Breakfast of Champions “You can observe a lot just by watching” is a famous Yogi Berra quote, or Yogism, that we’ve been thinking a lot about lately . Lawrence Peter “Yogi” Berra was the leader of the 1949-53 New York Yankees, a team that won 5 consecutive World Series Titles. It’s safe to assume Berra’s play on the field contributed to his team’s impressive streak, but was there more to it? We recently read a great book, Sam Walker’s The Captain Class , which seeks out the greatest sports dynasties of all time and looks past the championships to see if there are common features linking these bouts of greatness. He travels around the world, watches a variety of athletic events, observes athletes interacting and comes to a compelling conclusion on what makes teams great. In turn, we decided to take Walker’s process and appl y it to investing. Without spoiling the ending, this exercise gives us a list of the highest performing Canadian stocks in recent history and leads to a discussion on business leadership and our top picks. Another appropriate Yogism for Canada’s stock market is “It’s like déjà vu all over again.” We feel that this applies to the continued underperformance of the Canadian stock market. The current valuation discount between Canada and the U.S is ten times the historical average. We ’ve said this on multiple occasions , but we still don’t believe this mismatch will last and that a rally in Canadian equities is forthcoming. If not, we expect to see continued M&A activity where foreign buyers view Canadian companies as being “on sale” and step in to acquire them. I n the last 90 days we’ve seen foreign buyers come in and scoop up the likes of Mitel Networks (Ottawa), Avigilon Corp (Vancouver) and Neulion Inc (Toronto). The Capital Ideas Fund was down 1.46% 1 in Q1 versus negative 3.09% 2 for the market. We continue to improve our batting average, having beat the market 9 out of the last 10 fiscal years and beginning this year on the same path. Over this time (since inception) our annualized return sits at 18.93% 1 net of all fees and expenses while the market significantly lags at 5.97% 2 . VOLUME XLIII APRIL 2018 INVESTMENT ISSUES • STRATEGIES • INSIGHTS FROM DONVILLE KENT

2 ROE REPORTER | DKAM The Captain Class While reading Walker’s book, we were struck by t he sheer boldness of trying to boil down some of the greatest athletic feats of all-time into a single factor. It seems daunting - if not impossible. Each of these events seem to stand on their own. Blood, sweat and tears were shed for each of these championships. How could you generalize their accomplishments? Walker takes us on a journey and challenges the general assumptions of what makes teams great. He starts by narrowing down every winning sports team in modern history to just the best of the best. Step: 1 Screening the Sport Universe Walker used the following 8 factors designed to determine the greatest sports dynasties of all time: 1. Had at least 5 members 2. Members interact with the opponent 3. Its members work together 4. Competed in a major spectator sport with millions of fans 5. Played against the world’s top competition 6. Dominance lasted for at least 4 seasons 7. Ample opportunities to prove themselves against the world’s top competition 8. Achievements stood apart in some way from all other teams in the history of their sport The resulting list on the next page (Figure 1) contains teams ranging from 1927 to 2018 and from 10 different sports. Take a second to scan the table and appreciate the gravity of these accomplishments. For instance, the 1956-69 Boston Celtics won 11 Championships in 13 seasons and the Cuba women’s volleyball team won every major tournament for 10 straight years. Walker also supplies a list of 106 teams that were great but didn’t crack Tier 1 , mainly because they were eclipsed by another team that competed in the same sport. Tier 2 teams include the likes of the 1983-90 Edmonton Oilers, the 1946- 51 Toronto Maple Leafs, and the 1991-98 Chicago Bulls.

3 ROE REPORTER | DKAM Figure 1: Tier 1: The World’s Greatest Teams Team Sport Years Achievement 1 Collingwood Magpies Australian rules football 1927-30 4 consecutive Grand Finals wins, 88% winning percentage, unbeaten in 1929 2 New York Yankees Major League Baseball 1949-53 Won 5 consecutive World Series titles 3 Hungary National m en’s soccer 1950-55 Only lost twice in 53 matches and outscored opponents 222-59 4 Montreal Canadiens National Hockey League 1955-60 Won 5 straight Stanley Cups 5 Boston Celtics National Basketball Assoc. 1956-69 Won 11 Championships in 13 seasons (8 in a row) 6 Brazil National m en’s soccer 1958-62 Won 2 consecutive World Cups and went undefeated in 3 of 5 seasons 7 Pittsburgh Steelers National Football League 1974-80 4 Superbowl Championships in 6 seasons 8 Soviet Union Men’s hockey 1980-84 Won 3 straight World Championships, 1984 Olympic Gold Medal. Record of 94-4-9 over 4 years 9 New Zealand All Blacks Rugby union 1986-90 Undefeated in 49 straight international union matches over 3 years 10 Cuba Women’s volleyball 1991-00 Won every major women’s volleyball tournament for ten straight years. 3 Olympic gold medals, 4 World Cups and back-to-back World Championships 11 Australia Women’s field hockey 1993-00 2 Olympic Gold medals, 4 consecutive Champions Trophy competitions, back-to- back World Cups 12 United States Women’s soccer 1996-99 Olympic Gold medal, World Cup Champions, record of 84-6-6 13 San Antonio Spurs National Basketball Assoc. 1997-16 5 NBA Championships, reached the playoffs in 19 straight seasons 14 FC Barcelona Professional soccer 2008-13 4 Spanish titles, 2 Champions League titles, 2 FIFA Club World Cups, 2 UEFA Super Cups, 2 Copa del Rey titles, 3 Spanish Supercopas 15 France Men’s handball 2008-15 Back-to-back Olympic Gold medals, 3 World Championships, 2 European titles, first team to hold all 3 top titles simultaneously 16 New Zealand All Blacks Rugby union 2011-15 Back-to-back World Cup titles, 3 Tri- Nations titles, record of 55-3-2 17 New England Patriots National Football League 2001-17 5 Superbowl Championships in 9 appearances and made the playoffs in 15 of 17 seasons

4 ROE REPORTER | DKAM Alternative explanations Step 2 of Walker’s investigation involved looking into the possible explanations for the greatness of the Tier 1 teams. Over multiple chapters, Walker researches, supplies evidence, and discredits each of the following explanations for greatness. 1. Top Talent – 12 of the 17 Tier 1 teams had a world class star player however in more circumstances than not, the team with the best player in the league did not win the championship. Using basketball as an example, the teams with the top 5 statistically ranked players of all time do not crack the ranks of Tier 1. The 1956-69 Celtics did not have a single player ranked in the top 250. 2. Overall Talent – Walker not only supplies the statistic s showing how “talent” metrics do not necessarily overlap with winning, but there are also some glaring examples that discredit this notion. The Real Madrid team including Luis Figo, Zinedine Zidane, Cristiano Ronaldo and David Beckham failed to convert this talent into steady championships. This was much like the 1998 Canadian Olympic hockey team where overall talent was not the problem – especially when considering that the roster included Gretzky, Sakic, Yzerman, Shanahan, Roy, Lindros, Fleury, Bourqe etc. 3. Money (buy a championship) – In each of the sports studied there is a correlation between money spent and winning percentage. The results were inconsistent when it came to the Tier 1 teams. Many of the national teams operated on a shoe string budget (Cuba volleyball, US women’s soccer). The San Antonio Spurs were usually in the bottom half of the league in player payroll during their 19-season streak. 4. Institutional Excellence – The idea that an organization’s culture or upper management’s ability is the main reason for success is fairly easy to discredit. By studying ownership changes and management changes it becomes evident that changing one or the other doesn’t nec essarily lead to changes in performance. 5. Coach – Many of the Tier 1 teams had multiple coaches over the course of the winning streak, and many of those coaches went to other teams and didn’t have similar success. Walker references 3 studies to reinforce his point, one being a 2009 study published in the International Journal of Sports Finance . The authors wrote “Our most surprising finding was that most of the coaches in our data set did not have a statistically significant impact on player performance relative to a generic coach.” Specifically, the study found the differences were even negligible for San Antonio’s Gregg Popovich, a coach of a Tier 1 team.

5 ROE REPORTER | DKAM The Common Thread Above all else, Tier 1 performance corresponded in some way to the arrival and departure of one particular player. That person was or would become the captain. The repeated pattern of freakish greatness coming to an end when the captain left the team is staggering. Neither we nor Walker are implying that a team will go from great to lousy when the captain leaves. For instance, when Tim Duncan retired from the San Antonio Spurs, they continued to be playoff contenders. After Maurice Richard retired, the Canadiens continued to have a winning record. But in each of these cases the prolonged period of greatness ended. A couple of the more dramatic cases involved the New Zealand All Blacks and Cuba’s volleyball team. Wayne Shelford was named captain of the All Blacks in 1987, and under his leadership they would not lose a single game for 3 straight years. In 1990, the New Zealand Rugby Union cut Shelford and the All Blacks wouldn’t win another championship for 24 years. Similarly, when Mireya Luis left the Cuban volleyball team, after having not lost a tournament for 10 straight years, the best results the team attained were a bronze medal at the Olympics and 5 th place at the World Cup. Figure: 2 Elite Teams and Their Captains Team Winning Years Captain (Leader) Playing Career Captain 1 Collingwood Magpies 1927-30 Syd Coventry 1922-34 1927-34 2 New York Yankees 1949-53 Yogi Berra 1946-63 *1946-53 3 Hungary soccer 1950-55 Ferenc Puskas 1945-56 1950-56 4 Montreal Canadiens 1955-60 Maurice Richard 1942-60 1955-60 5 Boston Celtics 1956-69 Bill Russell 1956-69 1963-69 6 Brazil soccer 1958-62 Hilderaldo Bellini 1957-66 1957-62 7 Pittsburgh Steelers 1974-80 Jack Lambert 1974-84 1977-84 8 Soviet Union hockey 1980-84 Valeri Vasiliev 1970-83 1980-83 9 New Zealand All Blacks 1986-90 Wayne Shelford 1985-90 1987-90 10 Cuba volleyball 1991-00 Mireya Luis 1990-00 1990-00 11 Australia field hockey 1993-00 Rechelle Hawkes 1988-00 1993-00 12 United States soccer 1996-99 Carla Overbeck 1988-00 1995-00 13 San Antonio Spurs 1997-16 Tim Duncan 1997-16 2003-16 14 FC Barcelona 2008-13 Carles Puyol 1999-14 2004-14 15 France handball 2008-15 Jerome Fernandez 1997-15 2008-15 16 New Zealand All Blacks 2011-15 Richie McCaw 2001-15 2004-15 17 New England Patriots 2001-17 Tom Brady** 2000-18 2002-18 *Yankees didn’t name an official captain during this time **New England missed the playoffs in 2008. Tom Brady was injured that year.

6 ROE REPORTER | DKAM But how? In 1913 Maximilien Ringelmann performed a study wherein participants would pull on a rope individually, and then as part of a team. He found that people didn’t pull as hard when they were part of a team th an they did individually 3 . Variations of this experiment have been tested and repeated many times, each time concluding that the less identifiable one person’s effort is, the less effort they put in. They concluded this was a fact of human nature and coined it “social loafing. ” So how does this relate to our exceptional leaders? Follow-up experiments showed that social loafing could be overcome. Scientists found that knowing someone else in the group is working as hard as possible prompts others to give more themselves. Perception of high effort makes that effort transferable. Now le t’s look at Walker’s list of traits of elite captains and see if anything jumps out at us. 1. Extreme doggedness and focus in competition 2. Aggressive play that tests the limits of the rules 3. A willingness to do thankless jobs in the shadows 4. A low-key, practical, and democratic communication style 5. Motivates others with passionate nonverbal displays 6. Strong convictions and the courage to stand apart 7. Ironclad emotional control In the most general sense, the best captains lead with hard work and grit. The passion of these players elevates the performance of the entire unit. Valeri Vasiliev, the captain of the 1980-83 Red Army hockey team, was the definition of hard work and grit. During a World Championship game against the Czechs, Vasiliev came off after a particularly hard shift with a lump in his throat and struggling to breathe. So tired and in pain, he had to lie down on the bench to catch his breath. When it was time to play his next shift he got up, grabbed his stick, and returned to the ice. After the game, doctors examined Vasiliev, ran some tests, and concluded that he wasn’t just fighting fatigue but had actually suffered a heart attack. Acts like this were credited with giving him the moral currency to effectively push his teammates without meeting any resistance.

7 ROE REPORTER | DKAM Chop Wood, Carry Water – The Fundamentals In addition to working hard and having grit, the elite captains were fundamentalists. Tim Duncan played 19 seasons in the NBA, made the playoffs 19 times, and won 5 championships. He won more games with one team than anyone in basketball history. His footwork, his body movement, everything that he did – it wasn’t sexy but it was efficient. His nickname? “ Big Fundamental. ” For the most part, the elite captains were in the best shape on their team, studied the game the most, and stayed out of the headlines. The Spurs ’ coach, Gregg Popo vich, said Duncan didn’t have any “ MTV ” in him. “Self -centered people who project arrogance through their speech and body language tend to be viewed less favorably by others and can weaken a group’s cohesion.” Excerpt from Tim Duncan’s undergraduate thesis: Blowhards, Snobs and Narcissists: Interpersonal Reactions to Excessive Egotism 4 All this being said, why do we care? When analyzing a company we look for “F undamental CEOs ” versus “ Prestige CEOs. ” We have found the Fundamental CEOs are the ones who are numbers oriented and analyze every aspect of their business. If a CEO can’t answer number specific questions or continuall y relies on his/her CFO for numerical answers, then that’s not a CEO we want to invest in. They are usually cerebral and opinionated, but modest. Prestige CEOs are like flashy goal scorers – they are easy to like and to cheer for and you can get transfixed by their stories and finesse. Like Berra has said, “So I’m ugly. I never saw anyone hit with his face.”

8 ROE REPORTER | DKAM Tier 1 CEOs Motivated by the greatness achieved by the elite sports captains, we decided to do a study of our own. In Step 1, we defined our investible universe as publicly listed Canadian stocks. In Step 2, we ranked stock price appreciation and in Step 3, we adjusted the results for consistency, size and outside factors. The remaining top stocks would be considered as producing freakish levels of greatness just like the elite 17 teams that Walker found. The final step was to see if the conclusion from The Captain Class held true in business. We took the list of the highest returning stocks and compared it with CEO tenure. Almost exclusively, the long periods of high compound returns coincided with a single CEO. The results of our investigation are listed in Figure 3 and is ranked by who we would consider to be the best Canadian public company CEOs over the past 50 years. What you’ll see are a lot of entrepreneurs, inside ownership and – not surprising to us – high ROE companies. By our calculations, the average ROE of the group is 23%. This type of exercise is useful because we are always looking for the next great CEO and this gives us a scorecard and frame of reference with which to compare them. Figure 3: Elite Canadian CEOs Company CEO(s) CEO Tenure Years Public CEO Annualized Return 1 (Old) Franco-Nevada Seymour Schulich & Pierre Lassonde 1982-2002 19 40% 2 Alimentation Couche-Tard Alain Bouchard 1998-2014 16 38% 3 Constellation Software Mark Leonard 1995-2018 13 35% 4 GEAC Corp & Enghouse Stephen Sadler** 1990-96/2000-18 24 25% 5 MTY Food Group Stanley Ma 1984-2018 29 18% 6 Paladin Labs & Knight Jonathan Goodman** 1996-11/2014-18 20 21% 7 CGI Group Serge Godin 1976-2006 30 16% 8 Toromont Industries Robert Ogilvie 1987-2012 25 19% 9 *Tucows Inc Elliot Noss 2001-2018 17 25% 10 Colliers (First Service) Jay Hennick 1989-2018 23 19% 11 Great Canadian Gaming Ross McLeod 1982-2011 15 27% 12 Cott Corp Gerry Pencer 1989-1997 8 58% 13 People Corp Laurie Goldberg 2009-2018 9 45% 14 Questor Tech Audrey Mascarenhas 2005-2018 13 30% 15 Boyd Group IF Brock Bulbuck 2010-2018 8 45% 16 Pollard Banknote Douglas Pollard 2011-2018 7 38% 17 Dollarama Lawrence Rossy 1981-2016 7 38% 18 *RediShred Jeff Hasham 2011-2018 7 37% 19 New Flyer Paul Soubry 2009-2018 7 37% 20 MAGNA Frank Stronach 1956-1994 6 34% 21 *Spin Master Anton Rabie & Ronnen Harary 1994-2018 3 37% 22 Great Canadian Gaming Rod Baker 2011-2018 7 28% *DKAM Top Picks **Sadler & Goodman were CEOs of two separate companies and the annualized return is an average

9 ROE REPORTER | DKAM Top Picks – Proven, Proving, Potential We think about the companies we own as living, breathing businesses and not a ticker symbol or “ trade. ” We believe the revenues, expenses and resulting earnings are directly influenced by management’s decisions , particularly their capital allocation decisions. It is for this reason that we believe there is such a strong connection between the CEO and stock returns. Our top picks below, and all of our major investments for that matter, have a combination of great management, ample growth, and attractive relative value. We have chosen to briefly profile three CEOs, which we think are proven, proving, or possible Tier 1 CEOs. Proven: Tucows Inc. CEO Elliot Noss Tucows Inc. has been registering domain names since 2000 and has grown to be the #2 player in the market behind GoDaddy. The only way to register and start using a domain name is to use the services of a registrar. With the continued growth of the internet and particularly ecommerce, Tucows sits on a highly recurring, customer diverse, cash cow machine. The real magic however, has been how their impressive but modest CEO Elliot Noss has been able to deploy this capital. Noss has earned his 9 th place rank and proven himself to be elite because he has allocated this free-cash flow in a manner that has yielded +25% compound growth for almost 2 decades. Tucows ’ most recent growth initiative and – in our opinion – the most attractive, has been laying fiber and providing "crazy fast" internet to towns across America. Fiber is faster and more reliable than wireless, and a necessary piece of infrastructure for the eventual rollout of 5G wireless internet. From an investor ’ s perspective, the best part about Tucows ’ investment in fiber is the economics. Tucows projects 2 ½-3 year paybacks on these projects, which equates to 30-40% return on capital. Each town will provide reliable and durable cash-flows for many years to come and we expect to continue to back Noss and let him compound our capital for us.

10 ROE REPORTER | DKAM Proving: Spin Master Corp. Co-CEOs Anton Rabie & Ronnen Harary W e attended Spin Master’s IPO presentation in 2015 and learned how Anton Rabie and Ronnen Harary started Spin Master in 1994 with $10,000. They have now grown TOY into a $5 billion Canadian success story. It wouldn’t be until later when we realized how much of a competitive advantage these two provide for Spin Master. We’ve ranked them 21 st on the list and consider them to be proving themselves because they’ve only been running Spin Master publicly since 2015 even though they’ ve been the captains of this team for 24 years. There is currently a negative growth outlook for the toy industry. This is mostly because industry giants Mattel and Hasbro have dropped the ball. These two entrenched and conventional competitors have failed to innovate and Mattel is even on their 4 th CEO in 3 years. Spin Master, on the other hand, has grown their revenues 250% over the last 5 years, continues to compound capital at ~40% annually, and sits on a cashed-up balance sheet. No wonder the stock is up 180% since the IPO. Spin Master has become the master of innovation and we think the fact that it is run by entrepreneurs who have retained majority voting power allows them to operate differently and plan for the long-term. Harary and Rabie have implemented a continual process they call the 36-Month Brand Innovation Pipeline, so at any point in time they have products in development for 3 years in the future. This not only allows them to be more consistent than the typical toy company, but they create and commercialize their own intellectual property this way and in turn operate with higher margins. Toys R Us, which accounted for 12% of North American toy sales, recently declared bankruptcy . Spin Master’s stock , as well as the other toy company stocks, has been weak and stuck in what we’re calling the “ Toys R Us Selling Vortex. ” At this point we think the weakness is overblown and more than priced into the stock. To reinforce the point, we’d point to the fact that Spin Master has recently won awards from Alibaba and Wal-Mart, as well as having extremely high customer satisfaction ranking on Amazon. We don’t think distribution will be a long-term problem.

11 ROE REPORTER | DKAM Speaking of Alibaba, Spin Master only recently entered China, the largest toy market in the world. Initial signs indicate that Paw Patrol, among other brands, has been a hit. The Paw Patrol brand just received the “Most Popular Store” award from JD.com, one of the largest online retailers in China. Potential: RediShred Capital Corp CEO Jeff Hasham The first time we read RediShred’s financials , we were blown away by the detail of disclosure – and not just for a small company like this, but for any size company. Years later, we have become accustomed to this type of disclosure from KUT because it is second nature for their CEO Jeff Hasham. Hasham is extremely numbers focused and everything is measured and analyzed at RediShred. This enables optimal capital allocation. Read their MD&A and you'll see what we mean when we say he measures everything. The paper shredding market is very misunderstood and assumed to be in decline due to the trend toward being paperless. However, that is only half the equation. Businesses continue to recycle and shred more and more of the paper they do use, especially with the growing concerns about identity theft, tighter regulatory requirements, and increased privacy legislation. What comes out in the wash is actually a growing paper shredding market. The company has gone through a transformation since Hasham has taken over as CEO. He first rightsized the balance sheet, then implemented best practices and optimized existing operations. Now RediShred is entering a stage of expansion and is ready to grow more aggressively. We’ve included Hasham on the list at #18 but consider him a “po tentially ” elite CEO strictly because of the smaller scale of his business at the moment. We try and find the next great up and coming businesses and we think we have one here. They have an established track record, plenty of opportunities for growth, are trading at an attractive valuation and are run by a possibly elite leader. ^RediShred has a $29M market capitalization and the shares are fairly illiquid.

12 ROE REPORTER | DKAM Final Thoughts Walker illustrated the connection between great sports teams and great captains. We believe this applies more broadly and that great companies are also led by great captains. We routinely travel across the nation in search for the next up and coming great businesses, and these visits always include extensive one-on- ones with management. We think, like Yogi, you can observe a lot just by watching. All of our recent meetings with management reinforce the point that we own great companies with stellar management teams – teams that deserve Tier 1 status. To steal a line from Mark Leonard’s , another Tier 1 CEO, president ’s letter, we too believe we’ve had , and continue to aim for team members that are “intelligent, energetic, and ethical people with whom you would want to work for the rest of your career.” However, on that note, from time to time employees do move on. We would like to thank Jordan Zinberg, a long-time employee and friend, for his contribution to the team over the years. As always, thank you to our investors and to our great Tier 1 team. J.P. Donville & Jesse Gamble info@donvillekent.com

13 ROE REPORTER | DKAM All estimates, projections and calculations have been generated by DKAM. This does not constitute advice for personal investments but rather a breakdown of how Donville Kent approaches stock analysis. 1 Time weighted rates of return for Class A Series 1, net of all fees and expenses as of March 30 th , 2018. 2 S&P TSX Composite Total Return Index is the Net Total Return version of the S&P/TSX Composite Index. 3 Ringelmann, M. (1913) "Recherches sur les moteurs animés: Travail de l'homme" [Research on animate sources of power: The work of man], Annales de l'Institut National Agronomique , 2nd series, vol. 12, pages 1-40. 4 Mark R. Leary, Richard Bednarski, Dudley Hammon, and Timothy Duncan (1997). “Blowhards, Snobs, and Narcissists: Interpersonal Reactions to Excessive Egotism.” Department of Psychology, Wake Forest University, Winston-Salem, North Carolina 27109. DISCLAIMER Readers are advised that the material herein should be used solely for informational purposes. Donville Kent Asset Management Inc. (DKAM) does not purport to tell or suggest which investment securities members or readers should buy or sell for themselves. Readers should always conduct their own research and due diligence and obtain professional advice before making any investment decision. DKAM will not be liable for any loss or damage caused by a reader's reliance on information obtained in any of our newsletters, presentations, special reports, email correspondence, or on our website. Our readers are solely responsible for their own investment decisions. The information contained herein does not constitute a representation by the publisher or a solicitation for the purchase or sale of securities. Our opinions and analyses are based on sources believed to be reliable and are written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. All information contained in our newsletters, presentations or on our website should be independently verified with the companies mentioned. The editor and publisher are not responsible for errors or omissions. Past performance does not guarantee future results. Unit value and investment returns will fluctuate and there is no assurance that a fund can maintain a specific net asset value. The fund is available to investors eligible to invest under a prospectus exemption, such as accredited investors. Prospective investors should rely solely on the Fund's offering documentation, which outlines the risk factors in making a decision to invest. The S&P/TSX Composite Total Return Index ("the index") is similar to the DKAM Capital Ideas Fund LP ("the fund") in that both include publicly traded Canadian equities of various market capitalizations across several industries, and reflect both movements in the stock prices as well as reinvestment of dividend income. However, there are several differences between the fund and the index, as the fund can invest both long and short, can utilize leverage, can take concentrated positions in single equities, and may invest in companies that have smaller market capitalizations then those that are included in the index. In addition, the index does not include any fees or expenses whereas the fund data presented is net of all fees and expenses. The source of the index data is Bloomberg. DKAM receives no compensation of any kind from any companies that are mentioned in our newsletters or on our website. Any opinions expressed are subject to change without notice. The DKAM Capital Ideas Fund, employees, writers, and other related parties may hold positions in the securities that are discussed in our newsletters, presentations or on our website.