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.

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.

In this 11-minute video conference, 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:

  • Performance: Our V-List model portfolio is up 23.09% year to date, versus the S&P/TSX Composite up 17.51% as of the end of September. Since its inception in 2004, the V-List has outperformed the S&P/TSX Composite by 314 basis points annually.
  • The process: It is a bottoms-up, equally-weighted portfolio. Names must be larger cap and liquid. The V-List is also sector agnostic and has low turnover.
  • Focusing on cash-based returns: We focus on actual cash-based returns instead of longer-term growth stories dependent on low-cost equity funding. Our Buys have outperformed the S&P/TSX Composite by 377 basis points over the past 20 years, while our Sells have underperformed by 446 basis points.
  • Inflation: Our current strategy focuses on companies that provide essential goods and services. “I think it is important we focus on essential things: real estate, energy, food. These are the kinds of things that can pass along inflation and safeguard our returns,” Darryl said. Specifically, we have been increasing our allocation to traditional energy while avoiding renewable energy and its premium valuations.


“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


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

Veritas Sells underperformed by 4.60% CAGR

Veritas Buys outperformed by 3.70% CAGR

V-List Buys outperformed by 3.17% CAGR




  • An equal-weighted portfolio of Veritas Sells would have underperformed the S&P/TSX index by a compound annual growth rate of 4.60%.
  • An equal-weighted portfolio of Veritas Buys would have outperformed the S&P/TSX index by a compound annual growth rate of 3.70%.
  • Our model V-List portfolio has outperformed the S&P/TSX index by a compound annual growth rate of 3.17% since inception (Oct. 31, 2004). 

March 25, 1999 to December 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