Core Equity

Core Equity is a portfolio of publicly traded North American equity securities whose primary objective is compounding capital at attractive rates of return over the long-term. We employ a bottom-up, fundamental approach that targets high-quality businesses trading at a discount to intrinsic value.

Why Invest in Public Equities?

Public equities are subject to higher volatility, but have some important merits:

  • Attractive long-term inflation-adjusted returns
  • Ample liquidity
  • Strong corporate governance, accounting and financial reporting standards
  • Favourable tax treatment (primarily capital gains)

What Differentiates Us?

Concentration

  • 25-30 positions – prudent diversification without sacrificing returns
  • Fosters greater discipline in research effort and higher conviction levels
  • Our primary focus is mid-cap companies in the Consumer, Industrial, Financial, Healthcare & Technology sectors
  • Retained some flexibility across market capitalizations

Absolute Return Focus

  • Our North Star is building and preserving clients’ wealth, regardless of what is happening in “the market”
  • We are comfortable trading short-term relative performance for long-term absolute returns

Long-Term Orientation

  • “Time arbitrage” may be the greatest source of advantage for managers today
  • The longer your time frame, the fewer people you are competing against

Engagement & Intellectual Independence

  • Where possible, we work with portfolio companies to help drive better governance, improved capital allocation and a relentless focus on shareholder value creation
  • General aversion to consensus ideas; the best returns typically result from a differentiated (but well-substantiated) perspective

Investment Strategies

We offer a diverse mix of investment strategies across multiple asset classes. An investment portfolio can be customized to meet your specific financial targets, volatility tolerance, and liquidity preference.