For the primary quarter ended March thirty first, 2021, KVF gained $4.99 per share, growing the worth of every share to $35.88. This pre-tax 18% quarterly return bested the 6%, 8% and seven% returns of the S&P 500, S&P/TSX and Russell 2000 indices, respectively. KVF’s end result would have been even higher however for foreign money losses which lowered returns by $0.29 per share within the quarter.
Not quite a bit went unsuitable for KVF this quarter. Then again, a number of firms whose shares KVF owned noticed worth spikes that allowed for some sleek exits. Consequently, KVF not owns shares of Biorem, Resolute Forest, Citigroup, and Waitr Holdings, amongst others.
The returns of the final couple of quarters are unlikely to be sustainable. It’s a lot more durable to seek out worth now than it was just some months in the past. KVF’s money steadiness continues to develop, because it has been tough to seek out interesting investments as quick as KVF has been bailing out of investments which might be reaching what I estimate to be truthful worth. As such, I am not practically as optimistic now as I’ve been in recent times.
Investor/speculator appetites for threat are excessive, subsequently it is a time for prudence.
KVF’s revenue assertion and steadiness sheet are included under (click on to enlarge). Notice that securities are marked to market worth, and quantities are in 1000’s of $CAD: