Performance




Month : October, 2019
Return Net of Fees -0.19% Fund Assets ($CA MM) 212.8
NAV per Unit ($CA) 4.6080 Inception Date 1998
Including Current Distribution None Firm AUM ($CA MM) 241.2

MONTHLY HIGHLIGHTS

M&A

  • Added 5 new positions during the month;
  • The relative scarcity of M&A transactions spurred a tightening deal spreads on all of our portfolio positions, contributing to the month’s performance.

CONVERTIBLE SECURITIES

  • Cheapening converts allowed attractive portfolio additions, but negatively impacted on a mark to market basis;
  • Added 2 new deep in the-money US converts “puts” to hedge against possible market upset, with plenty of available capital for opportunistic buying.

FIXED INCOME ARBITRAGE

  • Positive performance as credit spreads tightened and the dovish bias of most central banks, plus the revival of US-China trade talks, favoured riskier assets;
  • Slight tactical increase in portfolio credit risk to benefit from credit spread compression, profit taking in the second half of October.

PAST PERFORMANCE