Geoff MacDonald manages a $2.5-billion fund that has been outpacing the S&P/TSX Composite Total Return Index since its inception
Twenty years ago, Geoff MacDonald partnered with a friend to buy three blueberry farm properties on Prince Edward Island. The yield of the wild berries increased as roots spread to empty patches of soil, and the land value has appreciated. The strategy on the hobby farm is similar to the way MacDonald co-manages the EdgePoint Canadian Portfolio Fund with Tye Bousada and Andrew Pastor. The $2.
We didn’t know a crisis would happen. Early that year, we analyzed the fund industry, which is generally run by sales and marketing people. We saw a pattern of money chasing funds with strong recent returns, but it was investors who bought a year or two earlier who did well. We wanted to run EdgePoint differently and make money for investors. Many people said it was not a good time to launch, but it was. Even if a lot of money didn’t come in, it would be invested at attractive prices.
We believe Restaurant Brands can do 5% growth in new restaurants yearly for a long time without needing capital. It’s a franchisor, so it collects fees from franchisees, who spend the money to build and upgrade the restaurants. Popeyes, which has fewer than 4,000 stores globally versus KFC with more than 25,000, has long runway for growth in the U.S. We also see substantial growth for Tim Hortons, which has 5,300 restaurants.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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