shareholder minded management team – Page 2

December 31, 2015in Investment Letters0by YCG Team

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2015 Q4 - Investment Letter (Richemont)

The S&P 500 index finished 2015 on a strong note with a 7.04% gain in the fourth quarter.[1] This late surge enabled the index to eke out a positive 1.38% total return for the year, marking the seventh consecutive year of positive returns since the crash of 2008. The year 2016 may put an end …

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June 30, 2015in Investment Letters0by YCG Team

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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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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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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

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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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