QV
QV Market Letter
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 2 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of QV for every strategy.
What it bought and sold
the QV Global Equity Strategy re-initiated Microsoft near the lowest valuation it has traded at in a decade.
During the quarter, our equity teams added to multiple existing holdings where valuations had compressed, such as Intact Financial in the QV Canadian Equity Strategy, Stella-Jones and Stantec in the QV Canadian Small Cap Strategy and Netflix in the QV Global Equity Strategy.
During the quarter, our equity teams added to multiple existing holdings where valuations had compressed, such as Intact Financial in the QV Canadian Equity Strategy, Stella-Jones and Stantec in the QV Canadian Small Cap Strategy and Netflix in the QV Global Equity Strategy.
During the quarter, our equity teams added to multiple existing holdings where valuations had compressed, such as Intact Financial in the QV Canadian Equity Strategy, Stella-Jones and Stantec in the QV Canadian Small Cap Strategy and Netflix in the QV Global Equity Strategy.
During the quarter, our equity teams added to multiple existing holdings where valuations had compressed, such as Intact Financial in the QV Canadian Equity Strategy,
The QV Canadian Equity Strategy has built its position in Constellation Software this year as valuations were pressured,
Its investment theses
- MicrosoftJun 2026Microsoft is seen as attractively valued and well positioned through its leading AI infrastructure role and dominant software ecosystem.
- Constellation SoftwareJun 2026Constellation Software is viewed as insulated from AI disruption and supported by a long runway of value-accretive tuck-in acquisitions.