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2021 First Quarter Letter

May 6, 2021

First Quarter Letter 2021

During the 1st quarter of 2021, the LAM Canadian Equity Fund rose +8.5% before fees versus +8.1% for the TSX Composite Total Return. We are particularly pleased with this performance given that we have low exposure to the Energy and Financial sectors which rose +28.3% and +12.7% respectively during the quarter. Our outperformance was attributable to strong returns from a diverse group of companies marching to their own beat, or what finance theory calls “securities selection”.