Performance




Month : November, 2019
Return Net of Fees 0.060% Fund Assets ($CA MM) 199.2
NAV per Unit ($CA) 4.5747 Inception Date 1998
Including Current Distribution None Firm AUM ($CA MM) 277.8

MONTHLY HIGHLIGHTS

M&A

  • Very active month with 11 new positions;
  • Regulatory authorities seem to have given themselves the OK to offer end-of-year gifts to investors involved in several transactions awaiting final approval: a total of 8, some dating back 2017, closed in November.

CONVERTIBLE SECURITIES

  • We’re seeing new issues at cheaper valuations and opportunities abound as we pick away, adding positions at attractive valuations;
  • We added 2 new convertible bonds (1 US & 1 CAN) while two called bonds were successfully paid out.

FIXED INCOME ARBITRAGE

  • Negative performance on the general pullback in spreads;
  • Exposure to credit risk remains low, awaiting attractive opportunities to deploy capital. Maintaining our tactical positioning long credit and for a flattening of the US yield curve, but now positioned for a steepening of the CAN yield curve. We remain short CAN vs US bonds.

PAST PERFORMANCE