Firm History

Portfolio Management Corporation (PMC) was founded in its present form in 1983 to provide an independent investment management service to individuals. Fred Burton CFA joined the firm in 1990, Norman Levine CFA in 2003, and Rhonda Dalley CFA in 2007. PMC is owned by Burton, Levine, and Dalley.

Our clientele consists exclusively of individuals (including estates, trusts and private holding companies) and charitable foundations.

Investment Philosophy

Client portfolios are invested in Canadian, US and international equity, fixed income and short term/near cash securities. After an initial assessment of the client’s investment objectives, risk tolerances and income requirements we structure each portfolio in accordance with the client’s specific requirements together with the firm’s outlook for the capital markets.

We are value managers so when evaluating equity securities we look for; a low PE, strong cash generation, a healthy balance sheet and inefficiently priced assets. We take a long term view, and have the courage to stand by our convictions. This enables us to take unpopular contrarian positions if we believe the current share price misrepresents the long term prospects of a company. We are not influenced to take positions in companies we believe to be excessively priced just to keep up with an index.

When investing in fixed income securities we restrict our holdings to top quality, usually government issuers in order to best ensure safety of both principal and income.

We are investors too which means we understand and care about those issues that affect our clients. Returns net of taxation, net of fees and net of expenses are what drives and motivates the individual investor and we spend significant time and energy working to maximize net returns on our client’s behalf. The laws of compounding show that steady seemingly unspectacular returns compounded over time provide better long term results than a series of spectacular short term booms followed by the inevitable busts.

Reporting & Communication with Clients

We issue comprehensive reports at the end of each calendar quarter and issue complete year end information for income tax preparation. In addition the custodian of the client’s assets (currently NBCN) provides a monthly statement directly to each client. We feel our size allows us to provide individual service to each client and each portfolio, and we stress that each client will have access to the professional who actually manages their capital.