Daily Net Asset Values

Updated May 16, 2013

Pooled Funds
Canadian Bond Fund Profile
Class A10.60070
Class E10.51400
Class F10.53530
Class D10.51650
Canadian Balanced Fund Profile
Class A15.89380
Class E15.96090
Class F15.94020
Class B15.88030
Class D15.87850
Canadian Small Cap Fund Profile
Class A28.77970
Class E28.81170
Class F28.84650
Class B28.99220
Class C28.89130
Class I28.72390
Canadian Equity Fund Profile
Class A11.46850
Class E11.56940
Class F11.59680
Class B11.57980
Class D11.55750
Canadian Income Fund Profile
Class E10.96210
Class F10.97270
Class D10.98160
Global Equity Fund Profile
Class A10.87970
Class E10.88810
Class F10.90900
Class B10.87000
Class C10.85000
Class I10.82820

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Ian Cooke
Vice-President & Portfolio Manager
CFA (2004), CFA Institute;
BComm, University of Calgary (2001)

This Time is No Different: Avoid Complacency

May 10th, 2013

We’ve been uncomfortable equity and corporate bond bulls for over four years now.  Early in our stance, discomfort spawned from headline after headline related to the credit crisis and economic recession. Investor sentiment was downright awful, reflected by corporate bond spreads that offered record wide yields and stocks trading near ...

Ryan Watson
Research Associate
BA(Econ), University of British Columbia (2004)
MBA, Sauder School of Business (2009)

Big Bets on Canadian Banks

May 3rd, 2013

In reporting our quarterly performance to clients we are often asked where we see opportunities in the market. With the materials sector off 22.9% year-to-date our screens find plenty of value in this space, but our fundamental analysis finds little quality. Another area of the market where we see opportunity ...

Joe Jugovic
President & Chief Executive Officer
CFA (2001), CFA Institute;
BA (Econ), University of Calgary (1994)

Quality companies...at a price.

April 26th, 2013

As most of our readers know the Q in QV Investors stands for quality.  Our goal is to build high quality diversified portfolios which both protect downside and provide an adequate total return.  That all sounds nice, but really what is “quality” and why does it matter?

Clement Chiang
Research Associate
BEng (2005), Carleton University
MBA (2009), Sauder School of Business

Printing Imbalances

April 19th, 2013

With a stroke of its pen, the US Federal Reserve is expanding the monetary base through its purchases of treasuries and mortgage-backed securities (MBS) at a clip of US$85 billion a month.  Akin to Bernanke and Co., the Bank of Japan has followed suit with its recently announced policy to ...

Darren Dansereau
Vice-President & Portfolio Manager
CFA (2001), CFA Institute;
BComm, University of Alberta (1996)

High Quality & Good Value - "Metro and Me"

April 12th, 2013

The focus in the media has been what is going to happen with global growth.  There are many companies in the Canadian market that are not dependant on global macroeconomic factors, which is where we have had large positions over the last number of years in our Funds.  One of ...

Leigh Pullen
Chairman & Chief Investment Officer
CFA (1975), CFA Institute

Reflexivity

April 5th, 2013

Sometimes our expectations become our behavior.  William Thomas said that “the situations that men define as true become true for them.” 
Reflexivity asserts rising prices influence behavior, create rising expectations, and that price change becomes self-reinforcing.  Well, until it is not.

Steven Kim
Research Associate
BA (2006), Simon Fraser University
MBA (2011), Sauder School of Business

Mergers & Acquisitions: Critical Contemplation

March 22nd, 2013

In this past year, roughly a third of the holdings in the QV Canadian Small Cap Fund have participated in varying degrees of merger and acquisition (M&A) activity. Terms like ‘accretive’, ‘transformational’, and ‘tuck-in’ are commonly used adjectives in press releases and analyst research notes to describe this activity.  QV ...

Mark Dyki
Trader/Risk Analyst
BComm, University of Calgary (2008)

Aloha!

March 8th, 2013

I, Mark, have recently come back from a holiday in Hawaii.  It was far from relaxing.  We did everything from whale watching to horseback riding to poking lava with a stick.  It is nice to be back to the relaxing world of trading stocks in turbulent times.

Wendy Booker-Urban
Senior Vice President
BA (Econ), University of Manitoba (1989)

A Wish List for 2013

January 11th, 2013

In keeping with the spirit of the New Year, and our natural affinity for making resolutions, we offer our own wish list for 2013.  Unlike resolutions where we have some control over the outcome, we cannot control these outcomes. It never hurts to hope that our wishes may eventually come ...