Langdon Equity Partners

As long-term owners of businesses, 𝗺𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲 𝗿𝗲𝘀𝗲𝗮𝗿𝗰𝗵 is a critical tool for us to continue to build conviction. We believe we follow the right businesses, but to consistently generate returns we must have a view on a business that differs from consensus. As we refer to it: variant perception. In our 𝗤𝟯 𝗖𝗮𝗻𝗮𝗱𝗶𝗮𝗻 𝗦𝗺𝗮𝗹𝗹𝗲𝗿 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁𝗮𝗿𝘆, Joel Hurren, CFA examines the important role that maintenance research plays in our investment process, sharing a recent company example that brought him to Germany and Italy.

𝗗𝗶𝗱 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝗼𝘂𝗿 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 & 𝗟𝗲𝗮𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿, Greg Dean, CFA, 𝘀𝗽𝗲𝗻𝘁 𝗼𝘃𝗲𝗿 𝘁𝘄𝗼 𝗺𝗼𝗻𝘁𝗵𝘀 𝗶𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 𝘁𝗵𝗶𝘀 𝘀𝘂𝗺𝗺𝗲𝗿?🌍 But why, you ask? It comes down to this: 𝗔𝗿𝗲 𝘄𝗲 𝘁𝗿𝘂𝗹𝘆 ‘𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗹𝗶𝗸𝗲 𝗮 𝗹𝗼𝗰𝗮𝗹’? In our 𝗤𝟯 𝗚𝗹𝗼𝗯𝗮𝗹 𝗦𝗺𝗮𝗹𝗹𝗲𝗿 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁𝗮𝗿𝘆, Greg dives into how and why we travel and explores “𝘞𝘩𝘢𝘵 𝘪𝘧 𝘸𝘦 𝘸𝘦𝘳𝘦 𝘢𝘤𝘵𝘶𝘢𝘭 𝘭𝘰𝘤𝘢𝘭𝘴?”

Earnings season starts today for the Langdon Equity Partners European holdings! We often get asked how we manage to stay on top of our holdings across the pond during this period. The answer is simple: setting our alarms a little (a lot) earlier ⏰ and following the same process. With that being said, I’m off to make some calls to sell-side analysts in Scandinavia ✌️ Photo credits Alex Simotas

We are honoured to be a part of the CFA Society Toronto's upcoming 12th Annual Equity Symposium on November 20th. Join to hear insights from Greg Dean, CFA , and other leading investment professionals. Spots are still available – don’t miss out! Link to register below. ⬇

🔥🔥 Pinnacle Investment Management Group 🔥🔥 Award or not we know you are the best but it certainly is nice to get the formal recognition from an outstanding firm like Zenith Investment Partners! Congrats to everyone on both the retail and insto teams we are very lucky to have your support in 🇦🇺.

We are excited to have Saachi Punjabi, Asha Cherian and Ashton Kennedy on our team for our fall semester 2024 at Langdon! 👏 This marks our first repeat team member (Saachi) in our seven semesters of Langdon Investor Apprentices. ➡ What does it mean to be an Investor Apprentice at Langdon? You'll have the opportunity to work alongside our investment team, working on a company from start to finish and building a deep understanding of what makes a great business. Check out our careers page on our website to learn more (link in comments) or reach out to our current and past Investor Apprentices directly!

A wonderful example of what can happen when preparation meets opportunity. The industrial logic of this partnership is exceptional. Well done Cameron MacDonald Robert Kittel Daniel Zwirn Parag Shah ! #nonobviouscompounders

Last week, we had the privilege of hosting our 𝗙𝗶𝗿𝘀𝘁 𝗔𝗻𝗻𝘂𝗮𝗹 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗗𝗮𝘆. It was an exciting milestone for our firm and team, and we were humbled by the incredible turnout and support. We would not be where we are today without the ongoing trust and partnership of our clients—thank you again for your engagement with our firm and your belief in what we’re building together. We look forward to many more Investor Days together!

📣 Bittersweet announcement: Today marks our last day in our current office space. This space was our first home, where we... ⤷ Joined together on our mission to build a best-in-class small-cap firm ⤷ Launched our portfolios ⤷ Celebrated birthdays, anniversaries, and growing families ⤷ Reached one- and two-year milestones for our portfolios Just as small caps can outgrow their market cap, we’ve outgrown this office and needed more room. 🏢📈 We’re excited for the next chapter in our story, and even more excited to continue building and growing alongside our investors. Same team, same mission, new space. We love when our clients are active and engaged—come visit us in our new space! We haven’t moved far; it was important to us to stay in our 'library' corner of the city, just outside the hustle and bustle of downtown. *not pictured in the group photo because they are travelling this week visiting companies and clients: Greg Dean, Alex Simotas, Joe Rooney, & Joel Hurren* >> We are truly global investors. 🌏

There are many things we admire about Joe Rooney, CFA, but one that truly stands out is his passion for global small caps. 🌍📈 In his recent conversation with Nadine Blayney on ausbiz, Joe's long-term commitment to the alpha potential of smaller companies came through loud and clear. 💬 Here's what Joe had to say [full interview linked in the comments ⤵] >>> "We don't necessarily think of it as the year of the small caps. We built our forever home in the small cap asset class {Langdon Equity Partners}. There's so much to do, and we're excited to look at new businesses all the time and meet with great management teams around the world. 💡 For us, it's *ALWAYS THE YEAR OF THE SMALL CAPS* because it's all that we do and all that we're focused on and we think we can deliver great returns for our clients over the long-term in that asset class."