Kennox Strategic Value Fund Q3 2018 Investment Report

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About: Taisho Pharmaceutical Holdings Co Ltd ADR (TAIPY), TAISF, MBOFF, MBOFY, YUEIF, YUEIY, PBCBF, PGPEF, PUBGY, Includes: BP, CHL, EQNR, NEM, NPACF, NPACY, RDS.A, RDS.B, STOHF, TSCDF, TSCDY, XOM
by: Fund Letters
Summary

Includes detailed analysis of Kennox Strategic Value Fund's positions in TAIPY, TAISF, MBOFF, MBOFY, YUEIF, YUEIY, PBCBF, PGPEF, PUBGY.

The Fund advanced 1.8% (net of fees) during Q3, aided by strong performance across our holdings in Asia, and held back slightly by our two gold miners. YTD the Fund is up 4.2% (net of fees).

We are firm believers that in the long term, valuation is a primary driver of investment returns, and should not be relegated to being a secondary consideration.