The largest detractor to relative performance in the third quarter was the Communication Services holding Cogent Communications (CCOI, Financial) (-23.1%), one of the world's largest internet service providers. The company's stock price reached multi-year highs in April, benefiting from demand spikes for capacity and data consumption as a result of the COVID-19 pandemic. We trimmed over 3% from peak weight of 5.8% from February to April as stock price approached fair valuation on continued price appreciation. Since then, price has pulled back significantly on no specific company news. Despite its recent price weakness, the stock remains one of the Fund's top contributors year-to-date.
From Leith Wheeler Canadian Equity (Trades, Portfolio)'s third-quarter 2020 review.
