The LFA Equity Composite

The LFA Equity Composite (the ‘Composite’) provides a reasonable indication of the asset-weighted historical performance of the following accounts that are wholly managed by the investment management team of Leon Frazer & Associates: (a) institutional mandates (each in excess of one million dollars); and (b) —from August 1, 2016 onwards— all private client accounts that have an all-equity (no fixed income) asset allocation. The data provided is the Composite’s annual performance and/or cumulative average annual performance for each of the years shown. It is presented for comparison to the performance of the S&P/TSX Total Return Index (‘TRI’) and is for illustrative purposes only.

The Composite does not guarantee future results or reflect actual or historical results realized by an individual portfolio. The Composite portfolio invests primarily in securities that generate income, which provides the basis for both fund distributions and long-term capital appreciation.

To ensure comparability to the S&P/TSX Total Return Index, the indicated rates of return in the Composite is the historical annual compounded total returns including changes in value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges; income taxes; or, account management, custodial, and portfolio management fees or operating charges that would have reduced returns. Actual returns in a managed account will be reduced by investment management fees, transaction costs and taxes applicable to the account.

The information contained herein is from sources that Leon Frazer & Associates (‘Leon Frazer’) considers reliable. Leon Frazer & Associates, a professional portfolio management firm, recommends clients seek investment-related tax, legal and accounting advice from their own professional advisers.

This information is not intended to be relied on as specific investment advice to any reader. If you are considering an investment, consult your investment professional. © 2017 iA Investment Counsel Inc.