PORTFOLIO MANAGEMENT /
STRATEGIESB-CAP
COMMON SHARES
B-CAP Global Quality (GQ)
Sustainable Dividend Growth
B-CAP Global Quality investment strategy (GQ) is designed to achieve long-term capital appreciation by investing directly in the equity of public companies carefully selected by the manager.
The portfolio construction primarily relies on a bottom-up approach, wherein the manager applies quantitative filters to identify suitable large-cap listed companies. The management style places a strong emphasis on the sustainability of dividend growth. To ensure this sustainability, the manager considers various factors such as historical and projected growth in revenue per share, profit margins, free cash flow, return on equity, and maintaining a reasonable debt level. Additionally, the manager assigns significant importance to identifying companies with a strong competitive advantage within their respective industries.
The GQ strategy adopts a long-term investment horizon of 5-10 years and focuses on stocks issued by large companies (minimum of $1 billion, with the majority exceeding $5B) that exhibit high potential for dividend growth. This approach is implemented without compromising on quality, taking into account factors such as reputation, economic moat, as well as innovation.
MISSION: PROMOTING SUSTAINABLE DIVIDEND GROWTH
The manager meticulously screens an expansive universe of securities, focusing on companies that exhibit robust financial fundamentals. This approach enables the anticipation of high growth rates in cash flows and a substantial return of capital to shareholders through dividends and share buybacks. Special emphasis is placed on evaluating the issuer’s financial track record, including its resilience across economic cycles, particularly during periods of economic downturn. Key metrics such as sales per share, margins, financial leverage, and more are carefully scrutinized to ensure a comprehensive assessment of the issuer’s financial history.
ROBUST QUALITATIVE ATTRIBUTES
The manager prioritizes companies operating in oligopolistic industries, where barriers to entry and operating margins are often higher. Sustainable dividend growth relies primarily on the resilience of the business model, which we assess well beyond the numbers by examining the competitive landscape, the quality of the products offered, their relevance to consumers, and the company’s ability to control its pricing policy and cost structure, among other factors.
Additionally, we are witnessing a continuous acceleration in technological advancements, which are uniquely transforming the fundamental dynamics of each sector. Constantly evolving innovation must be embedded at the core of the company’s mission to become a credible driver of sustainability and capture future opportunities.
B-CAP Global Quality / Fact Sheets
2025 Quarterly Overview
*NOTICE* In April 2025, to align with industry practices, the “Defence” investment strategy was renamed “B-CAP Global Quality” (“GQ”) and adopted a new benchmark index, transitioning from the MSCI High Dividend Index to the MSCI World Index.
2024 Quarterly Overview
2023 Quarterly Overview
2022 Quarterly Overview
2021 Quarterly Overview
B-CAP Global Quality / Research Reports
Closed Investment Strategies
For internal reasons, Bouthillier Capital has decided to close certain investment strategies:
the Good Time Bad Times (GTBT) strategy;
the Adventurer strategy.
Historical materials remain available in the Closed Strategies section of our website.