We were long for the annual results, which were fantastic as expected. We sold once the results were out as our desire for cash outweighed our desire to hold a position that had given us such a solid, quick return on a very predictable event. We still like the company fundamentally – it's just that cash is king right now and we had a clean exit point.
LIBRARY · MAR 2026 · $0.42I was long for the annual results, which were fantastic as expected. I did sell once the results were out as my desire for cash outweighed my desire to hold a position that had given me such a solid, quick return based on a very predictable event. I'll keep an eye on this as I really like the company fundamentally. If they ever come to Toronto, I'd love to meet with them.
LIBRARY · FEB 2026 · $0.38I won't say a lot on this as this is more of a curiosity than a real position for me, but CEMX makes something called cellular concrete. Cellular concrete is used in infrastructure applications where users want high compressive strength, but low weight. I've followed CEMX for years, but I took notice when it turned cash flow positive recently as incremental projects now go directly to the bottom line. The company has been seeing good booking activity and should report record EBITDA when it reports 2025 annual results in March. The company has no debt, around $10 million of cash on hand, and has an active share buyback in place. This is the kind of thing I like to see in real microcap companies that are just too small for the market to care much about. I mention it here so that people can see the kinds of trends you might want to try to find yourself in small-cap companies, because sometimes some real gems can be found if you pay attention to when companies transition from cash-burning entities into cash-generating ones. I've never spoken to management and I don't know anyone else who follows the stock, but if the company can continue to grow its customer base and order book I could easily see this being absorbed by a larger company as a bolt-on acquisition target. It's a small position as this isn't a very sexy industry, but this is the kind of thing that could re-rate quickly if momentum/visibility continues to improve.