Preservation of capital is one of the primary investment objectives for both institutions and private clients. It is important to participate in the market when it is rising. But when markets decline it is more important to protect invested assets. This chart shows that over the past 50 years Leon Frazer’s equity clients were sheltered from significant declines in the S&P/TSX Composite Index while still participating in most of the upside in the market. This protection of asset values in down markets is another advantage of Leon Frazer’s investment style.