We’ve received a lot of great questions over the past few months, and one recurring theme has been “What are the mutual fund managers doing in light of the changes in the global economy”. Further we’ve heard “What is the team at CH doing as it relates to our investments?”.

In response, we’ve created a two part-series to kick off our Portfolio Minute. The first ‘Minute’ will be a glimpse into some of the moves our partners at EdgePoint have made recently on the Global Equity side. We believe very strongly in their processes, proprietary insight and their people – and we are in constant contact with the portfolio managers and owners to ensure this continues to be the case. Below you’ll see an excerpt from one of our conversations where they drill down some of their specific calls of late. Then next week you’ll get a glimpse into our RFP (Request for Proposal) process as it unfolds live. We are in the process of replacing one of the funds on our shelf, and we’ll give you an idea of how we come to the decision to initiate the RFP process, and the work that is involved internally to find a suitable replacement and implement the change. We touched on this process a bit in an article published on our website in 2019 (click here to read!), and we will expand on this.

CH Portfolio Minute, Take 1:

EdgePoint remarks on current weightings:

“Our investment team has been highly active recently as periods of intense market volatility allow us to build positions in new names and re-invest in our existing holdings. Consistent with previous periods of volatility, the portfolio tends to be concentrated as we focus on some of our best ideas (Our Top 10 names comprise 46% of the portfolio, Some changes to the Global portfolio include:

New Buys

We have added 10 new businesses from across the globe into the portfolio such as:

O’Reilly Auto Parts:

an American auto parts retailer that can stand to benefit from the aging of existing vehicles, decreased reliance on public transit, and increase in DIY car repair


A Japanese IT firm focused on transitioning Japanese businesses from mainframe computing to the cloud

International Flavors & Fragrances:

An American food additive business growing in the nutrition and biosciences space

Increased Weighting

We bought more shares in 13 businesses in the portfolio including the following:

Berry Global:

They supply the plastic for face masks, diapers, feminine hygiene products, among many other items. Their major input cost, resin, went down along with the oil price collapse and has allowed them to grow their free cash flow amid the tough economic environment.


They are a pump and valve manufacturer where over 85% of profits come from repairing and replacing existing pumps. This heavy reliance on aftermarket servicing allows them to earn recurring revenue without the need for an expansion in economic activity.


They are a warehouse club operator dubbed ‘Latin America’s Costco’. Even though their gross margins and same-store-sales are higher in 2020, they are trading at half of the multiple as Costco.

Decreased Weighting

We trimmed our weightings in Berkshire Hathaway as well as Swedish Orphan Biovitrum at points during the volatility. We still have strong conviction behind both names however we wanted more capital to deploy into names that experienced more of a sell-off


Across the portfolio we have stressed tested and re-evaluated our proprietary insights to ensure that the portfolio is best positioned for the next 3-5 years. As a result, we have exited 7 positions including the following:

Air Canada:

Due to policies in reaction to the COVID-19 pandemic, global airline traffic has decreased 90% and there is little clarity as to when operating an airline will return to an economically viable level.


A significant portion of their revenue comes from supplying food for sports and entertainment venues which have shut down due to the COVID-19 pandemic.

Wells Fargo:

We feel that the regulatory burden the company faces has inhibited the business from operating as well as it should.

Cash Weighting

  • The Global portfolio had 8% of its assets in cash on the day of the market peak (February 24). We used some of this cash to buy new names that were attractively priced however we still have some cash on the sideline in the event more opportunities arise.
  • The following table has information as of Friday, May 29:
Fixed income0.0%

We believe that the uncertainty in today’s markets makes it a good time to be investing. Outsized returns come from having a view that’s different than the rest of the market therefore if there is more uncertainty, there is more opportunity for us to add value.”.

We hope the above personalized commentary has given you some insight into the inner-workings of one of your larger holdings. If you’d like to see more information like this in future ‘Minutes’ please let us know. Alternatively, if there is something else you’re interest in learning about our firm, partners or strategies, please reply to this email and let us know what that is!

Until next time,

Jeremy Clark, President & CEO
& Your CH Financial Team


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Like you, we’re selective about the long-term relationships in which we engage.

We’re looking for aspirational clients who require the whole spectrum of financial services because managing the whole is how we’re able to deliver unbeatable value – it’s our “secret sauce”.

If this describes you, let’s set up a meeting and
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Are we a good fit?

We’re looking for aspirational clients who require the whole spectrum of financial services because managing the whole is how we’re able to deliver unbeatable value – it’s our “secret sauce.”If this describes you, let’s set up a meeting andget to know each other.

Full quote:

I just want to say we have been with your team since 1993, and we have never had any bad advice. The investments you set up for us during this time has paid for university education for our two granddaughters and provided a significant monthly income for us to augment our pensions.

We are with you for the long run and are not going anywhere. Jeremy has told us that at these times the numbers tend to scare you, but you haven’t really lost anything if you don’t panic and sell.

Ken M, Calgary

With CH Financial since 1993

Full quote:

When I became a client of CHF it was a real game-changer as I was going through a very difficult time both professionally and personally.

I went through a divorce and the loss of a job and a parent, all within a 12-month period. While it was very tough to deal with at the time, I was reassured by the fact that the team at CHF had my back and really cared about me and what I was going through.

Looking back now, I’m not sure how I would have managed without the support of the CHF family.

Jeremy and his team were there every step of the way to help me navigate my way through the complexities of a divorce and inheritance. They got me back on track both financially, as well as emotionally.

I have now been a client of CHF for over 10 years and thanks to their expertise, I know that my family will be well taken care of for many years to come. I am now in a position where I don’t need to worry about money thanks to a solid financial plan.

I would highly recommend the CHF team to others going through life-changing and difficult situations as your financial partner.

Linda, Victoria

Full quote:

As an investment industry professional, I am constantly on the go and maximizing my peak career earning years in my 40s. With travel and work commitments I am very limited for time to spend with family and do the things I love to do and chose CH Financial to allow me more freedom and lifestyle balance.

Being in the investment industry my whole career and an extremely busy professional, I know I could probably do a good job at managing my money as I work in the industry after all while I rely on and trust the CH Financial team that they will take care of the details, both growing my assets as well as taking care of every aspect of my financial situation, including my tax, investments and insurance, they simply take away the stress of having to worry about it all and help me to navigate the complexities for me so it all meshes together and importantly saves me valuable time and headaches.

At the end of the day, the reality is I truly value my time and the opportunity cost of my time and would rather hire the best in the industry so ultimately my wife and I can do the things that we love to do, have more leisure time, relax and enjoy spending time in the great outdoors, exploring new countries, hiking in the mountains and volunteer work.

Since engaging CHF more than 5 years ago we have enjoyed significant growth in our investments but more importantly, we have peace of mind and sleep much better at night knowing the team at CHF has our financial back and anything financial they will take care of for us.

I would have absolutely no hesitation in recommending the team at CHF to other career-focused busy professionals who really value their time and lifestyle balance.

Kevin & Sharron, Calgary

Financial industry professionals

Full quote:

Prior to joining CH Financial as a client, I had been partially managing our investments and using a bank-owned broker for many years, with moderate success. When we became clients of CHF, I quickly realized how little I knew about the complexities of managing investments and the importance of seeking out the best specialists in the industry to assist with my family’s full financial picture.

Brian and the team at CHF encouraged us to take an introspective look at our assets and expenditures and even helped us implement a comprehensive budget. The team really stepped up to take care of all aspects of our financial picture, including portfolio design, CH Financial introduced us to a lawyer who took care of everything for us, estate planning and tax, while helping us simplify our financial affairs.

Being of the sandwich generation my wife and I spend considerable time caring for our surviving parents and our grandkids, so

freeing up valuable time is essential to allow us to do the things we love to do. The team at CHF takes care of the details and today my wife and I enjoy a comfortable, stress-free financial situation.

Over the years as a client of CHF, both our portfolio and wealth has grown exponentially, more than we could have ever imagined. Now that we are both happily retired, having the CHF team in our corner helps us to sleep better at night knowing that our somewhat complex financial puzzle is being looked after by a team of people that really care, as opposed to being treated like a number by a big bank.

I would have no hesitation in recommending the CHF team to others looking for a superior financial home in Calgary and a safe place to invest your hard-earned money.

Ian C, Calgary

Comfortably retired thanks to CH Financial