EdgePoint Q4 2025: B Canadian Contrarian Book, QSR + DLTR

EdgePoint Investment Group Inc. is a Toronto-based concentrated equity manager that filed a Q4 2025 Form 13F-HR reporting $12.18 billion in US-listed equity assets. The top 10 absorbs $8.32 billion or 68.3% of AUM. The position list reads as the textbook expression of Canadian deep-value contrarian investing: Restaurant Brands International (QSR) at 9.33%, Dollar Tree (DLTR) at 8.74%, Mattel (MAT) at 7.71%, Revvity (RVTY) at 6.78%, Thermo Fisher (TMO) at 6.59%, Ritchie Bros (RBA) at 6.51%, Ross Stores (ROST) at 6.49%, Osisko Gold Royalties (OR) at 6.27%, Jones Lang LaSalle (JLL) at 5.83%, Franco-Nevada (FNV) at 5.70%. Almost none of these names appear in US-active mega-cap growth books. EdgePoint's book is positioned in segments that US peer managers explicitly underweight — small-cap consumer-discretionary, defensive retail, gold royalty, and commercial-real-estate services.

This is a distinctive Canadian-domiciled active equity 13F. EdgePoint manages institutional mandates with a stated philosophy of long-horizon value investing in differentiated businesses with mispriced fundamentals. The Q4 2025 13F is the cleanest current expression of that philosophy across the US-listed portion of the book.

The book at a glance

$12.18 billion total reported AUM. 500 long positions. WhaleScore 80.00 — placing EdgePoint in the elite smart-money tier. Top 10 concentration: 68.3%. The book is meaningfully more concentrated than US-peer active equity managers at comparable AUM.

The top 10 reads as Canadian-mandate contrarian

Position-by-position interpretation:

• Restaurant Brands International (QSR) at 9.33% — Tim Hortons, Burger King, Popeyes, Firehouse Subs holding company. Canadian-domiciled (TSX co-listed with NYSE). Slow-compounding franchise business with a Canadian-investor home bias.
• Dollar Tree (DLTR) at 8.74% — Single-price-point discount retail. S&P 500 weight ~0.20%, so EdgePoint runs roughly 44x overweight. The position is a deep-value contrarian bet on margin recovery and consumer-trade-down dynamics.
• Mattel (MAT) at 7.71% — Toys, Barbie franchise, intellectual-property monetization. Mid-cap consumer-discretionary. S&P weight near zero.
• Revvity (RVTY) at 6.78% — Life-sciences tools and diagnostics. Spin-off from PerkinElmer with a sharpened operating profile.
• Thermo Fisher Scientific (TMO) at 6.59% — Life-sciences and diagnostic equipment leader. The only large-cap (>$200B market cap) in the top 10. Slight overweight versus index.
• Ritchie Bros (RBA) at 6.51% — Industrial-equipment and used-vehicle auctions. Multi-year acquisition rollup thesis.
• Ross Stores (ROST) at 6.49% — Off-price retail. Steady growth + buyback compounder.
• Osisko Gold Royalties (OR) at 6.27% — Canadian-domiciled gold royalty company. Inflation-hedge plus precious-metals exposure with capital-light royalty model.
• Jones Lang LaSalle (JLL) at 5.83% — Commercial real estate services. Post-2023 office-real-estate stress recovery thesis.
• Franco-Nevada (FNV) at 5.70% — Canadian-domiciled gold streaming and royalty company. Another precious-metals royalty position.

Two gold-royalty positions (OR + FNV at combined 11.97% of portfolio) is the most distinctive feature of the EdgePoint book. The royalty-and-streaming model captures gold-price exposure with capital-light economics — a structurally different bet than direct mining-equity exposure.

What's absent from the top 10

The exclusions are striking:

1. No Magnificent 7 mega-caps. NVDA, AAPL, MSFT, AMZN, GOOGL, META, TSLA — all absent from the top 10. EdgePoint holds these in the tail at much smaller weights or not at all.
2. No financial-services platforms. Unlike PineStone's Moody's + Mastercard + CME concentration, EdgePoint does not run financial-data services at top tier.
3. No mega-cap pharma. JNJ, LLY, Pfizer, Merck — absent. EdgePoint's healthcare exposure is through RVTY and TMO (life-sciences tools), not via large-cap pharma.

The combined effect is a 13F that looks unlike any US-active mega-cap growth or balanced equity book at this AUM level.

The Canadian home-bias signal

QSR, OR, and FNV are all Canadian-domiciled or Canadian-listed (TSX) companies. Combined, they represent 21.30% of EdgePoint's reported US 13F. The position is meaningful Canadian-investor home bias inside a US-equity 13F-HR filing — these companies dual-list as ADRs, allowing the Canadian-domiciled fund to file them as US-equity holdings while expressing Canadian sector preferences.

This is a structural feature of Canadian-mandate active equity. Canadian institutional clients often prefer mandates that maintain home-country sector exposure (gold mining, energy, financials), and EdgePoint accommodates that preference through dual-listed positions even within a US-equity strategy.

The top 10 vs the rest

Top 10 at 68.3% vs 31.7% across the remaining 490 positions. The tail averages around $8 million per position. The structure mirrors PineStone's concentration shape — Canadian active equity firms structurally run more concentrated books than US-domiciled peers.

AUM trajectory

EdgePoint's reported US 13F AUM has scaled steadily through 2024-2025. The 500-position floor is stable; the concentration philosophy is structural rather than AUM-growth-driven dilution.

What this 13F tells institutional readers

1. The deep-value contrarian thesis is the central philosophy. DLTR at 44x index weight, MAT at near-zero index, JLL at 11x index — these are contrarian active calls on segments US peers underweight.
2. The gold-royalty concentration (OR + FNV) is the inflation-hedge expression. 11.97% combined portfolio weight in royalty-streaming names captures precious-metals upside with capital-light economics. Direct gold-mining equity is absent.
3. The Canadian home-bias is structural, not accidental. 21.30% in Canadian-domiciled or co-listed names accommodates Canadian institutional-client mandate preferences.

What to track

1. Dollar Tree Q1 fiscal 2026 earnings. DLTR's margin trajectory is the central thesis test for EdgePoint's 8.74% position. Mattel position evolution is similarly catalyst-driven.
2. Gold price trajectory. OR + FNV combined 11.97% portfolio weight is leveraged to spot gold price moves. Continued central-bank gold accumulation supports the royalty thesis.
3. EdgePoint Q1 2026 13F (due August 14, 2026). Watch whether the deep-value contrarian positioning holds or compresses if mega-cap leadership widens. Track via the institutional signals feed.

EdgePoint Investment Group's Q4 2025 13F is one of the clearest expressions of Canadian deep-value contrarian active equity at scale. For more on identifying Canadian-mandate contrarian shapes in US 13F filings, see our explainer hub.

Source: SEC Form 13F-HR filed by EdgePoint Investment Group Inc. (CIK 0001481669) for the period ending 2025-12-31; available via EDGAR — EdgePoint filer index.