Company Summary

Founded in 1986, Lester Asset Management is fully licensed as a discretionary portfolio management firm focused on Canadian equities and fixed income securities. We serve hundreds of high net worth individuals, families, trusts, estates, investment holding companies, foundations, and select institutions, and have a fiduciary responsibility to always act in our clients’ best interest.

Source: Lester Asset Management

Unique Value Proposition

Our process focuses on three approaches in identifying investment opportunities:
Value: Our research is founded on a search for value. We are bargain hunters, not momentum chasers or closet-indexers. We look to invest in undervalued companies or mispriced securities. We therefore look for companies that are trading at low multiples to earnings, cash flow, or book value, because they are less well known, misunderstood, illiquid or temporarily out-of-favour. However, we are careful not to fall into a “value trap” of investing in dying businesses.

Growth at a Reasonable Price (GARP): Or as we say: Growth at a “Responsible” Price.
While we generally have to pay-up for growth, there are limits to what we are willing to pay. We want to buy as much growth as possible for as little as possible, before analysts and the masses drive up valuations to unreasonable levels. This entails seeking companies that have reasonable multiples relative to their growth rates.

Special Situations: We also look for event-driven situations for which we expect some shareholder value-enhancing event to occur, such as a dividend increase, share buy-back, spin-off, merger, accretive acquisition or an outright sale. Special situations can also involve companies where industry consolidation is taking place or that operate in sectors that analysts don’t follow or in areas that are being neglected by the market. We also remain ready to seize attractive opportunities as they unexpectedly arise.

Source: Lester Asset Management

AUM ($Bil)


Year Founded


Key Personnel

Ken Lester, President, CEO and Portfolio Manager
Stephen Takacsy, Chief Investment Officer and Portfolio Manager of Lester Canadian Equity Fund
Peter Dlouhy, Chief Compliance Officer and Portfolio Manager.


1800 McGill College Avenue
Suite 2102
Montreal, Quebec
H3A 3J6

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