Our Mission is to Seek the Truth from the Facts
Veritas is Canada's Leading
Independent Equity Research Firm
Empowering Investors for 25 Years
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
Congratulations
TopGun Award
Dimitry Khmelnitsky, our Head of Accounting & Special Situations, has been awarded a TopGun sell-side analyst award for 2024-2025 by Brendan Wood International.
This means he was ranked in the top decile of world standards by our clients.
According to Brendan Wood, he was the #3 ranked Analyst for Special Situations in Canada in 2020, #1 in 2019 and #3 in 2018.
Thank you to all our clients for voting for him!
We're Hiring!
Executive
Assistant
As the Executive Assistant, you will support the office of the President and CEO, as well as our executive and publishing teams.
We are looking for a self-starter who is extremely organized, detail-oriented and revels in the team's success.
V-List Model Portfolio Performance
What is the V-List?
The V-List is a concentrated portfolio of 12 to 25 companies recommended by our analysts as the best investment opportunities drawn from our firm's research.
Stocks are selected based on their liquidity, lower volatility, and potential for long-term capital appreciation. Bottom-up fundamental analysis and a strict review of accounting and disclosure practices identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.
The V-List has outperformed the S&P/TSX Composite Index by 310 basis points (as of April 30, 2025, from inception on October 31, 2004).
It's a very big year for Veritas. In October, we celebrate turning 25!
Veritas Investment Research started out by writing a few impactful reports per year about hidden risks inside Bay Street's stock market darlings, such as Nortel Networks. A quarter of a decade later, we have a full research staff that publishes almost 1,000 reports, videos, and newsletters annually, covering almost 90% of the TSX 60 market cap. If you're a client, you may have heard Founder, President and CEO Anthony Scilipoti tell the story already, but 25 years ago, when he and his founding partners were starting our firm, the lawyer handling the incorporation advised them against it. "You're aware that people don't pay for research, aren't you?" It turned out that the lawyer was about as wrong as all those long-term BUYs on Nortel.
May 3, 2025
How rail giant CPKC is navigating Trump’s trade chaos
Canadian Pacific Kansas City (NYSE, TSX: CP) has held up better than other North American railroads since Trump's election. As Will Guy, Veritas Senior Research Associate for Diversified Industrials & Energy, explains in this Globe & Mail feature, one reason for the relative outperformance is the flexibility the CPKC merger has given the combined company to develop trade corridors that didn't exist prior to the merger, such as more trade directly between Canada and Mexico.
“With the optionality of touching all three nations and having access to multiple ports, the company has quite a number of growth levers it can pull,” said Will. “You're seeing that with the land bridge between Canada and Mexico.”
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Franco-Nevada Corp. - Materials
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Brookfield Renewable Partners L.P. - Utilities
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Bank of Nova Scotia - Financials
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Canada Goose Holdings Inc. - Consumer Discretionary
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