Questions about the fund, answered straight.

Patient investors. We run a concentrated, contrarian portfolio, sometimes hold cash for long stretches, and measure ourselves in years, not quarters. If you need your money soon or can't stomach looking different from the index, this isn't the right fund, and we'd rather tell you that now.

$1,000 for an initial purchase. The fund is available for registered plans (RRSPs, RRIFs, TFSAs, FHSAs, RESPs, IPPs and similar plans) as well as non-registered accounts.

Through your financial advisor, or on your own through a discount brokerage using fund code MIT808. Step-by-step instructions for both routes are on the how to invest page.

A management fee of 0.60% on Series F, which we intend to lower as the fund grows, plus a performance fee of 20% of returns above a 7.5% hurdle (with a high-water mark), plus roughly 0.45% in third-party operating costs at the fund's current size. With GST on the management fee, an ordinary year is about 1.1% all-in. There's an interactive calculator on the fees page.

We aren't trying to gather assets. Staying small means we can do things a large fund cannot. We view this as an advantage and not a constraint.

Because forcing money into fully priced markets is how you lose downside protection. Cash is the ammunition for the next bargain, and holding it takes more discipline than spending it.

In some markets an ETF will do well, and we'll say so. But an index buys everything, good and bad, and nobody is watching your downside. We're selective, we hold cash when nothing meets our standards and are not forced to invest if prices are not attractive.

Tim McElvaine founded the fund in 1996 and leads it today, managing it together with Lorne Porayko. Tim previously worked with legendary value investor Peter Cundill, including as Chief Investment Officer. More on the about us page.

The Osler Fund was merged into the McElvaine Value Fund in August 2026. The combined fund trades under code MIT808.

The practical effect for former Osler unitholders is that the same fixed costs (audit, custody, legal, administration) are now spread across a larger fund, so the expense drag is lower than it was. If you have a question about your own account, get in touch.

Yes. Units are redeemable at net asset value on the last business day of each month, with no deferred sales charges; proceeds settle two business days after valuation. Monthly, rather than daily, liquidity suits the patient strategy, and is worth knowing before you invest.

The fund holds a small number of positions, can differ sharply from the index, and invests in out-of-favour businesses where our judgement may simply be wrong. Unit values change frequently and are not guaranteed. Read the Fund Facts and Simplified Prospectus; they describe the risks properly.