Performance




Month : August, 2018
Return Net of Fees 0.09% Fund Assets ($CA MM) 198.7
NAV per Unit ($CA) 4.5602 Inception Date 1998
Including Current Distribution None Firm AUM ($CA MM) 276.4

MONTHLY HIGHLIGHTS

M&A

  • A quiet summer month with only 6 new positions;
  • No deal failures and many small positions in the portfolio closing.

CONVERTIBLE SECURITIES

  • Gains on carry and dynamic return, partially offset by a M&A transaction that cost 50bps;
  • We continue to pare down risk to leave room for opportunities; spreads stable to slightly tighter.

FIXED INCOME ARBITRAGE

  • Negative performance on the general pullback in spreads and on widening of CAN vs US interest rate spreads at the end of the month. Commercial tensions prevented further spread narrowing;
  • At the strategic level, caution always prevails and credit risk remains low on a historical basis. Little to no change on the tactical side, we maintain our long credit positioning and we maintain our position for a flattening of the CAN & US yield curve. We are now short CAN vs US bonds.

PAST PERFORMANCE