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Canadian Equities

Generating above-index returns by constructing portfolios comprised of securities trading at a discount to our estimate of underlying intrinsic value
Home Investment Solutions Equities Canadian Equities
  • Canadian Equities
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  • Why?
  • Our Philosophy
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  • Why?

    Top Reasons for Choosing Addenda Capital to Manage your Canadian Equities

    • Research is our Strength - We conduct extensive fundamental industry and company level research with discipline and rigor.
    • Our emphasis is on valuing all sources of future free cash flow that will accrue to common shareholders and constantly comparing this to market prices to allow a relative ranking of market price to underlying intrinsic value.
    • We are not generalists - Our team of Portfolio Managers is made up of seasoned investors that are specialists in their areas of expertise. We focus not only on calculating underlying valuation but also strive to understand the drivers of the mismatch between market prices and our valuation.
    • We embed sustainable investment into our research and valuation process, and maintain a significant database of ESG factors for all of the companies we monitor and research.
  • Our Philosophy

    We believe that:

    • Day-to-day market activity can create significant opportunities as security prices deviate from underlying value.
    • Diligent, in-depth, independent, insightful, and disciplined research creates strong conviction in the underlying intrinsic value of companies in our investment universe.
    • Constructing portfolios of stocks with the most attractive price-intrinsic value relationship will generate superior returns over investment cycles.
  • Our Process

    We use a four-step process to evaluate and select Canadian Equity investments:

    • Research
      Detailed fundamental research at both an industry and company level to assess a company’s ability to generate free cash flow in the long term. Our analysis is based on a mosaic of information, including interviews with management teams, competitors and industry consultants, as well as macro economic factors and ESG (environmental, social, governance) variables. The primary output of our research activities are detailed financial models of each company we consider investing in.
    • Intrinsic Value
      Financial modeling that delivers the inputs required for our 4-stage Discounted Cash Flow model, the output of which is our estimate of a company’s underlying intrinsic value.
    • Ranking Investment Opportunities
      Ranking all companies under coverage by discount to intrinsic value, utilizing current share prices.
    • Portfolio Construction
      The output of our price-intrinsic value rankings combined with appropriate risk controls are the primary factors utilized in the construction of client portfolios.
  • Our seasoned team of portfolio managers is a competitive advantage that allows us to deliver superior returns for our clients.
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    Kim Chafee
    Vice President and Co-Head, Canadian Equities
  • The Concentrated strategy embodies our team’s highest convictions, leveraging our decades of experience and bottom-up analysis.
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    Todd Kapala
    Vice President and Co-Head, Canadian Equities
  • We work diligently to interpret meaning in this era of information overload. There is no substitute for careful research.
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    Barbara Betanski
    Senior Portfolio Manager, Canadian Equities
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  • Well-tailored solutionsWell-tailored solutions

    Well-tailored solutions

    We build highly personalized multi-asset investment solutions that meet the return requirements and long-term objectives of institutions and high-net-worth individuals.
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  • Sustainable InvestingSustainable Investing

    Sustainable Investing

    At Addenda Capital, sustainable investing is not an afterthought; it’s part of our DNA. It makes us better investors and enables a better future.
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  • Insight & NewsInsight & News

    Insight & News

    Stay abreast of our economic views, research insights and investment thoughts.
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    • What is Sustainable Investing?
    • Sustainable and Impact Solutions
    • Sustainable Investing Team
    • Sustainable Investing Committee
  • Insights & News
 

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