Spring 2010 It has been a turbulent 2 years for the PMF, as for most investors. By positioning the bonds in corporate bonds and the stocks in relatively undervalued names, the recent stock rebound has led the PMF to its highest return quarter ever in 09Q2. For 2009 overall:
PMF 39.3% 13.4% 60.3% Benchmark 24.5% 5.4% 33.2% Value-added 14.8% 8.0% 27.1% |
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The market volatility was obvious in the level of our assets under management. From a peak of $3.6 million in 2008, the credit crisis took us down to $2.4 million. Thanks to our stellar 2009 portfolio returns and generous responses from PMF Alumni to the joint PMF Fund and Opening Worlds Fundraising Campaign spearheaded by Tracey McVicar (LWF ’90) and Christina Anthony (LWF ’97), the fund is now just over $4 million for the first time.
We thank the following firms for training PMF interns in 2010:
RBC Phillips, Hager & North Ltd.
CIBC World Markets
Guardian Capital LP
RBC Capital Markets
West Face Capital
All of the members of the Class of 2010 have taken employment at Burgundy Asset Management (Toronto), Goldman Sachs Group (New York and Calgary), Miller Tabak Roberts Securities (New York), RBC Capital Markets (Toronto).
Lastly, every organization needs to continuously self-evaluate and adapt to change. We have reacted to the explosion in information technology over the past 5 – 10 years by streamlining how securities are researched and communicated among the Fund Managers and to the Client Committee. The decision-making process, drawing on that information, has also been made more efficient and effective. We thank the Classes of 2010 and 2011 for their hard work on these vital processes. More work remains to be done.