Investment management · Montréal · Since 1987
Value, not popularity.
Duncan Ross Associates is a boutique investment firm that manages client wealth through a disciplined, entrepreneurial approach to investing, based on the philosophies of Benjamin Graham and Philip Fisher.
Unit prices
Duncan Ross Pooled Trust
$954.4051
Valued every Thursday
Duncan Ross Equity Fund
$414.5052
Valued on the 15th and at month-end
- Independent since
- 1987
- A unique and independent company that pursues true shareholder value.
- Annualized, after fees
- 13%
- Our performance record since the firm’s inception.
- Pooled funds
- 2
- Open to high-net-worth individuals and institutional investors.
Who we are
Our only business is professional investment management.
Our sole mission is to preserve and enhance client wealth through our disciplined entrepreneurial approach to investing. We do this by way of two pooled funds, open to high-net-worth individuals and institutional investors.
Research is the engine that drives the investment process. We do all of our research in house. We are business analysts, not market analysts.
About the firmThe stock market is filled with individuals who know the price of everything, but the value of nothing.
Investment philosophy
The business, the people and the price.
Stocks are not just pieces of paper, but pieces of businesses, in which a partnership is formed. No such partnership is formed without an in-depth analysis of three broad criteria.
- I.
The business
Economically sound businesses with sustainable competitive advantages, within our circle of competence, that generate more cash than they need for their operations.
- II.
The people
A management team that shares our long-term focus. Its actions in large part determine the future value of our investment.
- III.
The price
Great businesses bought when the market underprices them, at a discount to their potential worth.
Performance
$100,000 invested in the Pooled Trust at inception.
Value on December 31, 2025, after fees, compared with the same amount invested in the S&P 500 and the S&P/TSX.
Performance of both funds- Pooled Trust
- $10,397,500
- S&P 500
- $6,464,098
- S&P/TSX
- $2,595,420
Value on December 31, 2025
| Value on December 31, 2025 | Pooled Trust | S&P 500 | S&P/TSX |
|---|---|---|---|
| December 1988 | $106,935 | $106,918 | $107,430 |
| December 1989 | $115,371 | $115,332 | $116,166 |
| December 1990 | $124,633 | $124,568 | $125,613 |
| December 1991 | $142,687 | $142,874 | $135,827 |
| December 1992 | $161,342 | $149,731 | $146,872 |
| December 1993 | $200,535 | $201,128 | $158,815 |
| December 1994 | $178,375 | $178,691 | $171,729 |
| December 1995 | $296,567 | $297,635 | $185,693 |
| December 1996 | $343,904 | $345,081 | $200,792 |
| December 1997 | $530,136 | $531,856 | $216,283 |
| December 1998 | $726,568 | $739,867 | $217,363 |
| December 1999 | $727,605 | $853,556 | $280,122 |
| December 2000 | $727,732 | $789,881 | $286,075 |
| December 2001 | $727,858 | $789,877 | $246,963 |
| December 2002 | $704,168 | $508,688 | $218,345 |
| December 2003 | $877,146 | $571,889 | $293,458 |
| December 2004 | $1,005,993 | $583,715 | $345,977 |
| December 2005 | $1,176,832 | $544,892 | $456,306 |
| December 2006 | $1,355,610 | $704,327 | $544,296 |
| December 2007 | $1,412,722 | $580,788 | $597,049 |
| December 2008 | $1,126,838 | $371,219 | $382,041 |
| December 2009 | $1,199,204 | $501,786 | $516,993 |
| December 2010 | $1,234,256 | $625,611 | $645,293 |
| December 2011 | $1,263,843 | $586,598 | $605,729 |
| December 2012 | $1,541,915 | $668,591 | $641,419 |
| December 2013 | $2,120,668 | $1,009,890 | $729,445 |
| December 2014 | $2,677,295 | $1,279,266 | $807,004 |
| December 2015 | $2,755,319 | $1,521,021 | $741,823 |
| December 2016 | $3,042,702 | $1,684,716 | $904,095 |
| December 2017 | $3,735,785 | $1,961,575 | $985,987 |
| December 2018 | $4,000,448 | $2,081,834 | $949,997 |
| December 2019 | $4,751,012 | $2,522,567 | $1,127,972 |
| December 2020 | $5,722,846 | $2,898,473 | $1,180,599 |
| December 2021 | $6,688,736 | $3,715,485 | $1,514,147 |
| December 2022 | $6,275,727 | $3,445,925 | $1,493,562 |
| December 2023 | $6,933,125 | $3,969,788 | $1,553,942 |
| December 2024 | $9,612,665 | $5,595,461 | $2,000,368 |
| December 2025 | $10,397,500 | $6,464,098 | $2,595,420 |
This site is intended to provide information about Duncan Ross pooled funds and does not constitute a sales offer. Duncan Ross results are after fees. Past performance is not indicative nor a guarantee of future performance.
Our lineage
GrahamFisherBuffett
Based on the teachings of Benjamin Graham and Philip Fisher, as well as the pioneering ideas of Warren Buffett.
Partnership
Just as we partner with great businesses, we partner with a select group of clients.
Lasting relationships based on confidence, trust and transparency. For more information about investing with us, please contact Susy Abbondi.