As of November 30, 2008 the Martial Funds Ltd. – US Equity Fund and Canadian Equity Fund have been liquidated and money returned to the shareholders. This has been especially difficult considering at their closure, the year-to-date outperformance the Funds verses their benchmarks were 21% & 15%. The Directors still strongly believe in the strategy and plan to launch a similar structure when market conditions stabilize.
Our sixteen-year backtest of the Canadian model delivered a CAGRą of 29.1% after all investment management fees. Up until this summer we were delivering results well in excess of our backtest. This summer’s volatility hurt performance significantly, but we ended the year up 19.2% versus the TSX/S&P 500 which was up 7.16% for the year.
This page is updated monthly. You can see our weekly NAVs at “Recent News & Current NAV” to the left.
Comparing Our Performance to S&P/TSX Composite
Our live investing period started on 1/1/2007 using capital provided by the principals of Martial Capital Ltd. Here are the results since then, by month, for both our US Equity Fund and the S&P/TSX Composite:
| Canadian Equity Fund | ||||
| Canadian Equity Fund NAV | % Change | YTD Change | Annualized CAGR | |
| 10/31/2007 | 10.303803 | 5.13% | 28.74% | |
| 11/30/2007 | 9.1209312 | -11.48% | 13.96% | |
| 12/31/2007 | 9.5413830 | 4.61% | 19.22% | 19.22% |
| 1/31/2008 | 8.5808626 | -10.11% | -10.11% | |
| 2/29/2008 | 9.3634459 | 9.12% | -1.91% | |
| 3/31/2008 | 8.7562635 | -6.48% | -8.27% | |
| 4/30/2008 | 9.1454687 | 4.44% | -4.19% | |
| 5/30/2008 | 9.5339224 | 4.25% | -0.12% | |
| 6/30/2008 | 9.6077616 | 0.88% | 0.65% | |
| 7/31/2008 | 8.62858999 | -10.19% | -9.61% | |
| 8/31/2008 | 8.528106638 | -1.16% | -10.66% | |
| 9/30/2008 | 7.3000573 | -14.40% | -23.53% | |
| 10/31/2008 | 6.940910386 | -4.92% | -27.29% | |
Compared to the S&P/TSX Composite Index
| S&P/TSX Composite Index | ||||
| S&P/TSX Composite Index | % Change | YTD Change | Annualized CAGR | |
| 10/31/2007 | 14,625.00 | 3.73% | 13.30% | |
| 11/30/2007 | 13,689.12 | -6.40% | 6.05% | |
| 12/31/2007 | 13,833.06 | 1.05% | 7.16% | 7.16% |
| 1/31/2008 | 13,155.10 | -4.90% | -4.90% | |
| 2/29/2008 | 13,873.89 | 5.46% | 0.30% | |
| 3/31/2008 | 13,350.13 | -3.78% | -3.5% | |
| 4/30/2008 | 13,935.54 | 4.39% | 0.06% | |
| 5/30/2008 | 14,714.73 | 5.59% | 5.66% | |
| 6/30/2008 | 14,467.03 | -1.68% | 3.88% | |
| 7/31/2008 | 13,592.91 | -6.04% | -2.40% | |
| 8/31/2008 | 13,750.48 | 1.16% | -1.27% | |
| 9/30/2008 | 12,546.51 | -8.76% | -9.91% | |
| 10/31/2008 | 9,762.76 | -22.19% | -29.90% | |
Our Performance during Bear Markets
Our strategy does well in long term bear markets. Here is the performance of our Canadian model (after fees) during the bear market and subsequent recovery of 2000-2005.
This chart shows the performance of the S&P/TSX Composite vs. our Canadian Equity model (as calculated by our backtest) during the bear market and subsequent recovery of September 2000 through its recovery in July 2005.
The S&P/TSX Composite lost half its value during this bear market. Our Canadian Equity model achieved a return of 28.7% per year.
The 28.7% backtest CAGR shown above is for the period 8/2000-7/2005. The CAGR for our full backtest was 29.1%
¹ CAGR = Compound Annual Growth Rate
All performance data contained on this site represents past performance. Past performance is no guarantee of future performance. These funds are subject to the risks relating to investing in the stock market. These risks include the possibility that stocks may experience large price swings with the potential for significant loss of your investment.
