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Fund Reports

The Ivey Value Fund reports quarterly and annually, and access to the reports requires registration. 

Should you have any questions about 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 student profiles, accomplishments, career goals and other features which help market the students’ abilities to potential employers.

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. Originally, the Ivey Value Fund was benchmarked against the S&P/TSX SmallCap Total Return Index. This index reflected the most likely market capitalization of our holdings at the time. However, since the fund is not constrained by capitalization in its choice of stocks, the index selected for comparison was reconsidered and changed as at Q3:2105. The reason is that the fund evolved over time to also include US stocks and has now foreign exchange exposure from its US holdings. As a result, starting Q3:2015, we will benchmarking the Ivey Value Fund against a blended index which consists of 50% of the S&P/TSX SmallCap Total Return Index and 50% of the US Russell 2000 index (which is more reflective of the US stocks in our portfolio). Risk will be measured in terms of Maximum Drawdown between any peak and trough in the value of the fund. Though 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.