Frequently asked Questions:
Because we invest differently — and that’s by choice.
We don’t try to match the index or follow the crowd. When growth stocks are booming or markets are chasing trends, our deep value approach can fall behind. But that’s often when we’re finding the best bargains. Short-term lag isn’t unusual — it’s part of staying disciplined in the pursuit of long-term returns.There are 3 parts to our MER (management expense ratio):
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Our management fee which for the Series F is 0.60% per year
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Operating costs. These are all 3rd party expenses such as audit, custody, legal, BC Securities Commission fees, and Investment Review Committee costs. We are making some changes but I would expect these to be approximately 0.60% for 2026.
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Our performance fee if earned.
Our prospectus provides more detail on this. We have a further discussion of our fees located here
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Yes. Your money is held by an independent custodian (Royal Bank of Canada is our custodian). We don’t touch your cash — we just make the investment decisions. The fund is regulated, audited by KPMG, and compliant with all Canadian mutual fund rules.
Additionally, Tim has managed the fund since 1996 and is invested alongside you.
It’s a natural question. Tim is in good health and fully committed to managing the fund, but we’ve planned for the unexpected. The fund is administered by a third party and we do have another registered portfolio manager on our team. Just as important, your money is held by an independent custodian and is always accessible — you can redeem at any point, no questions asked.
We think it’s a strength. A smaller size means we can invest in opportunities large funds overlook, move quickly, and build meaningful positions. Big funds have to own what’s liquid — we can own what’s compelling.
In addition most fund groups focus on asset gathering. Our focus is on our returns.
We invest for long-term value, not short-term trends. Expect to hold for 3+ years. We often hold cash when nothing looks attractive and focus on 15–25 high-conviction holdings. If you believe markets can misprice quality businesses, you’ll feel right at home.
We follow a deep value framework called ABBA:
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Accident – Temporary setbacks create opportunity
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Bird-in-Hand – Real assets, not hype
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Brick House – Strong balance sheets
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Alignment – Insiders who act like owners
It’s the same philosophy we’ve used for over 25 years. We have a short video which discuss our approach here
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We focus on companies trading below their intrinsic value — often smaller, underfollowed businesses. Many have strong balance sheets, aligned management, and a catalyst to unlock value.
Yes. While many holdings are Canadian, we have the flexibility to invest anywhere we find value. That said, we tend to stay where we understand the playing field and have an edge.
Yes. You’re welcome to reach out with questions. Tim manages the fund and invests his own capital alongside yours — so your interests are directly aligned. In addition, please let Tim know if you will be in Victoria.
Tim's email is: tim@avaluefund.com
You can either invest with your financial advisor or through most Canadian discount brokers using the fund code MIT 808 (Series F). You are also able to invest with us directly. Further details on how to invest can be found here.
Yes. The fund is eligible for all registered accounts. There are no sales charges or penalties, and the minimum is just $1,000. You can find more information on how to invest here
It’s fair to ask — the difference mostly comes down to structure. Series F (MIT808) is our go-forward series, with lower ongoing costs and the clearest alignment between performance and fees. Series B has an older structure with a slightly higher fee and a cumulative hurdle. Tim and Kate's recent investments are in Series F — and for most investors, that’s the one we suggest.
Both options work. A financial advisor offers additional services such as financial planning and wealth management.