Portfolio turnover in the Trimark funds I manage tends to be very low. Why? We focus on a select group of companies that dominate their respective industries. And then we wait patiently for an attractive price and give them a strong weighting in the portfolio.
I discussed this (and more) recently in an interview with Morningstar Canada. During the interview, we talked about specific companies such as Hyundai Mobis Co., Ltd.* and Ross Stores Inc.*, both companies with more than a 5% weighting in Trimark Global Endeavour Fund and more than a 3% weighting in Trimark Global Balanced Fund (as at May 31, 2013).
The article also talks a bit about my youth in Winnipeg and how I shifted away from becoming an actuary when I discovered the investing world, a decision I’m thankful I made!
You can read the full Morningstar article for more detail.
If you have any questions about the funds and how we manage them, feel free to comment below and we’ll get back to you with an answer. Thanks for reading.
*The above companies were selected for illustrative purposes only and are not intended to convey specific investment advice.
Trimark Global Endeavour Fund, Series A provided the following performance returns as at May 31, 2013: 1-year, 22.12%; 3-year, 17.13%; 5-year, 7.81%; 10-year, 7.42%.
Trimark Global Balanced Fund, Series A provided the following performance returns as at May 31, 2013: 1-year, 18.78%; 3-year, 11.60%; 5-year, 2.81%; 10-year, 6.00%.
Trimark Global Endeavour Fund, Series A (Global Equity category): overall 4 stars; 3-year, 5 stars (655 funds); 5-year, 4 stars (498 funds); 10-year 4 stars (191 funds).
Trimark Global Balanced Fund, Series A (Global Equity Balanced category): overall 4 stars; 3-year, 5 stars (451 funds); 5-year, 3 stars (6352funds); 10-year 4 stars (64 funds).
As at April 30, 2013.
The Morningstar Risk-Adjusted RatingTM, commonly referred to as the Star Rating, relates the risk-adjusted performance of a fund to that of its category peers. Morningstar Research Inc., an independent research firm, calculates ratings only for categories that contain at least five funds with sufficient history. To determine a fund’s rating, the fund is typically ranked by its three-, five- and 10-year returns measured against 91-day Treasury bill and peer group returns. If a fund scores in the top 10% of its fund category, it receives five stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); a place in the middle 35% earns a fund three stars (Neutral or Average); those in the next 22.5% receive two stars (Below Average); and the lowest 10% get one star (Low). Morningstar also accounts for instances where a fund is sold in multiple versions (corporate class, trust, F-class, etc.). In order to prevent one fund from unfairly taking up many places in a portion of the ratings scale, Morningstar treats multiple versions of a fund as “fractional funds”. The multiple versions of a fund are all rated, but they collectively count as one and so leave more room for other deserving funds. The overall Star Rating for a fund is a weighted combination of its three-, five- and 10-year ratings. Morningstar Risk-Adjusted Ratings are subject to change monthly. For greater detail on the calculation of the Morningstar Star Ratings, you may visit Morningstar’s website (www.morningstar.ca).