EdgePoint Investment Group Inc.

EdgePoint Investment Group's $14.3 billion March 2026 13F is one of the more diversified and enterprise-scale books in this filing cohort — a 37-name portfolio that generates returns through a consistent thematic preference for businesses with high customer retention, recurring revenue, and pricing power: moated consumer brands, industrial distributors, healthcare diagnostics, and market infrastructure. The headline structural fact is that the portfolio's growth from $12.2 billion to $14.3 billion across Q1 was not generated by adding new names but by the existing book appreciating while the manager selectively added to the portfolio's five highest-conviction positions. The five largest additions by value were Thermo Fisher Scientific (added $141 million via a 38.5% share-count increase to $943 million), Quest Diagnostics (added $152 million via a 35% share-count increase to $440 million), S&P Global (a new $703 million entry that is the portfolio's sole large-cap financial-market infrastructure play), Restaurant Brands International (added $296 million to $1.43 billion, now the portfolio's largest position), and RB Global (added $52 million to $845 million). At the same time, the portfolio slashed three meaningful technology names: Applied Materials was reduced by 57.3% — the largest percentage decrease in the book, removing $255 million — while Ametek was reduced by 35.8% and Ross Stores was reduced by 55.9% in a move that removed $372 million from what had been the portfolio's fifth-largest position at year-end. Dollar Tree was trimmed by a more modest 4% while share-count prices were still high. The pattern across these reductions is instructive: they are concentrated in names whose earnings are more directly exposed to short-cycle consumer spending (Ross Stores, Dollar Tree), semiconductor capex cycles (Applied Materials), and industrial end-market volatility (Ametek). The manager appears to have been taking profits on positions that had appreciated materially and redeploying into names with more durable revenue visibility. The portfolio's healthcare skew — three positions in the top ten (Thermo Fisher, Revvity, Quest Diagnostics) and Twist Bioscience further down — reflects a deliberate allocation to life-sciences tools and diagnostics, subsectors whose revenue is correlated with R&D spending and clinical-test volume rather than discretionary consumer demand. For readers tracking this portfolio as a signal of where an enterprise-scale Canadian-domiciled manager is deployed, the headline read is structural moat thesis applied at portfolio scale: the manager owns franchise consumer brands, global diagnostic networks, industrial distribution platforms, and market infrastructure monopolies — names that generate returns through pricing power and customer lock-in rather than economic cyclicality.