Returns as at October 31, 2009

*S&P 500 Composite Total Return Idx($Cdn)

Growth of $10,000

Risk Measures as at October 31, 2009

Best/Worst 12 months (since inception)

Best (ending Mar 98):	52.21
Worst (ending Feb 09):	-30.15

Volatility meter (Based on 3 year standard deviation from Globefund.com)

Low  High

Fund Objectives

The investment objectives are: to achieve superior long-term results for the Fund through investment in US equities that offer the best relative value at an acceptable and prudent level of risk; and, to outperform the S&P 500 Index over a market cycle.

Fund Facts

Globe 5-Star Rating:

RRSP Eligible:

Canadian

Min. Invest (initial):

$150,000

Subsequent:

-

Min. Invest (initial RRSP):

$150,000

Subsequent RRSP:

-

Closed:

No

Restricted:

Yes

Restriction:

(Min Initial Investment $150,000); minimum $ amount varies by province.

 

 

Top Holdings as at March 31, 2008

Symbol	Company Name	Sector	Geographic Area	Asset Type	% of Total Assets		Performance as at November 20, 2009 1 Year Performance (%)
WMT-N	Wal-Mart	Department Stores	United States	Stock	5.55		7.15
JNJ-N	Johnson & Johnson	Biotechnology & Pharmaceuticals	United States	Stock	5.12		11.65
ITW-N	Illinois Tool Works	Machinery	United States	Stock	5.04		70.49
ALL-N	Allstate Corp.	Insurance	United States	Stock	4.97		60.88
INTC-Q	Intel	Electrical & Electronic	United States	Stock	4.44		57.32
BRK.A-N	Berkshire Hathaway	Insurance	United States	Stock	4.34		33.23
GE-N	General Electric	Management and Diversified	United States	Stock	4.26		21.42
COP-N	ConocoPhillips	Integrated Oils	United States	Stock	4.18		24.59
PFE-N	Pfizer	Biotechnology & Pharmaceuticals	United States	Stock	3.6		27.06
SYY-N	Sysco Corp.	Wholesale Distributors	United States	Stock	3.43		24.67

Distribution Report (18 months up to November 20, 2009)

Frequency of Income Distributions: Quarterly

Frequency of Capital Gain Distributions: Annually

Portfolio Manager(s)

Carl Lytollis, MBA, CFA

BonaVista Asset Management Ltd.

Start Date: February, 1995

Fund Return: 7.20%

Mr. Lytollis graduated from the University of Toronto with a Bachelor of Applied Science (Chemical Engineering) degree in 1981 and spent the following two years working as a Project Engineer at the Sarnia Refinery for Imperial Oil. In 1983, Carl enrolled at York University and graduated with a Master of Business Administration degree and began to work in the Research Department of Confederation Life. While initially responsible for fundamental equity research in the oil and gas industry, over the next three years he took on coverage of additional Canadian industries, including consumer goods and industrial products and utilities. In addition, he completed special assignments, including fixed income credit reviews and detailed analysis of equity private placements. In 1987, Carl received his CFA designation and soon thereafter began to focus on equity research within the US market for Confed Investment Counselling. Over a period of years, Carl developed his expertise as a generalist, and ultimately began to manage money for discretionary accounts. Carl continued to manage the US equity portfolio through the management buyout that led to the creation of BonaVista Asset Management in 1994. He has now established a solid track record as a value investor, encompassing over fifteen years of continuous portfolio management experience in US equities.

Also manages:BonaVista Balanced, BonaVista Private Balanced

View fund manager performance report