Although the first half of the year has been challenging for the fund, we are starting to see an uptick in certain stocks that were purchased earlier in the year. As of the date of this letter, the fund is up 3.43% for the year and for the month of June, the fund was up 4.79% versus 1.97% for the S&P 500 in CAD, 0.62% for the S&P in USD and 1.69% for the S&P/TSX in CAD.

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