diff --git a/src/pyfolio/utils.py b/src/pyfolio/utils.py
index a233d661..88c65d3e 100644
--- a/src/pyfolio/utils.py
+++ b/src/pyfolio/utils.py
@@ -70,7 +70,7 @@
 
 pandas_version = Version(pd.__version__)
 
-pandas_one_point_three_or_less = pandas_version < Version("1.4")
+pandas_one_point_three_or_less = pandas_version <= Version("1.4")
 
 
 def one_dec_places(x, pos):