Investment Approach

Larry Sarbit uses a value investment style and seeks out companies with a substantial barrier to entry, ability to generate attractive return on capital, growing stream of free cash flow and honest/capable management. Investment time horizon is similar to length of a business ownership; years, decades or generations. To ensure capital protection the Fund may hold significant cash, determined by availability of companies that meet the Portfolio Advisor's quality and price criteria.

Key reasons to invest

Fund provides focused exposure to U.S. Equity market, number of companies held ranges between 15 to 25

Fund invests in companies that trade at "margin of safety" prices - value approach

U.S. dollar denominated assets are hedged in order to reduce exchange rate volatility

Medium Risk Image

Daily Price

Calendar Year Returns (%)


Distribution Frequency: Annually

Daily Price

Support Material


During the period, the Fund held approximately 35% cash.  Over the past 3 years, it would have been beneficial to be more invested, though at the time of writing, we are reminded why cash can be a powerful strategic asset.  Fear in the market results in falling stock prices and transforms cash from a burden to the most desired asset.  As the portfolio manager has noted before, a lack of great companies trading at bargain prices will result in cash balance being significantly high in the Fund.

Read Full Commentary

In the News


Why is the U.S. still the land of opportunities
Lessons from Warren Buffet

Portfolio Managers


Larry Sarbit
Chief Investment Officer and Portfolio Manager
Sarbit Advisory Services Inc.

Read Larry's Bio

Facts & Fees

Purchase Minimums

Minimum Initial Buy: $500
Each Additional Investment:
(may be waived)

Support Material

Financial Documents


*IA Clarington Investments Inc., manager of the IA Clarington Sarbit U.S. Equity Fund A (the "Fund"), currently waives some of its management fees or absorbs some expenses that would normally be charged to the Fund. This is done at the manager’s discretion, and may continue for an indeterminate period of time but may also be terminated at any time. The management expense ratio ("MER") for this series of the Fund published above is calculated after waivers and absorptions have been taken into account, using information available from the interim period ending 03/31/2014. The actual MER of the this series of the Fund before waivers and or absorptions is 2.72%
Important information and disclaimer

**The portfolio sub-advisor, Sarbit Advisory Services Inc. has requested that holdings be disclosed on a quarterly basis.

Returns are calculated, and year-by-year returns are shown, from June 5, 2009, the date of a material reorganization of the Fund.