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Simply Put

The path less travelled

Published September 26, 2025

Starting in 2008, we asked investors to place their trust in us as stewards of their hard-earned wealth. The road towards reaching your investment goals can get bumpy, and we knew we’d often find ourselves with very little company along the way. Time has many benefits – one of them is providing perspective.

We can look back at the decisions we took and their outcomes – specifically how our willingness to look different from the crowd defines both the years since we launched and the ones to come.

Post-Financial Crisis (Fear)

  • Investors bought “safe” investments that would survive
    the crisis like utilities, packaged goods or groceries

  • This meant paying high prices for things with little room
    to grow

Graphic
EdgePoint for The Path less travelled timeline
Non-obvious survivors

  • Our focus – non-obvious survivors that could grow without paying for it

  • The next five years showed the benefit of not paying for safety:

Total annualized return (C$)

Nov. 17, 2008 to Nov. 17, 2013
Annualized total return, net of fees (excluding advisor fees), in C$. As at August 31, 2025.EdgePoint Global Portfolio, Series F – YTD: 10.62%, 1-year: 12.98%, 3-year: 13.84%, 5-year: 11.88%, 10-year: 8.94%, 15-year: 12.90%, Since inception (Nov. 17, 2008): 13.47%.
MSCI World Consumer Staples Index – YTD: 7.50%, 1-year: 5.74%, 3-year: 9.22%, 5-year: 7.47%, 10-year: 7.66%, 15-year: 11.06%, Since EdgePoint inception (Nov. 17, 2008): 10.67%.
MSCI World Index – YTD: 8.61%, 1-year: 17.84%, 3-year: 20.38%, 5-year: 14.08%, 10-year: 12.00%, 15-year: 13.35%, Since EdgePoint inception (Nov. 17, 2008): 12.68%.
MSCI World Utilities Index – YTD: 21.11%, 1-year: 17.45%, 3-year: 12.40%, 5-year: 10.98%, 10-year: 9.88%, 15-year: 9.92%, Since EdgePoint inception (Nov. 17, 2008): 8.50%.
Source: Morningstar Direct. Series F is available to investors in a fee-based/advisory fee arrangement and doesn’t require EdgePoint to incur distribution costs in the form of trailing commissions to dealers. The MSCI World Index was chosen as the benchmark for the EdgePoint Global Portfolio because it’s a widely used benchmark of the global equity market. The MSCI World Consumer Staples Index and MSCI World Utilities Sector Index are shown to represent where investors perceived safety due to consistent consumer demand during a volatile period. The indexes are not investible. See Important information – benchmarks and indexes for additional details.

Important information – Benchmarks and indexesThe indexes are not investible.We manage our Portfolios independently of the indexes we use as long-term performance comparisons. Differences including security holdings and geographic/sector allocations may impact comparability and could result in periods when our performance differs materially from the index. Additional factors such as yield, duration and credit quality may also impact comparability.MSCI World Index (EdgePoint Global Portfolio benchmark) – A broad-based, market-capitalization-weighted index comprising equity securities available in developed markets globally. The index was chosen as the benchmark for the EdgePoint Global Portfolio because it’s a widely used benchmark of the global equity market. S&P/TSX Composite Index (EdgePoint Canadian Portfolio benchmark) – a market-capitalization-weighted index comprising the largest and most widely held stocks traded on the Toronto Stock Exchange. The index was chosen as the benchmark for the EdgePoint Canadian Portfolio because it’s a widely used benchmark of the Canadian equity market. ICE BofA Canada Broad Market Index (EdgePoint Global Growth & Income Portfolio and EdgePoint Canadian Growth & Income Portfolio fixed income benchmark) – An index that tracks the performance of investment-grade debt publicly issued in the Canadian domestic market. The index was chosen as the benchmark for the fixed income portion of the EdgePoint Growth & Income Portfolios because it’s a widely used benchmark of the Canadian fixed income market. MSCI World Consumer Staples Sector Index – A market-capitalization-weighted indexes comprised of companies classified as Consumer Staples by the Global Industry Classification Standard. MSCI World Utilities Sector Index – A market-capitalization-weighted indexes comprised of companies classified as Utilities by the Global Industry Classification Standard. S&P 500 Index – a broad-based market-capitalization-weighted index of 500 of the largest and most widely held U.S. stocks. MSCI EAFE Index – a broad-based, market-capitalization-weighted index comprising large- and mid-cap equity securities available in developed markets, excluding the U.S. and Canada. Important information – Definitions Yield-to-maturity (yield) – the total return anticipated on a bond if it’s held until it matures and coupon payments are reinvested at the yield-to-maturity. Yield-to-maturity is expressed as an annual rate of return. Duration – a measure of a debt instrument’s price sensitivity to a change in interest rates. The higher the duration, the more sensitive a bond’s price is to changes in interest rates.
i Source: FactSet Research Systems Inc. Total annualized returns in C$. As at December 31, 2012. The S&P/TSX Composite Index (Canada proxy) outperformed the S&P 500 Index (U.S. proxy) and the MSCI EAFE Index (international).ii Source: FactSet Research Systems Inc. In C$. As at December 31, 2012, the S&P/TSX Composite Index Materials and Energy weights were 19% and 25%, while the EdgePoint Canadian Portfolio’s weights were 1% and 17%.iii See Important information – Definitions for additional details.iv Source: Morningstar Direct. As at May 31, 2020. The universe of funds analyzed only includes funds with available duration and yield-to-maturity values, as well as a minimum AUM of $2 billion in the Canadian Fixed Income category. Series A MER, duration and yield-to-maturity taken directly from fund websites. Canadian Fixed Income category funds must invest a minimum of 90% of their fixed income holdings in C$ with an average duration between 3.5 and 9 years. Minimum average credit quality must be investment grade (BBB or higher), along with a maximum 40% high yield weight. A maximum of 30% of the portfolio can be in non-Canadian products if they are C$-hedged.v Source: Morningstar Direct. Calendar year 2021 net sales are estimated and measured in C$. Global equity/balanced funds represent funds from the Global Equity, Global Neutral Balanced, Global Equity Balanced and Global Small/Mid Cap Equity categories. The Canadian Equity/Balanced Funds represent funds from the Canadian Dividend & Income Equity, Canadian Focused Equity, Canadian Equity, Canadian Small/Mid Cap Equity, Canadian Neutral Balanced and Canadian Equity Balanced categories. All funds categories classified by the Canadian Investment Funds Standards Committee (CIFSC).vi Source: Bloomberg LP. Comparison period was April 2, 2001 to March 30, 2021. Price-to-earnings ratios are using forward consensus earnings per share estimates in calculations. Consensus earnings as at March 31, 2021. The lowest relative price-to-earnings ratio of the S&P/TSX Composite Index and the S&P 500 Index.vii Source: FactSet Research Systems Inc. Share repurchases in C$. The names were all among the top-10 holdings in the EdgePoint Canadian Portfolio as at February 28, 2021.viii Sources: Wes Crill, “Magnificent 7 Outperformance May Not Continue”, Dimensional.com, December 7, 2023; Center for Research in Security Prices.