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Expertise Information about our experience and capabilities
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CC&L Q Equity Extension

Investment Objective

  • Maximize long-term total return by investing in a diversified portfolio of equity securities.
  • Generate returns equal to the return of the S&P/TSX Composite Index plus 3.5% over rolling four-year periods.


  • Quantitative core approach
  • Ability to take advantage of negative insights by selling short
  • Disciplined and objective investment process
  • Broad diversification
  • Focus on companies with strong fundamental characteristics
  • Proprietary database covering 12,000 stocks
  • Proprietary risk model and portfolio construction process
  • Deep, stable and experienced management team

Investment Philosophy

  • Philosophy is based on sound fundamental investment principles.
  • Informational and behavioural inefficiencies can be exploited within equity markets.
  • By employing both long and short equity positions, extension strategies add value from long positions expected to perform the “best” and short positions expected to perform the “worst”.
  • Investment process is rigorous, objective and applied with consistency and discipline.
  • Investment opportunities are dynamically assessed across industries and stocks on a daily basis.
  • Risk management reduces the potential negative impact of unexpected market volatility.
  • A significant commitment to the ongoing research and development enhances the process.

Investment Process

  • Quantitative process: Disciplined, risk-controlled investment approach
  • Fundamental ranking system: Evaluation of investment opportunities based on key investment themes, assessment of financial statements, analyst estimates, stock price and trading information
  • Evaluation of full investment universe: Continuous evaluation of all opportunities in the investment universe
  • Forecasts for return and risk: Fundamental rankings are grouped into four key investment themes and used daily as input to develop risk and return forecasts
  • Disciplined risk management process: Stock and sector exposures as well as overall portfolio risk are managed using state of the art risk management techniques
  • Proprietary industry classifications: All stocks grouped into industry sectors, custom classifications provide appropriate peer comparisons, better investment decisions
  • Ongoing research: Markets are in constant evolution, significant commitment to the ongoing enhancement of investment process and quantitative investment techniques

Portfolio Construction & Risk Management

  • Daily optimization ensures that portfolios profit from new opportunities as they arise.
  • Stock positions are determined using a proprietary portfolio construction process.
  • Transactions costs are explicitly factored into investment decision-making.
  • Proprietary factor-based risk model generates daily risk forecasts.
  • Portfolio is optimized relative to client specific benchmarks.
  • The strategies may use leverage and borrow securities to facilitate short selling.
  • There are explicit position limits; portfolio is well diversified.

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