Past Investment Successes
The Path We Take
The best way to understand how we invest and the type of companies we use to construct our portfolios is to show you.
While they span differing industries, they are unified in meeting our standards for:
Sustainably Growing Business Model
Management We Trust
Long-term Growth Opportunities
Reasonable Valuation
Cargojet
Cargojet is the largest overnight cargo airline, serving B2B and E-commerce shipments across Canada and international charter cargo flights.
Why we like it:
Given Canada’s large size but relatively small population, Cargojet’s large fleet provides the most cost effective and reliable network for customers, effectively discouraging competition. With E-commerce continuing to grow, we see strong growth potential for the company long term.
Management:
Started by experienced mgmt in 2002, they are aligned with shareholders with >$100 Million in equity ownership.
Waste Connections (WCN)
Waste Connections (WCN) is the third largest waste and recycling services company with operations across Canada & the US.
Why we like it:
Waste Connections has grown from a small founder-run company to a leader in the industry by following a consistent and value-creating strategy of acquiring in less competitive markets. This has benefited the company with industry-leading margins and return on capital, which provides free cash flow for doing more deals.
Management:
WCN’s founder, Ron Mittelstadt, is still a major shareholder and chairman of the company. His philosophy of ownership permeates through the company through a robust profit sharing plan.
StorageVault
StorageVault is one of Canada’s largest operators of Self Storage centres.
Why we like it:
Self-storage is an emerging and attractive class of real estate. With growing demand as homeowners live in smaller spaces, and limited new supply, self-storage rents have been increasing at rates higher than most other asset classes. At an average monthly rate of $100-200/month, even 5-6% increases can easily be absorbed by tenants.
Management:
Management and Founders are veteran real-estate operators and acquirers. They are aligned with shareholders, holding 36% of the company.
Brookfield Asset Management (BAM)
Brookfield Asset Management (BAM) is a leading global Alternative Asset Manager investing in Real Estate, Infrastructure, and Private Equity.
Why we like it:
Alternative assets are a growing asset class for many investors looking for higher returns, lower volatility and longer asset lives than they can find in the public markets. BAM’s strong investment capabilities continue to help them source differentiated opportunities versus their peers and should drive strong growth in assets under management for many years. As a shareholder, BAM presents a unique opportunity to participate in the growth & return of alternative assets in a public vehicle.
Management:
Brookfield’s management team is deeply aligned with shareholders as their compensation and the majority of net worth is invested in Brookfield shares.