Company Summary

There is both a comfort and an obligation in being one of Canada’s oldest independent investment management firms. We were founded in 1946, and we have been through the ups and downs of the market cycles for generations. During this time, we have learned several things. About our process: we have proven that our bottom-up, fundamental approach to investing works. About our approach to selecting companies: thinking and acting like business owners helps us develop unique insights that lead to finding opportunities that others might miss. About our business: working with our clients in close partnership is the only way to deliver superior service.

With offices in Montreal, Toronto, and Calgary, we are able to offer highly personalized investment services to institutional clients such as pension funds, foundations, religious communities, and insurance companies.

Montrusco Bolton Investments Inc. is a private company held by the firm’s key employees and two strategic partners, Affiliated Managers Group, Inc. and the Fonds de solidarité FTQ. Our partnerships give us solid foundation for growth, and our employee-owned structure ensures that we attract and retain the talent that will secure our continued success.

All our clients’ assets are managed from Montreal and Toronto.

As of December 2012, clients have entrusted us with more than 5.2 billion dollars.

Source: Montrusco Bolton Investments

Unique Value Proposition

Philosophy and Process

We think and act like business owners.

Investing involves more than just understanding all the details — it also requires that you uncover the insights about how a portfolio candidate’s business is run and the dynamics of their industry and use those insights to develop instincts that will enable you to identify clearly both a stock’s return potential and its level of risk.

This style of investing drives everything we do at Montrusco Bolton Investments Inc. Using a bottom-up, fundamental approach, we dig deeper and have the utmost conviction in every company we invest in. Our process is thorough and repeatable, and has been proven in every market environment. We participate in shareholder activism by maintaining an open dialog with company management teams about matters that impact their share price. And we develop multiple perspectives on valuation that allow us to gain greater insights that lead to generating attractive upside / downside capture. We invest for the long-term, which means that we know exactly where risk resides in our portfolios and how this matches our clients’ objectives.

Our investment process is driven by a four-step approach:

Fundamental Research

The first question we explore when considering a company is whether it is a company that we would own. To answer this question, we conduct a thorough analysis of fundamental factors — based on an examination of financial strength, industry dynamics, competitive differentiators, track record of success, management, and business plan — in order to identify portfolio candidates.

Valuation Analysis

We apply several distinct valuation metrics to gain a perspective on how the company is priced and if it meets our minimum risk adjusted return hurdle/target.

Risk Budgeting / Portfolio Construction

As we construct portfolios, we subject each recommendation to intense scrutiny, based on its individual potential as well as its role in a given portfolio strategy. With each portfolio, we develop a risk budget that enables us to assess the potential return of each portfolio versus the organic risk of each position. Because of our focus on a small number of companies, we know exactly where risk resides at the firm, portfolio, and security levels. This gives us the ability to fine-tune our portfolios to ensure they deliver attractive returns on a risk-adjusted basis.

Monitoring / Sell Discipline

All of our team members are responsible for active and continuous monitoring of all of the companies in our portfolio. We apply an uncompromising sell discipline if an investment thesis no longer holds, if the number of red flags is increasing, if new risk factors emerge that are not being mitigated, or if valuation is fully reflected in price.

Source: Montrusco Bolton Investments

AUM ($Bil)


Year Founded


Key Personnel

Sylvain Boulé, President and Chief Executive Officer
Christian Godin, Senior Vice President, Head of Equities
Jean-Claude Ayotte, Vice President and Chief Financial Officer


1501 McGill College Avenue, Suite 1200
Montreal, Quebec
H3A 3M8

Start your best financial future today.

Start your search