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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.

While we expected a strong year for equity markets in 2019 given the overblown sell-off toward the end of 2018, we were surprised by the magnitude of the rally.

For the third quarter of 2019, the Lester Canadian Equity Fund declined -3.6% net of fees and expenses, versus +2.5% for the TSX Composite total return including dividends.

For the second quarter of 2019, the Lester Canadian Equity Fund’s return was flat at -0.1% net of fees and expenses, versus +2.4% for the TSX Composite total return including dividends.

We are pleased to present our 2019 first quarter results. The quarter was an exceptionally good one for our Canadian Equity strategy with a gross return (before fees) of +15%, ranking us #1 versus 82 other Canadian Equity managers

A year ago, we wrote that the capital markets party would soon end given that high valuations for most financial assets were vulnerable in the context of rising interest rates, modest growth and U.S. trade wars.