The Globe and Mail reports in its Monday edition that McElvaine Investment founder Tim McElvaine believes the next few years will be kind to "deep value" investors like him. The Globe's Brenda Bouw writes that Mr. McElvaine says, "The passive investing trend means investors are concerned with popularity and market cap rather than price, which I think creates a huge advantage for patient investors willing to look beyond the indexes." His $35-million McElvaine Value Fund currently has 16 holdings, including a mix of small and large-cap stocks. The fund's top five holdings, as of Dec. 31, 2023, include Maxim Power (at 18.2 per cent), privately held Win-taai Holdings (14 per cent), PrairieSky Royalty 9.4 per cent), Onex (6.6 per cent) and Bausch + Lomb (6 per cent). The fund typically holds about 10 to 20 per cent cash, which Mr. McElvaine uses for portfolio protection and when he needs to jump quickly on investment opportunities. The fund currently holds about 13 per cent cash. "We go where the ideas are," says Mr. McElvaine. His value fund returned 3 per cent in 2023, which Mr. McElvaine describes as a "quiet year." He says, "Most of our larger-cap names did well, but it wasn't a great year for our small caps."