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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.

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).

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

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).

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

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).

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).

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

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%.

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

For the quarter ending June 2009, we are proud to report that the weighted average return of our all equity portfolios is now +24.5% year-to-date, which continues to compare favorably to +17.6%

During 2008, there was no place to hide, other than US Treasuries and the Yen by default. In the liquidity crisis of last fall, financial markets were behaving in an abnormal way.