To assist you in understanding and assessing historical returns and performance measurements used by Silver Heights Capital Management Inc., we provide the following disclosures. (Return and performance information is provided in various materials and communications, including, but not limited to, presentations, brochures, summary information sheets, tear sheets, newsletters and quarterly marketing updates, and this and other websites, and in both hard copy and soft copy format.)
The composite investment returns shown include the performance of all fee-paying, discretionary portfolios of Silver Heights' clients whose portfolios are managed according to Silver Heights' standard investment mandate. Accounts are added to the composite on the first day of the first full inclusion period and exit after the last day of the last full inclusion period that they are managed according to this mandate. The performance history of exited client portfolios remains in the composite. The inclusion period from inception through December 31, 2021 is a full calendar quarter and from January 1, 2022 through present is a full calendar month.
Gross and Net returns are shown net of trading costs, include the reinvestment of dividends, interest and other earnings, if any, and include the impact of any cash held.
Gross returns do not reflect the deduction of investment management fees, the payment of which will reduce a client's portfolio return.
Net returns are shown on a proforma basis reflecting the deduction of a modelled 1.5% annual investment management fee, charged on a monthly basis.
Silver Heights' investment management fees are described in Item 5 of Silver Heights Capital Management Inc.'s Form ADV Part 2A.
The composite investment returns are shown in $CAD. While Silver Heights has invested in the securities of Canadian and non-Canadian companies, Silver Heights has not hedged currency to date. Any currency fluctuations over time between the Canadian Dollar and U.S. Dollar are reflected in the returns shown.
Returns for individual client accounts may vary positively or negatively from the returns shown.
There is no guarantee that Silver Heights will be successful in achieving its investment objective. An investment with Silver Heights contains risks, including the risk of significant loss.
Past performance is not necessarily indicative of future performance.
Silver Heights Capital Management is benchmark agnostic and has an investment mandate which results in portfolio composition that differs materially from any index. Any index information provided is for information only. The returns of any indices provided do not reflect any fees or transaction costs. An investment with Silver Heights Capital Management should not be construed as an investment in a program that seeks to replicate, or correlate with, any of the indices shown.
S&P Indices information is sourced from Nasdaq eVestment. Nasdaq and its providers provide the service and content "as is" and make no warranties or representations of any kind regarding their completeness or accuracy.
If you experience a loss of:
To break even, you will require a return of:
Amount of money at risk
Your return, if asset is eventually sold for its intrinsic value of $100