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.

Terms of consultation

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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.