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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 25, 2026
YCG Wealth Management argues that quality businesses with durable competitive advantages represent a compelling opportunity as the market reaches historic valuation extremes and concentration levels. The S&P 500 trades at its second-highest Shiller CAPE ratio in history, with all 12 valuation metrics registering as expensive or very expensive. Market concentration has reached unprecedented levels, with the top ten holdings comprising 41% of the index and more than half tied to AI. The manager views the $388 billion AI infrastructure build-out in 2025 as the largest capital rush in history, likely to follow historical patterns where transformative technologies succeed but investors who fund the build-out lose money. YCG's portfolio of businesses with permanent supply constraints has compounded earnings at 13.9% annually since 2015 but now trades at a 6% discount to the S&P 500 versus a historical 27% premium. The manager believes this represents the most compelling setup for quality businesses since the firm's inception, with patient capital positioned to benefit when the market returns to valuing durable, predictable growth.
YCG owns a collection of global champion businesses with permanent supply constraints, recurring revenue, and pricing power that have compounded earnings at 13.9% annually since 2015, but are currently trading at a historic discount to the market as capital rotates into speculative AI themes that the manager believes will follow historical capital cycle patterns where investors lose money despite technology success.
Manager expects the AI capital cycle to follow historical patterns where transformative technologies succeed but investors who fund the build-out lose money. They anticipate capital will eventually rotate back to quality businesses as investors return to valuing durability of slow, steady, predictable growth. The recovery in quality businesses can be remarkably swift when this narrative shifts. Manager believes there has never been a more compelling setup for their portfolio to outperform the market than today.
High Conviction Bullish
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