With a gain of 1.5% the fund managed to outperform the S&P/TSX Composite Index, but trailed its peer group. The managers have kept the sector positioning mostly unchanged over the quarter, adding slightly to consumer staples and financials, while reducing consumer discretionary names. At the end of the year, it looked much different than the broader Canadian equity market, with overweight positions in technology and consumer names, while underweight financials and energy. It also held nearly 20% in cash. Historically, the managers have been more active in periods of high volatility, taking advantage of opportunities as they arise. I expect this to continue. While there may be a bit more volatility in the short term, this remains an excellent long-term pick. There is an excellent management team at the helm, using a disciplined and repeatable process.