Portfolio Construction – Finding Value in Canadian Growth
My career began within the financial services group at Ernst & Young and while three years of rigid audit tasks left little room for creativity, they provided a sound foundation in financial statement analysis and, given my client focus, an introduction to the capital markets. After obtaining my chartered accountant (CA) designation, I joined Macquarie Capital Markets as an associate working in equity research and built a solid base in fundamental stock analysis as I progressed to an analyst position. My experience then led me to Sentry Investments, to research North American equities through a long-term lens. My preference for growth-oriented stocks developed naturally since earnings, or more specifically, free cash flow, is what determines long-term value. As Peter Lynch said in his classic book One Up on Wall Street, “If growth in earnings is what enriches a company, then what’s the sense of wasting time on sluggards?” I share the same view and have focused my time on growth since becoming a portfolio manager in 2018.
