Ewing Morris

Ewing Morris

Ewing Morris was established in 2011 by John Ewing and Darcy Morris. Both arrived from Burgundy Asset Management, where Ewing served as Director of Research and Morris worked as a portfolio manager. The firm began with a small-cap equities strategy and later added high-yield credit and shareholder activism mandates. Public equities, high-yield credit and niche real estate form the core allocation mix. The firm executes through direct co-investments, SPVs and activist campaigns. Confirmed holdings include positions tied to First Capital REIT in Canada and Cedar Realty Trust in New York. Co-investors have included Vision Capital Corporation and Yorkville Asset Management on real-estate and healthcare situations. Activity remains limited to North America, primarily Canada and the United States. The firm reports approximately C$900 million under management. It maintains an employee-owned structure with additional professionals added in 2024, including James Telfser and David Pepall. Ewing Morris also operates a joint venture vehicle, Patoma Inc., focused on mixed-use real estate in the United States. Darcy Morris serves on the boards of the Art Gallery of Ontario Foundation and Toronto Public Library Foundation. Independence and employee ownership distinguish the platform. The firm avoids external capital raises and instead aligns incentives by investing alongside clients in the same vehicles. This structure supports longer holding periods in activist and turnaround situations without quarterly redemption pressure.