At September 30, the Fund’s return was ahead of the Index by over 1%. In the recent and dramatic equity sell-off and partial recovery, the gap between the Fund’s return and the Index has increased. Selling-off less in a market decline and recovering faster than the Index is behaviour entirely consistent with the history of the Fund, attributable we believe to the financial strength of our companies. The decline in the Canadian dollar has clearly helped $CAD investors.
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Investment Commentary June 30 2014
Dear Investors, Since our last communication with you, the Fund celebrated its 5th anniversary in May. As you will see in the table below, which provides total return comparisons of the Fund against the Index, we have performed very well. Most pleasing is the fact that our returns meet the expectations of the research results … Continue Reading »
Investment Commentary December 31 2013
Dear Investors, We are pleased to provide you with our year-end report summarizing our results for the past year and some insights on the make-up of our existing portfolio. In the past year we have continued to hone our skills in the pursuit of great companies that are able to substantially increase their dividends in … Continue Reading »
Investment Commentary June 30 2013
As the summer draws to a close we thought you would like to receive an update on your fund’s progress. As you will see below, the short term performance has been very pleasing as it has kept pace with the strong returns of the overall US markets while in the longer term we are managing to outperform. In fact, we have compared our performance to those of the investment manager returns reviewed by one of Canada’s largest pension consultants and are pleased that we at the top for the 3 and 4 year periods of all US equity managers. This matches the performance expectations of the originally tested “tracking portfolio” and is the basis for the fund in which we have all invested.
Investment Commentary December 31 2012
We are pleased to provide you with our year-end report summarizing our results for the past year and some current insights on the make-up of our existing portfolio. In the past year we have continued to hone our skills in the pursuit of great companies that are able to substantially increase their dividends in the year ahead. We believe we have assembled a portfolio of such companies all sharing the same reliable financial strength which will allow us to meet our expectations.
Investor Commentary December 31 2011
Dear Investors, We are pleased to provide you with our year-end report summarizing our results for the past year and some current insights as to the make-up of our existing portfolio. At the outset of Bristol Gate our objective was to apply proprietary technologies to internal data bases in conjunction with “productive capital analysis” to … Continue Reading »