Cowan Asset Management

Cowan Asset Management 2Q16 Letter

Cowan Asset Management letter for the second quarter ended June 30, 2016.

Dear Unitholder,

We’re going to start by giving you a test. During the 12 weeks of the second quarter, which of these three indices posted the worst performance: (a) Britain’s FTSE 100 Index, (b) Canada’s S&P/TSX Composite Index, or (0) America’s S&P 500 Index? Go ahead, take a minute to recall the major financial and economic news since April and think it over. We’ll wait right here.

While you’re taking a minute to mull it over, let . . .

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