The Asset Managers of CBWC Foundation

Introduction to: QV Investors.

With a tag-line described focus on “Managed Risk Investing,” QV has built an enviable track record of asset management for over 17 years, continuously achieving top quartile risk-adjusted returns from inception. With AUM in excess of $7.5 Billion, QV functions as long-term “investors” in strong companies that have sustainable competitive advantages. Under their highly disciplined and research supported models, the staff and management of QV invest their personal assets alongside of their clients for the accountability and diligence this inherently supports. Founded in 1996, QV stands for “Quality” and “Value,” characteristics that resonate through the firm’s culture and investment principles.

QV provides investment expertise across a wide spectrum of asset classes including Canadian, U.S., and International equity, and fixed income management. QV adds value using a value philosophy for a repeatable process and investment conviction supported thorough knowledge of their holdings. QV complements bottom-up value analysis with an understanding of the top-down forces influencing markets and the public sentiment as they affect valuation and expectations. Monthly portfolio audits, combined with prudence and rigorous accountability to its methods and portfolio management models drive the commitment to excellence.
QV intentionally invests in people and services to create depth and enhance a team-culture of performance and professionalism.

QV’s philosophy on major asset classes is stated as follows:

  • Equity Investing: “We buy a portfolio of enduring businesses run by capable, committed, and candid people. We select equities on good value, that is the price we pay for a company’s assets and their return on equity. We hold our good business positions for an indefinite period.”
  • Fixed Income Investing: “We buy bonds, debentures, and/or preferred shares of good quality, diversified by issuer and term to minimize risk, and provide stability, liquidity, and a positive return over the long term.”

Introduction to: Mawer Investment Management Ltd.

Mawer Investment Management Ltd. (Mawer) is an independent portfolio manager that has been managing investments for over 39 years. Total assets under management are approximately $17.1 billion.

The Firm offers investment expertise across a wide variety of asset classes including international equity, U.S. equity, global equity, global small cap equity, Canadian equity, Canadian small cap equity, Canadian fixed income, and balanced management. Most of our 100 person team is located in Calgary, however, we also have a Toronto office dedicated to institutional portfolio management.

The Firm employs a disciplined, research-driven process and long-term view in the management of global portfolios. Value-added returns are achieved through prudent security selection and portfolio mix based on bottom-up, fundamental analysis. Consistent returns are achieved through a team process which benefits from the breadth and depth of all investment specialists. Portfolios are managed according to the unique investment objectives and risk tolerances of our clients.

Mawer has an enviable reputation throughout Canada for professionalism, integrity, continuity of management, and a time-tested approach to investment management. The Firm ascribes and adheres to the CFA Institute Asset Manager Code of Professional Conduct and the CFA Institute Code of Ethics and Standards of Professional Conduct.

Introduction to: Joel C David CIM, CLU, CSWP, JD, TEP

Portfolio Manager CIBC WOOD GUNDY
I have been investing client’s money since 1987. The portfolio comprises a selection of 15 to 20 securities from developed markets and chosen according to the stage of the business cycle. At time of writing, the portfolio holds broadly diversified securities which tend to have low correlations to each other and to the equity markets. The systemic approach uses covered option writing and a high proportion of income generating securities as a means to lower market volatility. The goal is to achieve an after fee return which will provide reliable and growing income to fulfill the client mandate. The investment style could be described as contrarian: buying into trends early and sell early in the cycle to control risk. To date, the portfolio has experienced a standard deviation generally associated with pure income portfolios and the return of an equity portfolio.

Introduction to: Jon Mitchel, RBC Dominion Securities. Asset Manager

Jon Mitchell, CA, Portfolio Manager – RBC Dominion Securities Edmonton.
Jon joined RBC DS in 1993 and has been working with the CBWC since 1998. Since 2003, he has managed an Equity Income mandate for the Foundation which is designed to provide a balance between income and capital growth. Utilizing his skills from his Chartered Accountant experience Jon uses a fundamental, security specific strategy that involves a detailed review and analysis of the financial statements of each business. As a result, the portfolio is dominated by companies that have strong balance sheets and a strong competitive franchise. Through its Global Equities Division, RBC Capital Markets provides ongoing research reports on each company which Jon integrates into his portfolio selection. Our award-winning research team provides a detailed analysis of each business, examines the most recent company specific news or earnings releases and provides projections for earnings and dividend growth for the next several years. As an income-oriented manager, Jon is focused on those businesses that have demonstrated an ability to increase their dividend or distribution consistently over a long period of time. Over the course of the past 10 years, the portfolio has generated a combination of income and capital growth in excess of $8.5 MM for the Foundation. Jon attends First Baptist Church in Edmonton.

Introduction to: The Goal Group of Companies, Saskatoon.

The Goal Group is a private equity manager focusing on a narrow niche – we invest in early stage oil and gas exploration and production companies. Calgary is one of the North American centres where a robust private company deal flow exists. It provides capital to companies managed by entrepreneurs with the objective to find and develop and/or acquire reserves which produce oil and natural gas. These technically strong teams develop assets with both reserves and additional land with mineral rights which often make attractive acquisitions for larger companies.

The Goal Group provides access to this deal flow as well as a demonstrated ability to select the better performing teams which can deliver high returns over a 3 – 7 year time frame. We look to the record of the CEO and the team, the business strategy, the balance sheet, the composition of the board and governance practices, and the exit plan. As some early stage companies inevitably stumble, the risk is mitigated by building a basket of 10 – 15 companies per limited partnership pool.

The energy sector is now Canada’s largest industry, twice the size of the auto sector and one of the largest and most important industries in the world. Participation at the early stage provides the best opportunity for significant and timely value creation. Albeit a small player, The Goal Group is excited to be part of financing these companies providing essential products which underpin our economic well-being and contribute to the prosperity of Western Canada and our country.