One of the crucial factors in choosing investments is a company’s ability to profitably allocate capital, says Garey Aitken, chief investment officer at Calgary-based Franklin Bissett Investment Management and lead manager of four-star Franklin Bissett Canadian Equity Fund.
The Franklin Bissett approach is long-term, with holding periods for companies typically running from five to 10 years. That’s why it’s important that companies generate a healthy level of free cash flow, and then intelligently invest that capital into expanding their businesses and increasing share value. Allocation choices could include enhancing existing products and equipment, mergers and acquisitions, share buybacks and dividend payments.
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