The Firm

Research is the lifeblood of our company.  Through our disciplined investment approach, we aim to grow client capital over time within a lower risk framework.  Capital preservation is of paramount importance.

We are a management-owned firm and operate without external influence or pressure, free of ties to product providers and financial service institutions.  Employees and partners of the firm own the same securities as our clients, ensuring that interests are aligned.

Lorne Steinberg Wealth Management Inc. provides discretionary investment management services to individuals, corporations and non-profit organizations.  Accounts are managed on both a segregated basis and through proprietary pooled funds, depending on client circumstances.

Attributes

  • Conservative, disciplined investment philosophy
  • Research driven, not sales driven
  • Employees hold the same investments as our clients
  • No conflicts of interest / corporate affiliations
  • Management – owned

Our investment philosophy is based upon the principles of fundamental value investing.  The type of company in which we seek to invest is one that is strong financially and whose intrinsic value is greater than the stated price of its shares.   This provides investors with a “margin of safety” (a concept outlined by Benjamin Graham, Warren Buffett’s professor and mentor), which is the key to capital preservation.

While we are not active traders, we will not hesitate to sell all or part of an investment that we believe has become over-valued.  Experienced investors know that holding shares in a company whose share price is irrationally high inevitably leads to losses.  We carefully monitor our existing holdings to ensure that our investment thesis remains valid.

Diversification is a fundamental aspect of our risk management process.  We maintain guidelines regarding the maximum size of any single holding and exposure to any single industry group.

Attributes

  • Fundamental value approach
  • Focus on capital preservation
  • Margin of safety
  • Disciplined
  • Portfolio diversification 

Research is our cornerstone.

Our investment ideas are generated through rigorous in-house research and analysis, as well as through our proprietary screening process.

Our research strives to ensure that we have a thorough understanding of every business in which we invest, based on its specific characteristics, operating history, financial statements and market position.

We look for businesses that meet specific investment criteria.  These businesses must be financially sound, have an established track record of free cash flow generation, employ good corporate governance practices and be priced at a significant discount to the company’s intrinsic value.  We consult a wide array of external resources, such as government agencies and industry organizations, in order to examine the impact of technology, regulatory changes and secular industry trends.

At Lorne Steinberg Wealth Management Inc. we are committed to clear and regular communication with our clients.

Portfolio valuations are prepared on a quarterly basis and include a summary of all accounts.  We also provide a quarterly letter that reviews recent transactions and discusses our outlook on the economy and the capital markets.

National Bank Independent Network provide monthly statements when there is any account activity (“activity” does not include dividends & DRIPS), regular quarterly statements, and tax reporting at year end. Online access is also available upon request.

National Bank Independent Network (NBIN) is the preferred custodian of client assets. Accounts at NBIN are held in the client’s name. Lorne Steinberg Wealth Management Inc. (LSWM) does not hold any client assets.

NBIN is a member of the Canadian Investor Protection Fund (CIPF).

LSWM receives no compensation from NBIN. NBIN was chosen due to its value-added service, competitive transaction costs and overall organizational strength.

LSWM is registered in all provinces across Canada.

Investment Services

Lorne Steinberg Wealth Management offers both separately managed accounts and pooled funds to meet the needs of our clients.

Separately Managed Accounts

We offer separately managed accounts for high net worth investors. An appropriate investment policy is chosen to suit the needs of each individual client. The Investment Policy Statement is designed to reflect client objectives, risk tolerance, liquidity, tax situation, and any unique circumstance that may be relevant. Quarterly communication assures that clients are kept abreast of their investments as well as the firm’s investment outlook and strategy. All client assets are held in their own name at a major Canadian financial institution.

  • Investment Policy Statement designed for each client’s unique situation 
  • Regular communication with investment team 
  • Quarterly reporting includes client portfolio statement and investment outlook 
  • Client assets held at a major financial institution
The Steinberg Global Value Equity Fund seeks to provide long-term capital appreciation by investing in public companies that meet our strict investment criteria, and whose share price is trading at a discount to its intrinsic value. 

Our research efforts are driven by the following principles: 

  • Bottom-up fundamental equity research 
  • Invest only in companies that are financially sound and generate free cash flow 
  • Focus on strong management and good corporate governance 
  • Diversify broadly across issuers and industries 

 

The objective of the Dividend Growth strategy is to earn dependable dividend income with the potential for capital appreciation over time. The fund will invest in high quality Canadian companies which pay a dividend, have a history of growing dividends, and are publicly traded. This fund will be particularly advantageous in taxable accounts, where the Canadian dividend tax credit can be applied. 

Investing principles: 

  • Bottom-up fundamental equity research 
  • Focus on high quality, Canadian dividend paying companies 
  • Focus on dependable dividend income with a history of growing dividends 
  • Diversify broadly across issuers and industries 

The Steinberg High Yield Fund seeks to maximize total return by investing in higher yielding corporate bonds. Our approach to the high yield market is consistent with the conservative, value-based investment philosophy that defines Lorne Steinberg Wealth Management. 

Our research efforts are driven by the following principles: 

  • Bottom-up fundamental credit research 
  • Focus on higher quality, non-investment grade bonds 
  • Total return, not just income 
  • Diversify broadly across issuers and industries
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