Performance

Annual Rates of Return (as of December 31, 2016)

For Series A units
* Return from September 19th, 2004
** Return from September 19th, 2004
*** Return from September 16th, 2005
Disclaimer: Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their value change frequently and past performance may not be repeated. The indicated rates of return in this communication are historical annual compound total returns including changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption, distribution, optional charges or income taxes payable by any security holder that would have reduced returns.

Compounded Annual Rates of Return

For Series A units

* Inception dates

Chou Associates Fund: November 28, 1986
Chou RRSP Fund: November 28, 1986
Chou Asia Fund: September 19, 2003
Chou Europe Fund: September 19, 2003
Chou Bond Fund: September 16, 2005
Disclaimer: Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their value change frequently and past performance may not be repeated. The indicated rates of return in this communication are historical annual compound total returns including changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption, distribution, optional charges or income taxes payable by any security holder that would have reduced returns.
The table is used only to illustrate the effects of the compound growth rate and it not intended to reflect future values of the mutual funds or returns on the mutual funds.