What is the V-List?

Our model portfolio, the Veritas V-List, has outperformed the S&P/TSX Composite Index in 15 of the past 17 years.

It 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.


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In this 8-minute video, Anthony Scilipoti, Veritas Investment Research President and CEO, and Darryl McCoubrey, Veritas Head of Research and Utilities & Infrastructure Analyst, reflect on our V-List model portfolio’s performance in the first half of 2021 (as of July 31, 2021).

  • Long-term performance: YTD, our V-List has outperformed the S&P/TSX Composite Index by 239 basis points through the end of July (20.63% versus 18.24%) and since inception 301 basis points (11.09% versus 8.08%) (inception October 31, 2004). 
  • Our process for choosing companies for the model portfolio: It is a bottoms-up, equally-weighted model portfolio of 12-25 companies. Names must be large caps and liquid. The V-List is also sector agnostic and has low turnover. “We predominantly focus on cash flows,” Darryl said. “If we don’t see a cash-flow-based return that we find appealing compared to the risk we’ve assessed for the company, we won’t add it to the list.”
  • Accounting: “We dig deeper into the accounting to make sure that we’re not being misled [in evaluating cash flows],” Darryl said.
  • Conservative discipline: The V-List has outperformed the S&P/TSX Composite in 15 of the past 17 calendar years. The two years when the V-List did not outperform were 2009 and 2020, both bounce-back years from market crashes. “Our conservative, careful process leads us to not jump before waiting to ensure the fundamentals are matching the move in the stocks,” Anthony said. “In both of those years, the stocks ran ahead of what the fundamentals were telling us.”

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

Veritas Sells underperformed by 4.73% CAGR

Veritas Buys outperformed by 3.67% CAGR

V-List Buys outperformed by 2.98% CAGR




  • An equal-weighted portfolio of Veritas Sells would have underperformed the S&P/TSX index by a compound annual growth rate of 4.73%.
  • An equal-weighted portfolio of Veritas Buys would have outperformed the S&P/TSX index by a compound annual growth rate of 3.67%.
  • Our model V-List portfolio has outperformed the S&P/TSX index by a compound annual growth rate of 2.98% since inception (Oct. 31, 2004). 

March 25, 1999 to August 31, 2021


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. 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