If you can’t beat them, join them. That’s the mindset Marc
Robinson brings to small cap investing right now. The Managing
Director at FAX Capital makes the case that the traditional small
cap playbook is broken—capital is leaving public markets, private
equity is stepping in, and more companies are choosing to go
private. His solution: blend public and private investing, take
concentrated positions, and actively push for outcomes. He
explains how his 70/30 strategy works, why active ownership is
critical in Canada’s inefficient small cap market, and how
investors can capture a “second bite of the apple” when companies
get taken private. Along the way, he breaks down the growing
disconnect between public and private valuations—and why that gap
is creating opportunity.
In the mailbag, Robinson walks through a series of high-interest
small cap names and activist situations, including Calian Group
(CGY.TO), Black Diamond Group (BDI.TO), Ag Growth International
(AFN.TO), Information Services Corp (ISV.TO), Dye & Durham
(DND.TO), WELL Health Technologies (WELL.TO), and cannabis names
like Auxly Cannabis Group (XLY.TO) and Cannara Biotech (LOVE.TO).
He explains where activism can actually create value—and where it
can’t—why some of these “hairy” stories are best avoided, and
where he’s seeing real catalysts tied to themes like defense
spending, “Build Canada,” and a potential recovery in
agriculture.
In Pro Picks, Robinson focuses on higher-quality opportunities
with clearer paths to value creation. He highlights D2L (DTOL.TO)
as a misunderstood, mission-critical software platform with
strong growth and potential upside from improving sentiment (and
the company received a takeover offer just a day after his
recommendation!) . He also points to Premium Brands Holdings
(PBH.TO), arguing the payoff from years of heavy investment is
finally coming, setting up a meaningful earnings inflection.
Finally, he shares a private market opportunity through FAX
Capital’s strategy—NextGen Healthcare Suppliers (private)—a
fast-growing IVF supply business benefiting from powerful
demographic tailwinds and global demand growth.
This episode is a deep dive into how the smartest small cap
investors are adapting—and where the next wave of opportunity may
come from.
Timestamps
00:00 Trailer
02:25 Intro
04:25 Robinson’s career trajectory and what makes him tick as a
small-cap manager
10:00 Sell-side vs. Buy-side
11:35 A public-private fund
14:50 Exposure in private - private credit is a swear word right
now, but there are opportunities
17:20 The market dynamic for small-caps
20:50 Going public vs. going private
25:20 Private opportunities and the FAX approach
27:00 ITM Mailbag: Calian Group stock (CGY)
33:00 Ag growth stock (AFN)
37:40 Information Services stock (ISC)
42:40 Dye & Durham (DND)
45:15 WELL Health Technologies (WELL)
48:40 Pot stocks
53:30 Marc’s Pro Picks (DTOL, PBH, Nexpring Health
(private))
1:11:20 ETF Minute: Vanguard’s Asset Allocation ETFs
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
ETF Minute is sponsored by Vanguard Investments Canada. For more
information, visit https://vanguard.ca. Find the Vanguard
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