Cutting Through the Noise
October 17, 2012
“Small Caps will Outperform Soon.” I read this headline yesterday and it reminded me how different our approach to investing is than most other managers. The accompanying article suggested that investors’ appetite for risk is coming back and commodity...
Read MoreOctober 12, 2012
This week Morningstar Canada, a leading provider of independent investment research, updated its Stewardship Grades for 2012. The grades were first introduced in Canada in 2010 (they’ve been published in the U.S. since 2004) as a means of capturing some...
Read MoreSeptember 24, 2012
As we do every year, we’ve updated our figures on co-investment (the practice of investing alongside our clients). We feel there’s no better way to illustrate our commitment to our investment philosophy, approach, and ultimately our clients, than to put our...
Read MoreSeptember 13, 2012
We’ve had a few questions lately on the fee for the Founders Fund. The all-in fee for the fund is 1.34% (or less if your consolidated assets with Steadyhand exceed $100,000). The fee includes all of the fund’s operating expenses and taxes, as well as all...
Read MoreJuly 11, 2012
From our Quarterly Report: To generate returns in excess of the risk-free rate (GICs and government bonds), Steadyhand portfolios take four types of risk: interest rate, credit, liquidity and equity risk. If you think about portfolio construction as the process...
Read MoreJune 11, 2012
As a follow-up to my last Globe column, which focuses on return expectations, I want to update our guidance to clients on asset mix. I’ll use the Founders Fund as a live example. The fund has a long-term asset mix of 60% stocks and 40% fixed income. (All the...
Read MoreMay 28, 2012
May 10, 2012
We are currently seeking candidates for a permanent, part-time or full-time Office Manager. As part of this diverse role, the team member will be involved in many facets of our business, including maintaining the office, managing vendors, coordinating client...
Read MoreMay 7, 2012
Our Small-Cap Fund is at the top of its game. Over the past year (ending April 30th) it has gained 13.6% while the market, as measured by the BMO Small Cap Index, has fallen -13.8%. It’s been zigging as the market’s been zagging. Over the past five years the fund has gained 6.2% per year, while the small-cap index and the S&P/TSX Composite Index are up 1.3% and 1.1%, respectively. What's more, the fund's annual returns since...
Read MoreApril 30, 2012
The wealth management industry has changed a lot since we started Steadyhand five years ago. The banks have strengthened their hold on asset management, low-cost ETFs and high-cost structured products have become more prominent (and numerous) and lower-volatility income products are now the big seller. Some of the changes have been good for client returns, while others were more attuned to company profits...
Read MoreApril 23, 2012
At the end of this month we’ll be rewarding our earliest clients with an additional fee rebate, as our first ‘tenure discounts’ come into play. Clients who hold our funds for 5 years receive an additional 7% reduction on their total fees. This discount is in addition to any rebates they receive based on the size of their accounts with Steadyhand. The tenure discount will apply every year until investors hit their 10th anniversary...
Read MoreApril 19, 2012
A theme in our blog postings this month is to bring readers inside the tent. Many clients express an interest in how we run our business, so we’re bringing it to life. In the second article of our five-part series (Five Sources of Tension), we noted that our website is one of our greatest sources of constant tension, as we aim to keep it fresh and...
Read MoreApril 16, 2012
We go through our fair share of Advil at Steadyhand. Like any business, we’re faced with strategic decisions that involve internal discussions in which not everyone sees eye to eye. While some choices are easy – the boardroom m&m’s are for clients only – others face more rigorous debate. Below are five issues that have been constant sources of tension within the walls of 1747 West 3rd Avenue...
Read MoreApril 12, 2012
From our Quarterly Report: We’re celebrating our fifth birthday this week, so this letter is going to be more about us than usual. Indeed, during the rest of this month, our plans are to share five stories, post a few ‘five’ lists and drink too much 5-year old wine...
Read MoreApril 10, 2012
“If the bear leans on you, hold your ground.” Are these words of advice from an investment guru like Buffett, Watsa or Hager? No, they’re instructions from the trainer of Koda, my big furry friend who appeared with me in the video on our original home page. As it turned out, the trainer’s words would quickly become as relevant...
Read MoreApril 9, 2012
Steadyhand opened its doors to investors five years ago tomorrow. Since that bright spring day in April 2007, we’ve witnessed a lot – the biggest stock market decline since the Great Depression, a collapse in the U.S. housing market, derivatives gone wild, a global debt crisis, a strong market rebound, record low interest rates, investor paralysis, political revolution ... and more. It’s been an eventful period. And...
Read MoreMarch 21, 2012
In his column in today’s Financial Post ('Doing all of the Right Things'), Jonathan Chevreau reviews Steadyhand. The article is a book end of sorts, because Jonathan was the first one to write about us in the summer of 2006, just as our business model...
Read MoreMarch 12, 2012
We are currently seeking candidates for a permanent, full-time operations position. As part of the role, the team member will process account applications and trade documents, manage the account transfer process, reconcile daily valuations, and take...
Read MoreFebruary 21, 2012
Yes, we’re introducing a new addition to our lineup - the Founders Fund. The fund is a balanced mix of our income and equity funds (it is a fund of funds) that best reflects my views on market fundamentals, valuation and ultimately asset mix. The fund’s...
Read MoreFebruary 20, 2012
We wrapped up our cross-country client presentations this month after visiting five cities and braving mother nature in all her winter glory. If you weren’t able to attend one of our sessions, we’ve produced a transcript of the event that hits on the key themes and...
Read MoreJanuary 11, 2012
From our Quarterly Report: It’s a remarkable time to be an investor. After decades of overspending in the Western world, we’re watching Europe melt down and the American empire decline faster than expected. The debt burden is slowing the world economy...
Read MoreDecember 15, 2011
Is it over yet? It was a rough year for the stock markets, as ugly economic headlines, debt problems, and political gridlock instilled fear in many investors. Bonds were once again the asset class of choice, despite their scrooge-like yields. Here at Steadyhand, we’re feeling a little merrier than the average investor – and it’s not just...
Read MoreNovember 28, 2011
The year-end distributions for all our funds (with the exception of the Savings Fund) will be declared on December 15th and paid on December 16th. The Savings Fund will pay its regularly-scheduled monthly distribution on December 31st. As a reminder...
Read MoreNovember 7, 2011
Exchange-traded funds (ETFs) are growing in popularity and with good reason. They’re simple, low cost, transparent and provide market-like returns. But … they’re not for everyone. In a newly published paper, we compare the experience of an ETF investor (Jake) to that of a Steadyhand client (Julie). We focus on four areas...
Read MoreOctober 31, 2011
We painfully announced last week that we’re raising the fee on four of our funds. [LINK to press release] This post provides some background. As our clients know, we have a unique and attractive fee structure. Our ‘One Simple Fee’ captures everything that we...
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