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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The BA Beutel Goodman U.S. Value Fund employs a fundamental, bottom-up investment process to find high-quality companies with durable free cash flows trading at deep discounts to their intrinsic value. During Q1 2026, the fund posted a negative absolute return and underperformed its Russell 1000 Value benchmark due to drag from its software exposure and a zero weight in the outperforming energy sector. Major contributors during the period included Wabtec, Merck, and Applied Materials, while detractors included software holdings like Amdocs and Gen Digital amidst broader market concerns over AI disruption. Rather than adjusting to macro trends, the managers remain disciplined, recycling capital from fully-valued holdings into newly initiated positions with attractive risk-reward profiles, such as Wells Fargo, Union Pacific, and Becton Dickinson. The fund maintains significant overweights in Health Care, Industrials, and Financials, while avoiding Energy, Real Estate, and Utilities entirely, remaining committed to a long-term quality and value framework despite short-term market volatility.
The fund utilizes rigorous bottom-up, fundamental research to invest in companies with strong balance sheets and stable businesses trading at a meaningful discount to the present value of their sustainable free cash flow.
The manager expects that adhering to a long-term, disciplined value-and-quality investing framework will prove highly relevant as markets refocus on fundamental price discovery. They intend to focus on individual company prospects, capitalizing on market volatility to systematically recycle capital out of fully valued names into high-conviction ideas with robust balance sheets and durable cash flows.
As of Mar 31, 2026
The fund is managed by Glenn Fortin and Rui Cardoso, both serving as portfolio managers since the fund's inception on November 30, 2020. Rui Cardoso serves as Managing Director and Head of Global Equities at Beutel Goodman, bringing over 25 years of investment experience specializing in U.S. and global equities. He joined Beutel Goodman in 2013 and holds the CFA designation. Glenn Fortin also maintains CFA certification. The management team is supported by Beutel, Goodman & Company Ltd., which has managed institutional assets since 1967 and currently oversees $35.9 billion in assets under management.
The Fund seeks to invest in companies at discounts to their business value, which the managers consider to be the present value of sustainable free cash flow. The strategy employs a disciplined, bottom-up investment approach focused on rigorous, internally generated fundamental research. Target companies are quality, growing companies with strong balance sheets to minimize capital loss risk. The fund requires minimum expected return of 50% on initial investment over three years with typically 25 - 35 holdings in a concentrated portfolio of highest conviction ideas.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
A score of 0.70 reflects moderate-to-high conviction. The portfolio is relatively concentrated (typically 25-35 positions) and enforces a strict 1/3 trim rule. The managers present deep, detailed, and highly specific bottom-up fundamentals for their major pitches, with clear return targets.
Growth Outlook
A neutral score of 0.50 is appropriate as the manager explicitly states that they do not make macro or market timing calls. They observe that general market pricing is disconnected from valuations, which they treat as a stock-picking environment rather than an indicator for general market direction.
Risk Appetite
Risk appetite is balanced at 0.50. The manager strictly avoids cyclical commodity sectors like Energy and continues to run a disciplined portfolio focused heavily on defensive companies with robust balance sheets and proven capital allocation structures.
Capital Deployment
The score is set to 0.75 because the fund was highly active in capital deployment, initiating five substantial new positions (Union Pacific, Sysco, Wells Fargo, Becton Dickinson, Marsh & McLennan) and scaling existing names. This deployment was funded by trimming overvalued assets via a process-driven discipline.
Forward Guidance
The score of 0.75 is driven by the manager's clear action bias. Rather than taking a passive stance, they are actively managing positions, executing structured trims on names reaching price targets, and systematically adding capital to fresh high-conviction ideas.
Language Signal
The language signal is moderately constructive at 0.60. The manager balances positive outlooks on individual holdings (e.g. 'strong momentum', 'cheap valuation') with sober terminology regarding general market behavior ('manias', 'lumpiness', 'volatile').
Perceived Risk
The score is set to 0.65 due to the active discussion of specific global risks, including Middle Eastern geopolitical conflict, inflationary pressures, tariff impacts, and disruptive AI technology trends in software.
Opportunity Density
An 0.80 score represents a rich opportunity set. The manager explicitly notes that market volatility and indiscriminate thematic selling have opened up attractive, non-consensus opportunities across Industrials, Staples, Financials, and Healthcare.
Time Horizon
An 0.80 score reflects a multi-year horizon. The fund explicitly details a minimum return requirement of 50% over a three-year period for initial investments, highlighting their long-term, business-owner mindset.
Top Conviction Themes
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