Phi "fee" Research publishes high-quality, independent and impartial financial research.

Our core area of focus is in Canadian Small-Mid cap corporations, however our philosophy does not provide any restraints for the scope of our work.

In contrast to institutional research, Phi offers a product that is not based upon promotion, but rather upon quality ideas that are worth sharing. We are funded by our own investment decisions, leaving no room for bias or the encroachment of external agendas.

Investment Philosophy

We view a quality investment thesis as one which combats the status quo. Our goal is to find companies who are either greatly underappreciated or overvalued and to create a strong thesis surrounding their future share performance. A position will only be closed after a set of events leaves our thesis void, or once the market reflects our perspectives in share prices.

Phi is not a proponent of highly diversified portfolios. We believe that the best protection against risk comes from the rigorous analysis of your investments, not from the disbursement of funds across an excessive number of low-conviction ideas. As a result, we follow a private equity style of investing in the public markets, with seven current outstanding theses. The table below shows the performance of our current outstanding theses to date, as well as all of our historical closed positions. Note that percentage returns assume the constant reinvestment of dividends.

*Prices as of June 30th, 2026

Past Performance

The figure found below shows the past performance of our proxy portfolio assuming an initial investment of $100.00 CAD. Our index is equally weighted and readjusted at the beginning of every month, or on the date of the addition or withdrawal of an investment thesis. As we invest in both Canadian and American equities, we benchmark our returns to both the S&P 500 Total Return Index and the S&P/TSX Total Return Index. Note that all indices shown are in Canadian dollars and assume the constant reinvestment of dividends.