Our Mission is to Seek the Truth from the Facts
Veritas is Canada's Leading
Independent Equity Research Firm
Empowering Investors for 25 Years
Darryl McCoubrey, Vice President, Partner, Utilities & Infrastructure Analyst, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations
We Outperform
Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell recommendations have underperformed by more than 400 basis points since March 1999.
Find out more about our Track Record.
We Are Independent
We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.
Find out more about our Investment Approach.
We Stand Up For Investors
We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.
Find out more about Our Team.
We have many subscription options appropriate for all types of investors.
Contact our Sales Team to discuss your equity research needs. Contact Sales
Track Record
V-List Model Portfolio
What is the V-List?
The V-List is a concentrated portfolio of 12 to 25 companies recommended by our analysts as the best investment opportunities drawn from our firm's research.
Stocks are selected based on their liquidity, lower volatility, and potential for long-term capital appreciation. Bottom-up fundamental analysis and a strict review of accounting and disclosure practices identify companies with defensible competitive advantages and the ability to generate meaningful cash flow. The V-List is equal-weighted and rebalanced at the end of each month or based on a change in recommended holdings.
The V-List has outperformed the S&P/TSX Composite Index by 277 basis points (as of September 30, 2025, from inception on October 31, 2004).
V-List Model Portfolio vs S&P/TSX Index Since 2004 Inception
Returns greater than 1 year are presented as compound annual growth rates. *V-List inception October 30, 2004.
It's a very big year for Veritas. In October, we celebrate turning 25!
Veritas Investment Research started out by writing a few impactful reports per year about hidden risks inside Bay Street's stock market darlings, such as Nortel Networks. A quarter of a decade later, we have a full research staff that publishes almost 1,000 reports, videos, and newsletters annually, covering almost 90% of the TSX 60 market cap. If you're a client, you may have heard Founder, President and CEO Anthony Scilipoti tell the story already, but 25 years ago, when he and his founding partners were starting our firm, the lawyer handling the incorporation advised them against it. "You're aware that people don't pay for research, aren't you?" It turned out that the lawyer was about as wrong as all those long-term BUYs on Nortel.
September 26, 2025
Still negative on copper: Pradier
Martin Pradier, our Materials Analyst, joined BNN Bloomberg to discuss his outlook for gold and copper and his TOP PICKs. Gold is up more than 40% this year due to potential conflicts between NATO and Russia, uncertainty surrounding U.S. tariffs, the high U.S. fiscal deficit, and President Trump's attacks on the independence of the U.S. Federal Reserve.
"All of that is very negative for the comfort of investors in the U.S. dollar and in the U.S. treasuries," Martin said, explaining why investors and governments continue to buy more gold. He also discussed his TOP PICKs, including Newmont Corp. (NYSE: NEM) and Franco-Nevada Corp. (NYSE, TSX: FNV). On copper, he remains a skeptic, given that supply appears to be in surplus. Hudbay Minerals Inc. (NYSE, TSX: HBM) also remains a TOP PICK, given the expected growth from its World Copper project and the high gold content as a byproduct at its current copper mines.
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Agnico Eagle Mines Ltd. - Materials
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South Bow Corporation - Energy
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Bombardier Inc. - Industrials
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Brookfield Corporation - Financials
Our Affiliated Companies
The Veritas Group of Companies
Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.
Veritas Asset Management Inc.
Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.
Sam LaBell, Veritas Asset Management Advising Representative, Director
Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process.
Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies. While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.
Veritas Foundation
The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.
Mark S. Bonham, Veritas Foundation Executive Director