attractive risk-adjusted returns

2020 Q2 Investment Letter - (Compass Principles)

June 30, 2020in Investment Letters0by YCG Team

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2020 Q2 Investment Letter - (Compass Principles)

The S&P 500 Index returned 20.54% and the S&P Global Broad Market Index returned 19.95% in the quarter ended June 30, 2020.1 In many of our past letters, we’ve picked a specific company and written a deep dive on it, with the hope that you’ll better understand one of the businesses that you own as …

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2020 Q1 Investment Letter - (COVID Markets)

March 31, 2020in Investment Letters0by YCG Team

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2020 Q1 Investment Letter - (COVID Markets)

The S&P 500 Index returned -19.60% and the S&P Global Broad Market Index returned -22.33% in the quarter ended March 31, 2020.[1] In our last letter, after explaining why long-term global growth has been so strong (rising from $3 trillion in 1900 to over $100 trillion in 2015) and why we believe this growth will …

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2019 Q2 - Investment Letter (Portfolio Rebalancing)

June 30, 2019in Investment Letters0by YCG Team

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2019 Q2 - Investment Letter (Portfolio Rebalancing)

The S&P 500 Index returned 4.30% in the quarter ended June 30, 2019.[1] In our last letter, we described our investment strategy in great detail. At the end of the letter, we summarized our strategy as follows: In summary, we believe the best way to achieve excess returns without excessive risk is to 1) identify …

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2019 Q1 - Investment Letter (Our Investment Strategy)

March 31, 2019in Investment Letters0by YCG Team

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2019 Q1 - Investment Letter (Our Investment Strategy)

The S&P 500 Index returned 13.65% in the quarter ended March 31, 2019.[1] In our last letter, we noted the 13.52% decline in the S&P 500 that occurred during the fourth quarter of 2018. We then discussed the pain and discomfort many people experience as a result of these types of declines. As an antidote …

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June 30, 2018in Investment Letters0by YCG Team

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2018 Q2 - Investment Letter (Process)

The S&P 500 Index returned 3.43% in the quarter ended June 30, 2018.[1] We believe an investor who aspires to achieve attractive risk-adjusted returns must first identify at least one exploitable and persistent investment mispricing. In our case, as we’ve discussed in past letters, we believe we’ve identified two: 1) a great business mispricing that …

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2016 Q1 - Investment Letter (Wells Fargo)

March 31, 2016in Investment Letters0by YCG Team

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2016 Q1 - Investment Letter (Wells Fargo)

After a more than 10% decline over the first twelve trading days of the year, the S&P 500 rallied all the way back to end the first quarter with a 1.35% gain.[1] As we highlighted in our last letter, the 10% decline was the second worst start in the history of the index. At the …

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