For the second quarter ended September thirtieth, 2021, KVF misplaced $0.03 per share, decreasing the worth of every share to $40.83. Pre-tax return on fairness was a optimistic 1% this quarter, however after tax returns had been detrimental as a result of a tax cost was incurred this quarter because the tax charge estimate for the yr has elevated. Going ahead, tax charges are prone to be much less predictable than they’ve been prior to now, leading to considerably lumpy tax prices from quarter to quarter.
This pre-tax 1% quarterly return bested the 0% returns of the S&P 500 and S&P/TSX, and detrimental 5% return of the Russell 2000. Forex adjustments aided returns by $0.29 per share within the quarter.
Income had been realized in shares of AYSI (which was purchased out by its administration), NWHM (one other buyout), GRIN (a robust marketplace for some delivery charges has led to will increase in income and subsequently massive good points in share costs for these shares) and ASH on the Australian trade. KVF not owns shares in these corporations.
Losses had been realized in shares of SAL in London. This firm has not been capable of get well from the pandemic, and is liable to chapter for my part.
Costs for securities stay elevated. It is troublesome to search out worth on the market. Avoiding FOMO and the accompanying rest of requirements (i.e. margins of security) is essential on this surroundings for my part.
KVF’s revenue assertion and stability sheet are included beneath (click on to enlarge). Notice that securities are marked to market worth, and quantities are in 1000’s of $CAD: