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Fund Reports

The Ivey Value Fund reports quarterly and annually, and access to the reports requires a username and password, provided upon subscription

*Please note: It may take 2-3 business days after subscription for you to receive your user name and password.

Should you have any questions about subscribing to the reports, or the content of the reports, please email iveyvaluefund@ivey.ca.

Quarterly/Annual Letters

The quarterly and annual reports are prepared by the Fund Managers and include:

  1. A message from the Managing Director of the Ben Graham Centre for Value Investing.
  2. A message from the Fund Managers, including a brief discussion of the current investment landscape.
  3. A complete report on Fund composition, the rationale for purchasing and holding each stock in the portfolio, and performance.
  4. A section with Fund Fellow profiles.

Performance

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.