Monthly Archives: June 2023

Our fund stacks up!

MWG Global Equity Growth Fund Achieves Top Decile Ranking in Survey

We are thrilled to announce the MWG Global Equity Growth Fund top-decile ranking in the Global Manager Research (GMR) Fund Survey for the period ending April 30, 2023. Over the last 3, 5 & 7 years, this fund has outperformed 98%, 97% & 96% of the other 242 Global Funds participating in the survey.


MWG Focus Stock: Gibson Energy (GEI)

Gibson Energy

Written by Head of Research & Portfolio Manager, Jamie Murray, CFA.
Gibson Energy (GEI) is a Calgary-based energy infrastructure provider. Having divested its more volatile business lines, the company has transformed its asset base over the past decade to focus on the provision of oil and liquids storage infrastructure at key pipeline terminals. A pipeline terminal is a large storage and processing facility that brings together inflow pipelines from various oil fields and prepares petroleum products for export on larger, long-haul pipelines or rail connections that ship products closer to endpoints (which could be a refinery or an export terminal). At the end of 2022, the company’s terminal assets were located in Hardisty and Edmonton, Alberta, which serve as major hubs for oil sands production. Other assets include a heavy crude refining facility in Moose Jaw, Saskatchewan, more than 500 km of feeder pipelines and an energy marketing operation that typically generates $50-100M per year of cash flow. Read

May Portfolio Update | 2023

Thoughts on the Market: May Edition

The future is today.

We believe great returns are made by investing in companies that can scale, where their high-margin products and services can be distributed far and wide to customers, with the intent of creating repeated purchases. Internet technology companies like Microsoft, Alphabet and Amazon fit this bill, and this is the primary reason we have been comfortable holding them through such a challenging economic environment. The Internet provides a low-cost distribution medium and the platform business model allows for repeat usage by facilitating valuable exchanges across an ever-larger number of participants. As usage grows, profits can scale quickly. It is up to the business to continue the innovation of new products to deepen its moat around the platform, either by increasing output or reducing costs. For example, Amazon can deliver most household products at a faster speed and/or lower cost than other retailers due to its delivery network. It continues to build this service (and its value) through even faster delivery times for the same cost. Technology companies were by far the strongest performers in the month of May and have bolstered their year-to-date return to 32% (Figure 1). Their performance can be attributed to increased interest in artificial intelligence (AI), particularly generative AI, whereby new computer outputs (be it software code, imagery, text, or grocery lists) can be created by the AI program.


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