Brownstone Asset Management

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About Us

Brownstone Asset Management is a value-focused investment firm based in Calgary, Alberta. The firm was established in 2003 and manages investments for high-net-worth individuals, corporations, and family offices across Canada. Brownstone is employee-owned and partners and employees are invested alongside clients, collectively representing about 10% of the firm’s invested capital.

Brownstone utilizes a fundamental, bottom-up research process to select stocks and combines this with a disciplined risk management framework to construct portfolios. The firm is focused on long-term wealth creation, with a bias towards businesses that have a track record of generating cash and paying dividends. The firm specializes in Canadian and US equities and manages three primary equity mandates; two Canadian-focused mandates and one US-focused mandate, all of which can invest across a range of sectors and market capitalizations, or company sizes. The firm also offers fixed income solutions for select clients that require exposure to this asset class.

The firm offers these investment solutions through Brownstone’s proprietary pooled funds, as well as through customized portfolio solutions for clients with a minimum of $1 million investment. Ancillary services such as financial planning and estate planning are also available through Brownstone’s partner network.

Becoming A Client

We look to partner with clients for the long-term. To ensure the right fit, clients are carefully considered and an in-depth conversation takes place to understand a client’s investment objectives and personal circumstances. Our clients receive regular portfolio updates, access to a Portfolio Manager, and periodic meetings to review the portfolio and investment strategy, while staying up to date on any changes that occur in their life.

Through our partner network, clients have access to ancillary services such as financial planning, estate planning, business planning, as well as accounting, legal, and insurance services and solutions. At our clients’ request, we collaborate with their existing financial and business professionals, including accountants and lawyers, to best assist in achieving their goals. 

If you are interested in learning more, please complete the contact form below and we will be in touch.

Investment Strategies

Brownstone Large-Cap Mandate & Brownstone Founders Fund

Brownstone applies a long-term investment horizon to construct a portfolio of primarily large-cap Canadian stocks that exhibit attractive risk/reward dynamics. The main objective is long-term wealth creation, with dividend income being a meaningful contributor to total return. Generally, between 30 and 55 individual positions are held at any one time, and select mid-cap companies are included in the portfolio to facilitate capital growth. The firm utilizes a position-sizing framework to take advantage of market mis-pricing and to allocate a larger portion of capital to top ideas. Brownstone utilizes a bottom-up research approach, so sector weightings are an outcome of security selection. However, individual holding weights and sector weights are monitored from a risk management perspective to ensure the portfolio is not over-exposed to any one company or sector.

The Brownstone Founders Fund replicates the Large-Cap mandate and is currently only available to Brownstone clients.


Fund Snapshot: BAM Founders Fund, June 2023

 

Brownstone Small-Cap Mandate

Brownstone applies a long-term investment horizon to construct a portfolio of primarily small-to-mid cap Canadian stocks that exhibit attractive risk/reward dynamics. The main objective is long-term capital appreciation. Brownstone seeks to identify smaller Canadian companies that are overlooked by the broader market or are difficult for larger investment managers to invest in. The portfolio is position-sized to take advantage of mis-pricings and to allocate a larger portion of capital to top ideas. Brownstone utilizes a bottom-up research approach, so sector weightings are an outcome of security selection. However, individual holding weights and sector weights are monitored from a risk management perspective to ensure the portfolio is not over-exposed to any one company or sector.

 

Brownstone US Equity Dividend Mandate & Brownstone US Equity Fund

Brownstone offers a US Equity Dividend mandate exclusively through the Brownstone US Equity Fund. The Manager applies a disciplined and repeatable bottom-up research process to select stocks and construct a concentrated portfolio of US equities, while maintaining appropriate levels of diversification. The Manager is biased towards dividend growth and focuses on high-quality, profitable companies that are willing to return increasing amounts of wealth to the shareholders over time in line with sustainable earnings growth. The Manager emphasizes low turnover, a long-term holding period, and a tax-conscious approach to trading, while minimizing transaction costs.
 

Fund Snapshot: BAM US Equity Fund, June 2023

Team

Our team has experience in diverse backgrounds across equity research, portfolio management, wealth management, private equity, and capital markets and investment banking. Our combined experience positions us to adapt to changes in the markets and business environment, while maintaining best-in-class client service levels. Our people are our biggest assets, and we are fortunate to have built a talented group of people that share similar values.

  • Bob Thompson

    Chairman

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  • Jill Angevine

    President & CEO

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  • Mario Vachon

    Chief Investment Officer

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  • Bill Bonner

    Senior Portfolio Manager

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  • Ellen Poulter

    Portfolio & Office Administration

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Careers

There are currently no openings.

Contact Us

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Bob Thompson, MBA, CIM, ICD.d

Bob Thompson founded Brownstone and served as  Chairman. Bob directs corporate strategy, governance, is a lead portfolio manager with the firm and participates on the Brownstone Investment Committee.

Prior to forming the company, Bob spent eight years with Bissett & Associates Investment Management Ltd. where he was Vice President and Portfolio Manager. He managed a wide range of portfolios with varied investment mandates including pure equity, balanced and fixed income strategies.

Bob earned a Bachelor of Commerce (Finance) Degree from Arizona State University in 1982, a Masters of Business Administration from a European University in Geneva Switzerland in 1989, and the Canadian Investment Manager designation in 1997.

Bob is a Past President & Chairman of the Board of Directors for the Calgary Stampede. Bob currently sits as a Director of the Saddledome Foundation and the Calgary Stampede Foundation.  In 2012 Bob received the Queen Elizabeth II Diamond Jubilee Medal in honor of his significant Contributions and Achievements by a Canadian.

Direct: 403-266-1172
bob@brownstoneam.com

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Jill Angevine, CPA, CA, CFA, ICD.D

 

Jill Angevine is the President & CEO of Brownstone.  Jill directs corporate strategy and governance along with being a lead portfolio manager of the firm. 

Jill has over 25 years of professional experience in the investment management industry including portfolio management, capital markets and equity research.  Prior to her work at Brownstone, Ms. Angevine was a Portfolio Manager with two asset management firms where she managed diversified portfolios and prior thereto was Vice President & Director, Institutional Research at FirstEnergy Capital Corp. 

Jill holds a Bachelor of Commerce degree from the University of Calgary and has earned the Chartered Public Accountant (CA, CPA) the Chartered Financial Analyst (CFA) and the Institute of Corporate Directors (ICD.D) designations.

Jill serves on the Board of Directors for Tourmaline Oil Corp. where she chairs the audit committee and Advantage Energy Ltd.  She also serves on the Opportunity Calgary Investment Fund (OCIF) Board.  In 2020 Jill received the Calgary Influential Women in Business Award in the Professional Services category. 

 

Direct: 403-266-1172

jill@brownstoneam.com

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Mario Vachon, LLP, MBA

Mario Vachon is Brownstones Chief Investment Officer and a founding shareholder. He is responsible for directing the research activities of equity analysts and is a lead portfolio manager and portfolio strategist. Mario's expertise is in Canadian equities with multiple capitalization ranges, including small and microcap opportunities. He is also the lead member of the Brownstone Investment Committee.

Prior to forming the company, Mario was a partner with Philips, Hager and North Investment Counsel, where he was Vice President and Portfolio Manager. In addition, Mario's experience includes tenure as a research analyst with Burns Fry (Nesbitt Burns) focusing on special situation Canadian equity stocks.

Mario earned a Bachelor of Law in 1982, and a Masters of Business Administration in 1985, from the University of Western Ontario.

Direct: (403) 262-6598
mario@brownstoneam.com

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Bill Bonner, BComm, PFP

Bill joined Brownstone in 2016 as a Senior Portfolio Manager.  Bill is a lead Portfolio Manager with the firm and participates on the Brownstone Investment Committee.

Prior to joining the firm Bill was the founder and President of Brickburn Asset Management. Bill has over 35 years of capital markets experience, wherein he has actively managed portfolios for individuals, trusts, mutual funds, and limited partnerships. Prior to founding Brickburn, Bill was a senior partner with Peters & Co. Limited, an Alberta-based investment dealer. 

His community involvement includes the Boys and Girls Clubs of Calgary where he has served as a board member for both the Agency and the Foundation. His current volunteer commitment includes the Columbia House Enhancement Society, where he serves as a board member and Treasurer.

He enjoys most outdoor pursuits such skiing, golfing, hiking, fly-fishing, and biking (with pedals and motors).      

Direct: (403) 444-7404
bill@brownstoneam.com

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Ellen is a proactive administrative professional with over 5 years of experience in managing office operations. Prior to joining the Brownstone team, Ellen has worked a variety of client facing roles in private equity, retail and educational institutions.

As Portfolio Administrator at Brownstone Asset Management, Ellen adequately facilitates internal and external correspondence as well as completing the day-to-day administrative functions by working collaboratively with Portfolio Managers and other employees. She executes on bond and equity trades, as well as ensures timely completion of client-requested transactions.

Outside of the office, Ellen is known for being a skilled horseback rider and dog trainer. In her spare time, she can often be found at the stables training to compete in horse jumping competition.

Brownstone Asset Management
Brownstone Asset Management
Suite 1000, 110 9th Ave SW, Calgary, AB. T2P 0T1
1.403.266.1172
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