Investment Philosophy

Empowering Your Financial Journey

We believe that the markets are highly efficient and that our value is in building portfolios that achieve the unique goals of our clients over time. We take a conservative approach to investment management and use the most cost-effective solutions in our portfolio construction to keep fees low. We actively manage the allocation between stocks, bonds, and cash based on the unique parameters of each client, and our market outlook.

We have deep experience in portfolio construction and management across both traditional and alternative asset classes and complex planning. Our advisors have achieved the highest levels of education in the investment industry and have a proven track record of helping clients achieve their goals.

All assets we manage are held in the client’s name with Fidelity Clearing Canada, one of the world’s largest custodians with more than $4 trillion in assets in countries throughout the world. This third-party custodianship ensures a clear demarcation between our advisory role and the safekeeping of client investments. Fidelity arranges trade settlement and provides timely account reports outlining a client’s holdings and transactions.

Investment Process

At Delisle, we believe strongly that working as one team and levering all our collective expertise is essential in constructing investment portfolios. Our Investment Policy Committee consists of all investment professionals as we determine overall asset mix and underlying investments.  

The Investment Policy Committee is chaired by Andrew Auerbach who has over 25 years of investment experience. Andrew is a CFA charterholder and became a Portfolio Manager in 1999. Andrew has been an Investment Counsellor and has supervised the portfolio management of Investment Counsellors and has been the CEO of a number of investment research teams. We strive for consistent performance that generates stable cash flow and reduces volatility. At Delisle, you have a direct relationship with the decision makers for the firms investment strategy and decisioning.

We assess and seek out the providers of investment solutions that we feel offer the best fulfillment of investment mandates around the globe. We do not manufacture any products at Delisle as we see potential conflicts and constraints of “house products”. We have access to exceptional managers and solutions. Where possible, we utilize customized ETFs and other like vehicles to keep fees as low as possible. We utilize equities, fixed income and cash  as well as alternative investments where appropriate. We diversify across these investments as well as through equities in Canada, U.S. and internationally. 

Our process starts with portfolio construction that is uniquely tailored to the needs of each individual client. Our focus is on understanding the uniqueness of your family objectives and constructing a tailored portfolio with this understanding. There are many factors that are considered in constructing portfolios including: specific objectives of wealth, past experience in investing, a number of assessments of risk tolerance and capacity. From there, we determine the appropriate dynamic range of asset mix and take action based on our overall view of the markets.

Our investment process is rigorous and starts with our asset allocation strategy. Our bias is preservation of capital and as such we seek to minimize volatility. We do not believe in momentum trading and thus develop scenario analysis that informs our asset mix policy based on our assessment of overall markets. We publish this view regularly and maintain a base case scenario, and then two alternative scenarios. We attach probability weights to these scenarios.

For security selection, we utilize traditional and alternative investments. All investments are carefully analyzed with our own research and analysis. We utilize both quantitative and fundamental analysis. Our quantitative model considers our preservation of capital bias as well as our desire for consistent cash flow generation. We believe that cash flow analysis is an important factor in minimizing volatility that can exist with the unpredictability of capital markets. We focus on long term capital growth and consistency of income with a broadly diversified portfolio of best in class companies with strong and consistent track records for dividend and earnings consistency.

We favour quality companies that are industry leaders in their sectors. We tend to avoid companies that we assess as having relatively excessive valuation. We take a long term perspective on the companies that we invest in directly and avoid momentum plays. There are times we will avoid passive market indices when we see excessive concentration in an index.

Higher standards. Lower fees. More family engagement.
Good enough is no longer good enough.

At Delisle, we’re committed to helping clients define and achieve their purpose by looking beyond the numbers and fostering meaningful and inclusive family discussions about what wealth means to each person.

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