Reversals of Fortune The Value Fund finished the year -4.5%. The US dollar strengthened against most major currencies including the Canadian dollar and boosted our returns by approximately 5% for the year. We beat our benchmarks for the year: S&P500 -12.3%, Nasdaq -27.8% and S&P/TSX -5.8% with the US stock ...
Read More

Get a Grip The Value Fund is down -9.5% year-to-date (YTD) with the US dollar providing some welcome protection from the broad market selloff. Through Q3 we are ahead of the major indices which are all deep into the red: DJIA -12.3%, S&P500 -16.8%, Nasdaq -25.7% and S&P/TSX -11.1%.(1) Investors ...
Read More

Funiculì, Funiculà The Value Fund is down -9.2% year-to-date (YTD), more than half of that decline coming in the month of June. The bear market has officially arrived with the S&P500 off to its worst start in over 50 years. People holding more speculative assets like cryptocurrencies, have likely suffered ...
Read More

The Golden Rule The Value Fund was up +1.2% in Q1. The US dollar lowered our Q1 returns by approximately -1.0%. Markets were downright ugly and despite a rebound in March, most of the major indices ended Q1 in negative territory: DJIA -5.2%, S&P 500 -5.7%, Nasdaq -10.0% and S&P/TSX ...
Read More

Decennium The Value Fund finished the year +20.8% (net). A weakening US dollar lowered our returns by approximately -0.8% for the year. Stock markets ended the year near record highs: DJIA +20.1%, Nasdaq +21.4%, S&P/TSX +25.1%, S&P 500 +27.9%.(1) The past year was GreensKeeper’s tenth-consecutive year of positive returns. Granted, ...
Read More

Realpolitik The Value Fund was up +1.3% in Q3 and is up +15.2% year-to-date (YTD) net of fees and expenses. The strengthening US dollar increased our returns by approximately 2.0% in the quarter but has lowered them by -0.5% YTD. As of September 30, the S&P/TSX Total Return Index was ...
Read More

Bedrock The Value Fund was up +7.2% in Q2 and is up +13.7% year-to-date (YTD) net of fees and expenses. The weakening US dollar lowered our returns by approximately (1.3%) in the quarter and (2.5%) YTD. As of June 30, the S&P/TSX Total Return Index was up +17.3% and the ...
Read More

Value Returns The Value Fund was up +6.0% in Q1. The weakening US dollar lowered our returns by approximately (1.2%) for the quarter. We lagged the S&P/TSX Total Return Index which was up +8.1% but beat the S&P500 Total Return Index ($CAD) which was up +4.8%. Value stocks are once ...
Read More

The Other Virus The Value Fund was up +3.9% in Q4 and finished the year up +0.6%. The weakening US dollar lowered our returns by approximately -4.2% for the quarter and -2.0% for the year. We have two positive things to say about the year 2020: it was our ninth-consecutive ...
Read More

Giving Thanks The Value Fund was up +4.1% in Q3 and is down -3.2% year-to-date through September 30. The strengthening of the Canadian dollar (the Value Fund’s reporting currency) lowered our Q3 returns by approximately -2.0%. A more detailed explanation of our view on currency hedging (and our bias for ...
Read More