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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.

For the third quarter of 2018, the Lester Canadian Equity Fund increased by +1.1% net of fees and expenses, versus a drop of -0.6% for the TSX Composite Total Return including dividends.

For the second quarter of 2018, the Lester Canadian Equity Fund decreased by -0.2% net of fees and expenses, versus a rise of +6.8% for the TSX Composite Total Return including dividends

We are pleased to present our 2018 first quarter results. On January 22nd, we wrote the following in our 2017 year-end letter: “Such a mix of high stock valuations, rising interest rates and increasing

We are pleased to present our fourth quarter and 2017 results. It was an exceptional year for Lester Asset Management, both in terms of transitioning seamlessly through some ownership and management

During the third quarter of 2017, the Lester Canadian Equity Fund rose +0.8% versus +3.8% for the TSX Composite Total Return. Year-to-date, we are up +6.1% versus +4.5% for the TSX

During the first quarter of 2017, the Fund rose +3% versus +2.4% for the TSX Composite Total Return. Our outperformance was due to several strong earnings announcements among our core holdings

During the third quarter of 2016, the Lester Canadian Equity Fund rose +7.9% net of all fees and expenses, versus the TSX Composite total return which was up +5.5%. While the TSX’s returns