Performance




Month : September, 2018
Return Net of Fees -0.22% Fund Assets ($CA MM) 198.3
NAV per Unit ($CA) 4.5503 Inception Date 1998
Including Current Distribution None Firm AUM ($CA MM) 275.4

MONTHLY HIGHLIGHTS

M&A

  • Added 12 new positions and significantly increased weighting in 2 others;
  • Although no deals failed, gains elsewhere were offset by widening deal spreads.

CONVERTIBLE SECURITIES

  • An active month for new positions, including warrants, converts and called preferreds;
  • The widening of spreads on a couple of converts offset the carry from the balance of the portfolio;
  • We have enough dry powder to take advantage of opportunities that volatility might bring.

FIXED INCOME ARBITRAGE

  • Positive performance across all segments, except on credit curve arbitrage;
  • Contraction of Canadian credit spreads strongly influenced by the solid performance of US corporate debt;
  • Credit risk remains low, although slightly higher. Maintaining our tactical positioning long credit and for a flattening of the CAN & US yield curve. We remain short CAN vs US bonds.

PAST PERFORMANCE