About Us

QV Investors Inc. is a Calgary-based portfolio management firm specializing in small and mid-cap portfolio management. QV opened for business in November 1996. The company is 100% employee owned and, to further enhance alignment, requires all employees to invest their liquid assets in QV funds. They apply a strong and disciplined risk management focus to keep their investing consistent and enhance their returns. They seek to earn absolute returns as opposed to relative returns.

Our Funds

QV Investors Inc. is a Calgary-based portfolio management firm specializing in small and mid-cap portfolio management.

Our Team

The QV team, led by Chief Investment Officer Joe Jugovich, has more than 80 years of combined investment industry experience.

Joe Jugovic, CFA

President, Chief Investment Officer and Chief Executive Officer

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Ian Cooke

Vice-President and Portfolio Manager

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Our Philosophy

QV buys a portfolio of enduring businesses run by capable, committed, and candid people. They select equities based on good value – that is the price they pay for a company’s assets and their return on equity. QV holds their good business positions for an indefinite period. The objective is to create a portfolio of companies to provide consistent growth with below average risk.

Investment process

QV uses fundamental research to identify corporate management teams who are able to sustain or improve the return on shareholders’ equity and to create growth on a per share basis. In their analysis, QV examines the executives' ownership, their integrity and vision, the promise of the business in a global context, the record of growth in shareholders’ equity and earnings, the corporation's financial strength, and the price paid for growth and/or assets. The research process is internal, with all managers assigned specific responsibilities and engaged in the selection and evaluation process.

Fundamental business analysis is based on:


Share ownership, years of leadership, succession planning, compensation, board& operational team, corporate governance.

Financial Record

Demonstrated record of growth in equity, earnings, sales and cash flow or demonstrated management of asset base.

Franchise & Outlook    

Innovation, service, product or resource development. Competitive position. Business outlook.

Balance Sheet Strength    

Equity financed balanced sheet versus debt. Sensible allocation of capital.


P/E’s, P/CF’s, P/B’s and NAV’s below market. Reasonable relative to ROE’s and ROIC’s above market. Assessment of downside risk.

Dividends & Capital Allocation    

Free cash flow to increase dividends. Sensible capital allocation.

Portfolio Enhancement    

New selections enhance quantitative portfolio characteristics – quality, value, diversification and growth.