What is the V-List?

Our model portfolio, the Veritas V-List, has outperformed the S&P/TSX Composite Index in 14 of the past 16 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 12-minute video, Anthony Scilipoti, President and CEO, and Darryl McCoubrey, Head of Research and Utilities & Infrastructure Analyst, reflect on our V-List model portfolio’s performance over the past year since the pandemic (as of March 31, 2021). They discuss:

  • Our process for choosing companies for the model portfolio: We dig down to sustainable cash flow metrics to find companies that generate the most cash and, at the same time, have relatively benign credit risk.
  • Why the model portfolio underperformed in 2020: We underestimated the amount of free liquidity that would be available to markets and how this would lift valuations for higher-risk companies with little or no cash flow.
  • Protecting on the downside: One of the V-List’s founding principles is to avoid risk, or in other words, to avoid significant drawdowns or stocks that could torpedo your portfolio. Our defensive bias means that we will not be the first to jump back into uncertain market conditions. As also happened in 2009, the V-List could lag in sharp rallies that are not driven by fundamentals.
  • Why our strategy is working again: The V-List has begun to outperform once again in 2021, although we will remain balanced between defensive names and names that will benefit as lockdowns lift. 

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

Veritas Sells underperformed by 4.46% CAGR

Veritas Buys outperformed by 3.64% CAGR

V-List Buys outperformed by 2.97% CAGR




  • An equal-weighted portfolio of Veritas Sells would have underperformed the S&P/TSX index by a compound annual growth rate of 4.46%.
  • An equal-weighted portfolio of Veritas Buys would have outperformed the S&P/TSX index by a compound annual growth rate of 3.64%.
  • Our model V-List portfolio has outperformed the S&P/TSX index by a compound annual growth rate of 2.97% since inception (Oct. 31, 2004). 

March 25, 1999 to June 30, 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