Empowering Investors for over 20 years
Veritas is Canada's Leading
Independent Equity Research Firm
Our Mission is to Seek the Truth from the Facts
Darryl McCoubrey, Vice President, Partner, Utilities & Infrastructure Analyst, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations
We Outperform
Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell recommendations have underperformed by more than 400 basis points since March 1999.
Find out more about our Track Record.
We Are Independent
We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.
Find out more about our Investment Approach.
We Stand Up For Investors
We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.
Find out more about Our Team.
We have many subscription options appropriate for all types of investors.
Contact our Sales Team to discuss your equity research needs. Contact Sales
We're Hiring
Job Openings
Equity Research
Account Manager
and
Financial Services
Research Associate
We have two current openings. Please see our careers page for more details and apply.
Special Report
Veritas Report on Dividends:
2025 Outlook
We recently released our second annual Veritas Report on Dividends to our existing clients and are now making it available to new subscribers.
The report highlights companies best positioned to deliver robust dividend growth within each sector across our entire coverage, as well as companies with dividends we think investors should be cautious about in F25.
The Report on Dividends for 2025 is available as part of our Base Subscription package, which is designed for financial advisors, individual investors, and others who want the benefits of independent investment research but do not need full access to everything we publish.
V-List 2025: Outlook and Strategy
What is the V-List?
Our V-List model portfolio tracks the performance of our Top Picks for large-cap liquid names. In this video, Darryl McCoubrey, our Senior Analyst for Energy and Pipelines and member of our V-List Committee, discusses the V-List's performance in 2024 and updates its positioning for 2025. He is joined by our Material Analyst Martin Pradier, who discusses his outlook for gold and gold stocks.
What is the V-List? The V-List is a concentrated, equally weighted model portfolio of 12 to 25 companies recommended by the team at Veritas Investment Research as our best investment opportunities drawn from our names under coverage. Names are chosen based on bottom-up fundamental research, and we scrutinize the accounting and disclosure. The V-List has low turnover, is sector agnostic, and focuses on larger-cap, liquid names.
Performance: The V-List rose 15.46% in 2024, underperforming the S&P/TSX composite total return index, which rose 21.65%. However, it continues to outperform over longer periods, including 289 basis points from inception on October 31, 2004, to the end of 2024.
Showcasing Independent Research
Here is the replay from our Veritas Virtual Open House earlier this year. In it, you will meet our Co-founder and CEO, Anthony Scilipoti, and learn a little more about his vision for independent research and why it's so important to investors. You'll also meet Darryl McCoubrey, our Head of Research, to learn a little more about the Veritas methodology behind our investment research and what goes into making our investment recommendations.
Finally, you'll meet two of our analysts, Dan Fong and Shalabh Garg, who share some of their past successful picks and views on their sectors. Please contact sales if you'd like to learn more about subscribing to our research.
December 4, 2024
Lundin gold expands Ecuador drilling capacity
Martin Pradier, our Materials Sector Analyst. appeared on BNN Bloomberg to provide his insights on Lundin Gold Inc.'s (TSX: LUG) drilling in Ecuador. Up 111% for the year to date, Lundin Gold has been one of Martin's TOP PICKS for its rising production, high grades and low costs. The company has a 100%-owned gold mine called Fruta del Norte (FDN) in Ecuador but has been drilling at a nearby site called Bonza Sur and announced more successful drilling results this week. Martin visited the area recently and wrote a report last month for our clients about the company's prospects to double production over the next five to six years.
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TFI International Inc. - Industrials
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Nutrien Ltd. - Materials
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Hydro One, Ltd. - Utilities
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Cenovus Energy Inc. - Energy
Our Affiliated Companies
The Veritas Group of Companies
Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.
Veritas Asset Management Inc.
Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.
Sam LaBell, Veritas Asset Management Advising Representative, Director
Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process.
Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies. While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.
Veritas Foundation
The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.
Mark S. Bonham, Veritas Foundation Executive Director