CI Investments
Experience. Strength. Diversity.
 Established in the early 1960s, CI provides a wide variety of investment products to investors by partnering with financial advisors and institutions across Canada. Since its inception, CI has launched new and innovative products, and increased the breadth and depth of product and portfolio management expertise available to clients. As a result, CI has grown to manage over C$58 billion* in assets. More than 2 million Canadians trust CI to help realize their financial goals.
Harbour Advisors
Founded in 1997, Gerry Coleman and Stephen Jenkins have guided the Harbour Funds to strong long-term performance compared to their peer funds. Harbour Advisors aim to achieve above-average long-term growth while preserving their capital base. The managers focus on identifying high-quality businesses and buying them at a sensible price. Harbour is known for its concentrated portfolios and its patient long-term outlook. The team manages over C$14 billion* in assets on behalf of CI Investments.
Harbour Advisors is a division of CI Investments Inc.
Investment style
Equity style
The Harbour investment philosophy is, in essence, a “growth” philosophy with a strong “value” bent. Harbour managers strive to invest in easy to understand, quality businesses with promising futures. However, they are only interested in doing so if, at the time of purchase, the subject company is available at a sensible price.
Individual companies selected for investment typically and ideally possess some or all of the following characteristics:
- Healthy cash flows
- A strong balance sheet
- A leading industry or niche position
- Proven management
- Good future growth prospects
Foreign currency exposure is fully hedged.
Fixed-income style
Fixed-income securities are purchased solely for yield, not capital appreciation. Focus is on interest rate risk, inflation and relative valuation versus equity. Harbour’s fixed-income portfolio has a high-quality bias.
Management style
- Growth at a reasonable price (GARP)
Synergy Asset Management
Synergy Asset Management is an employee owned portfolio management boutique. The firm manages approximately C$4 billion* in assets and focuses on earnings momentum and growth strategies with expertise in Canadian, US and global equities. Two of the Manager’s principals, David Picton and Michael Mahoney, were founding partners of Synergy Asset Management in 1997. Synergy Asset Management manages several mandates for CI Investments Inc.
Investment style
Equity style
Synergy Asset Management defines their growth/momentum strategy as the pursuit of companies exhibiting the best positive changes in fundamentals. The outlook for a company is important, but a change in that outlook is critical to the company’s share price performance. Their research has shown that relative fundamental change is a key driver of relative share price performance. This is due to the tendency of companies generating positive fundamental change and/or earnings acceleration today to continue doing so in the future as well. The opposite is true in that companies generating negative fundamental change today tend to continue doing so in the future and should thus be avoided.
Management style
- Earnings momentum blending quantitative and fundamental analysis.
Tetrem Capital Management Ltd.
Tetrem Capital Management is an investment management firm headquartered in Winnipeg, Manitoba. Established in February 2004, by President and Chief Investment Officer Daniel Bubis, Tetrem’s money management services focus on Canadian and U.S. equities, rooted in their long-standing contrarian value style. The firm has approximately C$4.5 billion* in assets and manages several mandates for CI Investments Inc.
Investment style
Equity style
Tetrem is a value investor. Their primary focus is seeking out and investing in undervalued companies. They do so by understanding and incorporating various tenets such as reversion to the mean and margin of safety when making investment decisions.
It is Tetrem’s belief that investing is a probabilistic art and science. Through a combination of empirical analysis and rational thought they find the courage and conviction to invest in a disciplined manner that tilts the odds of good performance in their clients’ favour. The use of quantitative models coupled with a well defined and methodical fundamental research allows them to keep a clear and steady mind in chaotic markets.
Management style
- Bottom-up, value with a disciplined, contrarian approach
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