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Quarterly Reports are prepared by the Fund Co-Managers and include the following:
- Quarterly Commentary from the Managing Director of the Ben Graham Centre for Value Investing.
- Management Discussion from the Fund Co-Managers that details quarterly performance and provides a brief discussion of the current investment landscape.
- Detailed schedules and analyst reports that present the Fund’s composition, historical returns, and current investments.
- Profiles of Fund Fellows, all of whom are past students of the Ivey Value Investing course. This section markets our Ivey Alumni to potential employers by highlighting their accomplishments and career milestones.
The Fund will measure its investment success in terms of absolute performance over entire market cycles (i.e. index peak to peak, or trough to trough). Our goal, over the entire cycle, is an average return of Canadian CPI +5%. For comparison - though emphatically not as a target - the reports will also show index returns alongside the Fund’s results. The benchmark used is a 50/50 blend of the S&P/TSX Small Cap Total Return (TR) Index and the Russell 2000 Value TR (the Russell 2000 Value TR index aligns closely with the holdings of the Fund as it holds stocks that exhibit characteristics widely considered to represent ‘value’ stocks, such as comparatively lower price / book ratios, lower price / earnings ratios, and lower growth rates). Further, risk will be measured in terms of Maximum Drawdown between any peak and trough in the value of the Fund. Lastly, although the Sharpe Ratio is not a widely accepted measure of risk among value investors, we include it in our reports for the benefit of interested readers.
Thanks to Fairfax Financial Holdings Ltd. for their vision and generous support of the Ivey Value Fund, which benefits students and practitioners worldwide.