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Rondeau Capital Inc: Investing with Caution and Care

Rondeau Capital Inc, focusing on absolute returns and fundamental value investing, ranks 3rd in Canadian neutral balanced and Canadian equity funds. Led by founder G. Keith Graham, the firm emphasizes capital growth with a conservative pace. The "Turtle" Portfolio boasts consistent returns and asset growth. Watch for economic headwinds and global market impacts for informed investing.

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Rondeau Capital Inc: Investing with Caution and Care

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  1. May 2010 – July 2012

  2. Turtle Funds Performance Turtle Cdn Balanced One year:   3rd out of Canadian Neutral Balanced 1216 funds

  3. Turtle Funds Performance Turtle Cdn Equity One year: 3rd out of Canadian Equity 856 funds

  4. Outperformance During Downmarkets * Vs. S&P/TSX ** Vs. 50% S&P/TSX 50% DEX Universe Bond Index

  5. Keith Graham Historical Performance

  6. Investment Philosophy • Capital Growth at a Conservative Pace • Absolute Return Focused • Fundamental Value Investing • Long-term, Bottom-up • 2 Key Questions • Is it A Good Business? • Is it a Good Price?

  7. Who Are We Rondeau Capital Inc. - Founder • 2 Year Old Firm, 20+ Years of Experience • G. Keith Graham, President & Founder • 20+ Years Investment Management Experience • Managed Multi-Billion $$ Pension & Mutual Fund Portfolios • Ontario Teachers Pension Plan Board, Trimark Investments, AGF Funds Inc.* • Multiple Awards** & Fund Building Success • MBA, CFA • * AGF Real Value Platform, Trimark Income Growth, Trimark Canadian Small Companies, Trimark Canadian Resources, Trimark Canadian Endeavor Fund • ** Best Canadian Balanced Fund (2001 & 2002), Best Small Cap Fund (2001) – Canadian Investment Awards

  8. The Power of Consistent Positive Returns Result: The “Turtle” Portfolio achieved larger assets with a lower but consistent return – Slow and Steady!

  9. Significant Economic Headwinds – Invest with caution and care • Long Term • Debt • Employment/Demographics • Valuation • Short Term • Europe • US Politics • China Slowdown

  10. ECB LTRO – If it looks like a Ponzi scheme…. Banks buy sovereign debt ECB LTRO: 1 Trillion+ EUR @ 1% for 3 years • 500-800 Banks took funds • Reduction in Collateral Quality

  11. US Debt Simplified • U.S. 2010 Tax revenue: $2,170,000,000,000 • Fed budget: $3,820,000,000,000 • New debt: $ 1,650,000,000,000 • National debt: $14,271,000,000,000 • 2011 Budget Cut $ 38,500,000,000 Now, remove 8 zeros and pretend it's a household budget. • Annual family income: $21,700 • Money the family spent: $38,200 • New debt on the credit card: $16,500 • Outstanding balance on credit card: $142,710 • Total budget cuts: $385 Current situation is Unsustainable

  12. NexGen Turtle Canadian Equity Funds Performance (Quartile) to June 30, 2012 Fund Facts Inception Date: May 31, 2010 Funds’ Assets (all series): Management Fee(FE): 2.00% Keith Graham MBA, CFA Rondeau Capital * Tax Managed Returns are Capital Gains Class Top Holdings

  13. NexGen Turtle Canadian Equity Fund Top 25 Holdings (as of June 30th, 2012) 1. Cash & Cash Equivalents 28.60% 14. Suncor Energy Inc 3.00% 2. SPDR Gold Shares 3.90% 15. Medtronic Inc 3.00% 3. Cenovus Energy Inc 3.90% 16. BCE Inc 2.60% 4. Intact Financial Corp 3.50% 17. Saputo Inc 2.40% 5. TELUS Corp 3.50% 18. Rogers Communications Inc B 2.20% 6. Metro Inc 3.20% 19. Kinross Gold Corp 2.20% 7. Astral Media Inc A 3.20% 20. Bonavista Energy Corp 2.10% 8. Cisco Systems Inc 3.10% 21. Macdonald Dettwiler & Associates 2.10% 9. Ebay Inc 3.10% 22. Eldorado Gold Corp 2.10% 10. Ensign Energy Services Inc 3.10% 23. Thomson Reuters Corp 2.00% 11. Abbott Laboratories 3.10% 24. Sonde Resources Corp 1.90% 12. Westwood Holdings Group Inc 3.10% 25. Bauer Performance Sports LTD 1.80% 13. US Bancorp 3.00%

  14. NexGen Turtle Canadian Balanced Funds Performance (Quartile) to June 30, 2012 Fund Facts Inception Date: May 31, 2010 Funds’ Assets (all series): Management Fee(FE): 2.00% Keith Graham MBA, CFA Rondeau Capital * Tax Managed Returns are Capital Gains Class Top Holdings

  15. NexGen Turtle Canadian Balanced Fund As of June 30th, 2012

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