For accountants & planners
We're not asking you to sell anything.
You are not in the product business, and your name is attached to every suggestion you make. This page exists so you can judge us quickly, without a pitch.
The short version
Why a conservative professional looks at us twice
- Downside first. A holding that falls by half must double to get back to even. We buy at a discount, insist on balance-sheet strength, and hold cash when nothing meets the standard.
- Nobody here is paid to gather assets. Our intention is to lower the management fee as the fund grows; most of what we earn comes from performance above a 7.5% hurdle.
- The managers are the largest investor. Together with their families, Tim and Lorne have more in this fund than anyone, on your clients' fee schedule.
- Thirty years, one strategy. Founded in 1996 and run the same way since, through every market in between.
Portfolio fit
A return stream your client probably doesn't own
Most Canadian portfolios hold the same large companies several times over, through index funds and mainstream active funds alike. Our holdings look very little like those, and we will sit in cash when nothing meets the standard.
As a small allocation, that is real diversification rather than another version of what a client already has.
Fits around what exists
No arrangement needs to change
If a client already has an advisor or a discretionary manager, nothing about us disturbs that. Pass along the fund code, MIT808, and let their advisor review it and decide. The fund trades through FundSERV and sits on most Canadian dealer platforms.
Clients who invest for themselves can buy it directly through a discount brokerage.
Reputation risk, addressed plainly
What this is, and what it isn't
Prospectus-qualified, audited by KPMG, custody with National Bank, overseen by an Independent Review Committee, and managed by a firm registered with the British Columbia Securities Commission.
No accredited-investor test, no offering memorandum, no lock-up. Units are redeemable at net asset value at each month-end, with no deferred sales charges.
The portfolio is a concentrated list of businesses bought below what we think they're worth, plus cash when nothing qualifies.
Holdings differ sharply from the Canadian indices. That is the point, and it also means results will differ, sometimes uncomfortably, from the benchmark in any given year.
Where it doesn't fit
Clients we'd steer away
We would rather you knew this now than found out later. The fund suits patient capital and is unlikely to suit a client who needs daily liquidity, who expects to track an index, who will be unsettled by a concentrated portfolio sitting in cash, or who may need the money within a few years. Our own letters are candid about the years this approach has lagged.
Questions go to the people who manage the money
There is no wholesaler and no sales desk. If you want to test the thinking before you ever mention us to a client, ask.