What is the V-List?

Veritas' track record is measured through its V-List, a model portfolio that has outperformed the S&P/TSX Composite Index by 352 basis points (as of October 30, 2022, since inception on October 31, 2004).

The V-List is a concentrated portfolio of 12 to 25 companies recommended by Veritas Investment Research as the best investment opportunities drawn from our firm’s research.  

Stocks are selected based on their potential for long-term capital appreciation, using bottom-up fundamental analysis and a strict review of accounting and disclosure practices to identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.

“Our companies generate more cash, so they can either directly return more of cash to you, the investor, or if they’re in growth industries, they can invest in growth.”

– Darryl McCoubrey, Head of Research.

“Our level of diligence is deeper. Our analysts cover fewer names, and they spend more time looking at the details associated with those names.”

Anthony Scilipoti, President and CEO


V-List Performance Overview November 2022:
The Fundamentals are the Proven Edge:


In this 8-minute webinar, Anthony and Darryl discuss the performance and thinking YTD behind our V-List model portfolio. They discuss:

  • Independent research drives the process: We select stocks through a bottom-up process. "We try to give autonomy to our analysts so that they feel free to come up with their best ideas," Darryl said.
  • Performance YTD to Oct. 31:  We have outperformed the S&P/TSX CAGR by 352 basis points since inception. The V-List underperformed in 2020 during the pandemic when government stimuli and low interest rates drove excessive risk in the market. But YTD, the V-List is up 1.94% versus the S&P/TSX, which is down 6.19%. "It's good to have these results today to verify that what we are doing is still going to work over the long term," Darryl said. 
  • Sector exposure: Through 2021, we eliminated our exposure to technology as we believed inflation was not transitory and increased our exposure to safer stocks in staples, utilities, cash and gold. "We started the year saying this is going to be a stock pickers year, and it has been exactly that," Anthony said. Heading into the next year, we'll be looking for some of the more beaten-up names where the fundamentals and balance sheets are strong.


You can subscribe to the V-List.

Contact our Sales Team to discuss your equity research needs.

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Our Long-Term Buy, Sell and V-List Performance

Veritas Sells underperformed by 4.47% CAGR

Veritas Buys outperformed by 3.75% CAGR

V-List Buys outperformed by 3.66%CAGR




  • An equal-weighted portfolio of Veritas Sells would have underperformed the S&P/TSX index by a compound annual growth rate of 4.47%.
  • An equal-weighted portfolio of Veritas Buys would have outperformed the S&P/TSX index by a compound annual growth rate of 3.75%.
  • Our model V-List portfolio has outperformed the S&P/TSX index by a compound annual growth rate of 3.66% since inception (Oct. 31, 2004). 

March 25, 1999 to December 31, 2022


Returns are calculated using model portfolios that include all Veritas calls in each category (Buys/Sells//V-List). Veritas Buy and Sell returns reflect equal-weighted portfolios that are rebalanced each month and on dates where recommendations change. Sell recommendations include Reduce recommendations when Reduces were added to our rating system in 2021. V-List portfolio returns reflect published weighting changes and recommendation dates, rebalanced monthly and on recommendation changes. CAGR = Compound Annual Growth Rate Returns for each rating and the benchmark includes dividends. All our calls are backed by published research that is available to our clients. Source: Bloomberg dates, Veritas Investment Research