After being the best small/micro-cap fund in Canada in 2024 (according to eVestment) with a 92.8% return, the Rivemont MicroCap Fund had another excellent year in 2025, up 25.6%! This increased our net return (after fees) since inception to 12.6% per year over 8 years. Additionally, this has been achieved during one of the worst stretches of small-cap underperformance relative to large caps in history. Our best investment in 2025 was D-BOX Technologies $DBO.TO $DBOXF with a 213% return on our average cost base. Our worst investment was Covalon Technologies $COV.V $CVALF with a 46% decline. We remain long both stocks. We begin 2026 with several high-conviction names in the portfolio that have 20%+ revenue growth prospects and trade at less than 10 times forward earnings (a stark contrast to current large-cap valuations). My DMs are open if you'd like to learn more about the fund or know how to invest. I am very excited about what's in store this year. Let's go! 🔥

$XLY.TO $CBWTF Must-watch if you don't know Auxly 👇

Nick should have way more than 2k followers with the quality of the content he posts and the investment ideas he shares. I highly recommend checking him out.

In 2016, I stumbled upon Imaflex $IFX.V. This small plastic film manufacturer was based in Montreal, only 10 minutes away from my office. I had never heard of it before. After doing some preliminary research, I thought it looked like a neat opportunity: a $20m market cap company that was growing and profitable. I sent an email to their generic investor relations address and scheduled an in-person meeting. Their secretary sat me down in the boardroom of what looked like a very outdated office. A few minutes later, the CEO (Joe Abbandonato) showed up in a tracksuit and running shoes. He sat down and said: 'So, what are you here to sell me?' Me (confused): 'Sir, I'm not here to sell you anything. I am a financial blogger and prospective investor in your company.' Joe: 'Oh, I'm sorry. No investors have been here in years. Our stock is $0.40 and barely trades any volume. I told everyone I'm not wearing a suit and tie to the office until our stock is over $1.00 per share.' I then asked him several questions about the business. He was a super nice guy. He gave me a tour of the manufacturing facility. In total, I spent a couple of hours there. I ended up buying the stock in my personal account. A few years later, when @philbbelanger and I started the Rivemont MicroCap Fund with @MartinRivemont, the fund also bought shares. The company had its ups and downs (as you can see on the chart below). We didn't hold it until the end but were shareholders for several years and made money. In December 2025, Imaflex announced it would be acquired by Soteria Flexibles for $123 million, or $2.35 per share. In 2016, the company had 49.7m shares outstanding. When it was acquired, it had 52.1m. That's less than 5% dilution over ten years. From 2015 to 2024, revenue grew from $69m to $110m, representing a slightly less than 5% CAGR. But EBITDA grew by more than 4x and operating income by more than 8x during that period, without dilution. The stock produced a 19.4% CAGR over ten years. Boring business. Boring growth. Yet, a pretty impressive outcome if you were able to identify it early and invest while nobody was paying attention. The ability to find these under-the-radar opportunities, talk to management and visit them in person is why I love microcaps so much. The thrill of the chase!

Interesting 🤔

Today is the day I was supposed to run the Bromont Ultra, my first 100-mile (160km) race. Unfortunately, I injured my lower back a few weeks ago and couldn’t recover in time to toe the line. Instead, I decided to volunteer at the 58 mile (93km) aid station during the whole night tonight. The runners will surely be tired and in the pain cave at that point. They’ll need to draw from the volunteers’ energy, in addition to help with refilling their bottles, getting served warm food during the cold night, or dealing with any other problems they have. I thought it would be a great way to experience the race and perhaps make a difference for someone else. It wasn’t in the cards for me this year, but I’ll give my best to help those who dare chasing their goals and pushing their limits. 🫡

$DBO.TO $DBOXF Nice read-through for the upcoming quarterly results. Cineplex $CGX.TO box office up 35% YoY in Q3! Also... ''Premium formats accounted for over 50 percent of third quarter box office revenues'' 🥹

The TSX Venture looks very healthy through the first nine months of 2026 👌 Data: tmx.com/en/resource/1047

Couldn’t agree more 💯

Smart man 😏

Let’s crowdsource some ideas. I need inspiration for my upcoming Good, Bad and Ugly. Which stock imploded in September? Give me some nasty, ugly stuff 😃 Special mention in my newsletter if I pick your idea!

Not a bad call

It’s a wrap: Smallcap Discoveries Conference 2026 ✨ I met tons of great people, had a chance to catch up with 9 portfolio companies and 11 watchlist opportunities. 10/10 would attend again! Thanks to @veritasvatillum @PaulAndreola @smallcapdisc for putting on such a fantastic event!