Victoria, British Columbia
A Canadian value fund since 1996, run by its largest investors.
We buy good businesses when they're out of favour and cheap, and then we wait. Independent and owner-operated, led by founder Tim McElvaine with Lorne Porayko.
Minimum investment $1,000 · Registered (RRSP · RRIF · TFSA · FHSA · RESP · IPP) & non-registered accounts
How we invest
Buying dollar bills for 50 cents
Real bargains only appear when others are selling for reasons other than price. Four questions, or what we call ABBA, guide every purchase.
- AAccident
Why is it cheap? We want to know exactly what went wrong.
- BBird in hand
We pay for value that exists today, not a forecast of what someone hopes will happen.
- BBrick house
Staying power. In business a wolf always comes to the door; we want to be in a brick house.
- AAlignment
As Charlie Munger said: incentives matter. We prefer to invest alongside owners.
Aligned with you
We are the fund's largest investors
- Together with their families, Tim and Lorne have skin in the game alongside you, which is why we worry about the downside first.
- A low base fee: we get paid more only when we perform.
- Small by design: our size lets us do things that big funds can't.
- We hold cash when nothing meets our standards.
A fair question
Why not just buy an ETF?
An index fund buys everything, good and bad. It is price agnostic. We are price focused, and we are watching the downside.
Independent and owner-operated
Value investing is hard, and harder inside a bank or a large fund company
Buying something unpopular and then waiting years for it to work is difficult to do inside a large institution. Committees, quarterly targets and a sales force all push the other way. We own the firm and we run the fund, which gives us the flexibility to do things differently.
Getting started
Open to any Canadian investor, from $1,000
Through your advisor
Ask your advisor: we're on most Canadian dealer platforms.
On your own
Buy directly through your discount brokerage, like any other fund.