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First Quarter Letter 2017

April-24-17

CANADIAN EQUITIES

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, and a low weighting in energy stocks. We are particularly pleased with this result considering the historically high cash balances we held throughout the quarter which averaged well over 10%. Since inception in July 2006, our Canadian Equities strategy has produced a cumulative net return of +192%, more than double the +82.8% for the TSX. This represents an annual compound return of +10.5% over the past ten and three quarter years, net of all fees and expenses, versus +5.8% for the TSX. Measured in terms of “value added” performance, we have generated +4.7% per year over and above the market’s return over this period.