January 2017

Why we are not owners of Canadian banks today

Stephen Groff's picture

Our supporters know we are bottom-up stock pickers and as a result our portfolios can often look very different than well-known indices or peers. One material difference which leads to a lot of questions is why we don’t hold any Canadian banks in our portfolios. We thought it would be helpful to lay out a few of the reasons and give some insight as to why we have historically found more attractive opportunities south of the border (U.S. financials had been some of our largest positions in a number of funds until recently.)