Archives
Second Quarter 2012 Letter
We are pleased to report that for the second quarter of 2012, the weighted average return of our equity portfolios was -2.7% net of all fees, versus -5.7% for the TSX Composite total return
First Quarter 2012 Letter
We are pleased to report that for the first quarter of 2012, the weighted average return of our equity portfolios was +6.3% net of all fees, versus +4.4% for the TSX Composite total return
Fourth Quarter Letter 2011
We are proud to report that in 2011, we generated positive equity returns in very difficult markets, marking our 5th year of outperformance out of the past 6 years versus the TSX Composite total return.
Third Quarter 2011 Letter
For the third quarter of 2011, the weighted average net return of our all-equity portfolios was -3.5% versus -12.1% for the TSX Composite total return and -6.4% for the S&P500 (in $CDN).
Second Quarter Letter 2011
For the second quarter of 2011, we are pleased that the weighted average net return of our all-equity portfolios was a positive 1.0%, versus a decline of 5.1% for the TSX Composite total return
First Quarter Letter 2011
For the first quarter of 2011, the weighted average net return of our all-equity portfolios was 3.0%, versus a total return of 5.6% for the TSX Composite and a total return of 3.3% for the S&P500 (in $CDN).
Fourth Quarter Letter 2010
We are very pleased to report that 2010 marks our 4th year of outperformance versus the TSX Composite Total Return out of the past 5 years. Since July 2006, when we implemented our new
Third Quarter Letter 2010
For the third quarter of 2010, the weighted average net return of our all-equity portfolios was 9.6% compared to a total return of 10.3% for the TSX Composite and 7.8% for the S&P500 (in $CDN).
Second Quarter Letter 2010
For the second quarter of 2010, the weighted average net return of our all-equity portfolios was -2.1% compared to -5.5% for the TSX Total Return and -7.1% for the S&P500 Total Return (in $CDN).
First Quarter Letter 2010
For the first quarter of 2010, the weighted average return of our all-equity portfolios was +4.5% versus +3.1% for the TSX Total Return. Our outperformance occurred in January when the TSX declined
Fourth Quarter and 2009 Year-End Letter
Our outperformance versus market indices widened in the fourth quarter of 2009 as our all-equity portfolios increased by an average of +12.9% versus the TSX Total Return which rose by +3.9%.
Third Quarter Letter 2009
For the third quarter ending September 2009, we are happy to report that the year-to-date weighted average return of our all equity portfolios is +40.1%, which continues to compare very favorably