Invesco Canada blog

Insights, commentary and investing expertise

Good news in volatile times


January 28, 2016
Subject | Active management

As markets continue to fall, let me reiterate my belief that fundamental, bottom-up research works. Not every day, but over time. The patience of our investment process was rewarded last week when Toronto-based Capstone Infrastructure Corp.(CSE) agreed to be bought by iCON Infrastructure Partners (a private equity infrastructure fund) for $4.90 per share in cash – a 44% premium to market close on January 19, the day before the announcement, and up 61% from before word of a possible deal leaked.1

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Six degrees of small caps


August 6, 2014
Subject | Active management

If you work in the small-cap space long enough, you begin to experience Kevin Bacon’s six degrees of separation concept1. In this case, it’s my investments in Trimark Canadian Small Companies Fund that are linked in some way to other investments within the small-cap universe. I have been managing Canadian small caps for over three years, so I would like to share an example of this network effect and how it has benefited the Fund.

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Patience


January 31, 2014
Subject | Active management

Warren Buffett has said it’s easier to tell what will happen with a stock than when it will happen. This often means sticking with an original investment idea for some time before your predictions pan out. Patience is the key for investment managers and I’d like to share an example with you of what I mean by this.

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Three undervalued Canadian stocks


November 10, 2013
Subject | Active management

For the first time since I began managing Trimark Canadian Small Companies Fund in April 2011, its allocation to Canadian companies has materially topped 50%. Not only has the Fund’s domestic weighting risen, but its cash position is at 25% – up from between 6% and 8% earlier this year.

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When to sell or stay with a stock


October 6, 2013
Subject | Active management

Last year, Trimark portfolio managers met with 1,650 companies combined. These face-to-face meetings are what give us insight into the quality of a company’s management. The decision on whether to invest is often made once I’m satisfied with the calibre of its leaders.

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3 reasons to sell a company


June 26, 2013
Subject | Active management

Today I’m going to write about something that gets little attention in investing articles, books and speeches, despite being essentially half of my job as an investor: sell discipline.

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The stock price fell, should I buy more?


March 28, 2013
Subject | Active management

A key to successful portfolio management is determining when a stock price decline is actually an opportunity to buy more. Sticking with a business after its stock price declines significantly requires an enormous amount of due diligence to ensure that our long-term thesis remains intact. I believe the three cases below, from Trimark North American Endeavour Class, illustrate this well.

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Question: High yield is in fashion, but will it run its course?

In this market I personally believe that a missed opportunity is a higher risk.  My members are of the opinion of the blogger though; they don’t want to see a loss.  Is there the best of both worlds?  High Yield are in fashion currently but do you think they will run their course too quickly and leave us trying to do damage control? –Tammy

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