Featured Research

Convenience stores: A deep dive on recent trends and store locations
Our report is a deep dive on the differences in store bases for ARKO, Casey’s, Circle K, Murphy USA, and 7-Eleven US based stores, as well as recent performance trends. We have seen a divergence in fuel volume trends, with larger scale operators continuing to take share from the average, marginal industry participant.

All gas, no brakes
We continue to see significant latent value across the natural gas producers of Western Canada, though we believe producers within this cohort are unique given each has outlined decades of well delineated drilling inventory. In our view, producers with significant scale, diversified market access, and solid financial positioning will outperform peers given the western Canadian natural gas market remains fragmented.

Can big oil keep its footing amid tariff volatility?
We discuss investor sentiment and debates following recent corporate and investor conversations. Overall, the sentiment is that Big Oil is still the safer play for energy investors. Despite the tumultuous market backdrop as of late, integrated oil & gas remains near the top of the list (with midstream) among generalists and investors that don’t want to be too limited within other sub-sectors of energy.

Initiating coverage of the medical device outsourcing space
We believe the medical device outsourcing (MDO) landscape should be attractive to investors, albeit with some factors to consider beyond traditional medical technology vendors. The industry tracks the same growth vectors as the end markets of their final med tech customers, translating to durable mid-single-digit, or often higher, organic growth. MDO players capitalize on this without the same level of R&D spend or concentrated risk of any new product cycle or company.

Infrastructure & construction: Imagining possibilities under Carney
In his federal election victory speech, Premier Mark Carney not only vowed to build Canada into an energy superpower in both clean and conventional energy but also doubled down on his predecessor’s plan to build more homes that Canadians can afford. Although we are not ready to take what Mr. Carney said to the bank just yet, his aspirations have positive long-term ramifications for our infrastructure & construction universe.

Diversified Canadian lumber producers discounting worst case tariff scenario
Between the higher final rate for “regular” softwood lumber duties and the potential for additional Section 232 “Trump Tariffs,” Canadian forest products companies have been under siege. In this note, we quantify the earnings implications of existing lumber duties and provide a sensitivity analysis for the potential of additional Sec 232 tariffs.

Launching our sustainable leaders stock list; political climate shines light on realistic environmental and social commitments
Sustainability-focused investors have seen some broad swings in their reality over the last decade, and 2025 is not shaping up to be any calmer. We have seen sustainability strategies turn to duck & cover from federal attention publicly. Investors are focusing on a narrower investable world of companies with sustainability actions already in place and growing in scale.

A primer on DevSecOps and data streaming
Our primer on the DevSecOps and data streaming markets focuses on technologies that enable developers and organizations to produce software more efficiently with differentiated outcomes. This report builds upon our November 2023 DevSecOps primer with the key additions of software artifact/repository information, data streaming market information, and updating previous market sizes/growth rates/vendor shares.