BCV Bulletin - Recent Trading Activity - August 13, 2025
Sell: Parkland Corporation (TSE: PKI)
We have trimmed our position in Parkland Corporation (PKI), a large operator of gas stations and convenience stores. This trade has mitigated risk by ensuring the position does not become too large in our portfolio. It also reduced uncertainty related to Sunoco LP’s (SUN-US) planned acquisition of Parkland.
Buy: Waste Connections, Inc. (NYSE: WCN)
With proceeds from the Parkland position, we added Waste Connections, Inc. (WCN) to our portfolio. As a leading North American waste collection and disposal services company, Waste Connections operates in a resilient and defensive industry with a unique strategy of serving exclusive and secondary markets neglected by competitors. This differentiated strategy, which pairs price-led organic growth with self-funded acquisitions, has delivered impressive margins, strong free cash flow generation, and a premium valuation. Weaknesses in the prices of certain recycled commodities and the closure of a landfill have provided an attractive entry point.
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. 2025.
