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2022 Fourth Quarter Letter
During 2022, both equity and fixed income markets were at their most volatile since the pandemic outbreak and Global Financial Crisis in 2008-2009.
2022 Third Quarter Letter
The 3rd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets rebounding sharply in July only to collapse further in August and September.
2022 Second Quarter Letter
The 2nd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets suffering large declines.
2021 Fourth Quarter Letter
Once again, we would like to express our sincere hope that you and your loved ones have remained in good health and been able to weather this lengthy pandemic.
2021 Third Quarter Letter
During the 3rd quarter of 2021, the LAM Canadian Equity Fund declined -4.5% before fees versus +0.2% for the TSX Composite Total Return.
2021 Second Quarter Letter
During the 2nd quarter of 2021, the LAM Canadian Equity Fund rose +2.7% before fees versus +8.5% for the TSX Composite Total Return. Year-to-date, we are up +11.5% versus +17.3% for the TSX
2021 First Quarter Letter
During the 1st quarter of 2021, the LAM Canadian Equity Fund rose +8.5% before fees versus +8.1% for the TSX Composite Total Return.
2020 Fourth Quarter Letter
First and foremost, we hope that you and your loved ones are all healthy and able to cope with the challenges of this long and difficult global health crisis
2020 Third Quarter Letter
During the 3rd quarter of 2020, the Lester Canadian Equity Fund rose +12.3% on a gross basis versus +4.7% for the TSX Composite Total Return (including dividends)
2020 Second Quarter Letter
During the 2nd quarter of 2020, the Lester Canadian Equity Fund rose +14.2% on a gross basis versus +17% for the TSX Composite total return including dividends.
2020 First Quarter Letter
To begin with, we sincerely hope that you and your families are all healthy and able to cope under the exceptional circumstances that we are living today.