BCV Bulletin - Recent Trading Activity - June 23, 2026
PARTIAL SELL: Marvell (NASDAQ: MRVL)
We reduced our position in Marvell Technology (NASDAQ: MRVL) as an exercise in prudent position sizing rather than a change in conviction. The investment case remains intact and is still strengthening on the operating side. Marvell holds the leadership position in optical interconnect, its custom-silicon franchise is ramping across more than twenty hyperscaler design wins, and management has raised its forward framework five times in roughly twelve months. At the same time, we believe that while the market value of the business has risen sharply, and future results depend heavily on how much the big cloud companies spend on AI. That spending may eventually slow, though no one can predict when. The most disciplined way to handle that risk is through position size. We have cut the holding to a level we are comfortable owning through a downturn and moved the proceeds into a more defensive position.
BUY: McDonald’s Corporation (NYSE: MCD)
We are adding McDonald’s Corporation (NYSE: MCD) to our U.S. equity portfolio. McDonald’s is one of the most recognizable brands worldwide, with over 45,000 restaurants spanning 100+ countries, serving ~72 million customers daily. BCV was attracted to McDonald’s leading market position, strong fundamentals stemming from its primarily franchised business model, and history of profitable growth. Shares currently trade at a discount to historical valuation levels given macroeconomic concerns, however we believe this has provided an attractive entry point to build a position in a high-quality company with compelling long-term fundamentals.
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.
