BCV Asset Management
BCV Asset Management Antares Total Return Strategies
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of BCV Asset Management for every strategy.
What it bought and sold
given their rich valuations we have strategically reduced our position size throughout the year, bringing their combined weight down from roughly 11% in December 2025 to 6% at the end of September 2026.
We exited our position in Disney, which was the result of greater conviction in other areas of the portfolio.
Another change in our AI exposure was our exit from Synopsys during the quarter.
We initiated a position in semiconductor and infrastructure company, Broadcom, in July.
With the proceeds from these exits, we also added to the Canadian side of the portfolio, with healthy additions to Constellation Software, Stantec, and Waste Connections.
With the proceeds from these exits, we also added to the Canadian side of the portfolio, with healthy additions to Constellation Software, Stantec, and Waste Connections.
With the proceeds from these exits, we also added to the Canadian side of the portfolio, with healthy additions to Constellation Software, Stantec, and Waste Connections.
given their rich valuations we have strategically reduced our position size throughout the year, bringing their combined weight down from roughly 11% in December 2025 to 6% at the end of September 2026.
Mindful of the cyclical nature of this business and its historical peak-to-trough price actions, we reduced our position to lock in gains, and redeployed capital into areas of the market we believe have a better risk-to-reward ratio.
This quarter, we rotated out of Thomson Reuters to fund a larger position in ServiceNow.
We used this opportunity to right size our commodity exposure, trimming our position in Suncor and exiting our position in Chevron.
We used this opportunity to right size our commodity exposure, trimming our position in Suncor and exiting our position in Chevron.
Similarly, we trimmed our positions in Old Dominion Freight Line, Deere & Company, and Applied Materials.
We redeployed the proceeds into long-term compounders penalized by market anxiety—including adding to our existing positions of Amazon and Thermo Fisher Scientific.
Similarly, we trimmed our positions in Old Dominion Freight Line, Deere & Company, and Applied Materials.
- New positionQnity ElectronicsJun 2026
We initiated a small position in Qnity Electronics, a 2025 spin-off from DuPont de Nemours and a leading supplier of semiconductor materials and chemicals.
We redeployed the proceeds into long-term compounders penalized by market anxiety—including adding to our existing positions of Amazon and Thermo Fisher Scientific.
This quarter, we rotated out of Thomson Reuters to fund a larger position in ServiceNow.
Finally, we initiated a position in Humana.
Its investment theses
- Broadcom Inc.Sep 2026Broadcom is a diversified semiconductor and infrastructure software leader benefiting from AI demand, with strong growth expectations and an attractive risk-reward profile.
- Synopsys, Inc.Sep 2026Synopsys provides chip-design solutions that are foundational to semiconductor demand, but the position was exited due to geopolitical and competitive risks.
- Qnity ElectronicsJun 2026Qnity Electronics is a semiconductor materials and chemicals supplier positioned to benefit from AI-driven data center capex and advanced packaging trends.
- ServiceNowJun 2026ServiceNow automates enterprise workflows with high renewal rates, strong long-term growth, and a durable AI-enabled platform.