Investment Philosophy


At Veritas Asset Management, we think the key to finding great investment opportunities is conducting in-depth research on a company’s revenue generation, accounting practices, income and cash flows. We take the time to read the detailed filings, analyze competitor data, review corporate presentations, meet with management, and speak to competitors. Our process establishes a clear view of a company’s prospects and value, enabling us to take advantage of undervalued or overvalued securities.

Core Values
  • Always put Investors first
  • Hire, train, and develop the best people
  • Lead with fundamental and accounting based analysis
  • Turn facts and ideas into actionable investments
  • Strive for objectivity, conviction, and investment discipline



We believe that active management is the key to reducing volatility, lowering risk and maximizing returns. We use a bottom-up approach to stock selection, with a macro overlay to aid in sector allocation. We maintain diversified holdings with position weightings driven by our conviction level, allowing us to benefit from market volatility and identify attractive entry levels.

We scan the universe of Canadian and U.S. stocks for opportunities that meet our investment criteria, with a view to investing in the best ideas from Veritas Asset Management and our affiliate Veritas Investment Research. We conduct extensive research and due diligence on every potential investment. This includes a review of filings; earnings calls and corporate presentations; GAAP and non-GAAP reporting; earnings; cash flows; balance sheet strength; and debt arrangements.  We evaluate each company’s management team, strategy, day-to-day operations and corporate governance.

What we look for:
  • A strong investment case: Our thesis includes a detailed evaluation of catalysts, time horizons and investment risks.
  • Sustainable cash flows: We closely monitor industry conditions, business risks and strategic execution to evaluate prospective cash flows and long-term returns.
  • Capital appreciation: We buy at a discount to our estimated intrinsic value, which we base on free cash flows, anticipated future growth and required risk-adjusted returns.
  • Management discipline: Top performing companies consistently allocate capital to drive shareholder returns.

What is a Liquid Alternative Fund?

A liquid alternative fund is an investment vehicle that delivers an alternative to traditional long-only strategies within a conventional mutual fund structure. Liquid alternative funds use a variety of investment strategies such as long-short equity, market neutral, or global macro, to generate returns that are uncorrelated and independent of traditional asset classes like stocks and bonds.

Liquid alternative funds offer a tool for investors seeking to improve returns and reduce overall portfolio volatility. The daily liquidity of these funds also allows investors to easily buy or sell units, making them competitive with other investment alternatives. These funds are increasingly popular with investors looking to diversify their portfolios and improve their long-term investment performance.

Advantages of the Veritas Absolute Return Fund

Our liquid alternative fund is able to take long and short positions while managing risks and generating income using derivatives. This makes our performance less volatile and less correlated to the market, offering diversification and downside protection in a variety of market conditions.

Low Correlation

The Fund’s strategy delivers low correlation to traditional equity and fixed-income markets, which reduces overall portfolio volatility and enhances diversification.

Less Volatility

Our liquid alternative fund has produced competitive returns at greatly-reduced levels of volatility over time.

Got Questions? We have answers

What are your exposure limits?

Individual investments are generally less than 6% of our fund’s NAV and have a hard limit of 10%. Up to 30% of our Canadian Equity Fund may be allocated to U.S. stocks and ~40% of our Absolute Return Fund. We review sector exposures if they exceed or underweight the benchmark by more than 10%.

What is your typical cash allocation?

We look to remain fully invested but may hold additional cash during periods of elevated market risk. In our Absolute Return Fund, cash positions are typically set by decisions on aggregate short positions and net market exposure.


The 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.

Cautionary Note Regarding Forward-Looking Statements

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.