HEMISPHERE CAPITAL MANAGEMENT

Canadian Value Fund

PERFORMANCE SUMMARY AND HISTORY

The Canadian Value Fund invests primarily in high quality Canadian companies. Through a qualitative, valuebased investment approach, the Fund is managed to achieve above average long-term capital appreciation,
while protecting capital during periods of significant market weakness.

PERFORMANCE SUMMARY
Period Ending September 2014 - Annualized Returns (%) Net of Fees
YEARS

Canadian Value

10

Inception (May/2007)

14.0

8.5

9.5

5.9

Benchmark

20.4

12.1

8.7

3.9

Inflation

2.1

1.6

1.7

1.7

180
160
140
120
100
80
60
40
20
0
Sep 14

May 14

Jan 14

Sep 13

May 13

Jan 13

Sep 12

May 12

Benchmark

Jan 12

Sep 11

May 11

Jan 11

Sep 10

May 10

Jan 10

Sep 09

May 09

Jan 09

Sep 08

May 08

Jan 08

Sep 07

May 07

Canadian Value Fund

Inflation

Benchmark:

100% S&P/TSX Total Return Index

Disclaimer: This document is not intended to be comprehensive investment advice applicable to the individual circumstances of a potential investor and should not be
considered as personal investment advice, an offer, or solicitation to buy and/or sell investment products. Every effort has been made to ensure accurate information has been
provided at the time of publication, however accuracy cannot be guaranteed. Values change frequently and past investment performance may not be repeated. The manager
accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. Please consult an investment manager prior
to making any investment decisions.

SUITE 603 734-7TH AVENUE SW CALGARY, ALBERTA T2P 3P8

PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHERE.CA

PAGE 2

CANADIAN VALUE FUND

PERFORMANCE HISTORY
Year
2007

JAN

FEB

MAR

APR

Cdn Value
Benchmark

2008
2009
2010

2011

2012

2013

2014

MAY

JUN

JUL

-1.2%

-0.9%

-1.5%

AUG

-0.8%

SEP

0.9%

OCT

1.8%

NOV

-3.3%

DEC

0.0%

0.3%

-0.8%

-0.1%

-1.3%

3.5%

3.9%

-6.2%

1.3%

3.5%

0.3%

-3.0%

-0.6%

-6.9%

-9.9%

-2.9%

-1.9%

4.6%

5.8%

-1.4%

-5.9%

1.5%

-14.4%

-16.7%

-4.7%

-2.6%

2.3%

4.5%

4.8%

0.5%

2.6%

2.4%

0.2%

3.2%

1.2%

0.9%

5.1%

-4.0%

5.2%

2.9%

2.4%

2.1%

2.4%

2.5%

2.3%

1.9%

4.1%

2.7%

2.4%

4.1%

2.0%

-0.9%

-3.4%

5.0%

0.3%

0.3%

-3.3%

-2.5%

-1.2%

-8.7%

5.6%

-0.2%

-1.7%

-2.0%

-0.9%

1.4%

1.4%

1.1%

0.5%

-0.4%

0.8%

-0.6%

-6.1%

1.1%

0.8%

2.6%

3.4%

1.1%

-1.3%

1.9%

-0.8%

-1.4%

2.4%

-1.6%

2.4%

-0.6%

-0.1%

1.5%

1.1%

1.6%

1.3%

-0.2%

-2.1%

1.8%

-3.8%

0.4%

4.4%

1.4%

4.7%

0.5%

2.0%

0.6%

3.1%

1.4%

2.8%

1.2%

2.0%

0.7%

1.0%

-3.7%

0.8%

3.9%

1.2%

2.4%

-0.2%

4.1%

1.4%

2.1%

-4.0%

Cdn Value

-1.8%

1.3%

0.6%

Benchmark
Cdn Value

4.2%

-4.7%

3.4%

-1.4%

0.7%

-0.7%

3.4%

Benchmark

-3.0%

-6.3%

7.8%

7.3%

11.5%

0.3%

4.2%

Cdn Value

-1.2%

1.9%

5.0%

-0.3%

-1.4%

0.3%

1.1%

Benchmark

-5.3%

5.0%

3.8%

1.7%

-3.5%

-3.7%

4.0%

Cdn Value

2.5%

2.2%

-0.6%

-0.1%

0.8%

-2.5%

Benchmark

1.0%

4.4%

0.1%

-1.0%

-0.9%

Cdn Value

1.2%

2.1%

-0.4%

-2.1%

Benchmark

4.4%

1.7%

-1.6%

Cdn Value

2.3%

1.0%

Benchmark

2.3%

Cdn Value
Benchmark

*Investment returns for May 2007 correspond to the period May 11, 2007 to May 31, 2007.

Benchmark:

100% S&P/TSX Total Return Index

SUITE 603 734-7TH AVENUE SW CALGARY, ALBERTA T2P 3P8

PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHERE.CA