NEW AIMA CEO - Canadian Hedge Watch

M O N T H LY R E V I E W O F H E D G E F U N D S & A L T E R N A T I V E I N V E S T I N G
MARCH 2014
VOLUME 14
ISSUE 3
A CONVERSATION WITH
NEW AIMA CEOJACK INGLIS
@RadiusFE
In step with
market needs
kpmg.ca
80% 32% 88%
Agree that the demands of regulatory
compliance have increased since 2008.
Have had to increase staff headcount
in order to increase transparency.
Say investors have become more demanding
in terms of due diligence since 2008.
AIMA and KPMG have teamed up and conducted
quantitative and qualitative research with 150 hedge
fund managers around the world over the period
from October 2011 to February 2012. The results of
this survey indicate that the changes brought on by
the institutionalization of the alternative fund industry
have been underestimated.
PETER HAYES
KPMG is focused on providing informed perspectives
to help navigate challenge and take advantage
of opportunity – from value creation to realization –
keeping in step with market needs.
JAMES LOEWEN
Partner,
National Director,
Alternative Investments
T: 416-777-3939
E: [email protected]
Partner,
National Asset
Management Leader
T: 416-777-8427
E: [email protected]
© 2012 KPMG LLP, a Canadian limited liability partnership and a member ﬁrm of the KPMG network of independent member ﬁrms
Hedge funds sealed the first quarter of the year with another month of negative returns,
down 0.18% in March as managers navigated through a choppy start to the year.
However, strong returns posted by fund managers in the previous month saw them through with the Eurekahedge
Hedge Fund Index up 1.05% in Q1 2014, outperforming the MSCI World Index, which gained 0.67% over the
same period.
Key takeaways for March include:
• Net asset flows for Q1 2014 stood at US$32.6 billion, with capital allocations to North American managers at
US$ 17.7 billion and those for European managers at US$ 13.6 billion;
• Japan focused hedge funds posted their third consecutive month of negative returns – down 0.84% in March
and 2.09% in the first quarter of the year;
• Latin America focused managers surpassed all regional mandates delivering the strongest gains – up 1.53%
in March, and outperforming the MSCI EM Latin America Index by 2.45% in Q1 2014;
• Distressed debt investing hedge funds delivered their ninth consecutive month of positive returns – up 2.70%
in the first quarter of the year;
• CTA/managed futures hedge funds continued to languish, down 0.98% in March and 0.33% in Q1 2014.
Investors have redeemed US$5.0 billion from the strategy in the first quarter of the year; and
• Eastern Europe & Russia focused hedge funds fared the worst, losing 2.54% in March and 8.02% in Q1 2014,
weighed down by geopolitical tensions in the region.
Source: Eurekahedge
And from Reuters: hedge fund investors asked to pull out just slightly more money in February than they did the
previous month, largely sticking with their managers to help them navigate financial markets.
The percentage of investors asking to withdraw their money from hedge funds rose slightly to 3.38 percent of
assets under administration in February, up from 2.67 percent in January and in line with seasonal trends, according
to the SS&C GlobeOp Forward Redemption Indicator.
"The 3.38 for February is very consistent with the last four or five years," Bill Stone, CEO and Chairman of financial
software provider SS&C Technology, said on Friday.
The monthly data, which captures around 10 percent of the global hedge fund industry, suggest that most investors
chose to keep their stakes intact despite a disappointing 2013.
Redemption requests peaked at over 19 percent in late 2008 following the collapse of Lehman Brothers but have
not risen above 10 percent since September 2009.
Hedge fund assets stand at around $2.85 trillion, according to data released this week by eVestment, but Stone
expects the market to surpass the $3 trillion mark by the end of the year.
Terry Krowtowski
Canadian Hedge Watch Inc.
Volume 14 Issue 3 - March 2014
Strong
Bonds
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(China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp.(Member SIPC) and BMO Capital Markets GKST Inc. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc. (Member Canadian Investor
Protection Fund) in Canada and Asia, BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in Europe and Australia and BMO Advisors Private Limited in India. “Nesbitt Burns” is a
registered trademark of BMO Nesbitt Burns Corporation Limited, used under license. “BMO Capital Markets” is a trademark of Bank of Montreal, used under license. “BMO (M-Bar roundel symbol)” is a registered trademark
of Bank of Montreal, used under license. ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere. ®† Registered trademark of Bank of Montreal in the United States and Canada.
Performance Summary
MONTHLY REVIEW OF HEDGE FUNDS & ALTERNATIVE INVESTING
MARCH 2014
VOLUME 14
I SSUE 3
CHW HEDGE FUND INDICES (CHW-HF)
CHW-HF Composite Index
CHW-HF Equity Hedged Index
Editorial and Sales
CHW-HF Notes Index
Editor
Terry Krowtowski
CHW-FOHF Index
Feb. 2014
YTD
%
%
4.07
8.63
4.14
8.52
-0.33
-0.16
2.01
8.27
Scotia Capital Canadian Hedge Fund Performance Index
Sales Director
Judy Street
Art Director
Vic Finucci
SC CDN HF Index Asset Weighted
1.91
4.49
SC CDN HF Index Equal Weighted
2.67
4.61
1.72
1.42
Convertible Arbitrage
0.14
2.24
Emerging Markets
1.79
-0.52
Event Driven
2.75
3.04
Fixed Income Arbitrage
0.66
1.66
Global Macro
0.69
-0.37
Long/Short Equity
2.88
2.80
Managed Futures
0.94
-2.52
-2.46
-2.18
HFRI Fund Weighted Composite Index
1.96
1.43
HFRI Equity Market Neutral Index
1.13
1.13
HFRI Fund of Funds Composite Index
1.62
1.21
Dow Jones Global Index (C$)
4.06
4.79
Dow Jones Global Index (U$)
4.86
0.84
Dow Jones 30 Industrial Average (US$)
3.97
-1.54
NASDAQ Composite Index (C$)
4.73
7.40
NASDAQ Composite Index (US$)
4.98
3.15
S&P 500 Total Return Index (C$)
3.97
5.12
S&P 500 Total Return Index (US$)
4.57
0.96
S&P/TSX Composite Index Total Return
3.76
4.32
Dow Jones Credit Suisse Hedge Fund Indices
Online Developer
Ferenc Schneman
Dow Jones Credit Suisse Hedge Fund Index
Canadian Hedge Watch Inc.
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and educational goals.
HEDGE FUND INDICES
Hennessee Hedge Fund Index
MARKET INDICES
Disclaimer
Canadian Hedge Watch (CHW) presents news, information and data on
both Canadian and Global alternative investment activity. The information
presented is not to be taken as an endorsement, investment advice or a
promotion for the organizations and individuals whose material and
information appears in this CHW publication or on the Canadian Hedge
Watch website.
The material presented, separate from paid advertisements, is for the sole
purpose of providing industry-specific information. As with all areas of
financial investing, CHW recommends strongly that readers should
exercise due diligence by consulting with their investment advisor or other
trusted financial professional before taking any action based upon the
information presented within these pages.
@RadiusFE
Volume 14 Issue 3 - March 2014
1
C O N T E N T S
M A R C H
4
A Conversation With
new AIMA CEO, Jack Inglis
Canadian Hedge Watch Interview
2014 Calendar of Events
7
Hedge Fund Performance Tables
8
A CONVERSATION WITH
NEW AIMA CEOJACK INGLIS
@RadiusFE
Volume 14 Issue 3 - March 2014
3
A Conversation
With New AIMA CEO
Jack Inglis
Jack Inglis, appointed
AIMA’s new Chief
Executive Officer.
Canadian HedgeWatch recently had the opportunity to speak with Jack Inglis, AIMA’s new CEO,
on the occasion of his appointment as chief executive of the hedge fund industry’s global trade
association. Based in the organization’s London headquarters, Mr. Inglis became AIMA’s Chief
Executive Officer in February 2014. Prior to joining AIMA, he oversaw Barclays European Prime
Services Distribution business and was a member of the Global Executive Committee for Prime
Services. During his 30-year career he has held senior positions in hedge fund roles with such
firms as Morgan Stanley and Ferox Capital Management. He holds a degree in economics from
Cambridge University.
Canadian Hedge Watch
What prompted you to leave a very successful career in international
finance and banking to take on your new role with AIMA?
Jack Inglis This is a unique role that I couldn’t refuse. AIMA has an important and central role to
play in representing the interests of the global hedge fund industry. I am excited by the very broad
nature of our engagement and I see my previous experience on both the buy- and sell-sides of the
hedge fund fence as providing an ideal background to lead AIMA in its work on behalf of our
members.
CHW Before we go further, can you give our readers some background on AIMA, including the
size of its global organization?
JI
Certainly. We were founded in 1990 and we are truly a global representative of the hedge fund
industry. Today, we have over 1,400 corporate members in a growing network of over 50 countries.
We are very active around the world, including in Canada where we represent the local industry.
AIMA addresses the real issues affecting the industry’s development. Our focus on education,
regulation and sound practices has resulted in a substantial body of work used around the world by
members, institutional investors, policymakers and regulators.
CHW How have you found your transition to the CEO role?
Jack Inglis
AIMA CEO
4
JI
It’s been a very structured process which has enabled me to hit the ground running. Having
been announced as Andrew Baker’s successor as CEO in November of last year, I was fortunate to
have enjoyed a three-month transition period in which to spend time with our Board, my senior
colleagues and with our members familiarising myself with many of the issues before I started full
time. This has enabled me to gain a sound understanding of the association and the expectations
of our members.
www.canadianhedgewatch.com
CHW What do you see as you first priorities in the job?
JI
This has to be ensuring our resources are being channelled
effectively to meet the priorities and expectations of our members. I am
meeting with, and listening to, many of our members around the world so
that we can accurately align our efforts in their best interests. In March, I
participated in AIMA’s Global Policy & Regulatory Forum in New York at
which I had the opportunity to meet with key regulators from around the
world, as well as US manager members and the heads of other industry
bodies including the Managed Funds Association (MFA). Following this,
I will be traveling to Asia-Pacific to visit AIMA’s staff and members in that
important region for the industry. All of this will help me gain insight into
AIMA activities in our various regions and the key issues faced in those
regions. It will also prepare me to shape our programs and plans in ways
that will best help and serve our members in terms of advocacy,
education and engagement. Ultimately, one of my most important
priorities will be to work with AIMA’s Council, our board of directors, to
develop a strategic plan that will guide our organization over the next
several years.
CHW Does AIMA publish any form of “report card” on its activities
each year?
JI
Yes we do. Our global Review of the Year is published every
December and details the very significant work carried out by our staff
and by industry volunteers that lend their expertise to AIMA’s 70 various
committees and working groups. The most recent Review was published
at the end of 2013 and provides an excellent overview of the association’s
global activities and accomplishments last year. It can be accessed online
at http://www.aima.org/en/login/index.cfm/login/1/ (it’s a member-only
document). In addition, our National Groups including AIMA Canada
publish annual reports and reviews about their local activities. And
throughout the year we provide continuous updates on our activities via
our newsletters to members and on our websites.
CHW AIMA Canada, the Canada National Group of the international
AIMA organization, was founded in 2003. How do you view its progress
to date as a member of the global AIMA family?
JI
AIMA Canada has built an impressive track record as one of AIMA’s
fastest-growing National Groups and an important fixture in our
international organization. Their progress can be measured not only by
their strong membership growth and their regional and national
expansion, but by the significant number of educational initiatives and
social events they hold each year across the country. The involvement of
AIMA Canada members in events and committees has been particularly
impressive. Last year, AIMA held 120 events globally and of this total, 32
were held by AIMA Canada.
CHW What do you see as AIMA’s main strengths?
JI
One of our main strengths is the global nature of our organization
which allows us to coordinate ideas and marshal resources on an
international basis as well as provide a truly international service to an
increasingly global marketplace. We have also benefitted enormously
from the active participation of industry professionals in the work we do
through membership in our committees and working groups.
This has been a great strength of our organization and has earned us
credibility on the global stage. Another related strength is our ability to
adapt very quickly to new challenges faced by the global industry – such
as with the AIFMD and its significant impact on managers in Canada and
elsewhere. The global expertise we bring together under our umbrella
has been a very important factor in our capability in this area.
CHW How has AIMA’s role evolved in recent years?
JI
Our role has evolved quite significantly over the past five years.
Previously, we were best known for promoting sound industry practices,
due diligence and investor education, and that is still hugely important.
We are planning to update and expand our library of sound practices
guides and due diligence questionnaires. But since the financial crisis and
the waves of new regulation, AIMA has focused much more on its
advocacy work with policymakers and regulators in all the world’s
financial centres. AIMA has also been able to forge excellent working
relationships with regulators globally since the crisis, and I intend to
continue that work in the spirit of constructive co-operation that has
always defined the association’s regulatory engagement. The association
continues to do a great job of explaining the useful roles that hedge funds
play both in financial markets and investor portfolios. We also seek wider
recognition of the contribution of the industry to economic growth,
businesses and jobs through its investment activity in the capital markets
and this is a narrative we will continue to expand on.
CHW AIMA is well known for the excellence of its publications. What
is next on the agenda?
JI
AIMA’s next major publication will be a study on capital markets.
This study was commissioned by AIMA and written by two prominent
German academics. We think it’s an important and timely paper because
it will underline the contributions that capital markets and their
participants make to economic growth and prosperity and highlight the
positive role that hedge funds play in the capital markets as important
providers of finance and liquidity.
CHW How do you view AIMA’s role moving forward?
JI
It is very important that AIMA continues to represent the global
industry effectively. This is particularly important in terms of providing
appropriate input in regulatory matters and in communicating and
promoting the benefits of hedge funds to investors, markets and the ‘real
economy’. I am very keen for us to strengthen our engagement with
investors in hedge funds as we look to build on the very good work to
date of the AIMA Investor Steering Committee, a group of leading
institutional investors from around the world. We will also look to
strengthen our global network as we consolidate our presence in the
more than 50 countries where our members are based and seek to
continue to expand into new territories and markets. There is much work
to do, and I look forward to meeting and working closely with my
colleagues and our members over the coming months.
Volume 14 Issue 3 - March 2014
5
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18
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2014 CALENDAR OF EVENTS
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World Alternative Investment Summit Canada (WAISC)
Mon., Sept. 15 to Wed., Sept. 17, 2014 ~ Niagara Falls
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HEDGE
FUND
Since
Best
Inception 6 Mo.
(Ann.) (3 Year)
Worst
6 Mo.
(3 Year)
Max.
Draw
Down
Std.
Dev.
(1 Year)
Std.
Dev.
(3 Year)
Beta Alpha (%) Correl. Correl. % High % Pos.
(1 Year, (1 Year, (1 Year, (1 Year, WaterMonth
TSX)
TSX)
TSX) S&P500) mark Since Inc.
1
Month
3
Month
Acorn Diversiﬁed Program
48.000
11.58
13.06
7.47
11.85
18.53
4.85
4.98
13.08
-13.20
-17.77
14.89
15.77
0.36
14.63
0.22
0.27
100.00
51.79
Agilith North American Diversiﬁed Fund
30.800
2.00
3.63
18.16
1.87
41.19
21.96
19.96
29.54
-19.60
-46.04
11.05
14.57
0.29
38.05
0.24
0.40
100.00
62.34
AlphaNorth Partners Fund Class A
70.000
4.10
3.24
7.26
22.90
-6.32
-12.86
15.05
12.77
-25.15
-63.30
29.42
23.38
0.45
-11.20
0.14
-0.32
58.76
60.00
9.050
2.60
1.72
8.35
-1.24
10.66
3.56
5.57
11.70
-16.38
-16.38
9.17
9.00
0.18
8.71
0.18
0.27
98.76
54.17
-
2.54
1.53
7.95
-1.35
9.93
-
-1.02
11.32
-16.31
-16.31
9.15
-
0.18
7.98
0.18
0.27
96.22
48.39
Arrow Act II New Media Fund A
Arrow Act II New Media Fund Class U
Arrow Act II New Media Fund F
Arrow Curvature Market Neutral Fund A
YTD
1
Year
3
Year
(Ann.)
Asset Size
($MM)
Fund Name
6
Month
P E R F O R M A N C E (as of February 28, 2014)
-
2.70
2.01
8.96
-1.05
11.97
5.50
6.86
12.34
-15.87
-15.87
9.17
8.92
0.18
10.02
0.18
0.27
98.95
58.90
158.590
1.19
3.59
3.86
2.05
10.40
6.45
7.40
8.25
-2.65
-5.61
2.82
4.98
0.00
10.40
-0.01
-0.01
100.00
69.77
Arrow Diversiﬁed Fund Class A
20.460
1.51
3.31
3.69
2.13
0.79
-4.86
1.45
3.69
-8.84
-20.17
3.10
3.69
0.04
0.36
0.13
-0.23
83.33
59.15
Arrow Diversiﬁed Fund Class A U$
93.620
1.38
3.07
3.30
1.92
1.14
-5.46
2.59
3.30
-9.72
-22.49
3.27
3.93
-0.03
1.47
-0.09
-0.32
80.65
57.86
Arrow Diversiﬁed Fund Class F C$
75.750
1.51
3.45
4.18
2.18
2.01
-3.71
2.74
4.18
-8.54
-17.21
3.01
3.73
0.04
1.58
0.11
-0.23
88.01
61.07
Arrow Diversiﬁed Fund Class F U$
75.750
1.49
3.40
3.97
2.15
1.98
-4.43
1.62
3.97
-9.11
-17.82
2.93
3.79
0.03
1.65
0.09
-0.21
85.96
58.12
Arrow High Yield Fund A C$
179.340
2.00
3.37
6.01
2.62
4.35
1.14
5.59
6.01
-5.60
-9.27
4.69
4.65
0.01
4.24
0.02
-0.22
100.00
66.20
Arrow High Yield Fund A U$
304.240
1.90
3.10
5.64
2.44
3.50
0.63
5.71
5.64
-5.89
-8.65
4.76
4.80
0.01
3.39
0.01
-0.21
99.11
69.51
95.570
2.06
3.56
5.88
2.73
4.69
1.65
6.13
5.88
-5.83
-9.82
4.48
4.73
0.01
4.58
0.03
-0.25
100.00
67.94
1.410
2.03
-0.38
-0.74
0.51
-8.20
-5.22
-10.92
4.77
-8.91
-71.45
5.83
7.71
0.23
-10.69
0.36
0.25
41.07
43.90
33.880
1.97
-0.57
-1.85
0.40
-9.52
-5.95
-8.96
5.01
-8.89
-69.19
5.31
7.62
0.22
-11.90
0.38
0.23
47.60
46.34
-
2.20
0.13
-0.62
0.85
-7.33
-4.34
-10.07
5.43
-8.19
-71.06
5.58
7.68
0.20
-9.50
0.33
0.30
43.71
46.34
Arrow High Yield Fund F
Arrow U.S. Equity Income Fund A C$
Arrow U.S. Equity Income Fund Class U U$
Arrow U.S. Equity Income Fund F
Aurion II Equity Fund
Aurion II Equity Fund Series D
Aurion Income Opportunities Fund
36.460
4.02
7.20
14.60
5.14
16.36
-3.99
7.28
14.90
-27.12
-41.81
8.50
14.01
0.79
7.80
0.85
0.37
88.51
62.89
6.140
3.93
6.94
14.05
4.97
15.25
-4.97
4.14
14.36
-27.54
-42.05
8.50
13.99
0.79
6.69
0.85
0.37
85.82
60.71
24.900
0.47
1.28
1.73
0.12
-0.15
4.48
3.33
6.18
-2.10
-13.79
3.39
2.97
-0.14
1.37
-0.38
0.13
98.30
69.81
5.770
0.43
1.16
1.51
-0.05
-0.68
3.98
1.38
5.94
-2.40
-13.74
3.45
3.00
-0.14
0.84
-0.37
0.15
98.00
64.71
Auspice Diversiﬁed Trust Class A
-
1.60
-0.85
-2.97
-0.47
-4.89
-8.51
-3.24
0.68
-13.21
-26.66
5.91
7.38
0.01
-5.00
0.01
0.27
74.52
50.94
Auspice Diversiﬁed Trust Class S
-
1.60
-0.85
-2.98
-0.47
-4.90
-8.55
-6.91
0.64
-13.21
-26.71
5.91
7.37
0.01
-5.01
0.01
0.27
74.46
44.74
Auspice Managed Futures LP.
-
1.62
-0.79
-2.88
-0.43
-4.68
-8.28
0.98
0.94
-13.44
-26.20
5.92
7.46
0.01
-4.79
0.01
0.27
74.99
49.47
Aurion Income Opportunities Fund Class D
Barometer Long Short Equity Pool Class A
6.660
4.64
8.94
19.41
3.61
19.75
-1.76
5.91
19.41
-19.19
-32.59
10.71
16.18
0.65
12.71
0.56
0.41
94.81
57.65
Blackheath Futures Fund L.P. Class A
3.640
-0.95
1.49
-3.22
-1.51
-14.24
-2.56
-0.11
21.38
-18.69
-27.46
21.06
19.45
-0.42
-9.69
-0.18
-0.12
78.19
60.38
Blackheath Volatility Arbitrage Fund L.P. Class A
2.160
-1.48
-2.33
4.42
-3.40
-5.08
4.97
6.65
20.08
-9.46
-11.69
9.10
10.37
0.06
-5.73
0.06
0.41
93.29
51.22
BluMont Hirsch Performance Fund
34.390
3.82
5.79
15.38
2.84
22.76
11.05
10.28
22.15
-16.09
-41.19
5.29
8.99
0.36
18.86
0.63
0.74
100.00
62.96
Broadview Dark Horse LP
34.000
3.23
3.98
9.34
3.26
18.65
12.05
17.44
13.49
-5.14
-7.41
5.03
6.76
0.39
14.42
0.72
0.55
100.00
83.05
Brompton Energy Opportunities Fund Series 2009
8.680
6.46
16.48
20.97
11.31
11.61
-3.20
21.49
20.97
-22.80
-33.30
13.53
19.16
0.86
2.29
0.58
0.13
83.82
61.40
Brompton Energy Opportunities Fund Series 2010
2.730
6.32
16.33
20.81
11.17
11.46
-11.15
2.66
20.81
-22.80
-44.11
13.47
23.15
0.85
2.25
0.58
0.13
70.15
55.56
Brompton Energy Opportunities Fund Series A
3.720
6.29
16.27
20.74
11.13
11.36
-3.83
5.02
20.74
-22.83
-52.21
13.45
19.06
0.85
2.15
0.58
0.13
83.54
60.00
Burlington Partners Plus LP
-
5.23
9.28
16.75
5.40
18.91
12.02
12.50
21.51
-13.48
-14.40
6.70
9.67
0.51
13.38
0.69
0.55
100.00
68.89
Burlington Partners1 LP
-
3.56
6.39
11.06
3.82
10.72
8.06
5.75
12.70
-7.28
-13.27
4.95
5.81
0.33
7.14
0.61
0.52
100.00
64.22
Calrossie Partners Fund
-
3.66
3.95
15.07
2.19
20.72
12.69
10.41
16.53
-10.26
-35.06
7.68
8.41
0.59
14.33
0.70
0.84
100.00
69.01
478.560
0.01
2.94
6.43
1.95
14.11
14.17
14.51
12.94
1.12
-4.23
2.80
3.60
-0.01
14.22
-0.02
0.07
100.00
89.90
CI Global Opportunities Fund C$
11.520
-1.73
-4.60
-7.73
-3.19
-5.94
-1.69
15.38
9.56
-12.57
-39.28
9.85
7.89
-0.57
0.24
-0.53
0.20
83.33
57.40
CI Global Opportunities Fund U$
21.160
-1.12
-9.55
-10.66
-7.10
-14.08
-4.46
5.02
8.03
-19.43
-46.22
15.57
11.49
-0.59
-7.69
-0.34
0.41
79.67
51.79
DKAM Capital Ideas Fund
121.075
3.87
8.83
28.48
5.17
48.71
20.61
29.06
33.42
-8.15
-11.98
9.99
11.48
0.28
45.68
0.26
0.35
100.00
76.92
Dynamic Alpha Performance Fund Series A
485.104
0.71
3.97
5.85
3.88
10.92
3.26
7.17
7.69
-8.29
-15.50
5.15
6.01
0.14
9.40
0.24
-0.16
100.00
61.70
Dynamic Alpha Performance Fund Series F
-
0.79
4.08
6.31
3.93
11.71
4.30
7.41
7.86
-7.60
-15.12
4.99
5.89
0.14
10.19
0.27
-0.12
100.00
60.82
Dynamic Alpha Performance Fund Series FH U$
-
0.75
3.87
5.86
3.67
12.11
-
8.35
8.44
-0.62
-2.05
5.33
-
0.13
10.70
0.22
-0.11
100.00
66.67
Dynamic Alpha Performance Fund Series H
-
0.57
3.56
5.38
3.54
11.46
-
8.20
8.59
-1.25
-2.28
5.48
-
0.15
9.83
0.26
-0.08
100.00
66.67
Dynamic Alpha Performance Fund Series T
7.880
0.80
3.95
5.74
3.84
10.70
3.20
5.42
7.51
-8.28
-8.47
5.06
5.99
0.14
9.18
0.26
-0.15
100.00
57.45
8.350
-0.51
6.53
7.89
1.73
6.72
-15.06
2.22
10.27
-39.54
-63.12
6.83
15.30
0.17
4.88
0.23
-0.39
59.65
52.43
44.650
3.61
5.45
14.39
3.87
15.85
7.93
8.71
14.39
-4.17
-29.50
6.22
6.81
0.55
9.89
0.81
0.76
100.00
68.13
ChapelGate Credit Opportunity Fund Ltd.
Dynamic Contrarian Fund
Dynamic Income Opportunities Fund
Dynamic Power Hedge Fund Series C
32.630
5.31
4.88
2.25
7.42
-7.75
-20.23
12.16
13.30
-38.65
-79.61
14.32
23.89
0.90
-17.50
0.57
0.21
50.77
53.57
Exemplar Diversiﬁed Portfolio Series A
36.880
1.08
0.08
6.40
-1.99
3.65
-5.26
1.28
7.30
-16.67
-21.78
8.67
10.45
-0.16
5.38
-0.17
0.48
83.43
53.45
-
1.16
0.34
6.97
-1.82
4.79
6.58
6.68
18.18
-9.36
-9.36
8.68
10.60
-0.16
6.52
-0.17
0.48
98.08
57.78
34.290
3.52
4.18
12.37
2.61
25.26
11.00
8.76
23.19
-13.65
-39.46
7.15
12.16
0.44
20.49
0.56
0.70
100.00
65.38
Exemplar Diversiﬁed Portfolio Series F
Exemplar Leaders Fund Series A
8
www.canadianhedgewatch.com
HEDGE
Fund Name
Exemplar Leaders Fund Series F
Asset Size
($MM)
FUND
1
Month
3
Month
6
Month
YTD
P E R F O R M A N C E (as of February 28, 2014)
1
Year
3
Year
(Ann.)
Since
Best
Inception 6 Mo.
(Ann.) (3 Year)
Worst
6 Mo.
(3 Year)
Max.
Draw
Down
Std.
Dev.
(1 Year)
Std.
Dev.
(3 Year)
Beta Alpha (%) Correl. Correl. % High % Pos.
(1 Year, (1 Year, (1 Year, (1 Year, WaterMonth
TSX)
TSX)
TSX) S&P500) mark Since Inc.
2.910
3.60
4.46
12.95
2.78
25.54
11.82
6.21
24.31
-13.19
-38.51
7.33
12.19
0.47
20.45
0.59
0.67
100.00
Fiera Tactical Bond Yield Fund Class A
77.030
-0.17
0.28
-0.24
0.27
-2.09
-
0.64
4.68
-1.92
-2.65
2.21
-
-0.04
-1.66
-0.18
-0.66
97.84
61.29
Formula Growth Alpha II Fund Class B
42.700
2.14
4.64
10.03
4.28
17.48
-
9.58
26.68
-8.92
-17.40
4.90
-
0.32
14.01
0.61
0.16
100.00
64.71
Formula Growth Global Opportunities Fund Cl. S C$
Formula Growth Hedge Fund Class F C$
Formula Growth Hedge Fund Class F U$
63.64
54.900
-0.81
7.97
20.09
2.03
31.51
9.43
9.81
27.73
-19.87
-24.00
12.26
14.70
0.45
26.63
0.33
-0.14
99.19
62.90
216.100
2.32
6.29
12.27
6.46
18.61
8.36
17.84
28.39
-19.19
-20.73
7.22
14.50
0.36
14.71
0.46
-0.20
100.00
65.44
68.15
-
2.73
1.73
6.98
2.25
10.14
3.81
21.35
33.34
-24.33
-25.96
6.15
18.78
0.42
5.59
0.63
0.62
100.00
52.800
3.11
4.31
6.75
6.82
-2.32
0.90
7.22
12.87
-11.55
-18.49
11.18
11.94
0.63
-9.15
0.52
0.27
88.10
62.75
189.400
0.35
19.62
5.77
17.41
-31.75
1.40
15.02
37.48
-41.98
-45.58
29.75
30.57
0.25
-34.46
0.08
-0.42
68.25
56.79
Front Street Canadian Energy Resource Fund Ser B
18.810
10.14
36.15
39.43
30.38
31.62
-20.95
6.35
39.43
-43.97
-72.55
25.19
33.86
1.66
13.63
0.61
-0.16
48.21
63.30
Front Street Canadian Energy Resource Fund Ser F
0.520
10.23
36.52
40.19
30.61
33.10
-20.31
-4.60
40.19
-43.69
-67.98
25.20
33.97
1.66
15.11
0.60
-0.16
49.08
56.82
115.690
4.68
8.52
18.92
7.15
25.18
-2.63
11.65
18.92
-26.95
-43.40
5.90
14.07
0.53
19.44
0.82
0.42
92.31
64.37
Friedberg Asset Allocation Fund
Friedberg Global Macro Hedge Fund U$
Front Street Canadian Hedge Fund Series B
FrontFour Opportunity Fund
28.000
2.99
2.06
12.62
3.26
21.22
-
16.33
17.26
0.99
-5.84
7.74
-
0.43
16.56
0.51
0.67
100.00
71.88
GFM 130/30 Fund
-
2.91
6.28
16.25
4.28
17.99
2.21
11.92
16.25
-16.18
-20.72
8.17
12.54
0.76
9.76
0.85
0.61
100.00
63.08
GFM Dividend Income Fund
-
2.12
3.08
9.81
1.52
14.69
-
6.97
15.47
-4.87
-12.73
4.85
-
0.45
9.81
0.84
0.77
100.00
59.38
GFM Market Neutral Fund
-
-0.52
0.32
5.32
0.21
4.58
1.33
5.70
6.46
-5.57
-8.81
4.89
5.08
-0.14
6.10
-0.27
-0.04
99.48
58.46
Goodwood Fund Class A
14.300
4.59
10.69
19.62
9.74
27.73
2.38
10.88
19.62
-21.03
-55.80
7.57
11.31
0.27
24.80
0.33
-0.16
78.50
62.98
Goodwood Fund Class B
34.700
4.59
10.69
19.62
9.74
27.70
2.40
2.36
19.62
-21.03
-55.41
7.57
11.31
0.27
24.77
0.33
-0.16
79.24
59.59
74.49
Goodwood Milford Fund
Hillsdale Canadian Long/Short Equity Fund Class A
Hillsdale Enhanced Income Fund Class A
IA Multi-Strategy
-
4.05
10.10
13.71
9.13
15.93
14.63
17.48
13.71
0.96
-49.99
5.55
5.90
0.26
13.11
0.42
-0.10
100.00
4.950
3.38
2.58
16.10
1.65
15.44
2.26
7.53
17.98
-7.07
-24.49
9.21
8.75
0.34
11.76
0.34
0.43
93.60
58.82
10.090
2.39
3.98
9.90
3.52
0.87
3.77
3.70
9.90
-8.22
-11.70
10.13
8.11
0.38
-3.25
0.35
0.42
97.05
65.00
1.370
3.54
27.62
29.81
26.97
27.80
4.43
-0.81
29.81
-6.92
-38.57
23.40
14.12
0.53
22.06
0.21
-0.36
80.89
46.62
IMFC Global Concentrated Program
-
0.56
-1.73
3.69
-2.26
-3.50
-3.63
2.02
8.03
-13.50
-17.77
8.20
10.71
-0.13
-2.09
-0.15
0.56
85.26
52.54
IMFC Global Investment Program
-
1.26
0.67
7.42
-1.63
5.46
-4.21
8.20
8.08
-16.05
-21.06
8.66
10.50
-0.15
7.09
-0.16
0.48
85.97
50.59
JC Clark Adaly Fund Class A
-
6.49
11.20
22.00
9.07
19.95
-4.55
13.65
22.00
-27.52
-35.68
10.44
15.62
0.66
12.80
0.58
0.32
86.98
70.00
JC Clark Adaly Fund Class B
-
6.39
10.69
21.00
8.85
18.64
-5.24
6.66
21.00
-27.72
-36.14
10.38
15.57
0.66
11.49
0.58
0.32
85.09
65.60
JC Clark Focused Opportunities Fund (Class A)
-
1.18
3.58
11.45
1.69
10.74
5.63
7.71
19.24
-11.47
-14.02
5.09
8.54
0.33
7.16
0.59
0.55
100.00
65.71
JC Clark Patriot Trust (Class B)
-
4.45
8.39
16.55
4.79
14.99
-3.78
8.65
16.55
-17.01
-29.64
8.63
12.88
0.79
6.43
0.83
0.51
89.08
66.17
JC Clark Preservation Trust (Class B)
-
1.10
4.35
16.63
1.98
15.63
5.73
11.27
18.60
-9.84
-22.61
7.24
7.94
0.47
10.54
0.60
0.50
100.00
60.11
JM Catalyst Fund
23.300
2.76
6.62
10.51
5.62
24.31
17.68
14.18
13.82
3.87
-3.31
4.04
4.11
0.23
21.82
0.52
-0.01
100.00
82.43
King & Victoria Fund LP
-
1.40
3.52
9.20
0.89
26.90
18.11
25.64
35.96
-11.98
-32.14
7.31
10.47
0.15
25.27
0.19
0.54
100.00
76.98
King & Victoria RSP Fund Class A Units
-
1.40
3.52
9.20
0.89
26.90
17.79
17.17
35.96
-11.99
-33.73
7.31
10.47
0.15
25.27
0.19
0.54
100.00
72.32
Kootenay Global Energy Abs. Return Fund LP Class A
-
6.84
10.62
14.52
6.95
19.62
-
3.03
15.15
-12.47
-17.73
11.12
-
1.06
8.13
0.88
0.41
100.00
56.25
Landry Global Equity Long/Short Fund Series A
-
1.58
4.13
6.30
3.18
13.68
5.58
-0.01
11.00
-10.47
-27.24
3.87
7.25
0.12
12.38
0.29
0.18
90.41
55.91
Landry Global Equity Long/Short Fund Series F
29.100
1.67
2.83
7.37
3.38
10.94
7.29
4.90
11.31
-10.02
-26.44
3.63
7.49
-0.04
11.37
-0.10
0.23
97.91
59.23
Landry Global Equity Long/Short Fund Series I
-
1.75
3.11
7.96
3.55
12.22
6.38
1.26
11.89
-9.56
-25.62
3.63
7.48
-0.04
12.65
-0.10
0.23
98.14
58.43
Lightwater Nimble Fund
-
2.12
8.70
20.68
5.90
62.07
-
62.07
40.94
20.68
-4.35
12.31
-
-0.67
69.33
-0.50
-0.20
100.00
91.67
Lycos Value Fund Class O
2.000
7.47
-3.59
6.76
3.98
27.81
26.43
17.40
68.00
-14.32
-22.62
26.75
27.18
1.02
16.76
0.35
0.57
95.98
58.06
Lycos Value Fund Class P
1.200
0.34
1.47
2.96
0.95
6.02
6.02
6.00
3.10
2.91
0.00
0.22
0.14
0.00
6.02
-0.11
-0.39
100.00
100.00
Majestic Global Diversiﬁed Fund
-
1.40
3.74
-1.88
-0.73
-13.29
-9.62
-0.73
12.89
-20.07
-32.95
11.10
16.79
0.22
-15.67
0.18
0.35
69.70
46.97
Majestic Global Diversiﬁed Fund Series A
-
1.42
3.71
-1.92
-0.72
-13.34
-9.65
0.46
12.78
-20.03
-33.00
11.12
16.84
0.19
-15.40
0.16
0.33
69.63
47.69
Majestic Global Diversiﬁed Fund Series I
-
1.26
-3.35
-14.52
2.20
-10.80
-
-9.69
15.74
-20.22
-30.37
10.45
-
-0.62
-4.08
-0.54
-0.39
71.16
45.71
Maxam Diversiﬁed Strategies Fund Series A
-
1.69
4.15
13.91
1.15
23.10
6.02
12.15
18.47
-14.83
-16.15
5.98
9.25
0.24
20.50
0.37
0.12
100.00
60.71
-
-12.65
4.62
19.20
0.67
3.52
-14.12
25.03
28.10
-26.71
-59.12
26.15
28.29
0.55
-2.44
0.19
-0.14
48.73
53.33
9.500
-1.72
-2.48
-5.94
-3.54
-6.13
-2.62
9.82
9.86
-9.86
-14.06
11.10
12.90
-0.19
-4.07
-0.16
0.04
86.67
52.27
Meson Capital Partners Fund
Niagara Discovery Fund
Niagara Legacy Class B Fund
49.300
0.24
19.34
5.54
17.19
-26.23
0.08
10.97
60.16
-41.54
-49.57
30.12
32.31
0.11
-27.42
0.04
-0.38
63.04
57.69
Norrep Market Neutral Income Fund
16.000
1.89
1.67
5.25
2.51
8.36
-
10.28
13.81
-1.90
-2.99
5.26
-
0.26
5.54
0.45
0.59
100.00
63.33
Northern Rivers Conservative Growth Fund LP
14.646
3.61
5.14
14.69
3.38
32.37
14.16
11.27
26.84
-12.83
-49.62
7.13
12.76
0.27
29.44
0.34
0.58
100.00
66.00
130.000
3.97
5.62
15.42
2.91
22.30
7.50
12.24
15.42
-13.58
-40.08
6.10
8.70
0.52
16.67
0.78
0.83
100.00
72.00
2.100
6.13
8.93
0.29
8.96
-14.14
-39.11
-29.42
2.28
-49.90
-92.29
18.92
26.12
1.61
-31.58
0.78
0.04
8.40
49.30
37.000
9.66
17.21
-8.14
19.33
-43.56
-47.50
-21.47
-8.14
-45.21
-94.98
28.12
27.25
1.82
-63.28
0.59
-0.13
5.99
41.12
Palos Income Fund, L.P.
Pathway Energy Series A Rollover MIN002
Pathway Multi SF Explorer Series A Rollover MIN001
Volume 14 Issue 3 - March 2014
9
HEDGE
Fund Name
Asset Size
($MM)
1
Month
3
Month
FUND
6
Month
YTD
P E R F O R M A N C E (as of February 28, 2014)
3
Year
(Ann.)
1
Year
Since
Best
Inception 6 Mo.
(Ann.) (3 Year)
Worst
6 Mo.
(3 Year)
Max.
Draw
Down
Std.
Dev.
(1 Year)
Std.
Dev.
(3 Year)
Beta Alpha (%) Correl. Correl. % High % Pos.
(1 Year, (1 Year, (1 Year, (1 Year, WaterMonth
TSX)
TSX)
TSX) S&P500) mark Since Inc.
Picton Mahoney Diversiﬁed Strategies Fund Class A
16.520
1.74
2.61
8.67
1.92
11.22
6.09
8.01
9.62
-7.99
-7.99
3.85
5.11
0.35
7.43
0.83
0.77
100.00
68.00
Picton Mahoney Global Long Short Equity Fd Cl A C$
19.080
2.00
3.89
11.90
2.55
15.38
8.82
3.58
13.21
-7.72
-25.98
5.60
7.32
0.27
12.45
0.45
0.72
100.00
62.67
Picton Mahoney Global Long Short Resource Cl A
3.240
3.26
3.61
9.06
2.28
12.73
-
5.62
12.89
-9.98
-12.13
8.95
-
0.79
4.17
0.81
0.47
100.00
62.96
Picton Mahoney Global Market Netural Equ Cl A C$
46.110
0.36
2.08
4.57
1.97
5.91
5.30
2.07
6.14
-1.14
-17.21
3.03
3.26
-0.02
6.13
-0.06
0.08
100.00
60.00
Picton Mahoney Income Opportunities Fund Class A
229.050
1.40
2.99
7.09
2.62
8.64
3.88
7.57
7.09
-8.16
-9.14
3.79
5.04
0.35
4.85
0.86
0.50
100.00
76.00
Picton Mahoney Long Short Equity Fund Class A
71.43
119.530
2.59
3.02
9.45
2.23
13.69
4.36
11.41
10.77
-10.78
-24.86
4.86
6.34
0.45
8.81
0.85
0.75
100.00
Picton Mahoney Market Neutral Equity Fund Class A 275.790
0.75
0.64
2.96
0.75
5.87
2.45
8.46
4.28
-1.94
-4.63
1.62
2.13
0.05
5.33
0.29
0.58
100.00
69.39
Primevestfund
9.31
13.30
18.39
11.05
21.95
-10.48
10.93
18.39
-23.69
-46.13
16.09
18.80
1.29
7.97
0.74
0.15
71.73
64.42
2.780
Radin Global Opportunities Fund Fd Class Series F
-
3.62
5.19
11.70
3.33
14.65
-
20.75
14.40
2.57
-2.41
6.52
-
0.60
8.15
0.85
0.48
100.00
76.47
RDA Mons Regalis Multi-Strategy LP
-
-0.93
0.36
-0.75
1.66
-8.73
-0.48
1.58
12.35
-10.10
-18.03
8.86
9.18
-0.25
-6.02
-0.26
-0.63
83.33
50.00
Rosalind Capital Partners L.P.
-
0.30
15.69
28.31
7.62
84.98
12.08
22.24
47.73
-38.79
-40.85
13.12
20.28
0.28
81.95
0.20
-0.40
100.00
67.47
Ross Smith Capital Investment Fund
24.651
0.20
3.17
4.06
1.76
10.35
7.87
10.45
6.38
0.30
-17.17
2.52
2.84
-0.02
10.57
-0.06
-0.45
100.00
71.43
Ross Smith Opportunities Fund
25.238
1.92
2.25
3.86
0.69
5.15
-
8.56
10.22
1.08
-1.21
3.33
-
0.09
4.17
0.26
0.59
100.00
69.23
SEI Futures Index Fund Class D
-
-0.22
-0.24
-0.70
-0.75
-2.13
-3.16
-2.95
4.04
-7.21
-13.12
2.11
3.52
-0.04
-1.70
-0.19
-0.06
87.30
37.50
SEI Futures Index Fund Class E
0.010
-0.09
0.16
0.10
-0.48
-0.86
-2.39
-2.21
4.32
-6.95
-11.75
2.16
3.53
-0.04
-0.43
-0.15
-0.06
89.15
37.50
SEI Futures Index Fund Class F
0.700
-0.08
0.12
0.00
-0.49
-0.62
-1.49
1.05
4.98
-6.37
-9.79
2.10
3.52
-0.05
-0.08
-0.20
-0.06
91.07
50.00
SEI Futures Index Fund Class O
20.640
0.00
0.47
0.71
-0.29
0.71
-0.38
2.28
5.53
-5.88
-8.66
2.12
3.53
-0.05
1.25
-0.20
-0.06
93.25
54.43
SEI Futures Index Fund Class P
0.150
-0.13
0.05
-0.13
-0.56
-0.97
-2.04
0.59
4.65
-6.68
-10.95
2.12
3.52
-0.05
-0.43
-0.20
-0.07
89.82
49.18
33.960
1.00
6.14
4.25
2.53
6.11
4.92
1.28
6.15
-1.78
-12.63
5.27
4.23
0.10
5.03
0.17
-0.36
100.00
53.97
SG US Market Neutral Fund Class G
-
1.54
5.13
3.75
2.25
5.35
-
5.14
4.63
-1.62
-1.94
4.42
-
0.10
4.27
0.20
-0.23
100.00
61.54
SG US Market Neutral Fund Class U
-
0.40
3.65
1.48
2.13
3.10
-
3.84
6.39
-2.05
-2.53
4.73
-
0.09
2.12
0.17
-0.46
100.00
56.25
Sherpa Diversiﬁed Returns Fund Class A
-
1.98
1.41
5.12
0.41
7.99
3.96
3.86
11.56
-10.76
-21.95
3.76
6.36
0.22
5.61
0.53
0.98
100.00
69.57
SG US Market Neutral Fund
Sherpa Market Neutral Income Fund Class A
SMI Defensive LP
SMI Income LP
-
0.16
0.40
0.59
0.02
0.25
0.21
1.75
3.09
-5.30
-6.90
0.53
3.17
0.02
0.03
0.39
0.28
98.28
75.56
145.800
-2.69
-2.61
-8.97
-0.98
-32.55
-8.03
14.41
7.28
-28.55
-34.45
16.76
11.64
-0.63
-25.72
-0.35
-0.35
65.55
82.81
100.00
3.600
3.19
8.39
14.43
5.14
24.25
-
23.41
15.32
4.82
0.00
3.89
-
0.23
21.76
0.55
-0.21
100.00
Spartan Dorset Fund
-
-0.87
1.66
-
-1.07
-
-
-
-
-
-1.07
-
-
-
-
-
-
98.93
50.00
Spartan Eleven Fund
-
1.97
3.43
7.18
2.79
7.11
-
10.80
12.87
-1.97
-4.16
3.91
-
0.40
2.78
0.94
0.41
100.00
82.14
Spartan Humber Global Opportunity Fund
-
0.34
-0.64
3.44
-2.14
-
-
-
-
-
-2.47
-
-
-
-
-
-
97.86
72.73
Spartan LSQ
-
1.01
2.14
1.37
1.24
3.18
-
7.44
7.69
0.08
-1.65
2.93
-
0.11
1.99
0.33
-0.11
100.00
91.67
Spartan onTREND Fund
-
3.88
3.83
13.50
4.32
23.39
-
17.15
18.79
-0.06
-3.08
9.65
-
0.87
13.96
0.83
0.41
100.00
64.29
1.000
12.36
18.89
15.41
17.91
17.59
-
-0.93
15.41
-15.98
-24.09
15.27
-
1.03
6.43
0.62
0.03
94.23
42.31
29.007
0.17
2.06
-0.55
1.79
-5.84
-0.74
1.19
5.74
-7.72
-8.94
6.49
5.18
0.34
-9.52
0.48
0.01
92.93
64.29
64.29
Spartan Teraz Fund
Sprott Absolute Return Income Fund Class A
Sprott Absolute Return Income Fund Class T
5.630
0.16
2.04
-0.58
1.77
-5.90
-0.77
1.24
5.81
-7.74
-9.01
6.49
5.21
0.34
-9.58
0.48
0.01
92.85
Sprott Bull/Bear RSP Fund Class A
23.756
15.52
32.98
-8.95
38.21
-31.86
-31.87
0.54
4.66
-49.70
-78.69
47.43
33.28
2.29
-56.67
0.44
-0.35
29.45
52.59
Sprott Enhanced Long/Short Equity Fund
55.660
3.20
2.05
7.21
1.27
13.81
-0.28
11.95
9.16
-13.52
-19.15
4.64
8.91
0.16
12.08
0.32
0.79
97.84
58.47
Sprott Enhanced Long/Short Equity RSP Fund
20.310
3.12
1.94
7.01
1.19
13.43
-0.60
6.07
8.96
-13.62
-19.39
4.59
8.90
0.16
11.70
0.32
0.79
97.04
53.47
56.25
Sprott Hedge Fund L.P. Class A
146.907
14.20
27.19
-9.30
32.61
-31.04
-31.66
7.63
5.76
-46.34
-77.79
42.83
31.15
2.15
-54.34
0.46
-0.34
29.45
Sprott Hedge Fund L.P. II Class A
97.478
14.71
29.83
-9.07
35.62
-30.77
-31.59
-1.80
5.75
-47.07
-78.10
44.64
31.70
2.14
-53.96
0.44
-0.36
29.70
50.72
Sprott Small Cap Hedge Fund
13.473
5.93
9.78
15.97
5.68
12.62
-7.65
4.35
17.57
-18.87
-54.39
10.91
14.09
1.02
1.57
0.86
0.34
78.77
58.82
Stornoway Recovery Fund Series I
26.421
3.07
8.54
10.61
5.88
25.38
17.99
8.78
18.97
-8.93
-61.27
8.25
10.71
-0.37
29.39
-0.41
-0.50
100.00
70.80
SW8 Strategy Fund LP Class A
27.916
2.63
5.34
-2.24
5.49
-5.61
-0.58
1.82
5.64
-7.49
-10.52
7.84
5.58
0.13
-7.02
0.15
-0.47
94.39
50.00
SW8 Strategy Fund LP Class B
-
2.68
5.49
-1.96
5.59
-5.06
-0.08
10.98
5.86
-7.23
-10.08
7.83
5.57
0.13
-6.47
0.15
-0.47
94.94
59.57
SW8 Strategy Trust Class A
13.260
2.63
5.34
-2.24
5.49
-5.61
-1.02
1.34
5.37
-7.49
-10.52
7.84
5.59
0.13
-7.02
0.15
-0.47
94.39
50.00
SW8 Strategy Trust Class B
-
2.68
5.49
-1.96
5.59
-5.06
-0.39
2.01
5.58
-7.23
-10.08
7.83
5.55
0.13
-6.47
0.15
-0.47
94.94
50.00
Tapestry Balanced Growth Private Port Corp Cl A
8.990
2.07
4.55
11.17
3.38
10.76
3.58
4.62
11.17
-6.05
-8.55
4.81
5.38
0.43
6.10
0.82
0.48
100.00
64.00
Tapestry Balanced Growth Private Port Corp Cl T
2.510
2.13
3.84
10.49
2.75
10.06
3.35
4.32
10.49
-5.98
-8.48
4.90
5.36
0.44
5.29
0.83
0.56
100.00
64.00
Tapestry Balanced Income Private Port Corp Cl A
2.590
1.75
4.07
9.31
3.25
7.70
3.44
4.25
9.31
-3.42
-5.18
4.61
4.26
0.38
3.58
0.75
0.40
100.00
69.39
Tapestry Balanced Income Private Port Corp Cl T
0.650
1.70
3.52
8.79
2.78
7.17
3.15
3.88
8.79
-3.45
-5.26
4.50
4.24
0.37
3.16
0.75
0.46
100.00
64.00
Tapestry Divers Income Private Port Corp Class A
3.900
1.27
3.42
7.30
3.07
4.86
4.00
4.93
7.30
-2.27
-3.20
4.35
3.26
0.30
1.61
0.64
0.30
100.00
67.35
Tapestry Global Balanced Private Port Corp Cl A
4.570
2.26
4.67
12.06
3.43
12.26
4.81
5.19
12.06
-5.86
-7.38
5.05
5.77
0.43
7.60
0.78
0.51
100.00
61.22
10
www.canadianhedgewatch.com
HEDGE
Asset Size
($MM)
Fund Name
FUND
1
Month
3
Month
6
Month
YTD
P E R F O R M A N C E (as of February 28, 2014)
1
Year
3
Year
(Ann.)
Since
Best
Inception 6 Mo.
(Ann.) (3 Year)
Worst
6 Mo.
(3 Year)
Max.
Draw
Down
Std.
Dev.
(1 Year)
Std.
Dev.
(3 Year)
Beta Alpha (%) Correl. Correl. % High % Pos.
(1 Year, (1 Year, (1 Year, (1 Year, WaterMonth
TSX)
TSX)
TSX) S&P500) mark Since Inc.
Tapestry Global Growth Private Port Corp Cl A
1.030
2.74
4.37
14.39
2.77
17.67
6.62
6.73
14.39
-8.43
-10.32
5.82
7.69
0.48
12.47
0.76
0.68
100.00
Tapestry Global Growth Private Port Corp Cl T
-
2.71
3.59
13.57
2.06
16.73
6.55
5.67
13.57
-8.77
-10.65
6.06
7.72
0.49
11.42
0.74
0.73
100.00
64.00
2.780
2.63
4.87
12.92
3.48
12.70
3.67
4.51
12.92
-8.13
-10.62
5.74
6.61
0.52
7.07
0.84
0.56
100.00
62.00
Tapestry Growth Private Portfolio Corporate Cl A
Tapestry Growth Private Portfolio Corporate Cl T
The Vantage Fund
66.67
-
2.64
4.13
12.03
2.70
11.82
3.31
4.21
12.03
-8.29
-10.84
5.79
6.59
0.53
6.08
0.84
0.62
100.00
60.00
80.000
7.20
12.69
15.53
11.33
18.31
5.02
8.92
15.53
-9.93
-12.68
8.79
9.21
0.38
14.19
0.39
-0.07
100.00
68.75
Topaz Multi-Startegy Fund (Canada) Series H
37.100
0.68
2.87
2.30
3.17
-1.41
-
-2.60
2.88
-8.01
-10.29
4.71
-
0.30
-4.66
0.58
-0.25
93.06
50.00
Trident Global Opportunities Fund C$
83.140
-1.77
-4.47
-7.66
-3.26
-5.69
-1.53
7.77
9.82
-12.50
-17.16
9.97
8.04
-0.58
0.59
-0.53
0.20
82.84
51.95
Trident Global Opportunities Fund U$
49.670
-1.18
-9.45
-10.62
-7.19
-13.84
-4.30
10.73
8.28
-19.35
-20.31
15.67
11.55
-0.60
-7.34
-0.35
0.41
79.69
55.19
Trident Performance Corp II
10.470
-1.69
-3.22
-3.06
-3.53
-7.40
-1.59
-2.71
10.14
-9.32
-17.24
7.08
7.16
-0.37
-3.39
-0.47
0.08
82.76
43.64
Venator Founders Fund Class A
73.000
2.60
4.66
11.70
1.88
26.99
11.22
14.21
24.71
-20.64
-32.02
5.69
12.89
0.11
25.80
0.17
0.71
100.00
68.75
Venator Income Fund Class F
61.000
1.70
6.65
9.44
3.53
15.83
12.85
16.38
11.39
-6.55
-12.91
3.81
5.84
0.10
14.75
0.25
0.18
100.00
82.09
-
2.59
4.66
11.70
1.90
26.63
11.30
9.79
24.77
-20.55
-32.72
5.57
12.85
0.11
25.44
0.18
0.72
100.00
66.67
1251.110
1.44
7.84
12.65
5.40
19.29
6.86
16.16
12.65
-14.36
-47.22
5.61
8.85
0.31
15.93
0.51
0.03
100.00
70.68
72.58
Venator Investment Trust Class A
Vertex Fund Class A
Vertex Fund Class B
225.210
1.37
7.71
12.22
5.24
18.86
5.34
11.16
12.22
-14.88
-47.05
5.92
8.81
0.33
15.28
0.51
0.07
100.00
Vertex Fund Class F
499.430
1.44
7.84
12.62
5.40
19.23
6.83
14.00
12.62
-14.37
-47.60
5.61
8.84
0.32
15.76
0.52
0.03
100.00
73.08
Vision Opportunity Fund L.P.
-
1.77
3.56
15.01
0.71
0.76
9.10
20.17
16.64
-12.39
-17.27
11.66
10.20
0.24
-1.84
0.19
0.52
100.00
72.06
Vision Opportunity Fund L.P. II
-
1.71
3.40
14.67
0.53
0.23
9.29
19.77
16.44
-12.59
-12.59
11.72
9.87
0.24
-2.37
0.19
0.53
100.00
74.07
Vision Opportunity Fund Trust
-
1.27
2.62
11.21
0.11
-2.55
6.97
16.10
17.35
-12.37
-15.47
9.61
9.29
0.30
-5.80
0.28
0.54
97.45
70.59
94.600
3.70
0.43
8.04
-0.86
12.86
5.48
7.55
11.59
-5.00
-5.85
8.58
6.30
0.58
6.58
0.62
0.77
99.14
68.18
WARATAH One Fund
184.300
1.20
-0.64
4.10
-1.33
7.14
6.00
7.32
7.83
-1.22
-2.50
4.29
3.71
0.15
5.51
0.32
0.50
98.67
79.55
WARATAH Performance Fund
201.900
3.40
2.72
13.45
0.61
18.59
9.15
14.84
13.99
-3.39
-4.73
7.02
6.14
0.38
14.47
0.49
0.83
100.00
75.00
Wealhouse Panorama Fund, L.P.
252.515
3.42
5.94
11.92
3.74
19.15
4.47
12.24
13.34
-14.39
-17.00
5.31
8.49
0.37
15.14
0.64
0.70
100.00
67.16
-
4.80
12.09
24.50
5.47
18.44
-13.29
-7.52
24.50
-37.20
-48.94
13.41
18.47
1.18
5.65
0.81
0.59
65.19
53.66
8,384.36
2.49
5.23
8.01
4.11
8.67
0.84
-
-
-
-
-
-
-
-
-
-
-
-
115
173
171
170
173
169
147
-
-
-
-
-
-
-
-
-
-
-
-
WARATAH Income Fund
Wolverine Opportunity Fund Series A
Equally Weighted Average Performance of All Funds
Number of Funds in Sample
M A R K E T I N D I C E S (as of February 28, 2014)
INDEX NAME
1
Month
183 Day Canada T-Bill
0.08
91 Day Canada T-Bill
0.07
BMO Canadian Small Cap Index
5.91
CHW-HF Composite Index
4.07
CHW-HF Equity Hedged Index
4.14
CHW-HF FoHF Index
2.01
CHW-HF Notes Index
3
Month
0.23
6
Month
YTD
1
Year
1.00
Since
Inception
Best
6mo.
(3 Year)
Worst
6mo.
(3 Year)
1.00
6.43
0.53
0.46
3
Year
Max.
Draw
Down
0.00
Std.
Dev.
(1 Year)
Std.
Dev.
(3 Year)
Alpha
(1 Year,
TSX)
Beta
(1 Year,
TSX)
% High
Watermark
% Pos.
Months
0.02
0.02
1.00
0.00
100.00
100
0.48
0.15
0.23
0.47
0.15
0.96
0.95
6.16
0.49
0.43
0.00
0.01
0.02
0.96
0.00
100.00
100
10.43
14.96
8.54
13.21
-3.10
6.00
14.96
-22.25
-57.31
11.16
14.82
1.29
1.10
90.99
58.9
8.99
8.54
8.63
6.47
-4.61
0.96
8.54
-11.60
-32.08
7.96
7.48
0.29
0.57
78.96
59.09
8.80
8.24
8.52
6.16
-4.87
2.48
8.24
-11.79
-34.75
8.20
7.71
-0.23
0.59
78.20
60
9.39
11.30
8.27
8.97
-2.91
-6.79
11.30
-9.85
-57.95
6.92
5.55
5.50
0.32
46.85
50.46
-0.33
0.05
0.74
-0.16
3.94
2.94
0.42
3.75
-1.83
-11.09
1.14
1.75
3.94
0.00
99.67
58.33
Dow Jones Global Index (C$)
4.06
6.68
18.83
4.79
24.96
10.85
5.13
18.83
-11.97
-50.31
6.37
9.42
19.00
0.55
96.68
56.39
Dow Jones Global Index (U$)
4.86
2.50
13.31
0.84
16.54
5.89
5.30
18.68
-18.57
-55.89
10.98
14.78
9.82
0.62
98.01
59.77
Nasdaq Composite Index (C$)
4.37
10.65
26.09
7.40
46.44
20.87
9.41
26.09
-6.54
-74.24
6.99
10.05
40.59
0.54
70.11
58.79
S&P 500 Total Return Index C$
3.97
7.94
20.91
5.12
34.70
19.49
10.92
21.42
-6.83
-51.16
7.28
8.47
29.61
0.47
100.00
61.56
S&P 500 Total Return Index US$
4.57
2.66
14.13
0.96
24.35
14.04
10.58
25.88
-13.78
-50.98
10.09
12.46
18.72
0.52
100.00
61.81
S&P/TSX 60 Index TR
3.69
6.13
12.66
4.23
10.92
1.41
7.21
13.00
-16.44
-47.89
8.92
9.92
0.41
0.97
100.00
60.89
S&P/TSX Composite Index
3.76
6.08
12.30
4.32
10.84
0.18
6.47
12.31
-17.66
-45.05
8.40
10.21
0.87
0.92
96.59
59.38
Canadian Hedge Watch receives, tracks and presents the data and results of Canadian funds as a service to
the hedge fund and alternative investment community. Business announcements, key personnel appointments and
press releases are also welcome for publication. Please send to [email protected].
To ensure the highest level of accuracy, Hedge Funds are encouraged to directly submit
monthly/quarterly/annual data to: [email protected]
Volume 14 Issue 3 - March 2014
11
Highest Return (3 Month)
Fund Name
3 Month
Front Street Canadian Energy Resource Fund Ser F
Highest Return (1 Year)
6 Month
36.52
40.19
Ann. std
Dev.
(1 Year)
1 Year
33.10
Fund Name
Ann. Return
Ann. Std.
Dev.
# of
Negative
Months
25.20
Rosalind Capital Partners L.P.
84.98
13.12
1
62.07
12.31
1
Front Street Canadian Energy Resource Fund Ser B
36.15
39.43
31.62
25.19
Lightwater Nimble Fund
Sprott Bull/Bear RSP Fund Class A
32.98
-8.95
-31.86
47.43
DKAM Capital Ideas Fund
48.71
9.99
1
Sprott Hedge Fund L.P. II Class A
29.83
-9.07
-30.77
44.64
Agilith North American Diversiﬁed Fund
41.33
11.04
3
IA Multi-Strategy
27.62
29.81
27.80
23.40
Front Street Canadian Energy Resource Fund Ser F
33.10
25.20
4
Sprott Hedge Fund L.P. Class A
27.19
-9.30
-31.04
42.83
Northern Rivers Conservative Growth Fund LP
32.37
7.13
2
Friedberg Global Macro Hedge Fund U$
19.62
5.77
-31.75
29.75
Front Street Canadian Energy Resource Fund Ser B
31.62
25.19
4
-26.23
30.12
Formula Growth Global Opportunities Fund Cl. S C$
31.51
12.26
4
Niagara Legacy Class B Fund
19.34
5.54
Spartan Teraz Fund
18.89
15.41
17.59
15.27
Lycos Value Fund Class O
27.81
26.75
7
Pathway Multi SF Explorer Series A Rollover MIN001
17.21
-8.14
-43.56
28.12
IA Multi-Strategy
27.80
23.40
5
Brompton Energy Opportunities Fund Series 2009
16.48
20.97
11.61
13.53
Goodwood Fund Class A
27.73
7.57
1
1
Brompton Energy Opportunities Fund Series 2010
16.33
20.81
11.46
13.47
Goodwood Fund Class B
27.70
7.57
Brompton Energy Opportunities Fund Series A
16.27
20.74
11.36
13.45
Venator Founders Fund Class A
26.99
5.69
2
26.90
7.31
2
2
Rosalind Capital Partners L.P.
15.69
28.31
84.98
13.12
King & Victoria RSP Fund Class A Units
Primevestfund
13.30
18.39
21.95
16.09
King & Victoria Fund LP
26.90
7.31
Acorn Diversiﬁed Program
13.06
7.47
18.53
14.89
Venator Investment Trust Class A
26.63
5.57
2
Exemplar Leaders Fund Series F
25.54
7.33
3
The Vantage Fund
12.69
15.53
18.31
8.79
Wolverine Opportunity Fund Series A
12.09
24.50
18.44
13.41
Stornoway Recovery Fund Series I
25.38
8.25
2
JC Clark Adaly Fund Class A
11.20
22.00
19.95
10.44
Exemplar Leaders Fund Series A
25.26
7.15
3
Front Street Canadian Hedge Fund Series B
25.18
5.90
3
JM Catalyst Fund
24.31
4.04
0
Ann. Std.
Dev.
# of
Negative
Months
JC Clark Adaly Fund Class B
10.69
21.00
18.64
10.38
Goodwood Fund Class B
10.69
19.62
27.70
7.57
Lowest Return (3 Month)
Fund Name
3 Month
Highest Return (3 Year)
6 Month
Ann. std
Dev.
(1 Year)
1 Year
Fund Name
Ann. Return
CI Global Opportunities Fund U$
-9.55
-10.66
-14.08
15.57
Lycos Value Fund Class O
26.43
27.18
14
Trident Global Opportunities Fund U$
-9.45
-10.62
-13.84
15.67
Agilith North American Diversiﬁed Fund
22.00
14.57
12
CI Global Opportunities Fund C$
-4.60
-7.73
-5.94
9.85
DKAM Capital Ideas Fund
20.61
11.48
8
King & Victoria Fund LP
18.11
10.47
7
8
Trident Global Opportunities Fund C$
-4.47
-7.66
-5.69
9.97
Lycos Value Fund Class O
-3.59
6.76
27.81
26.75
Stornoway Recovery Fund Series I
17.99
10.71
Majestic Global Diversiﬁed Fund Series I
-3.35
-14.52
-10.80
10.45
King & Victoria RSP Fund Class A Units
17.79
10.47
7
JM Catalyst Fund
17.68
4.11
2
Trident Performance Corp II
-3.22
-3.06
-7.40
7.08
SMI Defensive LP
-2.61
-8.97
-32.55
16.76
Goodwood Milford Fund
14.63
5.90
6
Niagara Discovery Fund
-2.48
-5.94
-6.13
11.10
ChapelGate Credit Opportunity Fund Ltd.
14.17
3.60
4
Blackheath Volatility Arbitrage Fund L.P. Class A
-2.33
4.42
-5.08
9.10
Northern Rivers Conservative Growth Fund LP
14.16
12.76
11
IMFC Global Concentrated Program
-1.73
3.69
-3.50
8.20
Venator Income Fund Class F
12.85
5.84
6
Auspice Diversiﬁed Trust Class S
-0.85
-2.98
-4.90
5.91
Calrossie Partners Fund
12.69
8.41
10
Auspice Diversiﬁed Trust Class A
-0.85
-2.97
-4.89
5.91
Rosalind Capital Partners L.P.
12.08
20.28
14
Auspice Managed Futures LP.
-0.79
-2.88
-4.68
5.92
Broadview Dark Horse LP
12.05
6.76
6
Spartan Humber Global Opportunity Fund
-0.64
3.44
-
-
Burlington Partners Plus LP
12.02
9.67
11
WARATAH One Fund
-0.64
4.10
7.14
4.29
Exemplar Leaders Fund Series F
11.82
12.19
11
12
Arrow U.S. Equity Income Fund Class U U$
-0.57
-1.85
-9.52
5.31
Venator Investment Trust Class A
11.30
12.85
Arrow U.S. Equity Income Fund A C$
-0.38
-0.74
-8.20
5.83
Venator Founders Fund Class A
11.22
12.89
11
SEI Futures Index Fund Class D
-0.24
-0.70
-2.13
2.11
BluMont Hirsch Performance Fund
11.05
8.99
12
SEI Futures Index Fund Class P
0.05
-0.13
-0.97
2.12
Exemplar Leaders Fund Series A
11.00
12.16
11
Exemplar Diversiﬁed Portfolio Series A
0.08
6.40
3.65
8.67
Formula Growth Global Opportunities Fund Cl. S C$
9.43
14.70
16
12
www.canadianhedgewatch.com
Fewest Negative Months (1 Year)
Fund Name
Lowest Volatility (1 Year)
# of
Negative
Months
Ann.
Return
Ann. Std.
Dev.
Fund Name
Ann. Std.
Dev.
Ann.
Return
# of
Negative
Months
JM Catalyst Fund
0
24.31
4.04
Lycos Value Fund Class P
0.22
6.02
0
SMI Income LP
0
24.25
3.89
Sherpa Market Neutral Income Fund Class A
0.53
0.25
6
Lycos Value Fund Class P
0
6.02
0.22
Picton Mahoney Market Neutral Equity Fund Class A
1.62
5.87
2
Rosalind Capital Partners L.P.
1
84.98
13.12
SEI Futures Index Fund Class F
2.10
-0.62
6
Lightwater Nimble Fund
1
62.07
12.31
SEI Futures Index Fund Class D
2.11
-2.13
6
DKAM Capital Ideas Fund
1
48.71
9.99
SEI Futures Index Fund Class O
2.12
0.71
5
Goodwood Fund Class A
1
27.73
7.57
SEI Futures Index Fund Class P
2.12
-0.97
6
Goodwood Fund Class B
1
27.70
7.57
SEI Futures Index Fund Class E
2.16
-0.86
6
Burlington Partners Plus LP
1
18.91
6.70
Fiera Tactical Bond Yield Fund Class A
2.21
-2.09
7
Broadview Dark Horse LP
1
18.65
5.03
Ross Smith Capital Investment Fund
2.52
10.35
1
Tapestry Global Growth Private Port Corp Cl A
1
17.67
5.82
ChapelGate Credit Opportunity Fund Ltd.
2.80
14.11
1
Goodwood Milford Fund
1
15.93
5.55
Arrow Curvature Market Neutral Fund A
2.82
10.40
3
Venator Income Fund Class F
1
15.83
3.81
Spartan LSQ
2.93
3.18
2
ChapelGate Credit Opportunity Fund Ltd.
1
14.11
2.80
Arrow Diversiﬁed Fund Class F U$
2.93
1.98
4
Landry Global Equity Long/Short Fund Series A
1
13.68
3.87
Arrow Diversiﬁed Fund Class F C$
3.01
2.01
4
Tapestry Growth Private Portfolio Corporate Cl A
1
12.70
5.74
Picton Mahoney Global Market Netural Equ Cl A C$
3.03
5.91
3
Ross Smith Capital Investment Fund
1
10.35
2.52
Arrow Diversiﬁed Fund Class A
3.10
0.79
5
Northern Rivers Conservative Growth Fund LP
2
32.37
7.13
Arrow Diversiﬁed Fund Class A U$
3.27
1.14
5
Venator Founders Fund Class A
2
26.99
5.69
Ross Smith Opportunities Fund
3.33
5.15
5
King & Victoria RSP Fund Class A Units
2
26.90
7.31
Aurion Income Opportunities Fund
3.39
-0.15
5
King & Victoria Fund LP
2
26.90
7.31
Aurion Income Opportunities Fund Class D
3.45
-0.68
5
Fewest Negative Months (3 Year)
Fund Name
Lowest Volatility (3 Year)
# of
Negative
Months
Ann.
Return
Ann. Std.
Dev.
Fund Name
Ann. Std.
Dev.
2.13
Ann.
Return
# of
Negative
Months
JM Catalyst Fund
2
17.68
4.11
Picton Mahoney Market Neutral Equity Fund Class A
2.45
15
ChapelGate Credit Opportunity Fund Ltd.
4
14.17
3.60
Ross Smith Capital Investment Fund
2.84
7.87
8
Goodwood Milford Fund
6
14.63
5.90
Aurion Income Opportunities Fund
2.97
4.48
11
Venator Income Fund Class F
6
12.85
5.84
Aurion Income Opportunities Fund Class D
3.00
3.98
12
Broadview Dark Horse LP
6
12.05
6.76
Sherpa Market Neutral Income Fund Class A
3.17
0.21
11
King & Victoria Fund LP
7
18.11
10.47
Picton Mahoney Global Market Netural Equ Cl A C$
3.26
5.30
11
King & Victoria RSP Fund Class A Units
7
17.79
10.47
Tapestry Divers Income Private Port Corp Class A
3.26
4.00
13
DKAM Capital Ideas Fund
8
20.61
11.48
SEI Futures Index Fund Class F
3.52
-1.49
23
Stornoway Recovery Fund Series I
8
17.99
10.71
SEI Futures Index Fund Class P
3.52
-2.04
23
Ross Smith Capital Investment Fund
8
7.87
2.84
SEI Futures Index Fund Class D
3.52
-3.16
23
WARATAH One Fund
9
6.00
3.71
SEI Futures Index Fund Class O
3.53
-0.38
21
Sherpa Diversiﬁed Returns Fund Class A
9
3.96
6.36
SEI Futures Index Fund Class E
3.53
-2.39
23
Calrossie Partners Fund
10
12.69
8.41
ChapelGate Credit Opportunity Fund Ltd.
3.60
14.17
4
Northern Rivers Conservative Growth Fund LP
11
14.16
12.76
Arrow Diversiﬁed Fund Class A
3.69
-4.86
22
Burlington Partners Plus LP
11
12.02
9.67
WARATAH One Fund
3.71
6.00
9
Exemplar Leaders Fund Series F
11
11.82
12.19
Arrow Diversiﬁed Fund Class F C$
3.73
-3.71
20
Venator Founders Fund Class A
11
11.22
12.89
Arrow Diversiﬁed Fund Class F U$
3.79
-4.43
21
Exemplar Leaders Fund Series A
11
11.00
12.16
Arrow Diversiﬁed Fund Class A U$
3.93
-5.46
22
WARATAH Performance Fund
11
9.15
6.14
JM Catalyst Fund
4.11
17.68
2
Picton Mahoney Global Long Short Equity Fd Cl A C$
11
8.82
7.32
SG US Market Neutral Fund
4.23
4.92
14
Dynamic Income Opportunities Fund
11
7.93
6.81
Tapestry Balanced Income Private Port Corp Cl T
4.24
3.15
13
Volume 14 Issue 3 - March 2014
13
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