Letters To Our Partners
2019
- 2nd Quarter (PDF 2 MB)
- 1st Quarter (PDF 2 MB)
2018
- 3rd Quarter (PDF 3 MB)
- 2nd Quarter (PDF 3 MB)
- 1st Quarter (PDF 3 MB)
2017
- 3rd Quarter (PDF 3 MB)
- 2nd Quarter (PDF 2 MB)
- 1st Quarter (PDF 3 MB)
2016
- 3rd Quarter (PDF 2 MB)
- 2nd Quarter (PDF 2 MB)
- 1st Quarter (PDF 3 MB)
2015
- 3rd Quarter (PDF 2 MB)
- 2nd Quarter (PDF 2 MB)
- 1st Quarter (PDF 398 KB)
2014
- 3rd Quarter (PDF 2 MB)
- 2nd Quarter (PDF 397 KB)
- 1st Quarter (PDF 626 KB)
2013
- 3rd Quarter (PDF 1 MB)
- 2nd Quarter (PDF 1 MB)
- 1st Quarter (PDF 2 MB)
2012
- 3rd Quarter (PDF 934 KB)
- 2nd Quarter (PDF 848 KB)
2011
- 3rd Quarter (PDF 2 MB)
- 2nd Quarter (PDF 1 MB)
- 1st Quarter (PDF 641 KB)
2010
- 2nd Quarter (PDF 49 KB)
2009
- 3rd Quarter (PDF 104 KB)
- 2nd Quarter (PDF 129 KB)
- 1st Quarter (PDF 130 KB)
2008
- 3rd Quarter (PDF 141 KB)
- 2nd Quarter (PDF 86 KB)
- 1st Quarter (PDF 168 KB)
2007
- 3rd Quarter (PDF 28 KB)
- 2nd Quarter (PDF 43 KB)
- 1st Quarter (PDF 39 KB)
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2019For the year 2019, the return for the Rochon Global Portfolio was 25.6% versus 22.3% for our benchmark, which represents a relative outperformance of 3.3%. Read... (PDF 678 KB) |
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2018For the year 2018, the return for the Rochon Global Portfolio was -0.6% versus -1.4% for our benchmark, a relative outperformance of 0.8%. Read... (PDF 819 KB) |
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2017For the year 2017, the return for the Rochon Global Portfolio was 13.1% versus 10.2% for our benchmark. Read... (PDF 426 KB) |
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2016For the year 2016, the return for the Rochon Global Portfolio was 7.3% versus 14.3% for our benchmark. Read... (PDF 724 KB) |
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2015For the year 2015, the return for the Rochon Global Portfolio was +20.2% versus +13.4% for our benchmark, an outperformance of 6.8%. Read... (PDF 832 KB) |
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2014For the year 2014, the return for the Rochon Global Portfolio was 28.1% versus 17.8% for our benchmark. Read... (PDF 1 MB) |
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2013For the year 2013, our portfolio’s return was 50.2% versus 38.9% for our benchmark. Read... (PDF 681 KB) |
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2012For the year 2012, our portfolio’s return was 21.5% versus 12.5% for our benchmark. Read... (PDF 565 KB) |
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2011For the year ending December 31st 2011, our portfolio’s return was +7.8% versus a loss of 1.1% for our benchmark. Read... (PDF 710 KB) |
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2010In 2010, the companies in our portfolio continued to fly over much of the ambient doom and gloom and, as a group, generated record profits. Read... (PDF 174 KB) |
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2009The year 2009 was an emotionfilled year when investors felt as though they were walking a tightrope across what seemed, at times, like an economic ravine. Read... (PDF 254 KB) |
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2008The opportunity of a generation ! Read... (PDF 646 KB) |
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2007We are going through a rough phase. We want with this report to explain the causes of the disappointing results of the last two years. Read... (PDF 214 KB) |
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2006All men make mistakes. But only wise men do learn from their mistakes (Winston Churchill). Read... (PDF 244 KB) |
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2005For the year ending December 31st 2005, the return on the Giverny Global portfolio was +11.5% in Canadian currency compared with +3.6% for our weighted benchmark. Read... (PDF 300 KB) |
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2004Beyond a sound investment philosophy, there is one element necessary to any art: creativity. Read... (PDF 418 KB) |
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2003The old saying that the military are always ready to fight the previous war fits like a glove to Wall Street strategists. Read... (PDF 90 KB) |
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2002For the year 2002, our return was -3% compared to -18% for our benchmark and -23% for the S&P 500. Read... (PDF 258 KB) |
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2001For the year 2001, our return was +15% compared to 0% for our benchmark and –6% for the S&P 500. Read... (PDF 48 KB) |