This is a very actively managed Canadian focused equity fund, run by the team of Craig MacAdam, Robert Decker and Greg Taylor. The investment process is based on the belief that earnings drive long term gains, that markets are cyclical over the medium term, and that short term pricing anomalies exist. The team actively buy and sell companies inaneffort to benefit from their core beliefs. Portfolio turnover isquitehigh, averaging more than 200% for the past five years. While recent performance has been stellar, the longer term numbers are less inspiring. It is significantly more volatile than the broader market, and tends to struggle during down markets. I am doubtful that it can consistently outperform, and if we do experience any sort of a market selloff, it is likely to be affected more than most other Canadian equity funds.