1. Invert, Always Invert
•By Carl Gustav Jacob Jacobi (1804-1851)
•Popularized in 21st Century by Charlie Munger (1924-
present)
1
2. Principals at WOC
• Dr. Lorne Porayko, Co-Founder and Managing Director
– Responsibilities: Portfolio Manager and Chief Investment Officer
– Credentials: Graduated Summa Cum Laude from UBC Medicine 1993,
– Credentials: Founder of Value Investment Blog and Investor for over a decade
– Completed: Canadian Securities Course, Investment Management Techniques
Course
– Pending: Portfolio Management Techniques Course
• Dr. David Wingnean, Co-Founder and Managing Director
– Responsibilities: Trading, Administration, Compliance and Analyst
– Credentials: 5 years Senior Healthcare Equity Research Analyst at TD Newcrest
(Securities)
– Completed: MBA (Finance), Canadian Securities Course, and Partner, Director
and Senior Officers Course
2
3. Developing A Track Record
William Osler Apex Partners Investment Club (WOAPIC)
• Transition to a Managed Fund Model
• Benefits for Our Partners
– Free Professional Management
– Inner Circle to Investment Ideas and Articles
– No Hassle, No Obligation
– Focus on Absolute Returns
• All We Ask
– Friendly Discussion
– Be our Advocate
3
4. Track Record- Part 1
Asset Under Management-
Time AUM
September 2010 $305,000
September 2011 $658,293
September 2012 $908,618
January 2013 $979,485
Returns: Time (as of Jan. 31, 2013) Returns
Since Inception 15.00%
YTD 2.47%
12-months 15.58%
4
5. Track Record- Part 2
120%
115%
110%
105%
WOAPIC
100% S&P TSX *
95% S&P 500 #
90%
November
December
April
September
October
August
January
February
May
March
July
January
June
* S&P TSX data from Google Finance (TSE:OSPTX)
# S&P 500 data from Yahoo Finance (SPY)
5
6. Track Record- Part 3
Top 5 Best Performing Holdings
(since Inception, as of Feb 15, 2013)
Equity Total Return Percent Return
Macquarie $36,582 114%
Infrastructure
Boyd Autobody $29,971 68.6%
Retail $24,456 46.1%
Opportunities
Pulse Seismic $23,513 44.6%
Retail Holdings $21,520 65.5%
6
7. Track Record- Part 3
Top 5 Worst Performing Holdings
(since Inception, as of February 15, 2013)
Equity Total Return Percent Return
Chiquita ($13,425) -41.0%
Goldgroup ($11,882) -73.9%
Aberdeen ($7,655) -31.2%
Exelon ($5,872) -13.4%
Teva ($5,508) -9.5%
Pharmaceuticals
7
8. William Osler Capital
Vision Statement
To provide healthcare professionals the
financial freedom to focus on their careers
and families.
8
9. William Osler Capital
Mission
• To be the leader in evidence-based value investing, with
an emphasis on seeking investments with a well defined
margin of safety.
• To attract and retain knowledgeable partners who share a
long-term investment horizon and seek capital
preservations.
• To create a world class, low cost, tax efficient and absolute
performance managed fund.
9
11. William Osler Capital
Sector Breakdown (as of Jan 31, 2013)
Sector Breakdown
Cash 24.9%
Energy Services 19.7%
Retail 14.8%
Infrastructure 7.7%
Biotech 6.5%
Telecom 6.5%
Financial 5.4%
Other 4.3%
Media 3.6%
Energy 2.1%
Tech 2.0%
Industrial 2.0%
Commodities 0.5%
Total 100.0%
11
12. William Osler Capital
Monthly Returns (as of Jan 31, 2013)
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. YTD
2010 - - - - - - - - 0.03% 0.13% 1.69% 0.50% 2.35%
2011 1.79% 2.59% -3.01% -0.37% -0.49% -2.20% -0.66% -1.22% 0.10% 0.10% 1.17% 0.23% -3.13%
2012 0.32% 1.31% 4.07% 0.00% 1.26% 1.32% 1.32% 1.10% 1.69% 1.54% -0.12% 1.65% 12.89%
2013 2.74% 2.74%
12
13. William Osler Capital
Other Numbers (as of Jan 31, 2013)
TOTAL NUMBER OF UNITS OUTSTANDING 85171
TOTAL ASSETS UNDER
MANAGEMENT
Returns 3 month 6 month 12 month
Yield To
Date 2.74% 4.30% 8.97% 15.58%
Cumulative Return 15.00%
Total
01-Feb-13 85171.1 $ 11.50 $ 979,485
$
Total Cdn Assets C$ 303,977.86
$
Total US Assets US$ 677,335.76
$
Total C$ 979,485
13
