Preferring listed equities, we keep a short list and a long horizon.
Canadian Energy
Exploration & Production
In Canada, Standard controls equity interests tied to an aggregate production of over 150,000 barrels of oil equivalent per day, with a heavy weighting on natural gas drilling in the Alberta Deep Basin. In 2019 and 2020, in the midst of an unprecedented dislocation across the sector, Peyto Exploration & Development and Petrus Resources, both chaired by the remarkable, plain-spoken Don Gray, traded at the time of our investments for a fraction of their proven reserves value and represented ideal vehicles to ride the recovery of energy markets.
Calgary, Alberta T2P 0G5
Donald Gray
CEO
JP Lachance
Calgary, Alberta T2P 4H4
Donald Gray
CEO
Kenneth Gray
Midstream Infrastructure
Spun off from TC Energy, South Bow owns and operates one of the most strategic, vital and irreplaceable infrastructure systems in North America: The Keystone liquids pipeline and its adjacent network of storage assets, spanning 4,900 kilometers across the continent and connecting the steady heavy oil production from the Western Canadian Sedimentary Basin to the refineries of the Midwest and the Gulf Coast. About 1.25 million barrels flow through South Bow’s pipelines each day, with storage capacity for another 7.5 million. Standard invested in the days following the separation from TC, as forced selling by index funds pushed the stock to a level yielding nearly a double-digit dividend.
— South Bow Corp.
707 5 Street SW
Calgary, Alberta T2P 0Y3
Chairman
Hal Kvisle
CEO
Bevin Wirzba
France
Industrials & Distribution
A key player in complex supply chains, family-controlled Groupe Guillin is a steadily growing food safety and packaging company. In the wake of the energy crisis in early 2022, it got tarred with the wrong brush as it faced a terrifying but temporary rise of input costs, triggering our first involvement with the company. In a like manner, French building materials distributor Groupe Samse is a century-old company with a pristine M&A record, unusually high employee shareholding, and a thoughtful, value-driven expansion strategy guided by its superb leadership and controlling families. In spite of remarkable resilience through crises, it traded at a single-digit earnings multiple at the time of our investment.
— Groupe Guillin SA
25 290 Ornans
François Guillin
CEO
Sophie Guillin
— Groupe Samse SA
2 rue Raymond Pitet
38100 Grenoble
Chairman
Olivier Malfait
CEO
Laurent Chameroy
Engineering & IT Consulting
Founded and led by industry veteran Simon Azoulay, French engineering and IT consulting group Alten ttripled its earnings and revenue over the past decade. Despite its resilient business model, fortress-like balance sheet, and prolific M&A strategy, its valuation bore the full force of the severe recession that started in Europe in late 2023, falling to less than six times operating earnings. The same applied to IT services consulting Neurones—chaired and controlled by Luc de Chammard, a business figure we have long known and admired—whose shares we began buying in February 2026. Both companies have navigated downturns like this before, only to emerge stronger.
— Alten SA
40 Avenue André Morizet
92100 Boulogne Billancourt, France
Chairman
Simon Azoulay
CEO
Cyril Malargé
— Neurones SA
205 Avenue George Clemenceau
92024 Nanterre, France
Chairman
Luc de Chammard
CEO
Bertrand Ducurtil
Investment Management
Controlled by the Decaux and David-Weill families, Eurazeo has grown steadily into a major private equity and asset management platform, now overseeing €39 billion in assets—of which €30 billion managed on behalf of third parties, four times the figure of a decade ago. In March 2026, concerns over private credit and its software portfolio weighed on sentiment, pushing the discount to net asset value toward 60%—levels unseen since 2008 and the great financial crisis. The company has raised its dividend without interruption for many years and is now aggressively reducing its share count at accretive valuations.
— Eurazeo SE
66 rue Pierre-Charron
75008 Paris, France
Chairman
Jean-Charles Decaux
CEO
Christophe Bavière
Regulated Gaming
Alongside French veterans and disabled war victims associations, Standard is a shareholder of FDJ United, formerly La Française des Jeux. Ranking among the top three gambling operators in Europe, FDJ has delivered excellent growth in earnings and revenue since its listing in 2019, accelerated by its acquisition of Kindred Group and its popular iGaming platform Unibet. In February 2026, shares traded near a double-digit dividend yield following fiscal pressure from the French state—a short-term headwind we thought the market had blown well out of proportion for a de facto monopoly with steady cash flows.
— FDJ United SA
3-7 Quai du Point du Jour
92100 Boulogne-Billancourt, France
Chairman
Stéphane Pallez
CEO
Stéphane Pallez
Technology
Software
Based in the Netherlands and partially spun out from Mark Leonard’s Constellation Software, which retains oversight and a controlling stake, Topicus intends to replicate its parent holding company’s extraordinarily successful approach to M&A within the European vertical market software sector—a fragmented landscape with scores of hidden champions and less private equity money chasing acquisitions. Built from the same proven foundation and headquartered in Mississauga, Canada, Lumine Group brings this same strategic approach across multiple verticals within the media and communications industries.
Singel 25, 7411 HW
Deventer, Holland
Chairman
Robin van Poelje
CEO
Robin van Poelje
— Lumine Group Inc.
5060 Spectrum Way, Suite 100
Mississauga, Ontario L4W 5N5
Chairman
Mark Miller
CEO
David Nyland
Computer Hardware
Overlooked, underloved, undervalued: ten years after its separation from HP Enterprise, computer and printer maker HP generated $34bn in aggregate free cash flow, entirely returned to shareholders through dividends and share buybacks. We acquired shares in March 2026, as the company navigated a weak PC cycle, with the market valuing the entire business at barely six times average earnings, or roughly $18bn.
— HP, Inc.
1501 Page Mill Road
Palo Alto, CA 94304
Chairman
Chip Bergh
CEO
Bruce Broussard
Information Services
In early 2026, fears that AI would hollow out professional information providers sent Wolters Kluwer—the Netherlands-based giant with dominant franchises in healthcare, tax and legal sectors—down by two thirds in twelve months, to a valuation last seen in 2009, in the thick of the subprime crisis. Déjà vu all over again: When cloud computing swept through enterprise software, shareholders feared Wolters’ franchise would evaporate. Instead, the company used the shift to accelerate profit growth and cement its standing. AI may yet prove the same gift in disguise for a business this entrenched, with returns on equity that few can rival.
— Wolters Kluwer N.V.
Zuidpoolsingel 2, 2408 ZE
Alphen aan den Rijn, Holland
Chairman
Stacey Caywood
CEO
Frans Cremers
Healthcare
Pharmaceuticals
Headed by scientists-turned-entrepreneurs Jean-Paul and Martine Clozel, Swiss company Idorsia was spun off from Actelion—a prerequisite for the latter’s $30 billion sale to J&J—with a pipeline of eleven compounds, of which four blockbuster materials in late-stage development. The biotech crash and a series of setbacks left it for dead in the eyes of investors, its outstanding assets and leadership notwithstanding.
Chairman
Jean-Paul Clozel
CEO
Srishti Gupta
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