The Fund
Philosophy & Process
How the Fund evaluates prospective investments, constructs the portfolio, and monitors existing holdings. The process is grounded in fundamental research, valuation, and a three-to-five-year investment horizon.
~$371K
Assets under management
3-5 years
Typical investment horizon
24.0%
2025 return excluding cash
8.9%
2025 total-asset return
Investment philosophy
Fundamental, long-term investing
The Fund invests in a concentrated portfolio of businesses that it believes trade below intrinsic value. Prospective investments are assessed against five core criteria and supported by bottom-up research, including company filings, financial analysis, and, where appropriate, discussions with industry participants.
YUSIF is a long-only fund that invests in equities listed in Canada and the United States. The typical investment horizon is three to five years. As an evergreen fund, each holding is retained while its fundamentals, valuation, and role in the portfolio continue to justify ownership. Capital preservation for future cohorts remains the Fund's primary objective.
Investment criteria
Criteria for prospective investments
A business model and demand profile capable of performing through a range of economic conditions.
Management with a demonstrated record of disciplined capital allocation and returns on invested capital that meet the Fund's underwriting standards.
Consistent free cash flow supported by durable margins and high-quality earnings.
Defensible advantages such as pricing power, scale, switching costs, or valuable intangible assets.
A purchase price below estimated intrinsic value, providing protection against uncertainty in the analysis.
These criteria are supplemented by guidelines for market capitalization and leverage, together with limits on position size, geographic exposure, and sector concentration.
Diligence process
Six stages from idea generation to ongoing monitoring
Prospective investments move through a six-stage research and review process. Sector teams develop and refine each recommendation through two rounds of presentation and feedback before the portfolio managers make a final decision. The process is designed to test the thesis, valuation, downside risks, and portfolio fit before capital is deployed.
250+
Pitches presented since 2016
24
Pitches presented in 2025
~10%
Result in an investment
3-5 years
Typical investment horizon
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Idea generation and shortlisting
Idea generationAt the start of each semester, sector teams identify attractive subsectors and compile a shortlist of companies. The shortlist is reviewed with the full team, portfolio managers, and Fund advisor before research priorities are set.
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Investment case development
Research and modellingTeams select a company from the approved shortlist and prepare an investment case covering the business, industry, thesis, risks, catalysts, financial model, and valuation. The analysis includes a three-statement financial model and a discounted cash flow valuation.
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First-round presentation
Initial reviewThe sector team presents its initial recommendation to the full team, portfolio managers, and Fund advisor. Feedback focuses on the thesis, model assumptions, valuation, risks, and gaps in the analysis.
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Second-round presentation
Revised caseThe team revises the investment case in response to first-round feedback and presents it again, with greater emphasis on downside risk, valuation, and fit within the portfolio.
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Portfolio decision
Final reviewFollowing the second presentation, the portfolio managers assess the recommendation in the context of the existing portfolio and decide whether to initiate a position. Approximately 10% of pitches result in an investment.
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Ongoing monitoring
Portfolio monitoringSector teams review each holding against the original thesis, operating performance, valuation, and key risks. Recommendations to hold, add, trim, or exit are presented to the portfolio managers. Teams also maintain a watchlist of companies that meet the Fund's quality criteria but do not yet meet its valuation requirements.
2025 performance
Fund and benchmark returns
For the year ended December 31, 2025, the Fund returned 24.0% excluding cash and 8.9% on a total-asset basis. The ex-cash return was approximately 4.0 percentage points above the blended benchmark. The difference between the two measures reflects the timing and size of cash deployments during the year.
24.0%
Return excluding cash
8.9%
Total-asset return
+4.0 pts
Relative to benchmark
YUSIF Fund Return
ALL Performance
Portfolio construction
Current portfolio composition
The Fund holds 19 equity positions across six sectors. During 2025, more than $100,000 was invested, reducing cash from approximately 40% at year-end 2024 to 12% at year-end 2025. Cash currently represents approximately 17% of total assets. The figures below are presented as a percentage of total assets.
19
Equity positions
4.4%
Average equity position
9
Holdings initiated since 2025
6
Sectors represented
Sector allocation
% of assets
Geographic exposure
- United States55%
- Canada28%
- Cash17%
The Fund does not maintain a fixed geographic allocation. Approximately 55% of assets are invested in U.S.-listed equities, 28% in Canadian-listed equities, and 17% held in cash.
Assets under management
Assets under management since inception
YUSIF was established with $60,000 in seed capital in 2016 and now has approximately $371,000 in assets under management.
Process development
Recent changes to the investment process
Each cohort reviews the Fund's research and portfolio-management practices. Recent changes are summarized below.
Standardized valuation framework
A common valuation framework improves consistency across sector teams and supports comparison of investment opportunities.
Structured idea generation
At the start of each semester, sector teams review industry trends and identify attractive subsectors before selecting companies for further research.
Formal portfolio reviews
Formal reviews assess each holding against its original thesis, valuation, and key risks. Market and company updates are presented between reviews.
Ongoing analyst development
Analyst development includes pitch discussions, industry expert calls, and in-person instruction in financial modelling, valuation, and presentation.
