Luke Emerson, CFA

My passion for investment analysis, coupled with a budding interest in writing and journalism, inspired me to share my research in 2023. I do so selectively, choosing to write only when my analysis offers insights that are not widely recognized. An example of this is my April report on NFI Group (TSX:NFI), where I unveiled its overlooked investment merits concealed by operational and financial challenges. Since then, NFI's stock has risen by over 75%, contrasting with a 4.5% decline in the TSX.

I conducted in-depth research on global equities with a secondary focus on North American credit investments. On aggregate, the recommendations I provided during and immediately prior to starting the fellowship have significantly surpassed market performance. Additionally, I streamlined the onboarding process for new fellows by developing tutorial videos, an idea the firm readily embraced. The duration of the fellowship is four months.

This was a client-facing role in which I received several accolades. Here's an endorsement from my director: "Luke understood our value proposition acutely and with every client interaction delivered spectacularly and consistently. His thoughtful insight and recommendations were of great value to our clients and employees alike.”

My primary responsibility was overseeing portfolio companies and assessing potential investments for the portfolio managers. Even with my limited experience back then, I had a degree of freedom in generating ideas. On a total return basis, my highest conviction investment ideas, Stelco Holdings (TSX:STLC) and (BRP:DOO), have significantly outpaced benchmark performance, as well as having upside/downside capture ratios of approximately 5.75 and 6.1, respectively. While I didn't post it on the site, my Stelco report was accepted for the coveted Value Investors’ Club membership.

I initially joined as a consultant and subsequently shifted to a permanent role within the company. Here's a commendation from the founder: “Luke conducted market analysis for our company in relation to enterprise software systems in Canada's education sector. His research, analysis and reporting were outstanding.”