Donville Kent Asset Management’s quarterly update for the period ended September 30, 2015.

Dear Partners and Friends,

The third quarter was a challenging one, both for our funds and equity markets in general. During Q3, the Capital Ideas Fund LP was down -9.20%* and the Capital Ideas Trust dropped -9.21%*. The S&P/TSX Composite Total Return Index was down -7.86% for the quarter.

Donville Kent Capital Ideas Fund

Year to date, the Capital Ideas Fund LP is up +3.06%* and the Capital Ideas Trust has gained +3.02%*. Despite the Q3 results, both funds are still significantly outperforming the S&P/TSX Composite Total Return Index, which is down -7.02% for the year as of September 30, 2015.

Donville Kent Capital Ideas Fund

Donville Kent – Investment Strategy

The Fund invests long and short in a concentrated group of publicly listed securities. Through the application of our focused investment strategy, we search for companies that possess high levels of return on equity, reasonable valuations and positive share price momentum. Portfolio companies typically have a track record of achieving high returns on equity, and are capable of generating high returns on equity for many years without the addition of significant amounts of equity capital other than that which is being generated internally. These companies are run by strong management teams that have a significant ownership stake in the business.

Donville Kent Capital Ideas Fund

Firm Profile

Donville Kent is a highly specialized asset management firm that manages investments on behalf of individual investors as well as select institutions. Collectively, our principals have extensive experience in portfolio management, equity research and trading. Unlike many traditional investment firms, our principals are the largest investors in our funds. This commitment results in the highest possible alignment of interest with our clients and is a key component of our success.