conservatively levered – YCG Investments

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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September 30, 2017in Investment Letters0by YCG Team

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2017 Q3 - Investment Letter (CBRE)

The S&P 500 continued its upward march during the third quarter, posting a 4.48% gain.[1] In our last letter, we concluded by outlining the core tenets of our investment strategy. In preparing to write this one, we noticed a slight but important adjustment to what we wrote, so we’ll repeat the relevant section below: “We …

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2016 Q4 - Investment Letter (Narrative Fallacy)

December 31, 2016in Investment Letters0by YCG Team

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2016 Q4 - Investment Letter (Narrative Fallacy)

To the surprise of most market prognosticators, who predicted major declines in a Trump win, the S&P 500 continued its upward march with a 3.82% gain during the fourth quarter.[1] Recognizing the deep complexity of geopolitical, economic, and market forces, we remained agnostic about election-driven market movements. Instead, we focused, as always, on deep fundamental …

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2015 Q1 - Investment Letter (Charles Schwab)

March 31, 2015in Investment Letters0by YCG Team

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2015 Q1 - Investment Letter (Charles Schwab)

In the first quarter, the S&P 500 index rose a meager 1.0%[1] as investors grappled with the implications of the topic du jour: government monetary policy and its impact on markets. As a result of the unprecedented easing in which almost all of the major central banks of the world have engaged since the Global …

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