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2020 Third Quarter Letter

October 16, 2020



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). Year-to-date, the Fund is up +0.6% versus -3.1% for the TSX. Our outperformance versus the index in the quarter and year-to-date is mainly due to our portfolio being comprised of businesses that are relatively immune to the ravages of the pandemic and still able to grow. Our performance has been particularly satisfying given that we have no exposure to the gold sector or Shopify which have contributed nearly +7% to the TSX return and without which the TSX would be down around -10%.