MAYBVM

312 313 from the Asper School of Business at the Univer- sity of Manitoba and a few summer students, too. Together, they serve more than 20,000 clients across Canada. Nearly half of that client base is made up of households with account minimums of $500,000, which is more than 10 times the industry average. The corollary of that is Value Partners has established itself with older, more established investors. “In the beginning, you have to make a deci- sion about the types of advisors you’re going to work with as a company,” Filmon avers. “Most of our competitors want to work with every advisor and end up having every product in the world. We want to work with the best advisors in the country because they have the best clients. So, we don’t have 300 different products.We have a small handful of pools that we believe are best suited for those people to achieve their goals. Transparency, combined with good investment decision making, good communication and work- ing with great advisors, has led us to our level of success that we have today.” So, what kind of success is he talking about? Just 12 years after hanging up their shingle, VPI has amassed more than $2.5 billion in assets under management. It has been recognized by, among others, Profit magazine on its annual list of Canada’s 500 Fastest-Growing companies. According to its criteria of five-year revenue growth, Value Partners has qualified for the last three years. Last year, it was ranked No. 369 with growth of 140 per cent. Along the way, VPI has created more than $650 VALUE PARTNERS INVESTMENTS PATIENT CAPITAL MANAGEMENT INC. is an independent investment management firm with the sole purpose of preserv- ing and growing wealth. As stewards of investment capital we consider our first and primary obligation to be fiduciaries of our clients’ investments. We employ an investment strategy an- chored in absolute value and will not stray from our long-term goal in order to meet relative short-term performance. INVESTMENT PHILOSOPHY PCM’s investment philosophy is based on long-term absolute value. The objective of our investment philosophy is to focus on the preservation of capital while earning superior rates of return. PCM’s mandates allow for substantial cash balances to accumulate if securities cannot be found that meet our very high standards of quality and return potential. PCM’s portfolios are constructed entirely on a bottom up basis. Each investment is analyzed through a very independent and rigorous analytical approach. Historical annual reports are analyzed to determine balance sheet strength, sustainability of cash flows and profitability. A very important component of the analytical process is an assessment of the company’s account- ing policies. A considerable amount of time is spent attempting to estimate “intrinsic value” through the use of discounted cash flow models and traditional valuation measures such as price/ earnings ratios and price/book ratios. New investments are only purchased if PCM’s criteria for high quality fundamental characteristics such as superior returns on capital, substantial free cash flow and low debt are present as well as a security price that is trading at a substantial discount to PCM’s estimated intrinsic value. We believe that our investment philosophy is very different from virtually every other Canadian investment counsellor. Because our clients do not require us to be fully invested we do not have to compromise our standards for quality and price in order to meet a fully invested mandate. In addition, PCM portfolios are concentrated and will hold a maximum of twenty securities. P CM_Fullpage_Ad_outline-bleeds.pdf 1 4/9/2018 3:12:19 PM www.patientcapital.com info@patientcapital.com