Post thumbnail alt text

QV’s Values

2022-12-16, Darren Dansereau

As 2022’s end nears, we want to highlight our values which extend through all that we do at QV. We recognize there have been firms with outlined values that simply weren’t followed. A perfect example is Enron. At the time of its bankruptcy in 2001, it was considered the largest corporate bankruptcy in US history. Its demise was the result of various activities that went against almost everything in its sixty-four-page code of ethics. Know that this is not how we operate at QV and allow us to provide insight on the five distinct values all of us at the firm embody everyday.

Clients First – Our clients’ success defines our success.

Our vision at QV is “Excellence in investment and client service.” We recognize that our business would not exist without our clients, so we want to ensure clients are successful and satisfied. We have been told by current and former clients that QV has always been very responsive to questions posed. A more concrete example is when we close strategies to new clients due to their size. In 2010, we closed our QV Canadian Small Cap Strategy to ensure existing clients would not be negatively impacted. If a strategy becomes too large, it may prove difficult to manage in the same method as before to provide the same returns. A larger strategy would mean more fees, but this value is clients first rather than QV first.

Integrity – We operate with candor, respect, and professionalism.

At the beginning of each year, our Chief Investment Officer presents the ground rules for our investment team. The structure presented is based on the book titled High Performance Investment Teams (Ware et al., 2006). The key message is communication needs to be above board meaning it is curious and open. There needs to be the ability to have constructive dialogue and respectful disagreement. We are not criticizing people, but rather debating the facts around certain conclusions. We need to be in an environment where there is idea meritocracy.

Excellence – Through continuous improvement, we strive for excellence in everything we do.

Whether regarding QV presently or when the firm was founded 26 years ago, it is important to note that we have not perfected everything we do. Investment management involves making decisions that sometimes result in subpar investment returns. As suboptimal scenarios play out, or when fresh talent joins the firm with new ideas, we are presented with opportunities to explore tactics to improve. We have numerous examples of this such as our acquisition and management scorecards that we have discussed before. Learning from our past and improving day by day is how we strive for excellence.

Teamwork – Working toward shared goals gives us strength to achieve more.

Each of our strategies is managed by a team of investment professionals. These teams gather to discuss existing holdings and potential holdings within their portfolios. As well, all our investment professionals gather once per week in our investment committee (IC) meetings. The IC meetings allow us to share insights from each team on what they are seeing within their market, which may help other teams in identifying either positive or negative trends that may impact their businesses. We believe leaning on each other makes us stronger as a team.

Accountability – As owners, we hold ourselves to a higher standard.

Currently, 22 of our 29 employees are shareholders of QV. Those that have been with the firm for approximately two years are typically offered shares. This includes individuals in all different facets and roles within the firm. Most employees also have all their investable assets at QV managed alongside our clients. We feel this commitment to the firm helps to foster an environment that promotes accountability.

We hope this concise outline allows you to get an understanding that we not only post these values but utilize them as a foundation in all that we do. We believe they help sustain a high performing team to service our clients.


This week we have published our second ESG Update for our stakeholders. The highlights from the update include:

  • Continued improvement and updates to our proprietary ESG scorecard for all portfolio companies
  • Receiving our first provisional score and assessment as a Principles for Responsible Investment (PRI) signatory
  • Publishing our proxy voting guidelines related to shareholder proposals and oversight of ESG issues on our website
  • Examples of engaging with various companies in our portfolios regarding issues such as establishing a lead independent director and unacceptable safety records

We continue to believe that managing the environmental, social and governance risk and opportunities within our strategies will assist in providing successful long-term returns for our clients. You can access the full report here.

This will be our last letter of 2022. From all of us at QV, we wish everyone a very special holiday season. We look forward to another successful and prosperous year in 2023.

All views and projections are the expressed opinion of QV Investors Inc. and are subject to change without notice. This Update is provided for informational purposes only. QV Investors takes no legal responsibility from any losses resulting from investment decisions based on the content of this Update.


Darren Dansereau | Chief Executive Officer

Darren leads the firm with a strong commitment to QV’s values. He empowers the team to demonstrate excellence in investment management and client service.