I hope everyone had an enjoyable holiday season. We are excited to be starting into another year of working hard to bring value to our clients. I have some important announcements regarding the small-cap team, and I also want to highlight some recent additions to the portfolio we are excited about for 2020 and beyond.
You are all likely well aware that, over the last 18 months, we have made changes to enhance the investment team structure. This has given us the ability to focus in specific areas (Canada, global large-cap, global small-cap and fixed-income) compared to a generalized pool of analysts.
Jordan McNamee was the first to officially become a member of the Cambridge Global Small-Cap team. Jordan joined Cambridge in 2014, and while I don’t need to go over all his contributions to the portfolio, suffice to say they have been significant. Late last year we welcomed the addition of Arty Phillips and offered a full-time role to a co-op student who is finishing up his studies at Concordia this year (he’ll be joining us in May 2020). With this team, I’ve decided to allocate our research efforts regionally. Jordan is heading up small-cap research in the U.S.; Arty is covering Europe and our new team member will be focused on Asia. This decision has already allowed for a more streamlined and focused research effort.
We are pleased to say that we have hit the ground running in 2020. I just recently returned from a research trip to Switzerland and Austria, where I met with close to 20 companies. Arty also returned a few weeks ago from time in Germany and the U.K., where he met with an additional 20 companies. We believe that in order to add value in the small-cap space, we need to understand the local market, because the information is not as readily available in small-cap companies as it is with large-cap companies. This has been our approach within Canada since 2011 and one that has proven successful. Expect to hear much more about our travels and findings as we scour the developed world for “world class cash machines.”
Speaking of which, I wanted to highlight a couple of the larger and newer ideas in the portfolio that we think are well positioned to create significant value in 2020 and beyond:
(You can also access the video through this link.)
I hope you enjoyed the above video podcast. Please feel free to send us your feedback so we ensure that our blogs and podcasts remain relevant to you. Stay tuned for my annual letter recapping 2019, which will be out in a couple weeks.
Here’s to an exciting and prosperous new year!
Greg Dean, Principal and Portfolio Manager
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Published February 3, 2020.