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During 2022, both equity and fixed income markets were at their most volatile since the pandemic outbreak and Global Financial Crisis in 2008-2009.

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.

The 2nd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets suffering large declines.

Notre commentaire du premier trimestre de 2022.

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.

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.

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

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.

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

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)

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.

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.