How Steadyhand's small-cap manager seeks value

Galibier's Joseph Sirdevan takes multi-year view.

Michael Ryval 31 August, 2017 | 5:00PM

Because the Canadian small-cap universe is comprised of more than 400 companies, it's hard to generalize about whether the market has become expensive after a multi-year run-up. Rather it makes more sense to look at the market as a collection of individual stocks, says Joseph Sirdevan, chief investment officer at Toronto-based Galibier Capital Management Ltd., and lead manager of the $49-million Steadyhand Small-Cap Equity.

"We tend to look at the market on a stock-by-stock basis. As they say, it's a market of stocks, not a stock market," says Sirdevan, a 25-year industry veteran who co-founded Galibier in 2012 after a lengthy stint at value manager Jarislowsky Fraser. "There are some things that are wildly overvalued and some things that are cheap. And we are finding things to buy. We have a very defined investment philosophy and process."

After having assumed the fund in August 2016 from Montreal-based Wutherich & Co. Investment Counsel Inc., Galibier has extensively overhauled the portfolio. Steadyhand Small-Cap Equity is one of the firm's four mandates that in aggregate amount to about $750 million. "We use the same valuation process in all our products," says Sirdevan, adding that the firm invests in fewer than 60 companies across all its investment products.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
3M Co152.85 USD0.92
Intertape Polymer Group Inc12.69 CAD5.93
Mattel Inc10.48 USD3.46
NFI Group Inc15.88 CAD0.76
Spin Master Corp25.86 CAD0.43
Waterloo Brewing Ltd3.25 CAD1.56

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Michael Ryval

Michael Ryval  

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