client login

 

Member of the
Portfolio Management
Association of Canada

Business news network

 

2017 Second Quarter Report

July-14-17

CANADIAN EQUITY

During the second quarter of 2017, the Lester Canadian Equity Fund rose +2.2% versus -1.6% for the TSX Composite Total Return.  Year-to-date, we are up +5.3% versus +0.7% for the TSX.  Individual account performances will vary from these results depending on cash and portfolio weightings.  Our outperformance during the quarter was due to several take-overs and strong earnings announcements among our core holdings, combined with low weightings in the energy and financial sectors.  We are particularly pleased with this result considering the high cash balances we held throughout the quarter which averaged nearly 15%.  Since inception in July 2006, our Canadian Equity strategy has produced a cumulative net return of +198.4%, over double the +79.8% for the TSX.  This represents an annual compound return of +10.4% over the past eleven years, net of all fees and expenses, versus +5.5% for the TSX.  Measured in terms of “value added” performance, we have generated +5% per year in excess market returns net of fees for 11 years.