Opinions Brendan Caldwell
Urbana Corp.URB.TOBUYOct 28, 2022
Brendan CaldwellStock price when the opinion was issued
As of May 29, 2026. Market Open.
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Combination of private equity holdings and public securities, largely focused in financial services. He owns a lot, and keeps adding.
Disclosure: Investment holding company launched and managed by Caldwell Investment Management.
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Premium contentOur PAST TOP PICK with URB has triggered its stop at $9. To remain disciplined, we recommend covering the position at this time. When combined with previous guidance, this will result in a net investment gain of 52%.
Premium contentPremium contentURB is a small investment hodling company ($345M market cap) with a decent yield of 1.5%, healthy sales growth over the years (while not completely consistent), and expanding profit margins. It pursues a mix of public-equity investments, private-equity, and investments in financial-services/exchange/fintech-type businesses. It owns names like MS, KKR, CBOE, and others. It trades at a discount to its NAV of $12.41 (as of Oct 17, 2025). Insider ownership is high at 57.7%. Momentum has been strong, and we would be OK with it as a value stock, but would not want a big position.
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Premium contentPremium contentPremium contentPremium contentPremium contentPremium contentPremium contentURB invests in private equity and debt and holds mining interests in Quebec. The mining interests are carried at zero valuation in their books. There are new investors in the area, so there could be good upside from this asset. The shares trade at 2x earnings and under book value, while supporting a 28% return on investment. We recommend setting a stop-loss at $4.50, looking to achieve $6.50 -- upside potential over 28%. Yield 2.3%
(A Top Pick June 2/15. Down 7.35%.) Generally doesn’t like closed-end funds, but likes this because they are always buying back stock. Also, have some assets that have some fairly explosive upside. 2.5% dividend yield.
Fabrice TaylorA closed-end fund run by good management. Management buys back its stock, which very few closed-end funds do. It owns some interesting assets, notably the Canadian Securities Exchange, which is gaining market share against the Venture Exchange. Also, owns an exchange in India which has been threatening to go public for years. This could finally happen with the new government in place. Trading at a big discount to its NAV. Not very liquid, so don’t buy at Market, but put in bids and try to get them filled. Yield of 2.36%.
Fabrice Taylor
