THANK YOU FOR YOUR INTEREST IN THE LINDE EQUITY FUND.
The Linde Equity Fund is a growth-oriented fund suitable for two types of investors:
- Individuals working at least 10 more years before retirement.
- Wealthy retirees able to allocate a portion of their investments to a 100% equity fund without requiring regular withdrawals.
The Linde Equity Fund is designed to serve investors prioritizing performance and client communication.
Minimum Investment: $1,000,000 per household* – Multiple accounts acceptable, with exception of kids.
*For the month of September, we waive our minimum investment to $400,000 for qualified investors
Our limited-time minimum investment waiver is suitable for the following investors:
- Individuals or couples with RRSPs worth at least $400,000; and
- 20+ years before the RRSP(s) converts to a RRIF
The Linde Equity Fund is a growth-oriented fund suitable for two types of investors:
- Individuals working at least 10 more years before retirement.
- Wealthy retirees able to allocate a portion of their investments to a 100% equity fund without requiring regular withdrawals.
The Linde Equity Fund is designed to serve investors prioritizing performance and client communication.
Minimum Investment: $1,000,000 per household – Multiple accounts acceptable, with exception of kids.*
*For the month of September, we waive our minimum investment to $400,000 for qualified investors
Our limited-time minimum investment waiver is suitable for the following investors:
- Individuals or couples with RRSPs worth at least $400,000; and
- 20+ years before the RRSP(s) converts to a RRIF
THE INVESTOR WISH LIST
I want to invest with a fund manager with a long-term proven track record.
- I want to invest with an independent firm that works solely for their clients, not the management or shareholders of a bank.
- I want to invest with an investment manager with a specialized approach to investing, not the cookie cutter approach offered by bank owned brokerage firms.
I would like to know the companies I am invested in and how much exposure I have invested in each position
- I would like to be kept informed of new stock purchases and be given the reasons why.
I want to invest in a fund focused on owning only the most attractive stocks, and not be overly diversified with less appealing companies that become a drag on performance.
I want to invest with a fund manager with a proven track record of taking advantage of bear markets.
I would like to know which stocks contributed the most gains and which were the largest detractors each quarter.
I would like to receive periodic phone calls from a member of the fund management team.
I want to pay low fees.
THE INVESTOR WISH LIST
I want to invest with a fund manager with a long-term proven track record.
- I want to invest with an independent firm that works solely for their clients, not the management or shareholders of a bank.
- I want to invest with an investment manager with a specialized approach to investing, not the cookie cutter approach offered by bank owned brokerage firms.
I would like to know the companies I am invested in and how much exposure I have invested in each position
- I would like to be kept informed of new stock purchases and be given the reasons why.
I want to invest in a fund focused on owning only the most attractive stocks, and not be overly diversified with less appealing companies that become a drag on performance.
I want to invest with a fund manager with a proven track record of taking advantage of bear markets.
I would like to know which stocks contributed the most gains and which were the largest detractors each quarter.
I would like to receive periodic phone calls from a member of the fund management team.
I want to pay low fees.
HOW THE LINDE EQUITY FUND MEETS THE WISH LIST
The Linde Equity Fund is managed by Teal Linde. Teal was first recognized for his stock picking record in 2001 by the Vancouver Sun. Over the next 18 years, his published stock picking record would gain further media recognition in the Vancouver Sun, Financial Post, CNBC, CBS Radio, MarketWatch, MoneySense magazine, and The Wall Street Journal. Based on the success of his published track record and Investment Counsel service, Teal launched the Linde Equity Fund in October 2016 to enable greater access for more investors and families to benefit from his investment ideas.
“The best return in the last 10 years”
“The advisor with the best record over the past 5 years”
The problem facing many Canadian investors is that much of their money is managed by bank owned brokerage firms where the priority to increase the bank’s earnings per share each quarter runs supreme. The bank’s senior executives also have a large portion of their compensation tied to share price performance thereby creating an incentivized force within the banks to maximize profits. While there are many decent advisors working at bank owned brokerage firms, a conflict of interest exists between doing what is right for the client and what is right for increasing profits and the share price of the bank.
The Linde Equity Fund is managed by Linde Equity Inc. (“Linde Equity”). Linde Equity is 100% independent from the banks. Teal Linde founded Linde Equity and its investment services to be the kind of service and firm he would want to retain if he were a client. Going back even further, the primary reason Teal got into the investment management business was due to his inability to find an advisor for his own savings that he felt confident in and trusted. So in 1996, he set out to learn to self-manage his own investments. Two years later, impressed with his strong returns, the Vancouver based brokerage firm where he had his account hired him to join their firm as an analyst to share his investment ideas with the firm’s advisors and their clients. His first recommendation was Qualcomm in January 2008, which would appreciate 2,700 percent in the next two years. By 2000, he had decided to found his own investment research and advising firm, Linde Equity.
Many existing clients of the Linde Equity Fund have joined us as a result of being tired of the same old investment approach offered by bank owned brokerage firms. Because these firms manage hundreds of billions of dollars for millions of clients, they end up recommending the same set of Canadian large cap stocks to their clients. That’s because the banks need to invest their clients in stocks that have enough trading volume, or liquidity, that can enable them to invest billions of dollars of clients’ money.
At Linde Equity, the origination of the firm in 2000 was to publish and sell research to do-it-yourself investors. Therefore, we needed to achieve performance in order to compel clients to pay for our research. Given our need to achieve performance to succeed, we combed the markets hard for opportunities and have always found better opportunities in the US market. Having specialized in US stocks for the last two decades, US stocks are considered our forte. Therefore, while we own our favourite Canadian large cap dividend stocks, roughly half of our investments are in US stocks. And unlike the Canadian bank owned brokerage firms that will own primarily US large cap stocks only in their client accounts, we also own US mid cap stocks. Mid caps are statistically considered the best place to invest. They are not too large where they are too big to grow. And they are not too small where they are too risky. Thus, as an investor in the Linde Equity Fund, you will own the most attractive Canadian dividend stocks and the most attractive US growth stocks.
One of the drawbacks facing the vast majority of investors in mutual funds is that you really don’t know what you own or how much. At best you might receive an annual or quarterly report that reveals the top 10 or top 25 positions. Such lists are still incomplete.
As a client of the Linde Equity Fund, every quarter you will receive a statement that shows you ALL of the holdings in the fund. You will also see the percent weighting for each holding. And, as a feature that we have never seen any other mutual fund offer, we provide you with a statement that shows you your beneficial ownership of each holding right down to the last dollar. So if your investment in the Linde Equity Fund at the end of the quarter is worth $1,254,826, and the fund owns a 4.8% position in Royal Bank, the statement will show you that you own $60,232 in Royal Bank. You will be shown the percent weighting and your dollar value investment for all of the holdings in the fund. You will know exactly what you own and how much.
As a client of the Linde Equity Fund, you will receive an update each quarter informing you of any new stocks that were purchased in the latest quarter. We will also share with you our reasons for making the investment. At Linde Equity, we like our clients to know what they own and why. Not only does this make the investing experience more rewarding and interesting for our clients, knowing what you own and why is the best antidote to dealing with market volatility. Because we keep our clients informed of their investments to such a high degree, we are pleased to report that when markets are falling and our fund is being pulled down in tandem, our clients are much more apt to email or phone us to inquire whether now is a good time to send more money to invest in the fund. Not the other way around, which is the more typical behavior of mutual fund investors. And it is not that these other investors are less skilled. It is typically that their advisors have not communicated with them well enough on what they own and why to instill in them enough confidence to hang in there, or better yet, take advantage of the downturn. Ranked right up there with researching stocks, communicating with clients is an equally high priority at the Linde Equity Fund.
“Before I founded Linde Equity, I used to receive monthly brokerage statements that did a poor job in explaining what had happened in my portfolio. In fact, there was never any explanation. I always believed the industry could communicate with clients much better. At Linde Equity, we take tremendous pride in communicating with our clients through the written word and follow up phone calls.”
– Teal Linde
One of the main reasons why most Canadian investors underperform the market is due to having their money invested in firms that are more interested in serving as many different types of clients as possible instead of serving only a certain type of client and doing a better job for them. It is the mass market approach to investment management (the banks) versus the boutique approach (Linde Equity). In order for large investment firms to service many different types of clients, they use mutual funds or investment pools that focus on a specific categories of equities or asset class. Depending on a client’s investor profile, these firms can increase or decrease their weightings of various funds or pools. These category specific mandates can be pushed and pulled like levers to create an investment mix that suits the client. This makes the investment management firm and advisor’s job a lot easier than building individual portfolios for each client from scratch with individual securities. But here is the catch. Each manager of a category specific fund or pool, eg Canadian Dividend, or Canadian Equity, or Canadian small cap, or US Technology, or Global Equity, has their favourite handful of stocks. However, they still have to own 30, 40 or 50 other less appealing stocks in each category to fulfill diversification requirements. This results in dilution and average returns for category specific funds, and after deducting fees, leads to underperformance in the vast majority of cases. This contributes to why over 80% of mutual funds underperform the market over the long term. They mirror the market’s performance before fees, and then trail the market after fees.
At Linde Equity, we adhere to an entirely different approach. Instead of offering a basket of different types of funds, we have just one fund, the Linde Equity Fund. And in this fund, we cherry pick the most attractive stocks from the various equity or asset class categories and put them in one fund. This might include our favourite ten dividend stocks, our favourite three small cap stocks, our favourite six US tech stocks etc. Thus, similar to how the best couple of NHL players are picked from each team to create an NHL all star team, we do the same with our fund – our goal is to create an all star portfolio, or our preferred description, a ‘Best Ideas’ fund. By owning the most attractive stocks from various categories, we have been able to deliver attractive returns over the long term.
I want to invest with a fund manager with a proven track record of taking advantage of bear markets.
During calm markets, share prices tend to be very efficiently priced. It is generally more difficult to materially outperform the market in such an environment. Rather, it is during bear markets where fear and uncertainty cause stocks to become mispriced and oversold that the greatest opportunity for outperformance exists. In fact, the relationship is reciprocal: the greater the downturn, the greater the opportunity to catapult ahead upon a market recovery.
With the support of his Investment Counsel clients, Teal pursued a strategy to take advantage of the 2008 market crash that put his clients back into the black by April 2010, thirteen months after the market bottom of March 2009, and catapulted his published track record to his first #1 ranking in North America in 2010. This achievement was recognized in the media by CNBC, CBS Radio and MarketWatch.
Underscoring just how much of an enduring payoff he received from his successfully implemented bear market strategy, in a 2016 issue of MoneySense magazine (see adjacent article), his published track record was recognized as #1 in North America for the 10 year period from 2006 to 2016 – notably achieved through the 2008 financial crisis and ~50% market crash.
While the clients of the Linde Equity Fund do not wish for bear markets to happen, they have the comfort of knowing that they have a proven plan in place to take advantage of it when it happens. Do you?
click to enlarge
As an example of how Teal wanted to create an investment management firm that he would want to retain if he were a client, he always believed that the big brokerage firms and their account statements did a poor job in letting their clients know which stocks in their portfolio contributed the most to portfolio gains and which ones were the largest detractors. Just looking at the monthly or quarterly statement would tell you very little unless you pulled out your previous statement and did a side by side comparison. But even that would be an excessive calculator exercise and challenge in determining which stocks made the most money last month or quarter. Therefore, as a client of the Linde Equity Fund, each quarter you will receive a report that updates you on which stocks made you the most money and which ones lost the most with an explanation or comment on each – all part of keeping our clients informed of their investments.
Our Investment Counsel clients have repeatedly expressed over the years their appreciation and gratitude that we call them every quarter to review their portfolio after they receive their quarterly report from us. Given how much these clients appreciate receiving a call from us, we decided at the launch of the Linde Equity Fund in 2016 to make quarterly or semi-annual calls to our fund clients as part of the service of being a fund client. When most advisors and firms put the onus on the client to call their advisor if they have any questions, we find that most clients will rarely bother to call, even when invited to at the end of a quarterly letter. More importantly, we believe that if a firm truly appreciates their clients, they will take the initiative to call them on a periodic basis, not the other way around. Furthermore, Linde Equity Fund clients will receive a call from an actual analyst that works for the fund, not a help desk rep. Given that the minimum investment for the Linde Equity Fund is $1,000,000 per household, we believe our clients deserve nothing less than to speak with someone who is in the know.
Back in the bullish 1980s and 90s when double digit annual returns were the norm, firms could get away with charging 2.5% to 3% MERs. However, when Teal started taking on Investment Counsel clients in 2002, he recognized that the years of easily earning double digit returns were history. Therefore, he decided to charge a much lower fee than the industry average to be more fair and recognizing that every percent he could save for the client would be an extra percent the client earns. Today, the Linde Equity Fund incurs a Management Expense Ratio (MER) of 1.25%, including GST. An MER of 1.25% is nearly half the cost of a typical Canadian equity mutual fund now ranging between 2.25% and 2.5%. And unlike most other boutique investment management firms, the Linde Equity Fund does not charge any performance fees.
HOW THE LINDE EQUITY FUND MEETS THE WISH LIST
The Linde Equity Fund is managed by Teal Linde. Teal was first recognized for his stock picking record in 2001 by the Vancouver Sun. Over the next 18 years, his published stock picking record would gain further media recognition in the Vancouver Sun, Financial Post, CNBC, CBS Radio, MarketWatch, MoneySense magazine, and The Wall Street Journal. Based on the success of his published track record and Investment Counsel service, Teal launched the Linde Equity Fund in October 2016 to enable greater access for more investors and families to benefit from his investment ideas.
“The best return in the last 10 years”
“The advisor with the best record over the past 5 years”
The problem facing many Canadian investors is that much of their money is managed by bank owned brokerage firms where the priority to increase the bank’s earnings per share each quarter runs supreme. The bank’s senior executives also have a large portion of their compensation tied to share price performance thereby creating an incentivized force within the banks to maximize profits. While there are many decent advisors working at bank owned brokerage firms, a conflict of interest exists between doing what is right for the client and what is right for increasing profits and the share price of the bank.
The Linde Equity Fund is managed by Linde Equity Inc. (“Linde Equity”). Linde Equity is 100% independent from the banks. Teal Linde founded Linde Equity and its investment services to be the kind of service and firm he would want to retain if he were a client. Going back even further, the primary reason Teal got into the investment management business was due to his inability to find an advisor for his own savings that he felt confident in and trusted. So in 1996, he set out to learn to self-manage his own investments. Two years later, impressed with his strong returns, the Vancouver based brokerage firm where he had his account hired him to join their firm as an analyst to share his investment ideas with the firm’s advisors and their clients. His first recommendation was Qualcomm in January 2008, which would appreciate 2,700 percent in the next two years. By 2000, he had decided to found his own investment research and advising firm, Linde Equity.
Many existing clients of the Linde Equity Fund have joined us as a result of being tired of the same old investment approach offered by bank owned brokerage firms. Because these firms manage hundreds of billions of dollars for millions of clients, they end up recommending the same set of Canadian large cap stocks to their clients. That’s because the banks need to invest their clients in stocks that have enough trading volume, or liquidity, that can enable them to invest billions of dollars of clients’ money.
At Linde Equity, the origination of the firm in 2000 was to publish and sell research to do-it-yourself investors. Therefore, we needed to achieve performance in order to compel clients to pay for our research. Given our need to achieve performance to succeed, we combed the markets hard for opportunities and have always found better opportunities in the US market. Having specialized in US stocks for the last two decades, US stocks are considered our forte. Therefore, while we own our favourite Canadian large cap dividend stocks, roughly half of our investments are in US stocks. And unlike the Canadian bank owned brokerage firms that will own primarily US large cap stocks only, we also own US mid cap stocks. Mid caps are statistically considered the best place to invest. They are not too large where they are too big to grow. And they are not too small where they are too risky. Thus, as an investor in the Linde Equity Fund, you will own the most attractive Canadian dividend stocks and the most attractive US growth stocks.
One of the drawbacks facing the vast majority of investors in mutual funds is that you really don’t know what you own or how much. At best you might receive an annual or quarterly report that reveals the top 10 or top 25 positions. Such lists are still incomplete.
As a client of the Linde Equity Fund, every quarter you will receive a statement that shows you ALL of the holdings in the fund. You will also see the percent weighting for each holding. And, as a feature that we have never seen any other mutual fund offer, we provide you with a statement that shows you your beneficial ownership of each holding right down to the last dollar. So if your investment in the Linde Equity Fund at the end of the quarter is worth $1,254,826, and the fund owns a 4.8% position in Royal Bank, the statement will show you that you own $60,232 in Royal Bank You will be shown the percent weighting and your dollar value investment for all of the holdings in the fund. You will know exactly what you own and how much.
As a client of the Linde Equity Fund, you will receive an update each quarter informing you of any new stocks that were purchased in the latest quarter. We will also share with you our reasons for making the investment. At Linde Equity, we like our clients to know what they own and why. Not only does this make the investing experience more rewarding and interesting for our clients, knowing what you own and why is the best antidote to dealing with market volatility. Because we keep our clients informed of their investments to such a high degree, we are pleased to report that when markets are falling and our fund is being pulled down in tandem, our clients are much more apt to email or phone us to inquire whether now is a good time to send more money to invest in the fund. Not the other way around, which is the more typical behavior of mutual fund investors. And it is not that these other investors are less skilled. It is typically that their advisors have not communicated with them well enough on what they own and why to instill in them enough confidence to hang in there, or better yet, take advantage of the downturn. Ranked right up there with researching stocks, communicating with clients is an equally high priority at the Linde Equity Fund.
“Before I founded Linde Equity, I used to receive monthly brokerage statements that did a poor job in explaining what had happened in my portfolio. In fact, there was never any explanation. I always believed the industry could communicate with clients much better. At Linde Equity, we take tremendous pride in communicating with our clients through the written word and follow up phone calls.”
– Teal Linde
One of the main reasons why most Canadian investors underperform the market is due to having their money invested in firms that are more interested in serving as many different types of clients as possible instead of serving only a certain type of client and doing a better job for them. It is the mass market approach to investment management (the banks) versus the boutique approach (Linde Equity). In order for large investment firms to service many different types of clients, they use mutual funds or investment pools that focus on a specific categories of equities or asset class. Depending on a client’s investor profile, these firms can increase or decrease their weightings of various funds or pools. These category specific mandates can be pushed and pulled like levers to create an investment mix that suits the client. This makes the investment management firm and advisor’s job a lot easier than building individual portfolios for each client from scratch with individual securities. But here is the catch. Each manager of a category specific fund or pool, eg Canadian Dividend, or Canadian Equity, or Canadian small cap, or US Technology, or Global Equity, has their favourite handful of stocks. However, they still have to own 30, 40 or 50 other less appealing stocks in each category to fulfill diversification requirements. This results in dilution and average returns for category specific funds, and after deducting fees, leads to underperformance in the vast majority of cases. This contributes to why over 80% of mutual funds underperform the market over the long term. They mirror the market’s performance before fees, and then trail the market after fees.
At Linde Equity, we adhere to an entirely different approach. Instead of offering a basket of different types of funds, we have just one fund, the Linde Equity Fund. And in this fund, we cherry pick the most attractive stocks from the various equity or asset class categories and put them in one fund. This might include our favourite ten dividend stocks, our favourite three small cap stocks, our favourite six US tech stocks etc. Thus, similar to how the best couple of NHL players are picked from each team to create an NHL all star team, we do the same with our fund – our goal is to create an all star portfolio, or our preferred description, a ‘Best Ideas’ fund. By owning the most attractive stocks from various categories, we have been able to deliver attractive returns over the long term.
I want to invest with a fund manager with a proven track record of taking advantage of bear markets.
During calm markets, share prices tend to be very efficiently priced. It is generally more difficult to materially outperform the market in such an environment. Rather, it is during bear markets where fear and uncertainty cause stocks to become mispriced and oversold that the greatest opportunity for outperformance exists. In fact, the relationship is reciprocal: the greater the downturn, the greater the opportunity to catapult ahead upon a market recovery.
With the support of his Investment Counsel clients, Teal pursued a strategy to take advantage of the 2008 market crash that put his clients back into the black by April 2010, thirteen months after the market bottom of March 2009, and catapulted his published track record to his first #1 ranking in North America in 2010. This achievement was recognized in the media by CNBC, CBS Radio and MarketWatch.
Underscoring just how much of an enduring payoff he received from his successfully implemented bear market strategy, in a 2016 issue of MoneySense magazine (see adjacent article), his published track record was recognized as #1 in North America for the 10 year period from 2006 to 2016 – notably achieved through the 2008 financial crisis and ~50% market crash.
While the clients of the Linde Equity Fund do not wish for bear markets to happen, they have the comfort of knowing that they have a proven plan in place to take advantage of it when it happens. Do you?
click to enlarge
As an example of how Teal wanted to create an investment management firm that he would want to retain if he were a client, he always believed that the big brokerage firms and their account statements did a poor job in letting their clients know which stocks in their portfolio contributed the most to portfolio gains and which ones were the largest detractors. Just looking at the monthly or quarterly statement would tell you very little unless you pulled out your previous statement and did a side by side comparison. But even that would be an excessive calculator exercise and challenge in determining which stocks made the most money last month or quarter. Therefore, as a client of the Linde Equity Fund, each quarter you will receive a report that updates you on which stocks made you the most money and which ones lost the most with an explanation or comment on each – all part of keeping our clients informed of their investments.
Our Investment Counsel clients have repeatedly expressed over the years their appreciation and gratitude that we call them every quarter to review their portfolio after they receive their quarterly report from us. Given how much these clients appreciate receiving a call from us, we decided at the launch of the Linde Equity Fund in 2016 to make quarterly or semi-annual calls to our fund clients as part of the service of being a fund client. When most advisors and firms put the onus on the client to call their advisor if they have any questions, we find that most clients will rarely bother to call, even when invited to at the end of a quarterly letter. More importantly, we believe that if a firm truly appreciates their clients, they will take the initiative to call them on a periodic basis, not the other way around. Furthermore, Linde Equity Fund clients will receive a call from an actual analyst that works for the fund, not a help desk rep. Given that the minimum investment for the Linde Equity Fund is $1,000,000 per household, we believe our clients deserve nothing less than to speak with someone who is in the know.
Back in the bullish 1980s and 90s when double digit annual returns were the norm, firms could get away with charging 2.5% to 3% MERs. However, when Teal started taking on Investment Counsel clients in 2002, he recognized that the years of easily earning double digit returns were history. Therefore, he decided to charge a much lower fee than the industry average to be more fair and recognizing that every percent he could save for the client would be an extra percent the client earns. Today, the Linde Equity Fund incurs a Management Expense Ratio (MER) of 1.25%, including GST. An MER of 1.25% is nearly half the cost of a typical Canadian equity mutual fund now ranging between 2.25% and 2.5%. And unlike most other boutique investment management firms, the Linde Equity Fund does not charge any performance fees.
ARE YOU INTERESTED IN OUR INVESTMENT AND CLIENT SERVICE APPROACH?
If so, the Linde Equity Fund could be the right choice for you.
Types of Accounts:
RRSP, TFSA, non-registered Cash, and Corporate Accounts
Your investment in the Linde Equity Fund will be held in your own individual client account at our custodian, National Bank Independent Network, a subsidiary of National Bank of Canada. National Bank Independent Network is the leading provider of custody and record keeping services for independent portfolio management firms in Canada (approximately $180 billion in assets, over 400 independent firms, and over 600,000 Canadian investors).
Performance:
Linde Equity’s highly ranked published research is a result of successfully converting a higher risk investment approach into high returns. The Linde Equity Fund, however, prioritizes preservation of capital and earning a reasonable return.
In terms of what return to expect for the Linde Equity Fund, we believe a net 7 to 8 percent annualized return over the long term should be achievable, but is not guaranteed, without taking excessive risk. Our fund could achieve greater than a 10% annualized return through a market cycle if it were to own the kind of big winners, 10 baggers, enjoyed in the past by our Investment Counsel clients. However, these types of stocks are rare, and we cannot promise that we will be able to profit from similar winners in the future.
The Linde Equity Fund is a moderate risk portfolio that prioritizes preservation of capital and a reasonable return.
The fund aims to achieve in excess of a 7% annualized return, after fees, over the long term.
Annualized Return as of March 31, 2024 (net of fees)
| 1 Year | 2 Years* | 3 Years* | 5 Years* | 7 Years* | Inception |
|---|---|---|---|---|---|
| + 9.8% | + 0.9% | + 3.8% | + 10.5% | + 9.8% | + 9.9% |
*Annualized return / Inception Oct 2016
Quarterly / Annual Performance (net of fees)
| Q1 | Q2 | Q3 | Q4 | Year | |
|---|---|---|---|---|---|
| 2024 | + 7.7% | + 7.7% | |||
| 2023 | + 3.5% | – 0.3% | – 5.2% | + 7.9% | + 5.6% |
| 2022 | – 4.9% | – 14.5% | – 1.0% | + 5.7% | – 14.9% |
| 2021 | + 8.4% | + 9.0% | + 0.9% | + 5.2% | + 25.5% |
| 2020 | – 16.9% | + 22.8% | + 5.8% | + 15.9% | + 25.1% |
| 2019 | + 13.4% | + 2.7% | + 1.2% | + 4.2% | + 22.8% |
| 2018 | – 1.4% | + 5.0% | + 2.6% | – 11.1% | – 5.5% |
| 2017 | + 4.6% | + 2.5% | + 1.5% | + 4.7% | + 14.0% |
| 2016 | – | – | – | + 1.1% |
NAV for March 31, 2024: $19.79
ARE YOU INTERESTED IN OUR INVESTMENT AND CLIENT SERVICE APPROACH?
If so, the Linde Equity Fund could be the right choice for you.
Types of Accounts:
RRSP, TFSA, non-registered Cash, and Corporate Accounts
Your investment in the Linde Equity Fund will be held in your own individual client account at our custodian, National Bank Independent Network, a subsidiary of National Bank of Canada. National Bank Independent Network is the leading provider of custody and record keeping services for independent portfolio management firms in Canada (approximately $180 billion in assets, over 400 independent firms, and over 600,000 Canadian investors).
Performance:
Linde Equity’s highly ranked published research is a result of successfully converting a higher risk investment approach into high returns. The Linde Equity Fund, however, prioritizes preservation of capital and earning a reasonable return.
In terms of what return to expect for the Linde Equity Fund, we believe a net 7 to 8 percent annualized return over the long term should be achievable, but is not guaranteed, without taking excessive risk. Our fund could achieve greater than a 10% annualized return through a market cycle if it were to own the kind of big winners, 10 baggers, enjoyed in the past by our Investment Counsel clients. However, these types of stocks are rare, and we cannot promise that we will be able to profit from similar winners in the future.
The Linde Equity Fund is a moderate risk portfolio that prioritizes preservation of capital and a reasonable return.
The fund aims to achieve in excess of a 7% annualized return, after fees, over the long term.
Annualized Return as of March 31, 2023 (net of fees)
| 1 Year | 2 Years* | 3 Years* | 5 Years* | 7 Years* | Inception |
|---|---|---|---|---|---|
| + 9.8% | + 0.9% | + 3.8% | + 10.5% | + 9.8% | + 9.9% |
*Annualized return / Inception Oct 2016
Quarterly / Annual Performance (net of fees)
| Q1 | Q2 | Q3 | Q4 | Year | |
|---|---|---|---|---|---|
| 2024 | + 7.7% | + 7.7% | |||
| 2023 | + 3.5% | – 0.3% | – 5.2% | + 7.9% | + 5.6% |
| 2022 | – 4.9% | – 14.5% | – 1.0% | + 5.7% | – 14.9% |
| 2021 | + 8.4% | + 9.0% | + 0.9% | + 5.2% | + 25.5% |
| 2020 | – 16.9% | + 22.8% | + 5.8% | + 15.9% | + 25.1% |
| 2019 | + 13.4% | + 2.7% | + 1.2% | + 4.2% | + 22.8% |
| 2018 | – 1.4% | + 5.0% | + 2.6% | – 11.1% | – 5.5% |
| 2017 | + 4.6% | + 2.5% | + 1.5% | + 4.7% | + 14.0% |
| 2016 | – | – | – | + 1.1% |
NAV for March 31, 2024: $19.79
CONTACT US FOR FURTHER INFORMATION:
Linde Equity Fund co-manager, Emily Davies, will call you to help assess whether the fund is right for you,
answer your questions, and provide you with more info and next steps.
CONTACT US FOR FURTHER INFORMATION:
Linde Equity Fund co-manager, Emily Davies, will call you to help assess whether the fund is right for you, answer your questions, and provide you with more info and next steps.
Suite 330 – 1385 West 8th Avenue
Vancouver, BC, V6H 3V9
Tel: 604‐738‐5200
Email: info@lindeequity.com
Linde Equity was founded in 2000 to research and offer advice to individual investors. The firm is registered as a portfolio manager and exempt market dealer in British Columbia, Alberta, Manitoba and Ontario, and as an investment fund manager in British Columbia and Ontario.
Suite 330 – 1385 West 8th Avenue
Vancouver, BC, V6H 3V9
Tel: 604‐738‐5200
Email: info@lindeequity.com
Linde Equity was founded in 2000 to research and offer advice to individual investors. The firm is registered as a portfolio manager and exempt market dealer in British Columbia, Alberta, Manitoba and Ontario, and as an investment fund manager in British Columbia and Ontario.