Small Caps With Big Potential: Greg Dean’s Latest Picks

Greg Dean’s Hands-On Approach to Investing in Global Small Caps

Editorial Team (ET)July 27, 2025

Greg Dean, lead investor at Langdon Equity Partners, has never been one to follow the herd. His investment strategy is built on rigorous research, in-depth analysis, and a commitment to understanding businesses from the inside out. While many investors rely on broad market forecasts, Dean takes a different approach. He believes that the stock market doesn’t create value—it simply reflects the value that companies generate. This philosophy drives his disciplined investment approach, where every position in his portfolio is backed by exhaustive research and firsthand experience.

Dean and his team actively manage a portfolio of around 30 high-quality, small-cap companies worldwide. Their research process is extensive, often involving travel to multiple countries to meet management teams, visit facilities, and gain a deep understanding of the companies they invest in. Last year alone, Dean spent over 140 days abroad, even relocating his family to rural France for months to be closer to some of his firm’s key investments. His commitment to on-the-ground research is what sets Langdon Equity Partners apart in the highly competitive world of small-cap investing.

Top Picks: A&W, BayCurrent, and SmartCraft

For his latest recommendations, Dean has identified three standout companies with strong business models, promising growth potential, and significant insider ownership: A&W in Canada, BayCurrent in Japan, and SmartCraft in Norway. Each represents a unique opportunity in its respective industry, backed by a clear vision for long-term success.

A&W (AW-TSX): A Unique Growth Story in Quick Service Restaurants

A&W, Canada’s second-largest burger chain, has long been a favorite among investors looking for steady growth in the quick-service restaurant (QSR) sector. The company has taken a unique approach by merging its operating business with its publicly traded royalty company, creating a pure-play, multi-brand QSR. This structure allows A&W to focus on expanding its footprint while delivering consistent returns to shareholders.

The company’s aggressive expansion strategy, including the recent rollout of Pret-A-Manger, positions it well for future growth. A&W’s financials are also attractive, with the stock trading at a modest 13 times cash price-to-earnings (P/E) ratio. Additionally, it offers a 6% dividend yield, making it a compelling option for income-focused investors. Perhaps most notably, insiders own over 60% of the company, ensuring strong alignment between management and shareholders.

Dean first invested in A&W in late 2024 at around $35 per share, recognizing the company’s ability to generate consistent cash flow while capitalizing on market opportunities. With a market cap of $800 million, A&W is well-positioned to continue its upward trajectory in the years ahead.

BayCurrent (6532 TYO): Riding Japan’s Digital Transformation

BayCurrent, a mid-market consulting firm based in Japan, has emerged as a leader in business strategy consulting, particularly in the area of digital transformation. The firm specializes in helping companies modernize outdated business processes, a rapidly growing sector as Japanese businesses race to upgrade their legacy IT infrastructure.

What sets BayCurrent apart is its unique approach to talent development. Unlike many consulting firms, BayCurrent does not push its consultants into early specialization. Instead, employees gain a broad range of experience across multiple industries, making the company more adaptable and valuable to clients. This strategy has helped BayCurrent maintain 25-30% annual revenue growth for an extended period.

Dean saw the opportunity early and invested in BayCurrent in 2024 at approximately 3,000 Yen per share. Even at 15 times cash earnings, he believes the company remains undervalued, offering a significant runway for long-term investors. Insiders hold around 15% of the company, a sign of strong internal confidence in its future.

SmartCraft ASA (SMCRT.OL): Digitalizing the Construction Industry

SmartCraft ASA, a Norwegian company specializing in software solutions for the construction industry, represents another high-growth opportunity. The construction sector has traditionally lagged in digital adoption, but SmartCraft is changing that with its suite of digital tools designed to improve project management, quality control, and overall efficiency.

What makes SmartCraft particularly appealing is its business model. With 97% of its revenue being recurring and low customer churn, the company has a strong foundation for sustainable growth. The construction software market in the Nordics is valued at over NOK 10 billion and is expanding at a double-digit rate, providing SmartCraft with ample room to scale.

Dean first invested in SmartCraft in late 2022 at around 18 NOK per share. With a scalable SaaS model and a rapidly growing market, SmartCraft is positioned to benefit from the ongoing digital transformation of the construction industry.

Long-Term Vision Over Short-Term Speculation

Dean’s approach to investing is rooted in patience and conviction. He does not concern himself with short-term market fluctuations or speculating on when small caps will outperform. Instead, he remains focused on identifying world-class businesses that can deliver resilient returns over the long haul.

His latest top picks—A&W, BayCurrent, and SmartCraft—demonstrate his belief in companies that are fundamentally strong, well-managed, and positioned to capitalize on industry trends. As always, Dean’s investments are guided by thorough research, firsthand experience, and a deep understanding of the companies he backs.

For investors looking to navigate an uncertain market with confidence, following Dean’s disciplined approach may offer a path to long-term success.

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