Veritas Canadian Equity Fund

A concentrated portfolio of high-conviction, high-quality, cash-generating companies with attractive long-term prospects.

Portfolio Objective

The investment objective of the Fund is to provide Unitholders with long-term capital growth earning enhanced risk adjusted returns relative to the S&P TSX Composite Total Return Index by investing in a portfolio comprised primarily of the securities of Canadian companies.

To achieve the investment objective, the Fund will invest primarily in the securities of publicly traded Canadian companies, but may also invest in other securities. The Fund will invest in a concentrated portfolio of securities selected by the Portfolio Manager based (in part) on the recommendations of Veritas Investment Research using fundamental analysis utilizing forensic accounting-based principals. In constructing the investment portfolio of the Fund, the Portfolio Manager will seek to minimize volatility.

Why Invest With Us

Driven by award winning research.

High-conviction concentrated portfolio.

Low market correlation.

Index and sector agnostic.

Low turnover portfolio.

Strict risk management.

The Fund Details

* as at March 28, 2024
  • Fund Code

    VAM 201

  • Inception Date

    May 1, 2018

  • Minimum Investment

    $1,000 initial / $500 subsequent

  • Type

    Fee based

  • Management Fee


  • Firm AUM

    $101.4 million

  • Total Assets (All classes)

    $33.7 million

  • Total Number of Holdings


  • Related Parties AUM

    $7.7 million

  • Category

    Canadian Equity

  • Distribution Frequency

    Annually if any

  • Volatility Risk Profile



Growth of $10,000 (since inception date)

Monthly Commentary

Class F of the Veritas Canadian Equity Fund returned 5.0% in March versus 4.1% for the S&P/TSX Composite index.  The Fund’s three-year annualized return at March 31, 2024 is 9.3% exceeding the 9.1% posted by the S&P/TSX, with 19% lower volatility.

The Fund’s position in Agnico Eagle Mines Ltd. (TSX, NYSE: AEM) was the largest contributor to fund performance in March as gold prices crossed US$2,200 per ounce, rising more than 8% on the month.  With operations in in Canada, Australia, Finland and Mexico, we continue to like Agnico’s lower risk mining footprint which provides stable production and greater cost certainty.



The second largest contributor to fund performance during the month was Bombardier Inc. (TSX: BBDb).  In March, the company successfully lowered the cost on its debt with a new US$750 million offering of senior notes priced at a 7.25% coupon.  Also notable, BBD’s controlling shareholder families announced that the next generation of Bombardiers, Bissonnettes, Beaudoins and Fontaines are taking over as representatives of the family block of shares.

Our goal is to buy the best companies in sectors where we identify positive investment catalysts while avoiding poorly positioned companies in challenged industries. We evaluate each company’s ability to navigate good and bad economic environments, looking at the sustainability of cash flows; balance sheet strength; financial reporting transparency and governance.



To view data for a specific year, we have made the legend clickable


Equities (%)97.96
Cash (%)2.04
Volatility Risk ProfileMedium


YTD1 Month1 Year3 Year5 YearInception
VCE-F (%)7.735.0113.499.277.797.94
S&P/TSX (%)

Top holdings

Top Ten HoldingsTicker% Weight
Canadian Natural Resources Ltd CNQ.TO4.27
Wheaton Precious Metals Corp. WPM4.14
Agnico Eagle Mines Ltd AEM.TO4.11
Air Canada AC.TO4.07
Maple Leaf Foods Inc. MFI.TO3.87
Canadian Pacific Kansas City Ltd CP.TO3.73
TFI International Inc. TFII.TO3.60
RioCan Real Estate Investment Trust REI_u.TO3.53
AltaGas Ltd ALA.TO3.50
Dorian LPG Ltd LPG3.45

Risk measures

1 Year3 Year5 YearInception
Fund Sharpe Ratio
Index Sharpe Ratio 0.870.610.810.54
Fund Volatility (%)
Index Volatility (%) 12.8013.3216.2815.30
Best Month (%) 5.015.8711.9611.96
Worst month (%) -3.53-7.37-13.70-13.70



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 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.

The S&P/TSX Composite Total Return Index is a Canadian dollar denominated, capitalization-weighted index that includes the largest float-adjusted stocks trading on the Toronto Stock Exchange, subject to inclusion criteria. The index provides the broadest representation of market-weighted returns for large capitalization Canadian-listed stocks, including reinvested dividends, making it an appropriate index for diversified portfolios that invest primarily in Canadian stocks, such as the Veritas Canadian Equity Fund. Contact Veritas Asset Management Inc. for more information regarding comparative indices.

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.