Investment Strategies

Diversification is key to strong portfolio performance – it helps eliminate short-term volatility and supports the delivery of long-term returns.

Jeff Hales

Our Investment Approach

Every investment decision is the result of consistent thinking designed to deliver consistent results. We do not attempt to predict bull or bear markets or time sector performance. Instead, we focus on four key priorities.

Value Consciousness

We believe attractive long-term returns are generated by buying investments at a discount to their true intrinsic value.

Long-Term Thinking

In the long term, we believe it’s best to remain committed to an investment strategy rather than react to short-term noise.

Absolute Returns

We monitor our performance against the absolute returns that matter most to our clients, regardless of market conditions.

‘Bottom Up’ Portfolio Construction

Our security-by-security selection de-emphasizes market cycles, as individual companies can do well even if industry performance is down.

Benefits of Asset Class Diversification

Individual asset class perform differently from each other, with some rising as others fall. Asset class diversification lets you increase your odds of success and reduce negative consequences by spreading the risk across different types of investments.

Traditional Mix of Stocks and Bonds

Large weighting in low-yield asset class
Excessive portfolio volatility
Limited flexibility to meet portfolio objectives

Multiple Asset Class Mix

Reduced portfolio volatility
Similar returns, with increased certainty
The ability to customize for conservative, growth, and high-growth preferences

Asset Class

Investment Strategy

Alternative Investments

Investments in asset classes other than stocks, bonds and cash

Infrastructure & Real Assets

Assets that have value because of their substance or physical properties and are often essential to the daily functioning of the economy, such as renewable power, transportation, logistics, communications infrastructure and storage.

Enhanced returns
Lower volatility
Protection against rising interest rates

View Infrastructure & Real Assets

Private Debt

Private debt refers to loans negotiated directly with companies or individuals, as well as real estate lending, working capital loads and trade finance.

Enhanced returns
Lower volatility
Protection against rising interest rates

View Private Debt

Absolute Return

Specialized strategies designed to generate attractive risk-adjusted returns in all market environments, such as merger arbitrage, convertible arbitrage, relative value, event-driven and long / short equity.

Attractive risk-adjusted returns
Low volatility
Low correlation with public capital markets
Better liquidity than private assets

View Absolute Return

Public Equity

Stock Market Investments

Core Equity

This strategy is a portfolio of publicly-traded equity securities that aims to provide higher long-term capital appreciation for an above average risk tolerance.

Higher long-term inflation adjusted returns
Ample liquidity
Capital gains income taxed lower than dividends/interest

View Core Equity

Dividend Equity

Aims to provide investors with a stable and growing stream of after-tax income by investing in a concentrated portfolio of undervalued high quality North American equities.

Boosts returns when markets are rising
Ample liquidity
Helps offset losses during market declines

View Dividend Equity

Fixed Income

Publicly traded government and corporate bonds

Fixed Income

This strategy aims to provide investors with a stable income, low volatility, and safe principal by investing primarily in Canadian government and corporate bonds, debentures, and short-term notes.

Diversified equity risk
Most reliable cash stream
Secure principal

View Fixed Income

Credit Opportunities

Seeks to provide investors with attractive risk-adjusted returns that are less volatile than equities.

Attractive long-term asset class
Higher returns than fixed income
Lower risk than equities

View Credit Opportunities