2012 Q4 - Investment Letter (MSCI)

2012 Q4 - Investment Letter (MSCI)

Last year seemed to be a year marked with great uncertainty yet extraordinary returns for investors. Indecision over unsustainable entitlement spending and deficits in the U.S., European debt crisis, China slowdown, U.S. corporate profit growth stalling, and Middle East turmoil all contributed to this uncertainty. We consider ourselves very long-term optimistic, but short-term cautious. We …

2012 Q3 - Investment Letter (AON)

2012 Q3 - Investment Letter (AON)

We’d like to begin by announcing the exciting new addition of Elliott Savage to our firm. Elliott has over a decade of experience in managing portfolios. Prior to YCG, Elliott was a Senior Analyst who worked directly with the founding partner at Highside Capital Management, a multi-billion dollar long/short equity hedge fund located in Dallas, …

2011 Q2 - Investment Letter (Cisco)

2011 Q2 - Investment Letter (Cisco)

Over the past quarter, the S&P 500 was essentially flat with a 0.1% gain, whereas YCG returns averaged 2.12% across composites. We are also pleased to report that this quarter marks 3 years since the inception of our concentrated composite with option enhancement. Over that time frame, the composite returned 12.82% annually versus 3.33% for …