The three names that detracted the most from performance in the first quarter included Calibre Mining, Docebo and ImmunoPrecise.  Collectively these three names cost the portfolio -1.3%. Two of these names, Docebo and Calibre were exited earlier in the quarter given the belief that a correction was underway in the gold and the technology sectors.

Calibre is a gold producer located in Nicaragua. We are a believer in their hub and spoke model as the have two existing mills that operate well below optimal capacity, leaving much room for additional reserves being discovered in the claims they are exploring, thereby increasing their gold production at very attractive economics. Early in the quarter we reduced my gold weight in favour of energy and removed the position. I have recently begun to re accumulate a position in the name as the gold sector appears to be gearing up once again.

Docebo is a software company involved in currated remote enterprise training. They operate on a SAAS model with very strong economics and a healthy growth rate. This company was in a prime position to benefit from the COVID lockdown as enterprises needed to pivot and deploy online training to their employees. By the first quarter of 2021, much of the technology sector looked overvalued and started a correction phase with the 10-year bond yield increasing. Despite our positive view of Docebo , we have exited the position and will evaluate an entry point in the future based on a reduced valuation.  The portfolio first purchased Docebo in their IPO at $16.00 and exited the position after earning over +350%.

ImmunoPrecise Antibodies proprietary technologies and products are positioned on the leading edge of antibody development, innovating the industry as a single source provider of the full complement of antibody discovery platforms. Their platform includes discovery for pharma developing COVID vaccines. The company has very strong and experienced management in their field of expertise. The stock was a good performer last year with the discovery of many COVID vaccines. This quarter the stock pulled back with many other high growth stocks.  We like the company and do not feel the valuation is stretched given their future opportunities and continue to hold a position.

Below are the portfolio and index sector positions:

Portfolio Composition

Portfolio Chart

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