Global Investment Management

Global Investment Management

Letko, Brosseau & Associates Inc. is an independent investment manager founded in 1987. As at March 31, 2019, the firm manages $28 billion in assets for more than 410 institutional investors and several thousand private clients. It has offices in Montreal, Toronto and Calgary.
 
Our aim is to safeguard and responsibly grow the assets that our clients have entrusted to us. We are committed to acting ethically, always serving clients’ interests.

Investment Approach

Fundamental
approach

Top-down forecasts of global economies and bottom-up assessment of industries and businesses are key.

International
perspective

Research team organized along global sector lines is optimal.

ESG
integration

Sustainability factors contribute to long-term performance.

Price
sensitivity

Price only has meaning when compared to the underlying economic value of a company's activities.

Longer investment
horizon

Economic forces often become more predictable when viewed over longer periods.

Public-markets
universe

Diversification, liquidity, transparency, low costs and strong governance reduce risk.

Balanced is best.
Let’s Talk.

Balanced is best.

Independent for 31 years, Letko Brosseau has provided clients with long-term outperformance.

No alternative investments.
No alternative facts.

Simple ingredients:

  • Low cost
  • Long-only investments
  • No leverage
  • All public market holdings
  • Fundamental research
  • A talented team

Balanced
Composite
Returns:

11.4

%

annualized return for over 31 years

3.7

%

annualized benchmark outperformance

Performance results referenced above are annualized and presented in Canadian dollars gross of fees for the Letko Brosseau Global Balanced (Canadian Bias) Composite from January 1, 1988 to March 31, 2019. This $12.2 billion composite includes all discretionary balanced mandates with a bias towards Canadian equities and asset mix targets within the ranges of 30-70% for fixed income and 30-70% for global equities. The benchmark is 5% FTSE Canada 91 Day T-Bill Total Return Index, 40% FTSE Canada Universe Bond Total Return Index, 20% S&P/TSX Composite Total Return Capped Index and 35% MSCI All Country World Total Return Net Index. The benchmark from June 1, 2007 to December 31, 2017 was 5% FTSE Canada 91 Day T-Bill Total Return Index, 40% FTSE Canada Universe Bond Total Return Index, 20% S&P/TSX Composite Total Return Capped Index and 35% MSCI World Total Return Net Index. The benchmark from January 1, 2001 to May 31, 2007 was 5% FTSE Canada 91 Day T-Bill Total Return Index, 40% FTSE Canada Universe Bond Total Return Index, 30% S&P/TSX Composite Total Return Capped Index and 25% MSCI World Total Return Net Index. The benchmark from January 1, 1988 to December 31, 2000 was 5% FTSE Canada 91 Day T-Bill Total Return Index, 40% FTSE Canada Universe Bond Total Return Index, 35% TSE 300 Composite Total Return Index adjusted to cap the weighting of any associated group of equities at 10% of the index and 20% MSCI World Total Return Net Index.
Past performance does not guarantee future results.

Value added represents the excess return of the Letko Brosseau Global Balanced (Canadian Bias) Composite over the benchmark from January 1, 1988 to March 31, 2019.

*Peer comparison universe is RBC Investor & Treasury Services Canadian Defined Benefit Plans Universe, dated March 31, 2019.

Publications