Month End Recap:
For the month of January, the Caldwell Canadian Value Momentum Fund (CVM or Fund) gained 11.6% versus a gain of 0.8% for the S&P/TSX Composite Total Return Index (Index)1. From a sector standpoint, Energy, Materials, and Communication Services were relative outperformers, whereas Information Technology, Consumer Discretionary, and Healthcare underperformed.
Top performers in the month of January were Spartan Delta (SDE), Firan Technology Group (FTG), and CES Energy Solutions (CEU)2. SDE continued to perform well as its quarterly results exceeded expectations for both production and cash flow, reflecting strong execution and continued operational momentum. The company advanced its liquids-rich growth strategy with new wells coming online and strengthened its land position through a strategic swap. Strong outcomes across several emerging zones pointed to potential inventory upside, even as development plans remain disciplined. Capital spending was higher due to targeted land investments, but underlying asset performance stayed robust. FTG continued its momentum as demand signals from key direct and end customers remained strong, reinforcing confidence in sustained activity levels across aerospace and defense markets. Production ramp-ups at major aircraft and defense platforms supported healthy order flow and backlog visibility, while customer commentary pointed to continued capacity expansion rather than near-term normalization. Despite the rally, valuation remained attractive relative to peers, supporting further multiple expansion. CEU continued to rerate higher as offshore growth initiatives and expanding opportunities in Canadian production chemicals opened meaningful new avenues for revenue diversification. In the U.S., increased bidding activity in the drilling fluids market signaled improving competitive positioning and potential market share gains. Together, these drivers supported a more constructive outlook as activity levels and end-market demand continued to build, reinforcing confidence in the company’s growth trajectory.
During the month of January, the Fund did not initiate any new positions.
The Fund held a 7.9% cash weighting at month-end. While we remain mindful of the macro environment, the Fund employs a bottom-up investment approach designed to seek out attractive investment opportunities in any market. CVM has generated substantial value for investors over its long-term history driven by the combination of strong company-specific catalysts and a concentrated portfolio. We continue to look forward to strong results as we progress through 2026 and beyond.
1Standard performance as at January 31, 2026:
Caldwell Canadian Value Momentum Fund (Series F): 1 Year: 37.5%, 3 year: 20.0%, 5 year: 15.6%, 10 year: 13.3%, Since Inception (August 29, 2014): 11.0%.
S&P/TSX Composite Total Return Index: 1 Year: 28.3%, 3 year: 18.9%, 5 year: 16.4%, 10 Year: 12.9%, Since Inception (August 29, 2014): 9.7%.
2Actual Investments, first purchased: SDE 8/6/2025, FTG 8/21/2025, CEU 12/4/2025.
The CVM was not a reporting issuer offering its securities privately from August 8, 2011 until July 20, 2017, at which time it became a reporting issuer and subject to additional regulatory requirements and expenses associated therewith.
Unless otherwise specified, market and issuer data sourced from Capital IQ & Morningstar Direct.
The information contained herein provides general information about the Fund at a point in time. Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Rates of returns, unless otherwise indicated, are the historical annual compounded returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated.
Publication date: February 18, 2026.