shareholder minded management team

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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March 31, 2018in Investment Letters0by YCG Team

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2018 Q1 - Investment Letter (Moody's)

The S&P 500 returned -0.76% in the quarter ended March 31, 2018.[1] In our last letter, we discussed our belief that the best investments benefit from two sources of mispricing: 1) a great business mispricing that we believe results from investors generally undervaluing the rare businesses with both enduring pricing power and long-term volume growth …

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December 31, 2017in Investment Letters0by YCG Team

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2017 Q4 - Investment Letter (Priceline)

The S&P 500 rose 6.64% in the quarter ended December 31, 2017, and 21.83% percent for the full year.[1] As we have often mentioned, we are always on the hunt for great businesses with unassailable competitive advantages and enduring pricing power. We believe these businesses are both rare and, as a result of behavioral and …

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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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2017 Q1 - Investment Letter (Estee Lauder)

March 31, 2017in Investment Letters0by YCG Team

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2017 Q1 - Investment Letter (Estee Lauder)

During the first quarter, the S&P 500 index posted a 6.07% return, adding three more months and substantial additional gains to what is already one of the longest and most profitable bull markets in history.[1],[2] Since bottoming roughly eight years ago at 666, the S&P 500 has, almost without interruption, climbed to 2,363, a stellar …

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June 30, 2016in Investment Letters0by YCG Team

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2016 Q2 - Investment Letter (Nike)

Only halfway through the year and what a perplexing ride this has been! Only a few short months ago, we were writing about the markets plunging 10% over anxiety of a Chinese devaluation, only to then rebound shortly thereafter. In even quicker fashion, markets apparently discounted the odds of Britain leaving the European Union (EU) …

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