Performance




Month : September, 2019
Return Net of Fees 0.30% Fund Assets ($CA MM) 230.8
NAV per Unit ($CA) 2,720.7473 Inception Date 1998
Including Current Distribution n/a Firm AUM ($CA MM) 239.0

MONTHLY HIGHLIGHTS

M&A

  • Anemic activity during this summer month when only 8 new interesting arbitrage situations arose.

CONVERTIBLE SECURITIES

  • Added 3 new issues (2 CAN & 1 US), plus a deep in the money US convert as a portfolio hedge;
  • Spreads widened slightly on the repricing in the health care sector and on Stornoway filing for CCAA;
  • We are positioned about where we want to be for year end and have been buyers as credits cheapen from a tactical point of view.

FIXED INCOME ARBITRAGE

  • Negative performance mostly on hedging activities and credit curve arbitrage;
  • Slight credit spread narrowing despite uncertainties, credit demand remains strong in CAN & US;
  • Maintaining a slightly positive “credit Dv01” and our position for a steepening of the CAN & US yield curve and long CAN vs US bonds.

PAST PERFORMANCE