Leith Wheeler Investment Counsel Ltd. disclosed in a filing on September 30, 2019 that it reduced its stake in Cogent Communications Holdings, Inc.

Oct 10, 2019
Institutional Holdings Changes
Background Information
Leith Wheeler Investment Counsel Ltd.'s (LWIC) value-oriented Canadian Equity investment strategy seeks to invest companies that have some competitive advantage or franchise that will preserve the company's ability to deliver attractive returns on capital. The firm realizes that the market usually recognizes and fully values these types of companies so they focus on finding solid businesses which may not be fully recognized by the market. Often these businesses may be under some temporary cloud or competitive pressure such that the franchise value is not clear to the market or the business lacks the speculative appeal or fad of the moment. LWIC takes meaningful positions in these companies and their culture that allows them to be patient until their investment thesis unfoldsLWIC's fixed income strategies emphasize consistency of returns and safety of capital by investing in notes and bonds issued by the Canadian federal and provincial governments and by corporations. As in the management of their equity portfolios, the firm focuses on the long-term outlook for interest rates and structures portfolios accordingly. A key component of our credit selection process is establishing a disciplined outlook for specific sectors of the fixed income credit market. Within each sector LWIC evaluates each individual security based on a rigorous bottom up analysis of the fundamentals of the business and the industry in which it operates.