Recap & Outlook: Small Cap Team Award

Michael Rudd, CFA | President, CEO and Portfolio Manager

While stock markets continue to reach new highs, interest rates continue to reach new lows and political dysfunction continues to push new limits, I wanted to take a break from our regular Investment Outlook in order to recognize a job well done at Pathfinder. The Small Cap Team, for the second year in a row, has managed our Pathfinder Partners’ Fund well enough to win another performance award.

Last year, as you may know, the Team won the 2018 Canadian Hedge Fund Award for the best performing “Equity Focused Canadian Equity Fund in Canada over a 5-year period”. This was truly a great accolade because it is focused on long-term results rather than short-term. We are long-term investors and were pleased to be acknowledged.

I am happy to report that the Team has won another award for 2019. This time for placing in the Top 3 funds over 5 years. Another great achievement. The team works hard for all of us, meeting over 500 companies a year and essentially covering the entire Canadian Small & Micro cap Universe. There are not many portfolio companies that fit our criteria, so we have to look at a lot of them, but when we do find one, the Team works hard on getting the analysis and investment right.

So, Congratulations Doug, Rob, Mark and Gary on a job well done!

I have attached the most recent Fact Sheet and Quarterly Update for the Partners’ and Resource Funds. If you have not had a chance to read these, please take a look.

Pathfinder Asset Management Ltd. | Equally Invested™
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Sources: Pathfinder Asset Management Limited

National Instrument 31-103 requires registered firms to disclose information that a reasonable investor would expect to know, including any material conflicts with the firm or its representatives. Doug Johnson and/or Pathfinder Asset Management Limited are an insider of companies periodically mentioned in this report. Please visit for full disclosures.

*All returns are time weighted and net of investment management fees. Returns from the Pathfinder Partners’ Fund and Pathfinder Real Fund are presented based on the masters series of each fund. The Pathfinder North American: Equity Portfolio and The Pathfinder North American: High Income Portfolio are live accounts. These are actual accounts owned by the Pathfinder Chairman (Equity) and client (High Income) which contain no legacy positions, cash flows or other Pathfinder investment mandates or products. Monthly inception dates for each fund and portfolio are as follows: Pathfinder North American: Equity Portfolio (January 2011), Pathfinder North American: High Income Portfolio (October 2012) Pathfinder Partners’ Fund (April 2011), Pathfinder Real Fund (April, 2013), Pathfinder International Fund (November 2014) and Pathfinder Resource Fund (May 2018).

Pathfinder Asset Management Limited (PAML) and its affiliates may collectively beneficially own in excess of 10% of one or more classes of the issued and outstanding equity securities mentioned in this newsletter. This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor PAML can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your portfolio manager, who can assess all relevant particulars of any proposed investment or transaction. PAML and the author accept no liability of any kind whatsoever or any damages or losses incurred by you as a result of reliance upon or use of this publication.