Small-Cap Equity Fund


To grow your capital at a pace that significantly exceeds inflation and provide you with exposure to a collection of smaller companies that think big.

Is This Fund For You?

You have a reasonable investment time horizon (over 5 years) and a moderate to high tolerance for risk. Consider this fund if you are seeking exposure to a portfolio of small companies with large potential. This fund will move in a cycle of its own and will often be out of synch with the overall market.

Geographic Profile

Canada-centric: the portfolio manager looks to the Canadian and U.S. stock markets for small and mid-sized companies. Although the fund typically invests the majority of its assets in Canadian stocks, the portfolio manager may invest a meaningful portion in U.S. equities in pursuit of opportunities not available in the Canadian market. We do not expect, however, that the fund's U.S. holdings will exceed 40% of its net assets for any prolonged period of time.

Estimated long-term equity mix:


The fund holds 20-30 small to mid-cap stocks in which the portfolio manager has the greatest conviction. The manager has an unwavering belief in valuation driven, bottom-up stock selection, and has five criteria that a company must meet to be considered for inclusion in the fund: (1) an enduring, sustainable competitive advantage; (2) a management team with a record of success; (3) a strong record of earnings; (4) a clean balance sheet; and (5) good long-term growth prospects.

Unitholder Responsibilities

  • Ensure that this fund fits into your investment plan - i.e., understand the meaning of small-cap risk.
  • Be prepared for potentially higher volatility due to the relatively illiquid nature of the small-cap market and the concentration of the fund's assets.
  • Learn about Galibier and their investment philosophy.
  • Assess the fund's performance over a market cycle (i.e., 4-5 years), not an NHL season, and keep in mind that it typically takes the market longer to recognize the hidden value in small-cap stocks.
  • Support the little guy.

Portfolio Manager

Galibier Capital Management Ltd.

  • Toronto-based investment boutique established in 2012.
  • Highly concentrated investment style (typically 20-25 holdings).
  • Founder and CEO Joe Sirdevan has over 20 years of experience and a superb track record.
  • Investment philosophy: Growth. At a reasoned price.
  • Avid cyclists (the firm is named after a mountain pass in the Tour de France).