Returns

RETURNS

The Préfontaine Portfolio includes all of Stéphane Préfontaine’s personal and corporate accounts as well as those of the Fondation Préfontaine-Hushion during the reference period. This portfolio serves as a model for the accounts of all Préfontaine Capital clients. The portfolio is made up of Stéphane Préfontaine’s best investment ideas and consists of around 20 to 30 common shares of publicly traded companies, with no restrictions on market capitalization size, economic sector, or geography. Essentially all the stocks in the accounts of Préfontaine Capital clients are also present in the Préfontaine Portfolio.

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I understand that the Préfontaine Portfolio returns correspond to all actual personal and corporate accounts of Stéphane Préfontaine, President of Préfontaine Capital, as well as all Fondation Préfontaine-Hushion accounts during the reference period. Although the Préfontaine Portfolio serves as a model for Préfontaine Capital clients, the portfolios of clients managed by Préfontaine Capital may differ. Préfontaine Portfolio returns include transaction fees but do not include management fees. Management fees charged to clients depend on each portfolio’s size. To give an indication, the average fees for all clients as of December 31st, 2023 were 0.75%.

I understand that the Préfontaine Portfolio returns have been achieved in an environment different from those of Préfontaine Capital clients in that this environment is considered without restriction or constraint. For example, a client may legitimately require avoiding a company or sector or require holding a security that he or she held prior to joining Préfontaine Capital. A client may decide to withdraw money from his or her portfolio at inopportune times, forcing Préfontaine Capital to sell a security that we would otherwise hold. Also, it may be advantageous for a client to take a tax gain or loss at certain times, depending on his or her personal situation, that would not be useful in the Préfontaine Portfolio. In addition, the Préfontaine Portfolio may contain at times a higher concentration in a single stock or in a stock with higher volatility, which may not always be appropriate for a client with a standard investment profile or a standard tolerance to fluctuations in his or her portfolio. We therefore think that the Préfontaine Portfolio is a good representation of Préfontaine Capital’s ability to generate superior returns adjusted for the risk of permanent loss of capital.

I agree to view the following information for informational purposes only.

Préfontaine Portfolio^*
Returns as of December 31^st, 2023.

(annualized for periods exceeding one year **).

	1yr	3yrs	5yrs	10yrs
Préfontaine Portfolio*	31.6%	19.2%	16.7%	14.0%
Market Index***	11.4%	9.8%	11.8%	10.4%
Difference	20.2%	9.4%	4.9%	3.6%

Years	Préfontaine Portfolio TR*	Market Index***	Difference
2014	18.4%	17.9%	0.5%
2015	6.3%	10.2%	-3.9%
2016	14.5%	11.8%	2.7%
2017	19.9%	11.1%	8.8%
2018	-0.6%	-4.3%	3.7%
2019	21.6%	22.3%	-0.7%
2020	5.0%	7.8%	-2.8%
2021	30.0%	26.0%	4.0%
2022	-1.0%	-5.6%	4.6%
2023	31.6%	11.4%	20.2%
Total Cumulative Return (10yrs)	271.4%	169.5%	101.9%
Annualized Return (10yrs)	14.0%	10.4%	3.6%

Past returns do not guarantee future returns.

* The Préfontaine Portfolio is a real portfolio made up of all of Stéphane Préfontaine’s personal and corporate accounts and those of the Préfontaine-Hushion Foundation during the reference period. It is a concentrated portfolio of approximately 20 to 30 common stocks, with no restriction on market capitalization size, economic sector, or geographic location.

** Returns calculated by independent software provider Ndex Systems.

*** The market index includes the equal weighted S&P500 TR (CAD), the Canadian S&P/TSX TR and the MSCI Europe TR (CAD), adjusted annually to reflect the proportions of the Préfontaine Portfolio. These are Total Return (TR) indices, meaning they include dividends. The S&P 500 Equal-Weight Index is the same index of 500 U.S. companies as the S&P500, but the weighting of each stock is rebalanced quarterly to equal 1/500 of the index (0.2%). To give an indication, on December 31st, 2023, the Préfontaine Portfolio was composed of 59.2% U.S. equities, 37.2% Canadian equities and 3.6% European equities.

Comments on returns (as of December 31^st, 2023)

Our returns have improved in recent years, helped by experience accumulated over time. An important feature of these returns is their low downside volatility in years of falling stock market indices. We are diligently working on the continuous improvement of our knowledge and processes. We carefully study our mistakes and remain humble in the face of our successes. We believe this attitude will help us improve our returns in the future.

RETURNS

Terms of consultation

Préfontaine Portfolio* Returns as of December 31st, 2023.

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Préfontaine Portfolio^*
Returns as of December 31^st, 2023.