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Portfolio management

Investment process


Risk averse philosophy is embedded in a process driven approach to investing.

Our process can be distilled into the following:

  • Determine quality of the business, management and financials
  • Estimate value drivers following analysis of the company and sector
  • Evaluate risk factors and earnings sensitivities
  • Calculate intrinsic value of the entity
  • Determine a discount to intrinsic value before investing
  • Wait patiently for the market to deliver our price to us.
  • Goal is to be fully invested but are more than willing to hold cash when we cannot find enough investments that meet our criteria
  • Hold a concentrated portfolio with a maximum of 35 names
  • Limit investments to companies that meet our investment quality criteria
  • Avoid quantitatively cheap business that do not have other significant positive industry, management, financial and governance attributes
  • Focus on a company’s cash generation and capital productivity. Stewardship of free cash is critical

Our Model Portfolio will demonstrate how including a few well-chosen international and emerging market equities can enhance the returns on the portfolio while limiting risk. Our total international exposure is 20%, of which a portion is allocated to emerging markets in varying proportions.

Book a free consultation with Aaron Chaze

Investment Returns


VAM’s primary return goal is to generate an absolute positive return in excess of inflation over a 3-5 year time horizon, i.e. an average market cycle.

  • We believe that by focusing on quality companies we accrue attractive returns relative to benchmarks over the long term.
  • The odds of earning superior returns improve by investing only when we purchase these quality companies at a discount to our estimate of its intrinsic value.


Implemetation, Access and accountability

  • Assets held in clients name and protected by Canadian Investor Protection Fund (CIPF)

Cash and securities held by an independent custodian (Raymond James)

  • Registered (RRSP & TFSA)/ Non-registered account opened at Raymond James Ltd.
  • Cash or securities easily transferred from other banks or brokers
  • Client has 24/7 online access to composition of portfolio
  • Custodian sends monthly statements directly to client

Vulcan only has discretionary authority over portfolio allocation

  • Vulcan allocates funds held in account to cash or securities consistent with its model portfolio(s)
  • Vulcan has no ability to access amounts being transferred into or out of account
  • Authority over deposits and withdrawals remains with the client

Vulcan sends quarterly updates to clients

  • Performance summary
  • Market views and portfolio commentary


    Download the Vulcan Investment Brochure

    Contact us

    Vulcan Investments

    1-57 Lakeshore Road East

    Mississauga, ON

    L5G 1C9


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