The Firm

Ewing Morris & Co. is an independent
Canadian boutique investment firm

The Firm


Our aim is to achieve preservation and growth of capital for our limited partners by focusing on inefficient markets. We do this by relying on fundamental analysis, high conviction and the use of flexible capital. We manage equity and credit strategies with a focus on North American small-capitalization companies and high yield bonds. We manage investments for individuals as well as charitable organizations, institutions and corporations. Ewing Morris & Co. Investment Partners Ltd. is a value driven Canadian boutique investment firm established in September 2011 by John Ewing and Darcy Morris.

Guiding Principles


Our vision is to create an investment firm
of which we would want to be clients.
What does that mean to us?

Strive to protect and build wealth for our limited partners

Employ an understandable investment strategy based on sound principles

Manage a focused portfolio of businesses purchased at attractive prices

Build meaningful relationships with our limited partners

Are committed to operational excellence

Have meaningful personal investments on the same terms as limited partners

Our Structural Advantages


Three advantages provide an edge
in achieving above-average returns

Fund Size

We believe that size is the enemy of superior investment returns. Larger funds often struggle to buy or sell stocks without changing the price and frequently ignore smaller companies entirely. A smaller fund, such as the Ewing Morris & Co. Opportunities Fund LP, does not share these disadvantages.

Investment Flexibility

Firms that are focused on asset gathering offer a fund for every taste. Because we are focused on investment results, we concentrate on smaller North American companies while maintaining the flexibility to seek opportunity wherever we find it.

Focused Portfolio

We believe that great investment ideas are scarce and we have no interest in watering the wine with our one hundredth best idea.

Approach to Risk Management


Firm Level

  • Best-in-class Service Providers

  • Advisory Board

  • Strong Balance Sheet

  • Substantial Founder Investments

Portfolio Level

  • Disciplined Cash Position

  • Zero/Minimal Leverage

  • Short Positions

  • Unrelated Businesses

Investment Level

  • Debt Averse

  • Avoid Industry Change

  • Pay Appropriate Prices