Performance




Month : April, 2019
Return Net of Fees 0.61% Fund Assets ($CA MM) 203.8
NAV per Unit ($CA) 4.6594 Inception Date 1998
Including Current Distribution None Firm AUM ($CA MM) 266.8

MONTHLY HIGHLIGHTS

M&A

  • Added 7 new positions on slow M&A activity;
  • Deal spreads remain tight reflecting the lack of investment opportunities, but transactions are closing with regularity.

CONVERTIBLE SECURITIES

  • We successfully captured volatility, but gains were offset by 3 positions. 2 have a good chance of recovery; the first negative credit event in several years;
  • We remain defensive with our focus on hedging rather than adding new positions.

FIXED INCOME ARBITRAGE

  • Positive performance across all sub-segments; Credit markets are “risk-on” with spreads contracting;
  • Positioning remains defensive. Maintaining our position for a steepening of the CAN & US yield curve and long CAN vs US bonds.

PAST PERFORMANCE