This month marks a significant milestone for SGH, recently reaching our 20 year anniversary. We have had many challenges and successes along the way but most importantly our fundamental investment philosophy has remained the same. On behalf of the team at SG Hiscock & Company, I would like to thank you for supporting our business over the last 20 years. One of the great pleasures has been meeting and working with like-minded clients, clients that respect and trust what we do. We look forward to working with you for many more years to come. Steve Hiscock, Managing Director