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 ...
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Flashback The Value Fund was up +6.1% in Q2 and is down -7.0% year-to-date through June 30. The strengthening of the Canadian dollar (the Value Fund’s reporting currency) lowered our Q2 returns by approximately -3.4%. A more detailed explanation of our view on currency hedging (and our bias for not ...
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The Bear The Value Fund was down -12.3% in Q1 and the major market indices declined even further:              TSX -20.9%, DJIA(CAD) -16.2%, S&P500(CAD) -12.8%.  Along with COVID-19, the bear market has officially arrived.  It seems that COVID-19 pulled a bear market out of hibernation and humanity took its place. Given ...
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Momentum The Value Fund returned +15.9% in 2019 net of fees and expenses and has returned +9.5% net since inception on November 1, 2011.  This past year was our eighth consecutive year of positive returns. The panicked selloff of Q4 2018 now seems like a distant memory as investor mood ...
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Fundserv Launch Market Commentary For the third quarter the Value Fund returned +2.0% net of fees and is up +11.3% year-to-date.  The weakening US dollar has lowered our returns  by -3.0% year-to-date. Equity markets have rebounded strongly since the Q4 2018 selloff and are approaching all-time highs.   The U.S. economy ...
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The Drug Oligopoly The Value Fund has gained +11.5% year-to-date (as of July 31, 2019).  During this period the S&P/TSX Total Return Index (including dividends) gained +16.6% and the S&P500(CAD) gained +16.3% (measured in Canadian dollars – the Value Fund’s reporting currency).  Currency movements lowered our returns by 3.3% year-to-date.  ...
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We give our opinion on Tilray's deal with Privateer. Continue to the Financial Post to read more ...
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We made our initial investment in Booking Holdings (Nasdaq:BKNG) in late 2017 and recently added to our position. Continue to the Globe and Mail to read more ...
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Booking.yeah The Value Fund returned +6.9% in Q1 2019 net of fees and expenses (or approximately +7.9% gross).  Currency movements lowered our returns in Q1 by just over 2% as we hold a large portion of the portfolio in U.S. dollar-denominated stocks whereas our reporting currency is the Canadian dollar ...
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Facebook Redux The Value Fund returned +5.3% in 2018 net of fees and expenses (or approximately +7.1% gross). We managed to outperform both of our benchmarks in 2018. The S&P/TSX Total Return Index finished down -8.9% for the year. The S&P500 Total Return Index was down -4.4% for the year ...
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