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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 withdrawls remains with the client

Vulcan sends quarterly updates to clients

  • Performance summary
  • Market views and portfolio commentary


*Disclosure around portfolio performance


  1. Performance includes the time period prior to May 16 2014, before Vulcan was granted registration as a portfolio manager (PM)
  2. Vulcan uses the same fully funded investment portfolio to calculate returns pre and post registration as a PM. There has been no change in the investment strategy since inception
  3. Aaron Chaze has managed the portfolio since inception
  4. The portfolio benchmar comprises 70.0% MSCI AC World Index, 30.0% DEX Universe Bond Index
  5. We also compare against the MSCI AC World and the TSX Composite Index since the investment strategy is global and since clients are Canadian dimiciled
  6. Returns are gross of fees
  7. Past Performance Does Not Guarantee Future Performance
Download the Vulcan Investment Brochure

Contact us

Vulcan Investments

1-57 Lakeshore Road East

Mississauga, ON

L5G 1C9


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