--- title: "EdgePoint Q4 2025: B Canadian Contrarian Book, QSR + DLTR" type: research slug: edgepoint-q4-2025-canadian-contrarian-qsr-dollar-tree canonical_url: https://13finsight.com/research/edgepoint-q4-2025-canadian-contrarian-qsr-dollar-tree published_at: 2026-05-15T04:41:14.913Z updated_at: 2026-05-15T04:41:20.716Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 913 locale: en source: 13F Insight --- # EdgePoint Q4 2025: B Canadian Contrarian Book, QSR + DLTR > EdgePoint Investment Group filed a $12.18 billion Q4 2025 13F that reads as the textbook Canadian value-contrarian shape: Restaurant Brands at 9.33%, Dollar Tree at 8.74%, Mattel at 7.71%. Top 10 carries Franco-Nevada, JLL, and other names US-active peers shy away from. 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 contrarianPosition-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 10The exclusions are striking: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.No financial-services platforms. Unlike PineStone's Moody's + Mastercard + CME concentration, EdgePoint does not run financial-data services at top tier.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 signalQSR, 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 restTop 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 trajectoryEdgePoint'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 readersThe 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.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.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 trackDollar 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.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.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. ## FAQ ### What is EdgePoint Investment Group? EdgePoint Investment Group Inc. is a Toronto-based concentrated active equity manager. Its Q4 2025 Form 13F-HR reports $12.18 billion in US-listed equity assets across 500 long positions. EdgePoint's stated investment philosophy is long-horizon value investing in differentiated businesses with mispriced fundamentals. WhaleScore 80.00 places EdgePoint in the elite smart-money tier. ### Why does EdgePoint hold Dollar Tree as a top-3 position? Dollar Tree (DLTR) at 8.74% portfolio is a deep-value contrarian position. The S&P 500 index weight for DLTR is approximately 0.20%, making EdgePoint's position roughly a 44x overweight. The thesis reflects expected margin recovery, consumer-trade-down dynamics as the macro environment pressures discretionary spending, and a multi-year operational restructuring under the firm's CEO transition. ### Why does EdgePoint hold two gold-royalty companies? Osisko Gold Royalties (OR) at 6.27% and Franco-Nevada (FNV) at 5.70% — combined 11.97% portfolio weight — represent EdgePoint's inflation-hedge expression. The royalty-and-streaming model captures gold-price exposure with capital-light economics versus direct mining-equity exposure (which carries operational and cost-inflation risk). Both are Canadian-domiciled, fitting EdgePoint's Canadian-mandate home bias preferences. ### Why is EdgePoint absent from mega-cap tech names? EdgePoint's stated value-and-contrarian investment philosophy filters out names trading at multiples too high for the firm's screens. NVDA, AAPL, MSFT, AMZN, GOOGL, META, and TSLA are all absent from the top 10 despite being the largest S&P 500 weights. The firm holds these mega-caps in the long tail at small weights or not at all. The deliberate non-participation in the AI-platform leadership cohort is the most distinctive feature of the book. --- Source: 13F Insight — https://13finsight.com/research/edgepoint-q4-2025-canadian-contrarian-qsr-dollar-tree Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-15T04:41:20.716Z