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Who We Are
About Us An overview of our organization
History Historical time line of CC&L Investment Management
People Team structure, personnel and biographies
Corporate Brochure Access our corporate brochure
CC&L in the Community CC&L’s involvement with charitable and professional organizations
Affiliated Companies Access our affiliates
What We Do
Expertise Information about our experience and capabilities
Investment Approach Our approach to investment management, research, opportunities and risk
Investment Strategies Details about the investment services we offer
Client Services Our approach and commitment to servicing our clients
Responsible Investing Our approach to Responsible Investing
Our Strategies
Investment Strategies Access detailed information on our full range of strategies
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CC&L Market Neutral

(currently closed to new investors)

Investment Objective

  • The investment objective is to provide a return between 6% and 8% with a target volatility of 10% per annum over a market cycle and to provide returns that have a low correlation with the equity markets.


  • Core approach. Diversified and carefully risk managed.
  • Fundamental, bottom-up security selection.
  • Proprietary database covering 400+ stocks.
  • Deep, stable team with long track record.
  • ESG considerations integrated into the strategy.

Investment Philosophy

  • Macroeconomic themes influence markets over longer term.
  • Opportunities exist when fundamentals vary from consensus expectations.
  • Independent bottom-up research is a critical competitive advantage in evaluating smaller cap companies.
  • Price attractiveness and valuation are key.
  • Risk management is integral component of process.

Investment Process

  • Fundamental ranking system: Universe ranked on key factors including financial and management strength, profitability, growth and price attractiveness.
  • Independent bottom-up research: Understanding companies’ business models and long-term operating strategies.
  • Management interviews: Confidence gauged through management interviews, on-site visits and discussions with customers and competitors.
  • Strategic outlook: Each business evaluated in context of its industry and competitive environment.
  • Target prices: Price targets established and reviewed weekly to ensure consistent application of buy and sell disciplines.
  • Top-down overlay: Historical and current valuations and macroeconomic factors shape sector overweight or underweight decisions.

Portfolio Construction & Risk Management

  • Long and short positions in small- to mid-size Canadian companies based on independent fundamental analysis.
  • Proprietary database used to rank Canadian stocks on key factors.
  • Risk management is part of the investment process, not an afterthought.
  • Rigorous analysis of exposure and impact risks ensures process consistency, adherence to goals and portfolio risk parameters.
  • Strict position limits on individual security weights.
  • Disciplined buy/sell decision-making process focuses on setting price targets and company milestones.
  • The strategy will use leverage and borrow securities to facilitate short selling.

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