BCV Bulletin - Recent Trading Activity - September 11, 2026
BUY: Meta Platforms (NASDAQ: META)
We initiated a position in Meta Platforms (META) to capitalize on the multi-year monetization of its industry-leading AI infrastructure, which is actively driving higher ad conversion rates and accelerating core revenue growth. Looking three to five years out, we believe the market is undervaluing Meta's ability to expand beyond traditional advertising into highly profitable verticals such as Agentic Commerce, premium subscriptions, and global business messaging. The recent multiple compression surrounding near-term capital expenditure concerns has provided with what we view as an attractive entry point to acquire a high-quality compounder with durable, secular growth drivers.
BUY: Prologis Incorporated (NYSE: PLD)/SELL: Avery Dennison Corporation (NYSE: AVY)
We exited our Avery Dennison Corporation (AVY) position and allocated to Prologis (PLD). A key thesis for initially entering our AVY position is the radio-frequency identification (RFID) growth expectations which has not played out to our expectations now and going forward. Prologis on the other hand, we believe is in the midst of an industry recovery. With its leadership position, this should enable them to take advantage of a favourable demand/supply dynamic for industrial real estate over the next 3-5 years, delivering favorable returns that we find more compelling.
SELL: Deere & Company (NYSE: DE) & ASML Holding (NASDAQ: ASML)
We trimmed our positions in Deere & Company (NYSE: DE) and ASML Holding (NASDAQ: ASML) following significant share price appreciation across both holdings. While each remains a premier, market-leading franchise, substantial runs have brought their valuations to levels where we believe shares are fully valued, offering limited upside relative to historical multiples. For Deere specifically, the market is pricing in an aggressive recovery from the cycle trough despite ongoing volume pressure in core large machinery. While we remain constructive on Deere’s long-term transition to high margin precision agriculture, current valuations demand perfect execution through the cyclical recovery. Reallocating this capital allows us to rotate into Meta, where we see superior earnings visibility and a more compelling risk-reward profile over our three- to five-year investment horizon.
This BCV Bulletin is intended for residents of the provinces and territories in which we are registered, is not meant to be a solicitation to any persons not resident in those jurisdictions and does not constitute an offer to buy or sell our products or services. Any opinions expressed are just that and are subject to change. Information is provided on a best-effort basis and its accuracy cannot be guaranteed. Information may also be provided from third party sources which are believed to be reliable, but we do not guarantee its accuracy or completeness. Certain statements may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This BCV Bulletin has been prepared for general informational purposes only, is not intended as investment and/or financial advice on any subject matter and the securities mentioned should not be construed as a recommendation for any specific securities. ©BCV Asset Management Inc. 2026.
