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 356 basis points (as of June 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


Why We Favour Energy:
V-List Performance Overview February 2022


In this 9-minute video conference (above), Anthony Scilipoti, Veritas President and CEO, and Darryl McCoubrey, Head of Research and Head of our Investment Committee, discuss the performance and approach of our V-List model portfolio.

They discuss:
•   What is the V-List? The process 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. 
•   Defensive bias: “We’re favouring stocks with downside protection with catalysts to the upside,” Anthony said.  
•   Energy: Why the V-List went overweight energy and avoided technology in 2021. “If we don’t drill more, we’re going to have a lot more inflation. That’s clearly going to be a big issue given affordability constraints,” Darryl said.
•   The War in Ukraine: How the spike in energy prices affects our outlook on the sector.


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 4.87% CAGR

Veritas Buys outperformed by 3.57% CAGR

V-List Buys outperformed by 3.56%CAGR




  • An equal-weighted portfolio of Veritas Sells would have underperformed the S&P/TSX index by a compound annual growth rate of 4.87%.
  • An equal-weighted portfolio of Veritas Buys would have outperformed the S&P/TSX index by a compound annual growth rate of 3.57%.
  • Our model V-List portfolio has outperformed the S&P/TSX index by a compound annual growth rate of 3.56% since inception (Oct. 31, 2004). 

March 25, 1999 to August 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