News and Insights - July 2025 Our Portfolio Manager, Sam LaBell, was on BNN Bloomberg, discussing his view on why the markets are on a bullish run, tariffs, the outlook for the second half of 2025 and one of his favoured picks, Alimentation Couche-Tard Inc.
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News and Insights - June 2025 Our Portfolio Manager, Sam LaBell, recently appeared on BNN Bloomberg’s show, The Close, with host Andrew Bell. They spoke about how tariffs have thrown off economic indicators, as buyers have tried to stock inventory ahead of tariffs and pulled forward demand.
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News and Insights - April 2025 The top performers for the Veritas Next Edge Premium Yield Fund in April 2025 included Bombardier Inc. (TSX: BBD.b), which rose in the month as the company confirmed that its aircraft comply with the United States-Mexico-Canada Agreement (USMCA) and are therefore shielded from the worst of the U.S. tariff risks. Bombardier and its aircraft industry peers have reported a positive uptick in client interest and stable book-to-bill ratios following the recent easing of tariff tensions. The business jet market continues to do well, with Bombardier set to meet its targets this year, which we expect to drive a re-rating of its shares.
Other top performers included Loblaw Companies Ltd. (TSX: L), Nutrien Ltd. (NYSE, TSX: NTR) and Lumine Group Inc. (TSX: LMN.v).
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Sources: Veritas Asset Management, Eikon, Bloomberg as of April 30, 2025
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News and Insights - April 2025 Our Portfolio Manager, Sam LaBell, appeared on two segments on BNN Bloomberg recently to discuss Gold, tariffs, banks and auto parts.
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News and Insights - March 2025 Our top performers for our Veritas Next Edge Premium Yield Fund in March 2025 included Wheaton Precious Metals Corp. (NYSE, TSX: WPM), Agnico Eagle Mines Ltd. (NYSE, TSX: AEM) and Barrick Gold Corp. (NYSE: GOLD, TSX: ABX). These stocks benefited from a further 9% increase in gold prices in March to US$3,124, as investors continued to accumulate safe-haven assets in response to proposed U.S. tariffs. With geopolitical and economic risks on the rise, we also expect central banks to continue their recent gold buying as they attempt to diversify their assets and hedge U.S. dollar risks.
Other top performers included Canadian Natural Resources Ltd. (NYSE, TSX: CNQ) and Cogeco Communications Inc. (TSX: CCA).
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Sources: Veritas Asset Management, Eikon, Bloomberg as of March 31, 2025
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News and Insights - February 2025 South Bow Corp. (NYSE, TSX: SOBO) rose in February in advance of fourth-quarter earnings and on market speculation that the Keystone XL project could see a revival. In our view, bringing back Keystone XL remains a long shot; however, we continue to like SOBO’s dividend yield of ~8%, which is well supported by the company’s potential for long-term EBITDA growth of 2% to 3% annually.
Our top performers in February 2025 included Wheaton Precious Metals Corp. (TSX, NYSE: WPM), Barrick Gold Corp. (NYSE: GOLD, TSX and Lundin Gold Inc. (S&P/TSX: LUG). These stocks benefitted from a further 2% increase in gold prices in February to US$2,858 per ounce, as investors continued to accumulate safe haven assets in response to proposed U.S. tariffs. With geopolitical and economic risks on the rise, we also expect central banks to continue their recent buying activity, lending further support to gold prices.
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Sources: Veritas Asset Management, Eikon, Bloomberg as of February 28, 2025
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News and Insights - February 2025 Our Portfolio Manager, Sam LaBell, appeared on two segments on BNN Bloomberg recently to discuss potential U.S. tariffs and his top picks.
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News and Insights - January 2025 The top performers of our Veritas Next Edge Premium Yield fund in January included Agnico Eagle Mines Ltd. (NYSE, TSX: AEM), Wheaton Precious Metals Corp. (NYSE, TSX: WPM) and Lundin Gold Inc. (TSX: LUG). These stocks benefitted from a 7% rally in gold prices in January to US$2,812, as investors picked up safe haven assets in response to the threat of U.S. tariffs on Canada, Mexico and China. Reportedly, worries over tariffs also led to the movement of gold from London to New York, leading to a shortage in London metal markets that increased upward pressure on prices. Central banks also continued to buy, with the World Gold Council reporting that central bank demand reached a new quarterly high in the fourth quarter of 2024.
Other top performers included Canadian Pacific Kansas City Ltd. (NYSE, TSX: CP) and Canada Goose Holdings Inc. (NYSE, TSX: GOOS).
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Sources: Veritas Asset Management, Eikon, Bloomberg as of January 31, 2025
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News and Insights - December 2024 Loblaw Companies Ltd. (TSX: L), returned 4.4% in December, capping a 49% return for the year. With earnings estimates rising just under 14% on updated 2025 forecasts, Loblaw’s forward P/E re-rated over the year from 15.3x to just under 20x. We continue to like Loblaw’s defensive characteristics as we navigate 2025.
Bombardier Inc. (TSX: BBD.B) shares advanced 1.0% in December, shrugging off U.S. tariff concerns and ending the year up more than 83%. For buyers of the company’s planes, we expect that some of the tariff risk can be managed through non-U.S. ownership and leasing arrangements, should it come to that. Bombardier has made significant strides in 2024 as it looks set to post a third consecutive year of both double-digit revenue growth and positive free cash flows.
Enbridge Inc. (NYSE, TSX: ENB) was up 0.7% in December, bringing its year-to-date return to 37%, achieved through forward P/E expansion, from 17.5x to 19.8x, and a favourable outlook for 2025 earnings growth, up 9% over initial 2024 estimates. With consistent operations and a well-supported yield close to 6%, we continue to like ENB’s prospects.
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Sources: Veritas Asset Management, Eikon, Bloomberg as of January 16, 2025
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News and Insights - November 2024 Air Canada (TSX: AC) was the top performer of the Veritas Next Edge Premium Yield fund in November. AC’s shares continued to rise in the month following its new labour agreement with its pilots. AC’s third-quarter results demonstrated its broad earnings power and allowed the company to raise its 2024 EBITDA target to $3.5 billion, from $3.1 to $3.4 billion previously.
Lumine Group Inc. (TSX Venture: LMN) was the second top performer, as it rallied on third-quarter revenues that topped estimates, and it posted a small net profit compared to a loss in the same quarter the year prior. Lumine showed progress on two prior acquisitions, Nokia and CASA, which were acquired at discounts that reflected short-term revenue pressures. By stabilizing these businesses, Lumine demonstrated it can integrate larger deals, which will be key as it seeks to replicate the success of its parent corporation, Constellation Software (TSX: CSU).
Other top performers were AtkinsRealis Group Inc. (TSX: ATRL), Sun Life Financial (NYSE, TSX: SLF) and Manulife Financial Corp. (NYSE, TSX: MFC).
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - October 2024 AtkinsRéalis Group Inc. (TSX: ATRL) was the top performer in the Veritas Next Edge Premium Yield Fund in October, as the shares rose on growing investment interest in the nuclear industry. Revenues in ATRL’s Nuclear segment are set to grow 30% to 35% in 2024, contributing just over one-fifth of the company’s earnings before interest and taxes.
Having finalized a new deal with its pilots, Air Canada’s (TSX: AC) third-quarter results demonstrated its broad earnings power. The company reported $2.00 billion in earnings and raised its 2024 EBITDA target to $3.50 billion, from $3.10 billion to $3.40 billion previously.
The Fund’s investments in gold producers also performed well in October as gold prices rose more than US$100 per ounce to finish at US$2,738, up 3.90% on the month. We have selected our holdings of Agnico Eagle Mines Ltd. (TSX, NYSE: AEM), Wheaton Precious Metals Corp. (TSX, NYSE: WPM), Barrick Gold Corp. (TSX: ABX, NYSE: GOLD) and Lundin Gold Inc. (TSX: LUG) based on their potential for volume growth and cash flow improvement, as well as their operational capabilities and reduced geographic risk.
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - October 2024 Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Andrew Bell to discuss his take on Teck Resources Ltd, why he prefers gold over copper and why he favours Air Canada.
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News and Insights - October 2024 Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Andrew Bell to discuss how investors can expand their portfolios within the Canadian market.
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News and Insights - September 2024 In September, the market reacted positively to news that Bombardier Inc. (TSX: BBD.b) CEO Eric Martel had met with the Chairman of the Adani Group to explore possibilities for collaboration in India’s growing aviation sector, specifically in the aftermarket services and repair segment. While talks are in their early stages, they demonstrate Bombardier’s global opportunities and reach.
Cogeco Communications Inc. (TSX: CCA) shares continued to gain traction on management’s updated plans to balance network investments and free cash flow. With improving capital efficiency and growing prospects for dividend growth, investors are once again taking notice.
Other top performers include Shopify Inc. (NYSE, TSX: SHOP), Manulife Financial Corp. (NYSE, TSX: MFC) and Sun Life Financial Inc. (NYSE, TSX: SLF).
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - August 2024 In August, Shopify Inc. (NYSE, TSX: SHOP) reported second-quarter revenue growth that exceeded street estimates and increased its third-quarter guidance. Shopify’s shares should continue to perform well as the company outpaces U.S. e-commerce growth and expands its market share of larger enterprise customers.
Quebecor Inc (TSX: QBR.b) rose in August on better-than-expected wireless additions and evidence that its pricing strategies are stabilizing profitability. With an estimated free cash yield of 14% over the next twelve months, QBR remains undervalued.
Other top performers include Lundin Gold Inc (TSX: LUG), Sun Life Financial Inc. (NYSE, TSX: SLF) and Barrick Gold Corp. (NYSE: GOLD, TSX: ABX).
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - August 2024 Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Amber Kanwar to discuss the health of consumer spending and investing strategies to withstand market weakness.
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News and Insights - July 2024 The Veritas Next Edge Premium Yield Fund’s positions in Agnico Eagle Mines Ltd. (NYSE, TSX: AEM), Wheaton Precious Metals Corp. (NYSE, TSX: WPM) and Barrick Gold Corp. (NYSE: GOLD, TSX: ABX) were among the largest contributors to July’s performance as gold prices rallied more than 4%. All three companies posted
second quarter volume increases that benefitted from higher metal prices, while also advancing their long-term plans for growth.
Cogeco Communications Inc. (TSX: CCA) and TC Energy Corp. (NYSE, TSX: TRP) were also amongst the top performers.
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - June 2024 The Veritas Next Edge Premium Yield Fund’s position in Shopify Inc. (NYSE, TSX: SHOP) was a top contributor to the fund’s June performance. SHOP rebounded in June as U.S. retail sales data strengthened and investors continued to weigh management’s Q2 revenue guidance. Despite near-term economic headwinds and the company’s projected increased marketing spend, we note that SHOP is still growing at a healthy clip, with first-quarter Subscription Solutions revenues increasing 34% year-over-year and Gross Merchandise Value (GMV) up 21%.
Restaurant Brands International Inc. (NYSE, TSX: QSR), Constellation Software Inc. (TSX: CSU), HydroOne Ltd. (TSX: H) and AtkinsRealis Group Inc. (TSX: ATRL) were also amongst the top performers.
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - May 2024 The Veritas Next Edge Premium Yield Fund’s position in Bombardier Inc. (TSX: BBD.b) was its biggest contributor to fund performance in May. At its May investor day, the company laid out its plans to grow its high-margin aftermarket and defense businesses, as well as increase its presence in the pre-owned jet market. Bombardier’s success in building out its backlog and generating free cash flow has created renewed enthusiasm for the company, narrowing its valuation gap against peers.
Shares of Dollarama Inc. (TSX: DOL) continued to gain momentum in May following very strong Q4 earnings in early April. This saw the retailer boost EBITDA by 20% year-over-year on 8.7% same-store sales growth. Dollarama continues to pick up traffic from value-conscious shoppers looking to stretch their budgets in the face of inflationary pressures.
Nutrien Ltd. (TSX, NYSE: NTR), Agnico Eagle Mines Ltd. (TSX, NYSE: AEM) and Rogers Communications Inc. (TSX: RCIb, NYSE: RCI) were also amongst the top performers.
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - April 2024 Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Andrew Bell to discuss how high, sticky inflation is good for commodities, provided the economy continues to hold up.
“Ultimately, we think we’re entering a nice stable period for oil,” Sam said.
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News and Insights - March 2024 The Veritas Next Edge Premium Yield Fund’s positions in Agnico Eagle Mines Ltd. (TSX, NYSE: AEM), Wheaton Precious Metals Corp (TSX, NYSE: WPM) and Lundin Gold Inc. (TSX: LUG) were among the top contributors to Fund performance in March as gold prices crossed US$2,200 per ounce, rising more than 8% on the month. We continue to be constructive on gold prices, given the tight supply and renewed central bank purchases. Gold is also an important hedge against potential inflation and the relative strength of the U.S. Dollar.
At the same time, it is no secret that mining companies are capital and labour-intensive businesses that carry very high operating and geopolitical risks. To counter these negatives, we have chosen our mining picks for their operating consistency and ability to manage costs. We continue to like AEM’s lower-risk mining footprint in Canada, Australia, Finland and Mexico, while WPM benefits from a royalty streaming model that focuses on top-line exposures. The addition of LUG adjusts our positioning towards exploration and development, giving us greater leverage as gold prices rise.
Bombardier Inc. (TSX: BBD.b) and PrairieSky Royalty (TSX: PSL) were also amongst the top performers.
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - January 2024 Constellation Software Inc. (S&P/TSX: CSU) was the largest contributor to fund performance in January. With over $500 million in deals lined up for the first quarter of 2024, CSU’s acquisition strategy shows no signs of slowing. To further its growth, CSU has recently upgraded its credit facility limit from US$840 million to US$1.08 billion and moved the facility to an unsecured basis, which we view as a vote of confidence from its lenders.
Other top contributors included ARC Resources Ltd. (S&P/TSX: ARX), CGI Inc. (S&P/TSX: GIB.a), Suncor Energy Inc. (S&P/TSX: SU) and Loblaw Cos Ltd. (S&P/TSX: L).
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
Visit Next Edge to learn more about the fund and read the full monthly commentary.
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News and Insights - January 2024 Our portfolio manager, Sam LaBell, was a guest on BNN Bloomberg to discuss our outlook for the market for 2024. He also discussed rate cuts, why he likes Air Canada over U.S. airlines and his take on gold companies and banks.
“The consumer in Canada is obviously facing headwinds,” Sam said. “We like stocks here in Canada that have a global outlook because we do see some pockets of strength in the global economy.”
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News and Insights - December 2023 Shares of Bombardier Inc. (TSX: BBD.b) rose in December as the Dubai Air Show kicked off and the company highlighted growing interest in its aircraft for military applications. In early January, BBD closed a contract to sell up to three Global 6500 jets to the U.S. army, each carrying a $75 million list price. We continue to like Bombardier’s prospects and free cash flow potential
supported by its current backlog.
Other top contributors included Manulife Financial Corp. (TSX, NYSE: MFC), Loblaw Companies Ltd. (TSX: L), Canadian Pacific Kansas City Ltd. (TSX, NYSE: CP) and Restaurant Brands International (TSX, NYSE: QSR).
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation, and uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - November 2023 The top contributor to the fund in October was Alimentation Couche-Tard Inc (TSX: ATD), which rose after unveiling an updated five-year plan at its October Investor Day. The plan anticipates double-digit EBITDA growth, driven 75% by organic initiatives and 25% by potential acquisitions. On the organic side, the ongoing roll-out of Fresh Food and private labels are pushing up C-store margins, while ATD continues to enjoy very strong fuel margins. ATD remains a best-in-class operator in the retail fuel business.
Other top contributors included Tourmaline Oil Corp (TSX: TOU), Fortis Inc (TSX: FTS), Wheaton Precious Metals Corp (TSX, NYSE: WPM) and Agnico Eagle Mines Ltd (TSX, NYSE: AEM).
As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation, and uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.
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News and Insights - October 2023 Our portfolio manager, Sam LaBell, was a guest on BNN Bloomberg to discuss our outlook for the market.
Individual stocks discussed included Agnico-Eagle Mines Ltd. (NYSE, TSX: AEM), RioCan REIT (TSX: REI.un), Fortis Inc. (TSX: FTS), TransAlta Corp. (TSX: TA), Canadian Natural Resources Ltd. (NYSE, TSX: CNQ), Suncor Energy Inc. (NYSE, TSX: SU) and Cenovus Energy Inc. (NYSE, TSX: CVE).
Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba.The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change.
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News and Insights - October 2023 Our portfolio manager, Sam LaBell, was a guest on BNN Bloomberg to discuss our outlook for the market. He discussed the health of Canadian and U.S. consumers and economies, as well as the third-quarter results for Canadian Pacific Kansas City Ltd. (NYSE, TSX: CP).
Sam said he is looking beyond the short-term issues the railway had this quarter, such as with the Port of Vancouver strike.
Railway stocks are usually correlated with the economy, but in the case of CPKC, it has many opportunities to improve its operations after its merger with Kansas City Southern. “We’re looking for self-help opportunities or things that that company can do that other companies cannot that can give them a better performance and outrun any headwinds that might arise.”
Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change
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News and Insights - August 2023 Sam LaBell, our Portfolio Manager, was on BNN Bloomberg with Amber Kanwar discussing his views on the market, as well as long and short positions.
• Canadian Tire’s (TSX: CTC.a) weak sales and financial services exposure;
• Brookfield Corp.’s (NYSE, TSX: BN) problems in real estate;
• Of the Big Six Canadian banks, why Canadian Imperial Bank (NYSE, TSX: CM) and Bank of Nova Scotia (NYSE, TSX: BNS) are the weakest;
• Why Air Canada (TSX: AC) looks fully valued.
Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba.The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change
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News and Insights - August 2023 Sam LaBell, our Portfolio Manager, was on BNN Bloomberg with Amber Kanwar discussing his views on the market, as well as long and short positions.
• Why he has a cautious outlook for the TSX;
• The biggest challenge for Shopify Inc. (NYSE, TSX: SHOP);
• Why there is pressure on Canadian bank earnings;
• Sectors that we like, including Consumer Staples (grocers), REITs and Utilities.
Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change
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News and Insights - September 2022 We launched our Veritas Absolute Return Fund three years ago to action the long and short ideas of our sister company, Veritas Investment Research Corp. Last year was a strong one for the fund as it is a Top Contender for a 2022 Canadian Hedge Fund Award in the Equity-Focused 1-Year Return category. Not that long ago, Canada’s hedge fund space was small and niche. But not anymore, with 246 Canadian hedge funds considered for a 2022 CHFA. The awards will be presented on Tuesday, November 22, 2022, at a gala awards dinner at One King West Hotel in Toronto.
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News and Insights - December 2021 This article in The Globe & Mail featured long/short ideas of Veritas Asset Management, noting our funds have been bearish on the overvaluation of renewable energy companies (such as TransAlta Renewables Inc.) relative to energy companies pivoting from fossil fuels to renewable energy (such as TransAlta Corp.). “Coal, oil and gas producers are out of favour with investors that have embraced the ESG movement,” said Sam La Bell, an Advising Representative and Director at Veritas Asset Management. “Yet, many are transitioning to renewables and have strong cash flows; moreover, wind, solar and other renewable energy companies have production risks because the wind doesn’t always blow and the sun doesn’t always shine.”
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News and Insights - March 2021 This Morningstar article profiles the performance of the top-10 Canadian liquid alternative funds in the tumultuous year ended January 31, 2021, including the Veritas Absolute Return Fund.
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News and Insights - September 2020 Veritas President and CEO Anthony Scilipoti discusses how companies will adjust their office footprint after the pandemic and that this will pressure rent.
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News and Insights - April 2020 This Morningstar article notes that the Veritas Absolute Return Fund has posted consistent positive returns in the downturn and since inception.
Read moreThe information contained herein is for general information purposes and does not constitute a solicitation for the purchase or sale of securities. The full details of the Fund, its investment strategies and the risks are detailed in the Fund’s current simplified prospectus and fund facts document, copies of which may be obtained from Sedar, your dealer, Veritas Asset Management Inc. (“VAM”) or at Veritasfunds.com. Please read the prospectus before investing. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. The performance of the Fund is not guaranteed, unit values change frequently and past performance may not be repeated. Performance is presented in Canadian dollars, unless otherwise stated, and is net of fees of Series F units of the Fund. VAM is an affiliate of Veritas Investment Research Corporation (“VIR”) by virtue of being under common control that may also from time to time have certain common directors, officers and/or employees. VIR produces and issues independent equity research regarding public issuers to investors and other capital markets participants. VAM is a client of VIR and receives research reports from VIR at the same time as VIR’s other clients. VIR and VAM have implemented policies and procedures to minimize the potential for and to address conflicts of interest, which are available upon request.
Some information may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that Veritas Asset Management Inc., the Portfolio Manager, or any affiliates thereof (the ‘Companies’) believe, expect, or anticipate will or may occur in the future (including, without limitation, statements regarding any targeted returns, projections, forecasts, statements, and future plans and objectives of the Companies) are forward-looking statements. These forward-looking statements reflect the current expectations, assumptions or beliefs of the Companies based on information currently available to the Companies. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Companies to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Companies.
For a list of factors that could cause actual results or events to differ materially from current expectations, please refer to our Prospectus and the section ‘Risk Factors’. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Companies disclaim any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Although the Companies believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.