, Valuations	AI creates both opportunities and threats for software companies. While AI enables cheap app development through vibe-coding, this creates security vulnerabilities that make traditional software companies with proper certifications more valuable in regulated industries like healthcare and finance. The fund's software holdings benefit from AI efficiency gains while being protected by regulatory moats.	GSY CT E CT MDA CT CSU CT VHI CT	View
2025 Q4	Jan 13, 2026	DKAM Donville Kent Asset Management	0.0%	0.0%	CIGI.TO, CPH.TO, E.TO, GSY.TO, MDA.TO, PNG.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, Corrections, earnings, LNG, small caps, technology, value	Small caps are set to have higher earnings growth than large caps for the first time in a long time, while the valuation mismatch between large caps and small caps is at historic levels. The fund focuses on small-medium compounders that have been oversold despite strong fundamentals. The correction has created a setup similar to 2022 where high-quality companies with strong fundamentals are trading at historically cheap valuations. Many stocks are now at record cheap valuations while continuing to grow earnings, creating significant opportunities for value-oriented investors. The Canadian government is going all in on LNG with approvals of LNG Phase 1 & 2 and Ksi Lisims. Prime Minister Carney stated Canada could export 50 million metric tons per year of LNG by 2030 and double that by 2040, implying all west coast LNG projects would proceed.	ZDC VHI E PRL GSY	View
2025 Q1	Apr 16, 2025	DKAM Donville Kent Asset Management	-	-	CPH.TO, CSU.TO, E.TO, FORA.TO, GAMB, GSY.TO, MDA.TO, PRL.TO, VHI.TO, ZDC.TO	Canada, growth, Quality, Sentiment, small caps, tariffs, Trade Policy, value	The manager discusses the significant market impact of tariffs and trade war policies, noting that the market has shifted focus entirely to trade concerns. They believe the worst of tariff uncertainty has peaked and expect countries to come to the bargaining table for new trade deals.	E.TO CSU.TO MDA.TO FORA.TO CPH.TO GAMB VHI.TO ZDC.TO PRL.TO GSY.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	DKAM Donville Kent Asset Management	Zedcor Inc.	Commercial Services & Supplies	Security & Alarm Services	Bull	TSX	Geographic Expansion, growth, Mobile Surveillance, scalable business model, security services, US Expansion	View Pitch
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	Zedcor Inc	Industrials	Commercial Services & Supplies	Bull	TSX Venture Exchange	AI technology, Commercial Services, growth, security services, Surveillance Equipment, Texas Expansion, Value	View Pitch
Apr 13, 2026	Fund Letters	DKAM Donville Kent Asset Management	Zedcor	Technology	Technology Hardware, Storage & Peripherals	Bull	TSX	Amazon, EBITDA margins, enterprise clients, growth, Remote Monitoring, security solutions, technology, valuation disconnect	View Pitch
Apr 9, 2026	Fund Letters	DKAM Donville Kent Asset Management	Zedcor Inc.	Other	Technology Hardware, Storage & Peripherals	Bull	Toronto Stock Exchange	Equipment Rental, growth, manufacturing, ROE, Solar power, Surveillance Technology, tax efficiency	View Pitch

BSD Shareholders of ZDC-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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