Letko, Brosseau & Associates

Letko, Brosseau & Associates

Letko, Brosseau & Associates was formed in Montreal in 1987 by Peter Letko and Daniel Brosseau, both alumni of the Canadian National Railway pension division, where they managed public and private equities, oil and gas, and international investments. The firm has remained an independent, employee-owned asset manager ever since, with a board chaired by Jean Gattuso, the former President and COO of Lassonde Industries. The firm runs fundamentally driven, concentrated global equity portfolios for both institutional investors and private clients. Investment management is its only activity, with no affiliated banking, insurance, or brokerage operations. Letko Brosseau's process relies on internal peer review to stress-test long-term intrinsic-value assumptions across geographies and sectors. While the firm does not publish specific portfolio holdings, its commentary consistently reflects engagement across North American and international developed and emerging markets, with a recent focus on energy transition dynamics, geopolitical risk, and tariff-driven supply chain shifts. The investment approach covers both public equities and private placements, a practice the founders honed while overseeing the CN Pension Fund's wholly owned oil-and-gas subsidiary and director appointments on private boards during the 1980s. Operating from offices in Montreal, Toronto, and Calgary, the firm serves institutions and high-net-worth private clients through dedicated director-level relationship managers including Joé Marcone, Peter Burke, and Paul Vaillancourt. The team's scale is not publicly disclosed. In early 2026, the firm hosted a public webinar featuring portfolio managers Joël Kaczor, Victor Swishchuk, Stéphane Lebrun, and David Maislin, who assessed how the U.S./Israel-Iran war and evolving energy landscape are shaping asset allocation decisions within a long-term framework. The structural differentiator is a governance model built around a seven-member board of directors that includes former Manulife Asset Management president Roger Renaud, former TD Bank Group CFO Colleen Johnston, and orthopedic surgeon Dr. Robert Marien, alongside the two founders. This external-heavy board pairs with a flat, peer-reviewed investment culture, placing fiduciary independence and investment rationale above asset-gathering scale.