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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
McElvaine Value Fund returned 7.3% in the first half of 2026 and approximately 11% year-to-date, underperforming Canadian indices but improving through summer. The manager emphasizes balance sheet resilience across all holdings, with most companies carrying net cash or minimal debt—a defensive posture shaped by painful 2008 losses when leveraged businesses failed. Current positioning reflects the belief that defense resides in company fundamentals, not fund-level cash. Top holdings include PrairieSky Royalty (record production, debt reduction, shares up 50%), Exco Resources (aggressive Haynesville development, gas hedged to 2028), Fairfax Financial (93% combined ratio, aggressive buybacks), and Knight Therapeutics (revenue guidance raised twice, strong buybacks). The portfolio is concentrated in owner-managed businesses with insider alignment. With 22% cash following the Osler Fund merger and a fragile market environment, McElvaine maintains a patient, value-focused approach. He cannot predict timing but remains confident in the portfolio's setup, emphasizing that companies are better positioned than six months ago.
McElvaine Value Fund focuses on buying quality businesses at attractive prices with strong balance sheets, emphasizing resilience over thematic investing. The manager learned from 2008 that defense resides in company fundamentals—specifically cash and low debt—not fund-level positioning. Current holdings are positioned to withstand stress and potentially benefit from dislocations, with most companies carrying net cash or minimal leverage. The portfolio is concentrated in owner-managed or insider-controlled businesses across energy, insurance, pharmaceuticals, and materials, with 22% cash providing optionality.
McElvaine states that investee businesses hold more cash, carry less debt, and own better assets than six months ago, creating a setup he likes. He remains confident in the portfolio and the future but cannot predict when this positioning will be rewarded. The tone is patient and cautious, emphasizing resilience over near-term catalysts.
As of Aug 31, 2026
Tim McElvaine founded the McElvaine Value Fund in 1996 and has managed it continuously since inception. He developed his value-oriented philosophy during his 12-year career with Peter Cundill & Associates Ltd., where he served as Manager of the Cundill Security Fund and Chief Investment Officer. From about 1999, he co-managed the Cundill Value Fund as Chief Investment Officer. His experience working alongside legendary value investor Peter Cundill profoundly influenced his investment approach, emphasizing the importance of buying undervalued assets when others are selling and maintaining patience during market cycles. This background provides the fund with a proven investment framework rooted in decades of value investing experience under one of Canada's most respected value investors.
The McElvaine Value Fund follows a deep value investing approach inspired by Peter Cundill, focusing on buying undervalued assets when others are selling. The investment strategy is centered on four elements called ABBA: Accident (competitive advantage), Bird in hand (observable value), Brick house (financial strength), and Alignment (management with skin in the game). The fund emphasizes investing patiently, thinking independently, and putting the manager's own money to work alongside investors. The fund maintains over 99% active share versus the TSX Composite and aims for downside protection and margin of safety in investments. The approach focuses on identifying companies trading significantly below intrinsic value, often during periods of market stress or temporary business challenges.
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