Portfolio

A running journal of my positions, thesis notes, and the ongoing deployment of $100,000 into the Canadian micro cap landscape.

I will be updating this page regularly as I add or remove positions. My goal is to deploy $100,000 into the Canadian micro cap universe over the next 3 to 6 months. Follow along for the journey.

I prefer to build positions slowly. I usually place limit orders over a period of 7 to 30 days. In the micro cap world, patience often leads to better fills because liquidity is thin and price swings can be dramatic. The tradeoff is that selling works the same way. If you ever need to exit a large position, it can take time since an actual buyer needs to be on the other side of the trade. You can see the full portfolio performance at the end of the post.

URL

NameSilo Technologies (URL.V)
The core business is domain registration and related hosting services. The interesting angle is that management uses excess cash flow to participate in private placements, usually in companies preparing for TSXV listings or in other Canadian micro caps. It creates a hybrid model: stable recurring revenue from domains, combined with opportunistic investing. It is not a Berkshire Hathaway equivalent in scale or strategy, but it does echo that idea of a cash-generating business used to accumulate equity positions.

THNC

Thinkific Labs (THNC.TO)
Thinkific is an online course creation and education technology platform. After a period of high growth during the pandemic, revenue growth slowed, costs were cut, and the stock was heavily repriced. The business is still real, still generating meaningful revenue, and if execution improves or margins expand, the setup has genuine multi-bagger potential. Turnaround risk remains, but the upside exists.

HASH

Harvest One Cannabis (HASH.V)
The Canadian cannabis sector has been one of the hardest hit industries in the market, with oversupply, weak retail economics, and many operators going bankrupt or restructuring. The survivors have cleaner balance sheets and leaner operations. This is a contrarian position that depends on sector normalization and company-specific progress. The risk is high, but so is the possibility of asymmetric reward.

AEP

Atlas Engineered Products (AEP.V)
Atlas manufactures engineered wood products used in residential and commercial construction. Strong insider ownership is accurate, and the company’s acquisition track record has been solid. Given the affordability challenges across Canada, demand for cost-efficient building solutions supports the long-term thesis. Operational execution has historically been steady, which strengthens the case.

CAF

Consolidated Africa Holdings (CAF.V)
CAF owns thermal coal assets in South Africa and uses cash flow to invest in real estate and other assets. It shares a structural resemblance to a holding company that reinvests its operating cash flow, although it is not comparable in quality or diversification to Berkshire Hathaway. CAF’s valuation screens as cheap because thermal coal remains out of favor globally, which creates both opportunity and risk.

NXLV

Nexus REIT (NXLV.UN)
Nexus owns industrial and multi-residential properties across Canada. The North American real estate market has struggled with high interest rates, but the Canadian market has shown signs of stabilizing faster than the US, especially in multi-residential. Nexus trades at an estimated discount of roughly 40 to 50 percent to its net asset value, depending on the appraisal assumptions used. That discount is the core of the opportunity.

Disclosure:
This portfolio, and all commentary provided here, is for information purposes only. Nothing in this post should be considered investment advice or a recommendation to buy or sell any security. I may hold positions in the companies mentioned, and those holdings may change at any time without notice. Always do your own research and consult a qualified professional before making financial decisions.