recession-resistant business – Page 2

June 30, 2015in Investment Letters0by YCG Team

1464

2015 Q2 - Investment Letter (Discovery)

The S&P 500 index ended essentially flat for the second quarter, gaining only 0.3%[1] during the last three months. Signs of a rebounding US economy coupled with a historically low volatility quarter[2] brought modest gains early in the quarter, only to be wiped away in the last couple of days by the drama of the …

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2014 Q3 - Investment Letter (Express Scripts)

September 30, 2014in Investment Letters0by YCG Team

1394

2014 Q3 - Investment Letter (Express Scripts)

The S&P 500 managed to eke out a 1.1%1 return during the third quarter, although it did not come easy. A confluence of soft global economic data (particularly in Europe), uneasiness over the anticipated end of the Fed’s bond buying program, and geopolitical crises with Russia in the Ukraine and ISIS in the Middle East …

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March 31, 2014in Investment Letters0by YCG Team

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2014 Q1 - Investment Letter (Coca-Cola)

The bull market which began in March 2009 is now officially 5 years old. The first quarter began with investors concerned about slowing growth in emerging markets and the effects of the Fed slowing down the easy monetary policy. After taking a breather from last year and dropping nearly 6%, the S&P 500 rebounded to …

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2013 Q4 - Investment Letter (Bell-Curve Analysis)

December 31, 2013in Investment Letters0by YCG Team

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2013 Q4 - Investment Letter (Bell-Curve Analysis)

After a blistering fourth quarter rally in which the S&P 500 index rose 10.5%, the index finished strong for the year, up 32.4%1. We are quite happy with your portfolio’s results over this time period as they are largely representative of what we would anticipate during bullish time periods such as the one we are …

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2013 Q3 - Investment Letter (Procter & Gamble)

September 30, 2013in Investment Letters0by YCG Team

1483

2013 Q3 - Investment Letter (Procter & Gamble)

Once again, the market continued rising during the third quarter, albeit with a little turbulence along the way. The S&P 500 Index was up 5.2% for the quarter and 19.8% year-to-date1. Most of that turbulence continues to be tightly linked to Federal Reserve taper policy and drama in Washington regarding the U.S. debt ceiling. The …

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March 31, 2013in Investment Letters0by YCG Team

1301

2013 Q1 - Investment Letter (DirecTV)

This year, the S&P 500 Index has come out of the starting blocks with gusto, returning 10.61% in the first quarter. Normally, we would anticipate lagging the broader market in such a frothy environment; however, much to our pleasant surprise, our strategies have virtually kept pace. The Concentrated with Option Enhancement separate account strategy returned …

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