catalyst financial partners - volume 13 issue 2...

M O N T H LY R E V I E W O F H E D G E F U N D S & A LT E R N AT I V E I N V E S T I N G FEBRUARY 2013 VOLUME 13 ISSUE 2

SURVEY OF ALLOCATORS’INVESTMENT TRENDS

AIMA CANADATAKES TO THE SLOPES

THE STATE OF THEINTERNATIONALHEDGE FUNDINDUSTRY

Hedge Fund Industry Outlook:What Can You

Expect in 2013?

In step with

market needs

kpmg.ca

AIMA and KPMG have teamed up and conducted quantitative and qualitative research with 150 hedge fund managers around the world over the period from October 2011 to February 2012. The results of this survey indicate that the changes brought on by the institutionalization of the alternative fund industry have been underestimated.

KPMG is focused on providing informed perspectives to help navigate challenge and take advantage of opportunity – from value creation to realization – keeping in step with market needs.

© 2012 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms

PETER HAYESPartner, National Director, Alternative Investments T: 416-777-3939E: [email protected]

JAMES LOEWENPartner, National Asset Management LeaderT: 416-777-8427E: [email protected]

Agree that the demands of regulatory compliance have increased since 2008.

80%Have had to increase staff headcount in order to increase transparency.

32%Say investors have become more demanding in terms of due diligence since 2008.

88%

Volume 13 Issue 2 - February 2013

Hedge fund allocations may triple in 2013

New allocations to hedge funds may more than triple this year, pushing the global industry’s assets to a new high,

according to an annual survey by Deutsche Bank AG. (DBK) Hedge fund assets worldwide may increase 11 percent

to $2.5 trillion by year-end, according to the survey by the Germany’s largest bank. Investors indicated they will

add $123 billion of capital to the industry, in addition to investment returns that are expected to boost assets by

$169 billion, the Frankfurt- based bank said.

Hedge funds are forecast to draw more net deposits as investors, especially institutions, pursue more stable

returns with low correlation with other assets such as stocks and bonds, the report showed. The $2.3 trillion global

industry gained an average 6 percent last year, taking in $34.4 billion of net inflows, according to Chicago-based

data provider Hedge Fund Research Inc.

“Overall, 2013 looks to be promising for the industry,” authors led by Marlin Naidoo, who heads the bank’s hedge

fund capital group for Americas, wrote in the report. “Those hedge funds that are able to post consistent returns

year after year are emerging as an attractive option for investors looking for both better risk-adjusted returns and

capital preservation.” About 62 percent of the investors said they expect their hedge fund holdings to increase

this year, compared with 42 percent whose allocations increased in 2012, the survey showed.

Carl Berg, managing partner of Catalyst Financial Partners, in collaboration with Susan Weerts, contributor at

Seekingalpha, published The Survey of Allocators’ Investment Trends. The report explores the trends within the

hedge fund industry and assesses how compelling hedge funds are across different financial products.

Based on feedback from over 50 allocators, the report shows that in 2013, an allocator is ready and willing to

invest with an institutional quality hedge fund if it is providing portfolio benefits, decent – but not necessarily top

- performance, at attractive fee levels and terms. If those criteria are not fulfilled, allocators may look at substitutes,

notably Private Equity, ETFs and mutual funds, or Direct investments. Conversely, allocators are thus less and

less likely to invest into funds that have unconvincing performance or style drift, small hedge funds lacking an

institutional framework, or funds (of any size) that refuse to review fees.

Going into 2013, L/S Equity looks like the preferred allocation destination within the hedge fund space, followed

by Emerging Markets and Credit & Fixed Income. Carl Berg and Susan Weerts argue that this signals a return to

more risky assets, as Emerging Markets have particularly been out of favor the last 12-15 months.

As confidence continues to rebound in hedge fund investments, it will be interesting to see whether investments

with emerging managers will yield the abnormal returns anticipated by wealth managers considering them as part

of their portfolio, or whether their more experienced or established counterparts will continue to take the lead.

I want to take this opportunity to thank James Burron, AIMA Canada and Barry Francis, Francis Communications

for allowing me the opportunity to meet Andrew Baker, Chief Executive Officer of AIMA during his recent brief visit

to Canada. The interview begins on page 10 of this issue.

Terry KrowtowskiCanadian Hedge Watch Inc.

Andrew Thornhill Managing [email protected]

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Volume 13 Issue 2 - February 2013 1

Performance SummaryJanuary

2013YTD

CHW HEDGE FUND INDICES (CHW-HF) % %

CHW-HF Composite Index 0.60 0.60

CHW-HF Equity Hedged Index 0.64 0.64

CHW-HF Notes Index 0.19 0.19

CHW-FOHF Index 0.08 0.08

Scotia Capital Canadian Hedge Fund Performance Index

SC CDN HF Index Asset Weighted 1.47 1.47

SC CDN HF Index Equal Weighted 1.25 1.25

Dow Jones Credit Suisse Hedge Fund Indices

Dow Jones Credit Suisse Core Hedge Fund Index 0.99 0.99

Convertible Arbitrage 0.49 0.49

Emerging Markets 1.34 1.34

Event Driven 2.14 2.14

Fixed Income Arbitrage 0.28 0.28

Global Macro 0.89 0.89

Long/Short Equity 0.54 0.54

Managed Futures 0.15 0.15

HEDGE FUND INDICES

Hennessee Hedge Fund Index 2.69 2.69

HFRI Fund Weighted Composite Index 2.58 2.58

HFRI Equity Market Neutral Index 1.28 1.28

HFRI Fund of Funds Composite Index 2.32 2.32

MARKET INDICES

Dow Jones Global Index (C$) 5.17 5.17

Dow Jones Global Index (U$) 4.62 4.62

Dow Jones 30 Industrial Average (US$) 5.77 5.77

NASDAQ Composite Index (C$) 4.61 4.61

NASDAQ Composite Index (US$) 4.06 4.06

S&P 500 Total Return Index (C$) 5.73 5.73

S&P 500 Total Return Index (US$) 5.18 5.18

S&P/TSX Composite Index Total Return 2.02 2.02

Contact Information

Canadian Hedge Watch Inc.20 Toronto St., Suite 820, Toronto, Ontario M5C 2B8

tel: 416.848.0277 toll free: 1.877.249.9249 fax: 416.848.0278Media, Advertising & Editorial: [email protected]

Subscriptions: [email protected]

Canadian Hedge Watch is published 11 times per year byCanadian Hedge Watch Inc. We welcome articles, suggestionsand comments from our readers. All submissions become the

property of Canadian Hedge Watch Inc., which reserves the rightto exercise editorial control in accordance with its policies

and educational goals.

DisclaimerCanadian Hedge Watch (CHW) presents news, information and data onboth Canadian and Global alternative investment activity. The informationpresented is not to be taken as an endorsement, investment advice or apromotion for the organizations and individuals whose material andinformation appears in this CHW publication or on the Canadian HedgeWatch website.

The material presented, separate from paid advertisements, is for the solepurpose of providing industry-specific information. As with all areas offinancial investing, CHW recommends strongly that readers shouldexercise due diligence by consulting with their investment advisor or othertrusted financial professional before taking any action based upon theinformation presented within these pages.

Editorial and Sales

EditorTerry Krowtowski

Sales DirectorJudy Street

Art DirectorVic Finucci

Online DeveloperFerenc Schneman

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Hedge Fund Industry Outlook: 4What can you Expect in 2013?Deborah Prutzman, Regulatory Fundamentals GroupMary Beth Hamilton, Eze Castle Integration

AIMA Canada Takes to the Slopes 6

Survey of Allocators’ Investment Trends 8Carl Berg, Catalyst Financial PartnersSusan Weerts

The State of the International 10Hedge Fund IndustryCHW Interviews Andrew Baker, CEO of AIMA

Business Insider - 13Money Game – Chart of the Day

Hedge Fund Performance Tables 14

20 13 Calendar of Events 22

Announcements 29

www.canadianhedgewatch.com4

Speakers, Deborah Prutzman, CEO of the Regulatory Fundamentals Group, and Mary Beth Hamilton,Vice President of Marketing for Eze Castle Integration, recently hosted a webinar on the HedgeFund Industry Outlook for 2013. Following is a recap of the key topics discussed around operationaldue diligence, regulations and technology trends.

Insights from Deborah Prutzman, Regulatory Fundamentals Group

2012 was a year marked with significant regulatory changes in the world of investmentmanagement. So far, we’re expecting to see more of the same in 2013. This time, the direction andmanner of change will likely be more predictable. Some important themes we expect will permeatethroughout the year include:

• A need for trust• A focus on governance• Pensions searching for yield• Central counterparty risks• An arms race between regulators• A need to focus on supervisory processes around marketing

External Factors Driving Change in 2013As always, investors are hungry for yield, but they are smarter now thanks to lessons learned in thepost-Madoff era. This year, the “typical” investor that invests in alternatives is changing. We expectthe importance of institutional investors to increase, while pension funds and endowments start toseek greater allocations.

So, what does this mean? First and foremost, we’ll see an increased focus on operational duediligence amongst hedge funds. Additionally, this will raise the stakes for asset managers. If wordgets out to the media that a high net worth individual lost money in a questionable investmentscenario, the media and the public will not see this favorably. But, if a teachers union or group ofnurses loses pension funds, there will likely be far greater backlash.

Major Changes to Look For2013 is likely going to be the year of regulatory enforcement in the alternatives industry. We’reseeing that the regulatory bodies that govern this space are especially invigorated right now. TheSEC has a new Asset Management Unit in place, and is changing its approach to focus more onconflicts, human motivation and deep knowledge of the industry. We expect much of the same atthe CFTC as well. Other US regulators, such as the FERC (Federal Energy Regulatory Committee)and state governance groups will start to play a more influential role this year as well.

Insights from a

recently hosted

webinar on the

Hedge Fund Industry

Outlook for 2013.

Deborah PrutzmanCEO

Regulatory Fundamentals Group

Mary Beth HamiltonVice President of Marketing

Eze Castle Integration

Hedge Fund IndustryOutlook: What can you Expect in 2013?


Another change to look for is the tendency for regulators to focus on thepersonal liability of firms’ senior management. The media is applyingpressure to the industry to hold these executives accountable for the innerworkings of their funds, and popular belief is they should be taking a moresupervisory role going forward.

In 2012, we began to see increased litigation coming from the investorbase and we believe this will continue to grow, especially as the“whistleblower” phenomenon gains momentum. Last year, the SECreceived 3,000 tips from whistleblowers (about 8 per day) – a number thatis expected to increase in 2013.

What Adjustments Should You Make?Develop an enterprise-wide understanding of needs as they pertain tothe firm’s strategy, governance, operations and technology. Requirementsshould be innately built into the firm, using clear governance and strongpolicies. As a best practice, we recommend the following framework forgovernance:

1. Perform a comprehensive risk assessment.2. Implement a process for initiating business changes and new activities.3. Implement a process for monitoring for external environmental changes

(such as taxes, laws, best practices, etc.)4. Ensure your staff has a clear understanding of expectations.

This will result in a more mature, agile fund that is in a better position tonavigate the tough competitive environment and upcoming regulatorychanges.

Insights from Mary Beth Hamilton, Eze Castle Integration

DR & BCP In the SpotlightRecent events have tested the preparedness of firms across the UnitedStates and internationally. From the London Olympics and summer powerfailures to Hurricane Sandy and the recent flu season concerns, the needfor well thought out DR and BCP is pretty clear.

It is important to note that each of the scenarios above impact a businessin different ways and, highlight the importance of conducting thoroughrisk analysis and scenario planning when developing a disaster recoveryand business continuity plan. It is important to think through the differenttypes of scenarios that can impact your firm.

Movement to the CloudAdoption of cloud services by hedge funds and alternative investmentfirms continues to increase at a rapid rate. Eze Castle estimates that 40%of our clients are using some sort of cloud service. A 2012 independentcloud market survey found that nearly 8 in 10 hedge funds & investmentmanagement firms are using the cloud for at least some of their ITinfrastructure or application needs.

The key reasons firms are moving to the cloud are:

• To reduce IT infrastructure investment/costs(transfer from CapEx to OpEx)

• To increase the speed of technology deployment• To simplify IT management and support• To improve IT flexibility and scalability of on-demand resources• To take advantage of built-in disaster recovery and business continuity

features and functionality

Navigating the BYOD TrendToday, the acronym BYOD is becoming common place amongstprofessionals responsible for overseeing a firm’s IT functions. After resistingit for years, firms are starting to recognize that by allowing employees tobring their own devices they can experience potential cost savings,productivity increases and make some employees a little bit happier.

A survey by Good Technology found that 90% of financial organizationssupport the use of personal mobile devices at work. It also found that themost popular model for BYOD at financial institutions is for employees topurchase and pay for their own device with the company offering supportin the form of access to corporate systems. The next-most popular is amodel where the enterprise reimburses users for "eligible expenses" upto a point

The prevalence of employees bringing their own devices also hasimplications on corporate security and policies. Hedge funds need to bethoughtful about their policies and ensure employees are knowledgeableabout responsible practices.

More ResourcesHere are some additional sources of (free!) information to help you stayup-to-date on the latest in hedge fund regulations:

• Eze Castle’s Hedge Fund Regulations Knowledge Centerwww.eci.com/knowledge-center/hedgefundregulation.html

• Regulatory Fundamentals Group’s “Regulations Simplified” Blogregfg.com/blog/governance/rfg-white-paper-the-unasked-question-fund-directors-worth-it-or-not/

To hear the complete presentation, be sure to view the webinar,Hedge Fund Industry Outlook: Trending Topics for 2013.www.eci.com/knowledge-center/webinars/hedge-fund-outlook-2013.html Deborah Prutzman is the founder and CEO of Regulatory FundamentalsGroup, which delivers an intuitive web-based platform to keep investmentfirms up-to-date on regulatory changes and other issues that must beaddressed head-on, while building an enterprise risk management structurethat meets the expectations of investors, regulators and senior management.Deborah has a deep background in the domestic and international financialservices industry and is experienced in regulatory risk management andcorporate governance. For more information, visit www.regfg.com.

Mary Beth Hamilton is vice president of marketing for Eze Castle Integration,a leading provider of IT and cloud computing services, technology andconsulting to hedge funds and alternative investment firms. Mary Beth hasover a decade of technology and marketing experience and holds an MBAfrom Boston College. For more information on Eze Castle Integration, visitwww.eci.com.


More than 60 AIMA

Canada members and

guests took to the

slopes January 31st at

Osler Bluff Ski Club

in Collingwood for

AIMA’s 4th annual

Ontario Ski Day.

The full-day event was organized by AIMA Canada’s Events Committee as a fun day and membernetworking opportunity. Co-sponsored by CIBC, CIBC Mellon and KPMG, It featured everythingfrom lessons for beginners to a Giant Slalom competition for more advanced skiers and the usualaprès ski festivities which featured prize presentations to just about everyone.

The day featured some interesting sights on the various ski runs, including a group of mystery skiersin fat suits (who may or may not have been AIMA members in disguise).

The event was arranged by Osler member and AIMA Canada Deputy Chair Andrew Doman, ablysupported by organizers Claire Van Wyk, Laura Szekely, Mykal Johncox and COO James Burronand AIMA’s current co-op student Lisa Miranda. Also supporting the arrangements were AIMACanada Chair Gary Ostoich and Executive Committee members Paul Patterson and Chris Pitts.

All in all, it was a great day for the organization which will be celebrating the tenth anniversary of itsfounding with a gala event this April.

AIMA CanadaTakes to the Slopes

Andrew Doman with Claire Van Wyk (left) and Lisa Miranda.


Gary Ostoich (left) with Chris Pitts and Donna Beasant Skiers arrive at Osler.

It takes all kinds! Tackling the slalom course.

Guess who? Skiers relax between runs.

Andrew Doman congratulates John Middletonon his outstanding slalom form.

Jody Brison and Wendy Chenenjoy last few minutes before hitting the slopes.


Scope of SurveyIn the last couple of years broadsides have been fired at the hedge fund industry in the form ofindustry criticism, competitive external and internal pressures, meager returns, and difficult markets.We now wanted to take the pulse of what allocators currently think of the industry.

We think this survey is especially interesting, since it not only explores trends within the hedge fundindustry, but also investigates how compelling hedge funds are across different financial products.

We made a similar survey in May 2010 (“A View from Both Sides: the Latest Trends in CapitalRaising”), and we compare some of those answers with this survey to see changes through time.

Executive SummaryIn summary, in 2013 an allocator is ready and willing to invest with an institutional quality hedge fundif it is providing portfolio benefits, decent - but not necessarily top - performance, at attractive feelevels and terms.

If these criteria are not fulfilled allocators may look at substitutes, notably Private Equity, ETFs andmutual funds, or Direct investments.

Going into 2013, within the hedge fund space, L/S Equity looks like the preferred allocationdestination, followed by Emerging Markets and Credit & Fixed Income. This signals a return to morerisky assets as Emerging Markets have particularly been out of favor the last 12-15 months.

• Allocation appetite appears strong. Most of the allocators indicate that they are looking to makeinvestments to hedge funds. Only a small portion of the investors takes a wait and see approach.However, no investors (of the group surveyed) dismiss hedge funds outright.

In the last couple of

years broadsides

have been fired at the

hedge fund industry

in the form of

industry criticism.

Carl BergCatalyst Financial Partners

Susan WeertsContributor

Seekingalpha

Survey of Allocators’Investment Trends

Survey Results

1. In 2013, would you consider allocating to hedge funds?

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

YES, now should be a good time

YES, but only if we find the appropriate manager

PERHAPS, but we'll wait and see how the year

develops

NO, too much admin, high fees and risks

involved

NO, we have been disappointed by the

industry


• Currently allocators’ top preference is L/S Equity strategies. Thissentiment follows the current opinion that the equity markets lookfavorable in 2013, on the back of less systemic risks worldwide,rebounding real estate in the US, and a stronger China.

• More surprisingly, Emerging Markets come in second place. This signalsa return to more risky assets as Emerging Markets have been out of favorthe last 12-15 months.

• In our 2010 survey, Event Driven strategies were allocators’ top choice.Investors rotate their exposures to the flavor of the year.

• Private Equity is the most attractive investment substitute to hedge funds.

• ETFs and mutual funds are also an attractive substitute to hedge funds.These products bring passive beta exposure, with lower fees and lessstringent investor terms than hedge funds.

• Direct Investments are becoming a common substitute. The fact thatallocators are becoming big investors of Directs will have implications forhedge funds, since it might circumvent their intermediary function.

• Portfolio Characteristics (non-correlation, diversification, etc) is the topreason to allocate to hedge funds. Investors seem more interested in howa product fits in their portfolio and core investment objective than thestrategy itself.

• The performance of hedge funds is the second top reason.

• In 2010, high absolute fund performance was the top reason forinvestors to allocate to hedge funds.

• High fees and unfriendly investor terms keep allocators at bay. Aftersome years of a lot of scrutiny and media publicity, high fees are the topreason for allocators to back away from allocating to hedge funds.

• About 15% of respondents thought there are other, more appealing,investment opportunities than hedge funds.

• In our 2010 survey, identifying the ‘Right’ manager was allocators’ topdiscouraging factor. ‘Too high fees’ trailed far down the list of concernsin 2010.

• Over 1,000 allocators were sentthe survey, of which 52 answered itbetween January 10-16th, 2013. Thelargest groups of responders werefund-offunds and family offices.

• Eight types of allocators responded.There were no analysis made on thebasis of allocator type; the surveyresponders were anonymous and theanswers aggregated.

ConclusionThe laundry list for a hedge fund to be successful is not actually that long:run a quality institutional investment firm, make sure it provides benefitsin allocators’ portfolio analysis, limit draw downs while producing decentperformance, and all this at favorable terms and fees.

At different stages of a fund’s growth, however, at least one of theseparameters tend to fall short. Smaller funds often struggle in providingthe necessary institutional frame work, while larger funds refuse tonegotiate fees, and most funds are susceptible to unconvincingperformance or style drift.

In the past year, we think, the development has been in the direction forinvestors and managers to understand what works for each party, whichbodes for better prospects for industry participants alike.

Carl Berg runs Catalyst Financial Partners, a specialist investor events firmfor the alternative investing industry. The firm links alternative investmentmanagers and investors together through investor events. He also works withselected alternative investment firms in a capital raising capacity.www.catalystforum.com

Susan Weerts is a contributing writer to Seekingalpha.com since 2009. Currentresearch areas are strategic trading games on ETF and its underlying index,market-neutral L/S strategy. She is also a consultant on China-related business.

This survey is copyright Catalyst Financial Partners but we accept that the survey is being linked to orquoted as long as you refer to the source. For any comments or questions contact:Catalyst Financial Partners LLC118 E 28th Street, Suite 314 New York, NY 10016 T: +1 212 966 2993 E: [email protected]

2. Within the hedge fund space, what sectors do you think would be especially interesting in 2013?

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

L/S Equity Emerging

Markets

Credit & Fixed

Income

Event Driven Mortgage Macro Commodities,

Energy

Quant & CTAs Trade Finance

3. What other investment opportunities would you consider, if unwilling or unable to consider hedge funds?

0%

5%

10%

15%

20%

25%

30%

Private Equity Funds ETFs and Mutual Funds

Direct Investments in Equity / Debt

Real Estate Funds 'Public' Hedge Funds Cash

4. What is the most important criterion for a hedge fund that you wouldconsider investing in?

0%

10%

20%

30%

40%

50%

60%

Portfolio Characteristics

Meaningful Performance

Appropriate AUM Size

Star Management Team

Long Track-record Low Fees and Attractive Terms

5. What is the consideration that discourages you most in investing in hedge funds?

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Too High fees, Unfriendly Investor Terms

Lackluster Performance Difficulty in Selecting the 'Right' Manager

There Are Other, More Appealing Investment

Opportunities

Fund-of-funds27%

Single/ multi-family office

27%Investor Consultant

10%

Wealth Manager

10%

Other Inst. Investor

10%

HNW Individual

6%

Endowment7%

Pension Fund3%

What type of allocators participated in the survey?


CHW Can you discuss the size, objectives and international scope of the international AIMAorganization?

Andrew Baker Founded in 1990, the Alternative Investment Management Association (AIMA) is theglobal representative of the hedge fund industry. We represent all practitioners in the alternativeinvestment management industry – including hedge fund managers, fund of hedge funds managers,prime brokers, legal and accounting firms, investors, fund administrators and independent funddirectors. Our membership is corporate and comprises over 1,300 firms (with over 6,000 individualcontacts) in more than 50 countries who all benefit from our active influence in policy development,our leadership in industry initiatives and our outstanding reputation with regulators. We representthe global hedge fund industry at national and international levels in ongoing discussions about thefuture regulatory framework for the industry. Our focus on education, regulation, policy developmentand sound practices has resulted in a substantial body of work used around the world by members,institutional investors, policymakers and supervisors. We are committed to developing industryskills and education standards, and we are a co-founder of the Chartered Alternative InvestmentAnalyst designation (CAIA) – the industry’s first and only specialised educational standard foralternative investment specialists.

CHW Having served in the CEO role for four years now, can you outline your original goals forthe organization and give us your thoughts on the progress made to date against those goals?

AB The global financial crisis convinced me that AIMA needed to transform the work it does onbehalf of the industry around the world. It was clear that there would be a wave of new laws andregulations introduced internationally, some designed to regulate hedge fund managers, others toregulate the markets our manager members operate in, others the taxes that are applied to them.The world has changed, and so has AIMA. We have built new structures and brought in new peopleto address these challenges. We are very much more active now than ever before in advocacy onbehalf of the industry, whether with the policymakers or regulators or other important audiences likethe press or investors. We have also used the expertise of our members in unprecedented numbersthrough their contributions to our many working groups, for which we are enormously grateful. Allthis work has delivered significant real results for the industry. Our diligent, patient and sustainedengagement on the major pieces of regulation internationally and our willingness to engageconstructively with the authorities in order to explain the industry’s concerns, has helped to influencekey outcomes within the whole process. Much of the regulation impacting the industry globally isno longer as damaging as it was when first proposed. Outcomes such as these are a testimony tothe work of our staff, members and volunteers and the relationships they have built up.

Canadian HedgeWatch

took the opportunity to

discuss the state of the

international hedge fund

industry with Andrew

Baker, Chief Executive

Officer of the Alternative

Investment Management

Association (AIMA), during

his recent visit to Canada.

Mr. Baker was appointed

AIMA CEO in 2009. Based

in the organization’s

London headquarters,

Mr. Baker brings to his

position an extensive

background of experience

in international finance

and investments.

The State ofthe InternationalHedge Fund Industry


CHW AIMA Canada, the Canada national group of the internationalAIMA organization, will celebrate the tenth anniversary of its foundingthis spring. How would you assess the development of AIMA Canadato date?

AB AIMA Canada’s development has been very impressive. It has grownrapidly since its founding in 2003 and currently has approximately 100corporate members across the country. AIMA Canada has been veryactive on many fronts, including developing and promoting soundpractices, enhancing industry transparency and education, and liaisingwith the wider financial community, institutional investors, the media,regulators, governments and other policymakers.

CHW Can you comment on the nature and relative growth of thehedge fund industry in Canada?

AB We have seen significant growth in both the number of funds andvariety of strategies being traded within Canada over the past few years.There has also been a good deal of growth in AUM during this period.Canadian fund managers currently manage over $30 billion, up fromabout $12 billion just five years ago.

CHW Over the past two years, AIMA Canada has establishedregional committees in Quebec, Alberta and B.C. Is this regionalapproach a common practice with other AIMA national groups?

AB Given Canada’s geography, its distinct regional markets and itsprovincial regulation, it made sense to take this regional approach. Thisset up is unique in the international AIMA organization.

CHW Can you tell us how AIMA has worked with regulators in theEU to provide input and represent member views on the developmentof the Alternative Investment Fund Managers Directive (AIFMD) whichgoverns access to EU investors by non-EU fund managers?

AB AIMA, as the global hedge fund association, has engaged intensivelyand constructively with European and international policymakers on theDirective since the original draft was published by the EuropeanCommission in 2009. At the time of the publication of that original draft,we stressed that we supported much of the Directive, particularly thoseprovisions relating to transparency and involving the registration ofmanagers and their reporting of systemic data to supervisors in theinterests of financial stability assessment in line with the G20 consensus.However we also expressed grave reservations about some of its content.There were many provisions that would have negatively impacted boththe alternative asset management industry globally and also Europeaninvestors. Since then there has been considerable progress and asignificant amount of ground has been covered. The final text of theDirective that has now been agreed by the European Commission is aconsiderable improvement not only for our members globally but in termsof its impact on investors. Our focus has now shifted to theimplementation of the Directive. As you know, the AIFMD is a complicatedpiece of legislation. It is being implemented in EU Member States in avariety of different ways, while non-EU or ‘third country’ jurisdictions arealso taking differing approaches to it. This leaves hedge fund firms acrossthe world facing a lot of complex choices. Even now, the full legal andregulatory framework for the AIFMD has not been fully finalized. But theindustry needs to start its implementation efforts now - since the soonerone starts, the less costly it will be in the end.

CHW AIMA recently launched an on-line self-diagnostic tool anddetailed guide to implementation for firms needing to comply with theEU Directive (AIFMD). Can you comment on the importance of this toolto international managers and how it works?

AB We think it will be a very important tool for international managers asthey begin or continue to market their funds to investors in EU countries.The diagnostic tool and implementation guide, which was jointlyproduced by AIMA and the professional services firm PwC, will assistAIMA member firms in preparing for, and tracking, their compliancereadiness. The guide outlines the various strategic and business optionsboth EU and non-EU managers should consider when planning forcompliance with the directive. It is supplemented by an online self-diagnostic tool that will assist managers as they approach the July 2013implementation deadline. We hope that these tools will enable hedge fundfirms to get a better sense of the steps that they will need to take in orderto respond to and comply with the provisions of the AIFMD.

CHW Looking ahead, what do you see as the biggest issue facingthe international hedge fund industry?

AB The years ahead will present another set of challenges for theindustry. Clearly, performance has always been, and will continue to be,key. The industry will continue to evolve, mature and become moreinstitutionalised. There will always be a tremendous need for the kind ofsound-practice guides and due diligence questionnaires for which AIMAis rightly lauded. But for AIMA, advocacy continues to be our priority.2013 is likely to be even busier than 2012 in terms of workload. We are atthe end of the beginning, not the beginning of the end, of the regulatorychanges that will impact the industry. AIFMD, FATCA, shadow bankingand many other reforms will require extensive engagement withpolicymakers and supervisors. AIMA will also be moving increasingly fromseeking to achieve better outcomes for the industry during the draftingstage of regulation to helping our members with the necessaryimplementation to comply with the final text of that regulation. Becausewe have been working on these proposals since they were first putforward, we understand the intent and detail of these new regulations,and we will be producing new tools and services to help our memberscomply with and interpret them. Andrew Baker is the Chief Executive Officer of AIMA. Prior to joining AIMAhe spent six years at Schroders in London where he was COO - AlternativeInvestments.

Previously, Andrew held senior business management positions at Gartmoreand UBS Asset Management after a fifteen year spell of managing institutionalassets at HD International and N. M. Rothschild. In the early 1980s he spenttwo years on secondment at the Bank Of Papua New Guinea in Port Moresby.

Andrew has a degree in Mathematics from Imperial College, London and ismarried with three children.

Terry of Canadian Hedge Watch with Andrew Baker

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BUSINESS INSIDERMoney Game – Chart of the Day

Hedge Funds Have Lost Their Love For Gold

After taking a cursory look at the recent 13-Fs filed by hedge funds, it became apparent that hedge funds were scalingback their exposures to gold. George Soros was among the big names that unloaded his position.

According to Goldman Sachs’ new Hedge Fund Trend Monitor report, hedge funds in aggregate scaled back big time.

Despite low turnover, hedge funds notably reduced holdings of underperforming long-time favorites Apple and gold whileraising allocations to rallying Financials. For the first time in three years AAPL was not the top stock in our VIP list, insteadranking as the third most frequent top-10 holding. The stock fell 20% in 4Q and funds reduced positions by over 30%.

Holdings in GLD were also lower than they have been in at least four years, equaling just 0.6% of long positions asthe ETF fell 6% in price.


H E D G E F U N D P E R F O R M A N C E (as of January 31, 2013)

Fund NameAsset Size

($MM)1

Month3

Month6

MonthYTD

1 Year

3 Year

(Ann.)

Since Inception

(Ann.)

Best 6 Mo.

(3 Year)

Worst 6 Mo.

(3 Year)

Max. Draw Down

Std. Dev.

(1 Year)

Std. Dev.

(3 Year)

Beta (1 Year,

TSX)

Alpha (%) (1 Year,

TSX)

Correl. (1 Year,

TSX)

Correl. (1 Year, S&P500)

% High Water- mark

% Pos. Month

Since Inc.

Acorn Diversified Program 43.000 7.59 5.26 9.19 7.59 11.51 7.04 2.97 15.81 -13.20 -17.77 18.06 14.52 -0.48 12.41 -0.26 -0.19 97.88 46.51

Act II New Media Fund A 9.470 1.10 -2.10 -0.18 1.10 8.86 4.55 4.58 18.32 -16.38 -16.38 6.99 10.45 -0.04 8.94 -0.06 0.23 91.02 53.33

Act II New Media Fund Class U - 1.06 -2.16 -0.43 1.06 4.58 - -7.36 5.03 -16.31 -16.31 6.43 - -0.06 4.69 -0.09 0.25 87.52 42.11

Act II New Media Fund F - 1.20 -0.65 1.58 1.20 9.82 6.91 5.89 18.99 -15.87 -15.87 6.72 10.39 0.34 9.18 0.49 0.54 93.59 57.38

Agilith North American Diversified Fund - 5.79 21.48 26.57 5.79 40.04 17.46 15.79 28.09 -19.60 -46.04 13.71 15.03 0.56 38.99 0.40 0.66 100.00 59.38

AlphaNorth Growth Fund Series A 15.400 0.40 -4.64 -2.46 0.40 -29.11 - -23.41 27.79 -31.98 -35.85 21.20 - 1.94 -32.75 0.89 0.67 65.56 31.58

AlphaNorth Partners Fund Class A 80.000 1.30 4.21 12.76 1.30 -10.57 31.25 21.22 151.77 -25.16 -63.33 15.66 31.82 1.26 -12.93 0.78 0.42 66.02 61.29

Amethyst Arbitrage Fund 110.000 -0.09 3.14 -1.55 -0.09 -2.16 6.12 7.81 11.44 -6.18 -34.47 5.04 4.34 0.15 -2.44 0.28 0.57 96.61 77.78

Arrow Diversified Fund Class A 31.020 0.60 0.40 0.97 0.60 -4.03 -3.12 1.51 8.46 -8.84 -18.13 3.14 4.29 0.30 -4.59 0.94 0.71 82.68 59.23

Arrow Diversified Fund Class A U$ 93.620 0.58 0.24 0.67 0.58 -5.22 -3.93 2.72 7.95 -9.72 -20.85 3.28 4.44 0.32 -5.82 0.95 0.67 79.74 57.81

Arrow Diversified Fund Class F C$ 75.750 0.73 0.78 1.71 0.73 -2.65 -2.06 2.82 8.96 -8.54 -17.21 3.14 4.32 0.31 -3.23 0.94 0.70 86.28 60.50

Arrow Diversified Fund Class F U$ 75.750 0.66 0.55 1.29 0.66 -3.61 -2.94 1.58 8.49 -9.11 -17.48 3.20 4.37 0.31 -4.19 0.94 0.71 84.29 57.14

Aurion II Equity Fund 39.470 0.66 0.66 8.16 0.66 -6.03 1.46 6.40 26.99 -27.12 -41.81 9.68 15.37 0.89 -7.70 0.90 0.51 77.40 61.90

Aurion II Equity Fund Series D 10.460 0.57 0.41 7.62 0.57 -6.96 0.49 2.75 26.92 -27.54 -42.05 9.69 15.40 0.89 -8.63 0.89 0.53 75.83 59.15

Aurion Income Opportunities Fund 31.240 -0.59 -0.22 0.46 -0.59 3.25 6.37 4.09 6.18 -0.19 -13.79 2.13 3.04 0.01 3.23 0.06 0.26 99.30 71.43

Aurion Income Opportunities Fund Class D 8.060 -0.63 -0.35 0.24 -0.63 2.79 5.85 1.78 5.94 -0.45 -13.74 2.13 3.06 0.01 2.77 0.06 0.26 99.22 65.00

Auspice Diversified Trust Class A - 0.37 -1.32 -7.38 0.37 -12.43 -0.66 -2.16 16.01 -13.21 -20.73 7.88 8.76 -0.26 -11.94 -0.33 -0.42 80.15 52.50

Auspice Diversified Trust Class S - 0.36 -1.33 -7.39 0.36 -12.44 - -7.11 4.66 -13.21 -20.76 7.88 - -0.26 -11.95 -0.33 -0.42 80.11 44.00

Auspice Managed Futures LP. - 0.40 -1.65 -7.59 0.40 -12.40 0.19 2.19 18.27 -13.44 -20.50 8.01 9.42 -0.26 -11.91 -0.31 -0.41 80.47 50.00

Barometer Long Short Equity Pool Class A 6.660 7.15 3.58 2.45 7.15 -2.41 -1.15 3.21 38.18 -19.19 -32.59 15.59 19.58 -0.24 -1.96 -0.15 -0.24 76.28 55.56

Barometer Tactical Exchange Traded Fund Pool - 3.88 -1.82 -4.55 3.88 -4.75 - 1.01 17.32 -12.79 -18.59 9.27 - -0.32 -4.15 -0.33 -0.23 84.57 51.72

Blackheath Futures Fund Class A 5.000 -8.18 -8.24 0.58 -8.18 -14.76 0.90 1.83 21.38 -15.25 -16.99 18.73 17.74 0.02 -14.80 0.01 -0.60 83.49 65.00

Blackheath Volatility Arbitrage Fund Class A 3.100 -0.94 2.05 11.36 -0.94 21.03 - 11.54 20.08 -9.46 -11.69 11.55 - 0.25 20.56 0.21 0.01 99.06 60.00

BluMont Hirsch Performance Fund 32.010 3.98 3.33 8.80 3.98 -8.71 8.33 9.42 22.15 -16.09 -41.19 11.14 11.14 0.79 -10.19 0.69 0.62 83.19 61.36

Broadview Dark Horse LP - 3.18 5.32 7.74 3.18 14.15 11.95 17.21 14.84 -5.14 -7.41 5.66 8.08 0.33 13.53 0.57 0.85 100.00 80.43

Brompton Energy Opportunities Fund Series 2009 8.680 -3.25 -6.98 1.92 -3.25 -13.84 11.58 24.67 54.25 -22.80 -33.30 25.59 24.02 1.38 -16.43 0.53 0.09 74.64 61.36

Brompton Energy Opportunities Fund Series 2010 2.730 -3.25 -6.98 1.92 -3.25 -13.84 - -0.61 54.24 -22.80 -44.11 25.58 - 1.38 -16.43 0.53 0.09 62.54 53.13

Brompton Energy Opportunities Fund Series A 3.720 -3.25 -6.98 1.89 -3.25 -13.89 9.23 3.56 47.24 -22.83 -52.21 25.60 23.47 1.39 -16.50 0.53 0.09 74.54 59.62

BSP Absolute Return Fund L/S Eq. US$ - 1.79 3.04 4.66 1.79 6.56 - 3.01 4.66 -5.35 -5.35 3.14 - 0.21 6.17 0.64 0.75 100.00 69.57

BSP Absolute Return Fund Multi Strat.US$ - 1.71 3.08 4.91 1.71 7.19 4.15 5.75 8.37 -4.61 -15.21 1.84 3.84 0.12 6.96 0.63 0.69 100.00 74.16

BT Global Growth Fund L.P. - 1.29 1.95 9.06 1.29 -6.32 0.93 9.67 30.25 -17.23 -40.84 12.12 15.69 0.93 -8.06 0.74 0.47 79.57 60.53

Burlington Partners Plus LP - 1.91 1.92 8.60 1.91 20.42 - 10.25 21.51 -13.48 -14.40 6.38 - 0.33 19.80 0.50 0.53 100.00 59.38

Burlington Partners1 LP - 1.73 1.72 5.67 1.73 14.16 6.05 5.12 12.70 -7.28 -13.27 4.71 5.63 0.27 13.65 0.55 0.57 100.00 62.50

Calrossie Partners Fund - 2.91 7.78 12.15 2.91 17.35 13.89 7.71 19.29 -10.26 -35.06 7.13 9.42 0.59 16.24 0.80 0.78 100.00 67.24

ChapelGate Credit Opportunity Fund Ltd. 252.590 4.13 5.02 12.94 4.13 21.54 17.83 14.64 12.94 1.12 -4.23 4.01 3.79 0.23 21.11 0.56 0.45 100.00 89.53

CI Global Opportunities Fund C$ 14.620 1.21 0.27 -0.44 1.21 1.45 -0.61 16.72 9.29 -7.32 -39.28 5.15 6.35 -0.11 1.66 -0.21 -0.32 89.67 58.02

CI Global Opportunities Fund U$ 21.160 0.72 0.47 0.12 0.72 1.23 1.47 6.66 6.77 -6.55 -46.22 6.46 7.76 0.30 0.67 0.44 0.29 94.95 52.23

Curvature Market Neutral Fund A 41.340 -0.31 -4.87 -2.65 -0.31 5.38 - 6.26 11.65 -2.65 -5.61 7.00 - -0.24 5.83 -0.33 -0.15 94.39 67.74

DKAM Capital Ideas Fund 47.500 5.06 6.04 13.08 5.06 8.01 12.91 24.93 24.79 -8.15 -11.98 9.17 11.62 0.79 6.53 0.84 0.55 100.00 73.08

Dynamic Alpha Performance Fund Series A 422.011 3.11 2.31 4.60 3.11 7.44 6.26 6.92 11.78 -8.29 -15.50 7.39 7.14 0.03 7.38 0.04 0.42 98.39 60.94

Dynamic Alpha Performance Fund Series F - 3.04 2.45 5.02 3.04 8.55 7.38 6.92 12.39 -7.60 -15.12 7.32 7.02 0.02 8.51 0.03 0.41 100.00 59.52

Dynamic Alpha Performance Fund Series FH U$ - 3.13 1.02 - 3.13 - - - - - -2.05 - - - - - - 100.00 60.00

Dynamic Alpha Performance Fund Series H - 2.97 0.63 3.41 2.97 - - - - - -2.28 - - - - - - 100.00 62.50

Dynamic Alpha Performance Fund Series T 8.460 3.03 2.29 4.53 3.03 7.44 - 3.89 8.11 -8.28 -8.47 7.44 - 0.02 7.40 0.03 0.40 98.34 52.94

Dynamic Contrarian Fund 25.457 -0.91 -2.68 -4.38 -0.91 -9.77 -7.48 1.51 35.56 -39.54 -63.12 3.09 19.95 0.15 -10.05 0.46 0.55 55.29 52.22

Dynamic Income Opportunities Fund 47.008 3.84 2.38 4.01 3.84 4.79 10.23 7.76 18.60 -4.17 -29.50 6.96 9.75 0.32 4.19 0.44 0.37 100.00 65.38

Dynamic Power Emerging Markets Fund Series A 16.735 1.65 -3.14 -0.54 1.65 -2.90 -8.63 -3.75 24.72 -29.98 -74.27 19.97 19.22 0.49 -3.82 0.24 0.50 31.95 61.36

Dynamic Power Emerging Markets Fund Series C - 1.73 -3.07 -0.48 1.73 -2.83 -7.36 -2.35 30.13 -29.82 -74.27 20.01 20.09 0.50 -3.77 0.24 0.50 35.49 61.36

Dynamic Power Hedge Fund Series C - 2.47 1.00 9.29 2.47 -10.79 -4.49 15.94 47.84 -38.65 -79.61 20.99 29.51 1.44 -13.49 0.67 0.43 58.94 55.56

Enso Global Fund A 8.590 -1.41 -7.79 -10.09 -1.41 -36.29 -20.07 -1.27 93.82 -56.08 -74.74 23.54 37.30 1.73 -39.54 0.71 0.38 25.26 56.67


Fund NameAsset Size

($MM)1

Month3

Month6

MonthYTD

1 Year

3 Year

(Ann.)

Since Inception

(Ann.)

Best 6 Mo.

(3 Year)

Worst 6 Mo.

(3 Year)

Max. Draw Down

Std. Dev.

(1 Year)

Std. Dev.

(3 Year)

Beta (1 Year,

TSX)

Alpha (%) (1 Year,

TSX)

Correl. (1 Year,

TSX)


% High Water- mark

% Pos. Month

Since Inc.

Enso Global Fund Class U - -1.46 -7.78 -10.24 -1.46 -36.63 - -49.57 -10.24 -52.81 -68.05 23.55 - 1.73 -39.88 0.71 0.38 31.95 30.00

Enso Global Fund F 26.720 -1.33 -7.49 -9.59 -1.33 -35.66 -19.43 -0.25 94.63 -55.97 -74.35 23.57 37.32 1.73 -38.91 0.71 0.38 25.65 56.78

Exemplar Diversified Portfolio Series A 43.210 3.04 1.91 -9.00 3.04 -9.06 -0.35 0.86 17.83 -16.67 -21.78 13.30 12.30 -0.80 -7.56 -0.58 -0.50 81.02 51.11

Exemplar Diversified Portfolio Series F - 3.13 -0.52 -0.79 3.13 -0.46 - 7.85 18.18 -9.36 -9.36 10.25 - -0.17 -0.14 -0.16 0.06 94.13 56.25

Exemplar Leaders Fund Series A 25.990 4.32 -1.54 3.54 4.32 9.10 9.45 2.12 23.19 -13.65 -39.26 12.33 13.68 0.76 7.67 0.60 0.67 98.46 60.94

Exemplar Leaders Fund Series F - 4.38 14.27 -1.57 4.38 6.28 14.54 1.38 21.62 -13.19 -38.51 15.93 13.36 -0.48 7.18 -0.29 0.25 95.23 60.78

Fairlane A Plus Bond Hedged Fund - 1.11 2.52 6.11 1.11 11.53 - 10.10 7.31 2.59 -1.51 3.43 - 0.25 11.06 0.71 0.76 100.00 84.21

Fiera Global Macro Fund Class A 0.950 1.60 2.64 3.26 1.60 4.03 -2.29 -2.36 3.47 -6.83 -14.86 5.78 5.23 -0.15 4.31 -0.24 -0.44 91.99 40.48

Fiera Global Macro Fund Class F 1.730 1.70 2.93 3.83 1.70 5.22 -1.20 -1.18 4.06 -6.29 -14.29 5.79 5.28 -0.15 5.50 -0.25 -0.44 93.48 59.32

Fiera Long Short Equity Fund Class A - 3.21 5.92 6.22 3.21 - - - - - -5.71 - - - - - - 100.00 63.64

Fiera Market Neutral Equity Fund Class A 34.240 0.78 1.00 0.46 0.78 -5.22 -5.75 -1.12 11.26 -14.93 -21.62 4.55 7.11 0.31 -5.80 0.65 0.60 80.05 50.91

Fiera Market Neutral Equity Fund Class F 47.900 0.87 1.27 1.01 0.87 -4.15 -4.72 0.38 11.79 -14.45 -20.34 4.55 7.11 0.31 -4.73 0.65 0.60 81.72 55.56

Fiera Tactical Bond Yield Fund Class A 81.019 0.67 0.62 0.62 0.67 3.95 - 2.41 4.68 -1.16 -1.20 2.48 - -0.11 4.16 -0.42 -0.17 99.92 73.68

Formula Growth Alpha II Fund Class B 37.600 1.19 9.20 11.98 1.19 14.65 - 6.68 26.68 -8.92 -17.40 8.71 - 0.33 14.03 0.37 0.32 100.00 57.14

Formula Growth Global Opportunities Fund Cl. S C$ 22.600 5.19 16.09 24.42 5.19 16.22 1.50 5.11 24.42 -19.87 -24.00 13.28 14.14 0.78 14.76 0.57 0.46 95.76 61.22

Formula Growth Hedge Fund Class F C$ 181.900 2.30 10.94 15.73 2.30 9.64 6.04 17.81 28.39 -19.19 -20.73 9.96 14.97 0.41 8.87 0.40 0.37 100.00 64.23

Formula Growth Hedge Fund Class F U$ - 1.87 11.00 16.01 1.87 10.29 8.31 22.93 33.34 -24.33 -25.96 11.95 20.93 0.86 8.68 0.70 0.67 100.00 69.67

Friedberg Asset Allocation Fund 54.990 0.91 5.03 3.31 0.91 -8.62 9.65 11.08 12.87 -11.55 -14.61 13.42 12.13 -0.17 -8.30 -0.13 -0.14 91.38 65.79

Friedberg Global Macro Hedge Fund U$ 282.900 7.39 5.87 16.36 7.39 17.18 24.01 25.95 37.48 -10.56 -21.74 30.23 27.78 0.52 16.20 0.17 -0.20 100.00 60.87

Front Street Canadian Energy Resource Fund Ser B 17.290 -2.85 -11.34 10.74 -2.85 -37.69 -14.97 4.43 65.26 -43.97 -72.55 34.76 33.97 3.02 -43.36 0.84 0.36 38.98 63.54

Front Street Canadian Energy Resource Fund Ser F 1.170 -2.76 -11.08 11.40 -2.76 -37.27 - -14.25 61.91 -43.69 -66.67 34.86 - 3.02 -42.94 0.84 0.36 39.22 54.84

Front Street Canadian Hedge Fund Series B 108.030 1.08 0.20 5.66 1.08 -2.99 -0.31 10.84 34.93 -26.95 -43.40 10.16 16.65 0.93 -4.73 0.89 0.54 74.27 63.98

Front Street Growth and Income Fund Series A (LL) 9.630 0.51 2.75 4.47 0.51 -8.86 - -12.39 4.47 -12.76 -21.51 10.84 - 1.01 -10.75 0.91 0.70 82.01 44.44

FrontFour Opportunity Fund - 5.93 6.90 10.84 5.93 15.81 - 12.78 17.94 0.99 -5.84 8.34 - 0.51 14.85 0.59 0.67 100.00 68.42

frontierAlt Global Dividend Fund 4.050 5.03 8.80 11.89 5.03 11.94 3.14 -10.00 16.08 -13.47 -61.69 10.91 12.24 0.81 10.42 0.72 0.90 51.95 54.17

Garrison Hill Fund Series A - -0.69 -0.48 -1.93 -0.69 -5.07 - -4.69 -1.09 -3.36 -5.07 1.70 - 0.00 -5.07 0.01 -0.33 94.93 23.08

Garrison Hill Fund Series A (Class G) US$ - -0.76 -0.68 -2.38 -0.76 -5.92 - -5.47 -1.56 -3.70 -5.92 1.71 - 0.00 -5.92 0.01 -0.30 94.08 23.08

Garrison Hill Fund Series F - -0.59 -0.19 -1.40 -0.59 -4.10 - -3.79 -0.57 -2.99 -4.27 1.74 - 0.00 -4.10 0.01 -0.31 95.90 30.77

Garrison Hill Macro Opportunities LP - -0.62 -0.20 -1.45 -0.62 -4.15 3.34 1.56 14.77 -8.18 -11.49 1.76 6.31 0.00 -4.15 0.02 -0.30 88.66 54.93

GFM 130/30 Fund - 2.15 3.35 12.28 2.15 -1.81 4.60 10.49 25.56 -16.18 -20.72 14.24 13.58 1.41 -4.46 0.96 0.68 89.01 59.62

GFM Dividend Income Fund - 2.81 3.93 9.38 2.81 4.59 - 2.46 15.47 -4.87 -12.73 9.89 - 0.93 2.85 0.91 0.70 100.00 47.37

GFM Market Neutral Fund - 1.76 3.07 3.23 1.76 -2.52 0.15 5.54 8.41 -5.57 -8.81 4.87 5.12 0.35 -3.18 0.70 0.51 94.22 55.77

Goodwood Fund Class A 16.490 1.29 -1.82 4.28 1.29 6.81 -5.06 10.09 12.66 -21.03 -55.80 10.61 13.23 0.77 5.37 0.71 0.69 62.52 61.54

Goodwood Fund Class B 45.110 1.29 -1.82 4.28 1.29 6.89 -5.04 0.51 12.72 -21.03 -55.41 10.61 13.23 0.77 5.45 0.71 0.69 63.13 57.14

Goodwood Value Fund A 14.700 1.35 -1.93 3.68 1.35 5.89 -5.37 1.55 12.19 -20.99 -56.29 10.55 12.79 0.77 4.45 0.71 0.69 60.24 57.55

Goodwood Value Fund F 81.780 1.36 -1.78 4.01 1.36 6.66 -4.68 3.39 12.64 -20.71 -62.58 10.55 12.80 0.77 5.22 0.71 0.69 53.03 59.68

High Yield Fund A C$ 238.590 0.65 0.68 3.25 0.65 1.08 4.50 5.71 10.43 -5.60 -9.27 3.35 5.49 0.28 0.55 0.81 0.65 96.24 65.38

High Yield Fund A U$ 304.240 0.57 1.08 2.77 0.57 0.83 4.19 6.09 10.08 -5.89 -8.65 3.36 5.58 0.28 0.30 0.80 0.62 95.76 70.00

High Yield Fund F 95.570 0.73 1.14 3.93 0.73 2.15 5.20 6.27 10.87 -5.83 -9.82 3.33 5.64 0.29 1.61 0.83 0.64 96.99 67.23

Hillsdale Canadian Long/Short Equity Fund Class A 5.820 1.49 -3.16 1.35 1.49 3.15 1.28 7.16 16.46 -8.39 -24.49 10.05 9.52 0.56 2.10 0.54 0.44 82.67 57.96

Hillsdale Enhanced Income Fund Class A 6.790 3.48 3.49 3.98 3.48 10.42 - 5.14 7.66 -7.65 -7.65 6.44 - 0.40 9.67 0.60 0.60 100.00 62.96

IA Multi-Strategy 1.490 -1.69 -2.28 -3.57 -1.69 -4.15 -2.50 -3.31 4.92 -6.92 -36.78 2.86 3.93 0.07 -4.28 0.23 0.11 63.22 45.00

IMFC Global Concentrated Program - 4.97 3.57 -5.60 4.97 -5.19 1.09 3.65 13.31 -13.50 -15.88 13.03 11.45 -0.69 -3.90 -0.51 -0.42 88.69 52.17

IMFC Global Investment Program - 3.16 2.25 -8.38 3.16 -7.87 0.50 8.88 18.72 -16.05 -21.06 13.21 12.41 -0.79 -6.39 -0.58 -0.49 81.95 48.61

Inflection Strategic Opportunities Fund Series A - 1.77 4.23 9.91 1.76 15.87 - 7.60 11.47 -10.47 -12.00 4.41 - 0.32 15.27 0.71 0.57 100.00 64.29

JC Clark Focused Opportunities Fund (Class A) 15.364 2.20 6.53 19.24 2.20 19.72 3.06 7.25 19.24 -11.47 -14.02 10.87 8.29 0.48 18.82 0.43 0.30 100.00 64.13

JC Clark Patriot Trust (Class B) 26.607 2.04 2.15 8.31 2.04 -9.52 -1.09 8.16 20.92 -17.01 -29.64 14.24 12.89 1.33 -12.02 0.90 0.70 77.82 65.00

JC Clark Preservation Trust (Class B) 66.455 3.14 9.24 18.60 3.14 17.18 -2.31 10.93 18.60 -9.84 -22.61 8.54 7.82 0.41 16.41 0.46 0.31 91.92 58.79

JM Catalyst Fund 13.300 2.74 3.47 5.65 2.74 13.31 13.72 12.13 11.00 2.10 -3.31 2.96 4.80 0.10 13.12 0.31 0.46 100.00 78.69

KCS Great White North Fund Class A - 0.89 2.05 2.02 0.89 0.98 0.88 1.93 5.48 -3.43 -4.31 1.88 2.47 0.10 0.79 0.51 0.46 97.98 61.70




Fund NameAsset Size

($MM)1

Month3

Month6

MonthYTD

1 Year

3 Year

(Ann.)

Since Inception

(Ann.)

Best 6 Mo.

(3 Year)

Worst 6 Mo.

(3 Year)

Max. Draw Down

Std. Dev.

(1 Year)

Std. Dev.

(3 Year)

Beta (1 Year,

TSX)

Alpha (%) (1 Year,

TSX)

Correl. (1 Year,

TSX)


% High Water- mark

% Pos. Month

Since Inc.

KCS Great White North Fund Class B - 0.84 1.90 1.73 0.84 0.42 - 0.01 5.23 -3.71 -4.93 1.88 - 0.10 0.23 0.51 0.46 97.02 53.13

KCS Great White North Fund Class F - 0.93 2.19 2.30 0.93 1.55 1.42 2.38 5.72 -3.16 -3.67 1.88 2.46 0.10 1.36 0.51 0.46 98.96 63.83

KCS Great White North Fund Class O - 0.98 2.33 2.59 0.98 2.13 - 1.52 2.59 -2.89 -3.04 1.88 - 0.10 1.94 0.51 0.46 99.93 58.33

Kensington Global Private Equity Fund Class E+G 58.000 0.70 2.62 4.26 0.70 4.03 11.35 3.29 20.22 -5.11 -15.93 6.48 9.74 -0.24 4.48 -0.36 -0.21 99.99 47.14

Kensington Hedge Fund 1 Series A+E+F - 1.55 2.45 8.59 1.55 14.21 - 11.36 8.90 2.93 -0.26 3.09 - 0.09 14.04 0.30 -0.08 100.00 86.67

King & Victoria Fund LP - 5.50 20.15 25.63 5.50 32.99 28.67 25.44 38.14 -11.98 -32.14 11.07 13.70 0.47 32.11 0.41 0.35 100.00 76.19

King & Victoria RSP Fund Class A Units - 5.50 20.15 25.63 5.50 31.99 28.16 15.86 37.83 -11.99 -33.73 11.20 13.67 0.47 31.11 0.40 0.33 100.00 70.71

Landry Morin Long Short Momentum Fund Series A - 0.74 -2.73 -0.37 0.74 3.13 1.02 -1.89 11.00 -10.47 -27.24 5.54 8.28 -0.11 3.34 -0.19 -0.28 79.53 50.62

Landry Morin Long Short Momentum Fund Series B - 1.05 -2.48 -0.16 1.05 3.20 - -3.22 8.33 -7.14 -8.90 5.57 - -0.10 3.39 -0.17 -0.25 96.25 42.86

Landry Morin Long Short Momentum Fund Series F 29.100 3.50 0.10 2.82 3.50 6.98 2.95 4.01 11.59 -10.02 -26.44 6.37 8.49 -0.04 7.06 -0.07 -0.08 85.56 56.41

Landry Morin Long Short Momentum Fund Series G - -0.62 -3.97 -1.49 -0.62 2.21 0.49 -0.11 10.48 -10.24 -11.30 5.59 8.16 -0.14 2.47 -0.24 -0.37 92.65 51.35

Landry Morin Long Short Momentum Fund Series I - -2.24 -5.29 -2.47 -2.24 2.01 2.03 -0.85 12.17 -9.56 -25.62 6.12 8.40 -0.18 2.35 -0.29 -0.46 84.72 53.95

Lightwater Conservative Long/Short - Class A - 6.17 -2.42 1.77 6.17 -6.65 -7.21 -2.92 18.62 -19.67 -33.19 12.46 11.58 0.71 -7.98 0.56 0.58 70.94 55.74

Lycos Value Fund Class O 1.300 -6.16 -0.35 -12.27 -6.16 9.90 16.47 14.93 68.00 -14.32 -22.62 22.11 24.34 -0.99 11.76 -0.43 0.05 86.26 61.22

Lycos Value Fund Class P 0.800 0.50 1.49 3.00 0.50 6.03 6.02 6.01 3.01 2.90 0.00 0.08 0.08 0.00 6.03 -0.18 -0.51 100.00 100.00

Majestic Global Diversified Fund - 3.30 -1.95 -15.07 3.30 -5.75 3.16 2.39 25.18 -20.07 -22.04 23.43 17.91 -0.95 -3.97 -0.39 -0.33 80.53 50.94

Majestic Global Diversified Fund Series A - 3.27 -2.02 -15.06 3.27 -5.89 5.27 4.00 33.05 -20.03 -22.03 23.57 19.46 -0.94 -4.13 -0.39 -0.34 80.52 51.92

Majestic Global Diversified Fund Series I - 3.46 -1.47 -14.52 3.46 -3.65 - -6.96 15.74 -20.22 -20.34 25.63 - -1.09 -1.61 -0.41 -0.37 82.42 48.00

Man AHL Diversified (Canada) Fund Class A C$ - 2.44 -1.21 -3.89 2.44 -6.18 -1.51 2.21 12.75 -9.23 -23.59 8.31 13.68 0.23 -6.61 0.27 0.39 78.28 50.00

Man AHL Diversified (Canada) Fund Class C C$ - 2.56 -0.85 -3.18 2.56 -4.79 - -1.34 10.62 -8.56 -17.76 8.30 - 0.24 -5.24 0.28 0.40 84.41 45.16

Man AHL Diversified (Canada) Fund Class F - 2.53 -0.93 -3.33 2.53 -5.11 -0.41 3.02 13.36 -8.73 -20.33 8.30 13.69 0.24 -5.56 0.28 0.40 81.72 52.05

Man AHL Diversified (Canada) Fund Class I - 2.51 -1.00 -3.48 2.51 -5.39 -0.70 3.04 13.21 -8.85 -21.20 8.30 13.68 0.23 -5.82 0.28 0.40 80.79 52.00

Man AHL Diversified Futures Ltd. - 2.92 -0.64 -3.03 2.92 -5.07 -1.54 2.35 10.00 -8.03 -20.36 7.67 11.09 0.16 -5.37 0.21 0.52 81.96 53.13

Man Canada AHL Alpha Fund Class A - 1.48 -1.33 -3.49 1.48 -5.49 -2.03 -2.78 8.23 -7.19 -16.28 6.13 8.82 0.17 -5.81 0.26 0.37 84.95 47.62

Man Canada AHL Alpha Fund Class F - 1.56 -1.08 -3.03 1.56 -4.59 -1.21 -2.03 8.52 -6.75 -14.61 6.12 8.81 0.17 -4.91 0.27 0.38 86.74 50.00

Man Canada AHL DP Investment Fund Class A - 2.43 -1.35 -4.00 2.43 -6.39 -1.53 -1.53 12.49 -9.32 -20.55 8.32 13.17 0.23 -6.82 0.27 0.39 81.38 41.67

Man Canada AHL DP Investment Fund Class B - 2.44 -1.34 -3.97 2.44 -6.36 -1.49 -1.49 12.52 -9.30 -20.50 8.32 13.17 0.23 -6.79 0.27 0.39 81.44 41.67

Man Canada AHL DP Investment Fund Class C - 2.11 -1.65 -4.29 2.11 -6.67 -1.61 -1.61 12.51 -9.30 -20.51 8.20 13.15 0.23 -7.10 0.27 0.38 81.16 41.67

Man Canada AHL DP Investment Fund Class D - 2.44 -1.34 -3.98 2.44 -6.37 - -4.89 4.62 -9.30 -20.51 8.32 - 0.23 -6.80 0.27 0.39 81.43 42.86

Man Canada AHL DP Investment Fund Class F - 2.55 -1.00 -3.33 2.55 -5.10 -0.17 -0.17 13.26 -8.70 -18.27 8.32 13.19 0.24 -5.55 0.28 0.39 83.84 44.44

Man Canada AHL DP Investment Fund Class G - 2.42 -1.38 -4.06 2.42 -6.54 - -6.35 4.04 -9.40 -18.03 8.32 - 0.23 -6.97 0.27 0.39 83.95 44.00

Man Canada AHL DP Investment Fund Class I - 2.52 -1.07 -3.45 2.52 -5.36 -0.44 -0.44 13.11 -8.82 -18.72 8.31 13.18 0.24 -5.81 0.28 0.39 83.34 44.44

Man Canada AHL DP Investment Fund Class O - 0.69 -3.01 -7.16 0.69 -12.27 -7.09 -7.09 9.27 -12.34 -30.11 7.56 13.06 0.19 -12.63 0.24 0.44 70.37 38.89

Man Canada AHL DP Investment Fund Class P - 0.69 -3.01 -7.15 0.69 -12.24 -7.05 -7.05 9.27 -12.34 -30.04 7.55 13.06 0.19 -12.60 0.25 0.44 70.44 38.89

Man Canada AHL DP Investment Fund Class Q - 0.69 -3.01 -7.15 0.69 -12.21 -7.01 -7.01 9.28 -12.29 -29.94 7.56 13.05 0.19 -12.57 0.24 0.45 70.54 38.89

Man Canada AHL DP Investment Fund Class R - 0.82 -2.65 -6.47 0.82 -10.98 -5.91 -5.91 9.97 -11.70 -28.01 7.56 13.05 0.19 -11.34 0.25 0.45 72.62 41.67

Man Canada AHL DP Investment Fund Class S - 0.69 -3.02 -7.17 0.69 -12.27 - -10.12 4.68 -12.35 -29.16 7.55 - 0.19 -12.63 0.24 0.44 71.32 39.29

Man Canada AHL DP Investment Fund Class T - 0.68 -3.05 -7.24 0.68 -12.39 - -12.06 -0.94 -12.41 -26.21 7.56 - 0.19 -12.75 0.24 0.44 74.29 40.00

Marret High Yield Hedge LP Class B 57.920 -0.02 0.09 1.83 -0.02 1.71 5.38 10.17 8.19 -3.72 -7.60 1.76 4.69 0.11 1.50 0.62 0.03 99.98 75.41

Meson Capital Partners Fund - 5.70 -2.31 -14.35 5.70 -37.23 -16.80 32.07 21.37 -27.28 -55.15 22.34 35.72 1.10 -39.29 0.48 0.73 47.41 53.19

Milford Capital Growth Fund - 0.32 3.11 8.54 0.32 11.77 25.26 17.67 39.18 0.96 -49.99 4.95 10.41 0.20 11.39 0.39 -0.09 100.00 71.76

Niagara Discovery Fund 15.800 1.70 0.37 3.86 1.70 1.17 8.32 13.00 27.51 -9.14 -12.76 6.80 15.01 0.21 0.78 0.29 -0.09 93.60 56.00

Niagara Legacy Class B Fund 77.300 7.60 -0.68 1.72 7.60 14.64 13.42 17.84 60.16 -25.42 -26.57 18.25 31.30 -0.98 16.48 -0.52 -0.47 88.80 60.44

Norrep Market Neutral Income Fund 5.670 0.20 0.05 0.34 0.20 8.59 - 11.57 13.81 0.34 -2.99 6.76 - -0.36 9.27 -0.52 -0.28 97.20 64.71

Northern Rivers Conservative Growth Fund LP 13.420 4.77 -2.90 0.67 4.77 9.93 14.32 8.58 31.57 -12.83 -49.62 13.35 14.48 0.66 8.69 0.48 0.65 96.87 63.22

Northern Rivers Global Energy Fund LP 3.977 1.10 -2.33 8.69 1.10 4.13 10.60 4.86 44.12 -28.69 -61.25 17.71 22.14 1.20 1.88 0.66 0.39 78.54 63.22

Northern Rivers Innovation RSP Fund 5.140 1.10 -11.17 -9.88 1.10 2.08 4.76 0.82 49.11 -25.98 -71.54 17.74 26.64 0.00 2.08 0.00 0.18 44.66 52.34

Palos Income Fund, L.P. - 3.52 4.00 9.03 3.52 6.04 8.94 11.34 18.90 -13.58 -40.08 7.85 9.74 0.72 4.69 0.89 0.63 99.96 70.80

Palos Majestic Commodity Fund LP - 2.40 -3.13 -16.40 2.40 -6.92 2.38 1.91 24.95 -20.31 -22.74 24.48 18.36 -1.03 -4.99 -0.41 -0.36 79.11 50.94

Pathway Energy Series A Rollover MIN002 - -6.07 -7.92 -11.46 -6.07 -36.36 -31.52 -31.56 51.34 -49.90 -89.44 25.51 32.01 1.37 -38.93 0.52 0.17 10.56 50.00


Fund NameAsset Size

($MM)1

Month3

Month6

MonthYTD

1 Year

3 Year

(Ann.)

Since Inception

(Ann.)

Best 6 Mo.

(3 Year)

Worst 6 Mo.

(3 Year)

Max. Draw Down

Std. Dev.

(1 Year)

Std. Dev.

(3 Year)

Beta (1 Year,

TSX)

Alpha (%) (1 Year,

TSX)

Correl. (1 Year,

TSX)


% High Water- mark

% Pos. Month

Since Inc.

Pathway Multi SF Explorer Series A Rollover MIN001 - -3.31 -9.92 -25.57 -3.31 -49.25 -30.66 -17.37 68.44 -41.49 -88.42 22.94 33.01 1.25 -51.59 0.53 0.55 11.58 44.68

Performance Diversified Fund Trust Cl A - -0.78 -1.37 -2.42 -0.78 0.52 2.37 4.84 10.89 -6.79 -7.47 3.35 4.51 -0.02 0.56 -0.06 0.03 93.74 64.58

Performance Growth Fund Class A - 2.75 4.37 6.31 2.75 1.01 3.70 7.12 19.48 -14.71 -32.69 9.53 10.24 -0.06 1.12 -0.06 -0.04 85.81 69.61

Performance Growth Fund Trust Class A - 2.76 4.47 6.36 2.76 1.14 1.14 4.34 18.86 -15.22 -21.78 9.58 9.74 -0.07 1.27 -0.07 -0.04 85.08 61.22

Picton Mahoney Diversified Strategies Fund Class A 12.730 2.62 3.61 7.14 2.62 7.33 7.22 6.86 13.39 -7.99 -7.99 4.39 5.92 0.37 6.64 0.83 0.75 100.00 62.16

Picton Mahoney Global Long Short Equity Fd Cl A C$ 6.060 5.50 6.96 11.02 5.50 11.55 8.91 1.06 17.41 -7.72 -25.98 7.61 8.48 0.49 10.63 0.63 0.71 100.00 58.06

Picton Mahoney Global Long Short Resource Cl A 1.890 2.53 2.93 8.03 2.53 1.07 - 0.91 9.50 -9.98 -12.13 10.25 - 0.89 -0.60 0.85 0.55 98.65 64.29

Picton Mahoney Global Market Netural Equ Cl A C$ 30.040 2.75 2.18 2.77 2.75 4.36 5.38 1.13 6.41 -1.14 -17.21 3.74 3.47 0.04 4.28 0.10 0.18 100.00 56.45

Picton Mahoney Income Opportunities Fund Class A 163.060 1.91 2.81 5.76 1.91 9.59 7.18 7.37 9.79 -8.16 -9.14 3.41 5.82 0.16 9.29 0.45 0.59 100.00 72.97

Picton Mahoney Long Short Equity Fund Class A 120.230 2.07 2.84 7.00 2.07 4.59 6.30 11.14 19.11 -10.78 -24.86 5.73 8.00 0.55 3.56 0.93 0.74 99.38 70.59

Picton Mahoney Market Neutral Equity Fund Class A 325.690 0.51 0.67 1.24 0.51 1.78 2.69 8.95 7.37 -2.29 -4.63 1.90 3.26 0.06 1.67 0.31 0.30 100.00 68.24

PIE Alternative Strategies Class F-1 Series A - -0.58 -0.12 -1.23 -0.58 -5.10 2.37 7.76 14.27 -11.39 -14.87 4.61 8.97 0.16 -5.40 0.33 0.03 89.40 58.00

Primevestfund 2.780 1.65 1.40 7.69 1.65 -17.82 -5.06 10.91 43.65 -23.69 -41.34 16.98 18.98 1.48 -20.60 0.85 0.60 64.00 62.64

Radin Global Opportunities Fund Founders Class F - 5.40 12.03 - 5.40 - - - - - 0.00 - - - - - - 100.00 100.00

RDA Mons Regalis Multi-Strategy LP - -4.11 -4.16 -6.03 -4.11 4.52 - 7.58 12.35 -6.03 -7.68 8.12 - -0.14 4.78 -0.17 0.16 92.32 56.00

Rosalind Capital Partners L.P. - 9.01 10.00 14.86 9.01 8.36 -1.00 13.70 33.00 -38.79 -40.85 12.79 18.35 0.15 8.08 0.12 0.05 67.94 62.86

Ross Smith Capital Investment Fund 24.264 0.91 2.46 4.92 0.91 5.37 8.50 10.86 11.21 0.30 -17.17 2.41 3.98 0.02 5.33 0.08 -0.31 100.00 68.42

Ross Smith Opportunities Fund 14.058 1.38 5.98 9.75 1.38 13.26 - 11.89 9.75 1.73 -1.18 3.88 - 0.20 12.88 0.49 0.12 100.00 76.92

RPH Global Sovereign Bond Pooled Fund - -1.38 -1.38 3.05 -1.38 1.23 - 3.09 5.14 -2.05 -4.02 4.54 - 0.21 0.84 0.45 0.09 98.62 62.50

Salida Strategic Growth A (formerly Multi Strategy 117.630 -7.37 -22.16 -24.29 -7.37 -38.64 -25.45 5.84 77.27 -54.10 -74.79 22.42 34.85 1.22 -40.93 0.53 0.35 25.21 61.62

Salida Wealth Preservation Fund Class A - -1.14 -3.57 -1.15 -1.14 -13.02 -3.89 -3.89 18.87 -14.69 -27.89 7.74 10.01 0.54 -14.03 0.68 0.17 72.11 50.00

SEI Futures Index Fund Class D 0.010 -0.33 -1.45 -5.07 -0.33 -8.26 - -2.91 4.04 -7.21 -9.73 3.14 - -0.25 -7.79 -0.76 -0.69 90.27 33.33

SEI Futures Index Fund Class E - -0.29 -1.32 -4.83 -0.29 -7.78 - -2.39 4.32 -6.95 -9.03 3.13 - -0.25 -7.31 -0.77 -0.69 90.97 33.33

SEI Futures Index Fund Class F 0.230 -0.17 -0.95 -4.17 -0.17 -6.61 0.13 1.47 4.98 -6.37 -8.09 3.15 4.33 -0.25 -6.14 -0.76 -0.69 92.60 50.62

SEI Futures Index Fund Class O 26.950 -0.10 -0.76 -3.74 -0.10 -5.64 1.18 2.51 5.53 -5.88 -8.66 3.15 4.33 -0.25 -5.17 -0.77 -0.69 93.51 54.48

SEI Futures Index Fund Class P 1.080 -0.24 -1.18 -4.55 -0.24 -7.22 -0.49 0.89 4.65 -6.68 -9.48 3.14 4.32 -0.25 -6.75 -0.77 -0.69 91.72 49.54

Seven Seas Capital Appreciation Fund 46.000 0.47 1.85 3.57 0.47 3.03 - 5.52 12.01 -2.29 -3.54 4.01 - 0.21 2.64 0.51 0.15 100.00 51.85

SG US Market Neutral Fund 20.530 1.74 2.55 4.45 1.74 4.08 2.87 0.18 6.35 -3.30 -12.63 3.87 3.99 0.04 4.00 0.11 0.32 100.00 52.94

SG US Market Neutral Fund Class G - 1.78 2.56 4.49 1.78 4.35 - 4.97 4.49 -1.13 -1.92 3.87 - 0.04 4.27 0.09 0.32 100.00 57.14

SG US Market Neutral Fund Class U - 1.68 2.58 4.24 1.68 3.48 - 4.29 6.39 -1.69 -2.27 3.80 - 0.04 3.40 0.11 0.32 100.00 55.00

Sherpa Diversified Returns Fund Class A - 1.73 2.47 3.97 1.73 6.84 4.61 2.97 11.56 -10.76 -21.95 4.66 7.29 0.35 6.18 0.73 0.99 100.00 67.86

Sherpa Market Neutral Income Fund Class A - 0.08 0.52 1.00 0.08 2.59 - 2.39 5.64 -5.30 -6.90 0.71 - 0.01 2.57 0.15 0.28 98.10 87.50

Silvercove Hard Asset Fund L.P. 20.943 1.07 -0.51 4.42 1.07 2.51 4.80 6.25 13.92 -8.85 -10.98 6.24 7.28 0.39 1.78 0.60 0.63 98.43 65.00

SMI Defensive LP 139.700 -2.55 -0.85 0.79 -2.55 6.48 11.05 29.98 10.19 0.79 -2.55 4.54 3.41 -0.27 6.99 -0.57 -0.75 97.45 94.12

SMI Income LP 2.600 2.82 7.29 8.41 2.82 - - - - - 0.00 - - - - - - 100.00 100.00

SMI Opportunities LP 41.700 -2.62 1.36 10.99 -2.62 56.06 22.85 40.16 40.60 -3.77 -7.37 13.62 12.77 -0.73 57.43 -0.52 -0.65 97.38 83.56

Spartan Eleven Fund - 1.69 1.90 7.19 1.69 6.66 - 13.97 12.86 -1.96 -4.15 6.00 - 0.57 5.59 0.92 0.79 100.00 80.00

Spartan Humber Global Opportunity Fund - 0.91 1.94 -0.73 0.91 - - - - - -3.01 - - - - - - 98.87 60.00

Spartan Multi Strategy Fund Class A - 0.57 -1.24 -2.76 0.57 -8.24 -2.23 7.52 10.30 -6.06 -15.26 2.87 4.33 0.18 -8.58 0.63 0.73 85.22 62.96

Spartan Noble Bay Energy Fund - -0.59 - - -0.59 - - - - - - - - - - - - - 0.00

Spartan Scale Opportunities Fund - 1.09 1.14 2.26 1.09 -3.36 - -1.31 8.38 -7.49 -9.10 7.05 - 0.62 -4.52 0.86 0.72 96.03 52.38

Spartan Teraz Fund - -1.22 -4.90 -2.75 -1.22 -13.09 - -9.15 1.70 -10.63 -13.82 11.19 - 0.63 -14.27 0.55 0.48 86.57 38.46

Sprott Absolute Return Income Fund Class A 41.083 2.28 3.14 4.72 2.28 7.59 - 4.86 6.59 -7.06 -7.12 2.08 - 0.03 7.53 0.14 0.24 100.00 72.41

Sprott Absolute Return Income Fund Class T 40.374 2.28 3.13 4.66 2.28 7.57 - 4.98 6.85 -7.16 -7.31 2.08 - 0.03 7.51 0.13 0.23 100.00 72.41

Sprott Bull/Bear RSP Fund Class A 81.314 -5.39 -17.22 -11.58 -5.39 -36.19 -9.48 5.85 30.35 -30.37 -50.61 20.12 24.36 0.96 -37.99 0.46 0.05 49.39 54.92

Sprott Hedge Fund L.P. Class A 301.818 -4.68 -16.94 -12.28 -4.68 -37.77 -9.92 12.71 32.52 -30.93 -52.16 19.20 25.16 0.82 -39.31 0.41 -0.02 47.84 58.50

Sprott Hedge Fund L.P. II Class A 272.969 -5.35 -17.74 -12.53 -5.35 -37.84 -10.15 2.69 30.76 -31.17 -51.73 19.54 24.42 0.80 -39.34 0.40 -0.03 48.27 52.80

Sprott Opportunities Hedge Fund Class A 56.846 3.93 4.62 5.08 3.93 -8.04 -2.04 11.75 10.60 -13.52 -19.15 8.56 10.03 0.42 -8.83 0.47 0.15 85.23 56.19

Sprott Opportunities RSP Fund 20.977 3.90 4.54 4.86 3.90 -8.38 -2.30 5.05 10.44 -13.62 -19.39 8.55 10.02 0.41 -9.15 0.47 0.15 84.84 50.00

Sprott Small Cap Hedge Fund 30.621 0.15 -0.15 6.04 0.15 -13.84 5.66 3.89 44.12 -18.87 -54.39 13.65 17.11 1.28 -16.24 0.91 0.51 73.29 59.72




Fund NameAsset Size

($MM)1

Month3

Month6

MonthYTD

1 Year

3 Year

(Ann.)

Since Inception

(Ann.)

Best 6 Mo.

(3 Year)

Worst 6 Mo.

(3 Year)

Max. Draw Down

Std. Dev.

(1 Year)

Std. Dev.

(3 Year)

Beta (1 Year,

TSX)

Alpha (%) (1 Year,

TSX)

Correl. (1 Year,

TSX)


% High Water- mark

% Pos. Month

Since Inc.

SW8 Strategy Fund LP Class A - 0.66 1.50 3.73 0.66 7.77 - 5.33 8.42 -5.86 -5.90 3.83 - -0.09 7.94 -0.24 -0.43 100.00 52.00

SW8 Strategy Fund LP Class B - 0.70 1.62 3.98 0.70 8.26 - 16.80 35.22 -5.63 -5.63 3.82 - -0.09 8.43 -0.24 -0.43 100.00 63.64

SW8 Strategy Trust Class A - 0.66 1.50 3.66 0.66 7.42 - 4.58 7.88 -6.36 -6.66 3.81 - -0.09 7.59 -0.24 -0.44 100.00 52.00

SW8 Strategy Trust Class B - 0.70 1.62 3.91 0.70 7.97 - 5.14 8.19 -6.05 -6.17 3.76 - -0.09 8.14 -0.24 -0.44 100.00 52.00

Tapestry Balanced Growth Private Port Corp Cl A 14.760 2.31 4.01 6.40 2.31 3.40 2.67 2.40 9.44 -6.05 -8.55 5.57 5.36 0.52 2.42 0.90 0.81 98.39 56.76

Tapestry Balanced Growth Private Port Corp Cl T 3.160 2.32 4.04 6.37 2.32 3.38 2.69 2.21 9.38 -5.98 -8.48 5.54 5.34 0.51 2.42 0.89 0.80 98.42 56.76

Tapestry Balanced Income Private Port Corp Cl A 7.550 1.70 3.16 5.38 1.70 5.27 2.86 2.86 7.17 -3.42 -5.18 4.48 4.01 0.21 4.88 0.44 0.41 100.00 63.89

Tapestry Balanced Income Private Port Corp Cl T 0.650 1.72 3.18 4.87 1.72 3.01 2.79 2.57 7.11 -3.45 -5.26 4.10 4.01 0.37 2.32 0.88 0.77 100.00 59.46

Tapestry Divers Income Private Port Corp Class A 5.550 1.43 2.62 4.69 1.43 5.86 4.70 4.70 6.00 -1.36 -2.00 2.89 3.02 0.12 5.63 0.39 0.35 100.00 66.67

Tapestry Divers Income Private Port Corp Class T 0.220 1.38 2.60 3.63 1.38 4.33 4.23 4.28 5.80 -1.35 -1.96 2.73 3.05 0.21 3.94 0.75 0.72 100.00 64.86

Tapestry Global Balanced Private Port Corp Cl A 5.360 2.68 4.69 7.09 2.68 8.36 2.51 2.51 8.06 -5.86 -7.38 6.51 5.64 0.26 7.87 0.39 0.39 100.00 52.78

Tapestry Global Balanced Private Port Corp Cl T 0.080 2.72 4.66 6.94 2.72 5.18 2.66 2.41 7.96 -5.98 -7.50 5.99 5.66 0.52 4.20 0.85 0.84 100.00 51.35

Tapestry Global Growth Private Port Corp Cl A 1.390 4.02 6.63 8.27 4.02 10.51 - 2.65 10.01 -8.43 -10.32 8.62 - 0.24 10.06 0.27 0.26 100.00 57.14

Tapestry Global Growth Private Port Corp Cl T - 3.96 6.58 8.99 3.96 6.78 2.18 1.74 9.89 -8.77 -10.65 8.15 7.86 0.65 5.56 0.78 0.88 99.81 56.76

Tapestry Growth Private Portfolio Corporate Cl A 4.730 2.85 4.61 7.20 2.85 3.56 2.11 1.65 10.76 -8.13 -10.62 6.96 6.63 0.64 2.36 0.90 0.84 96.92 51.35

Tapestry Growth Private Portfolio Corporate Cl T - 2.73 4.57 7.11 2.73 3.44 1.95 1.50 10.74 -8.29 -10.84 6.90 6.64 0.64 2.24 0.90 0.84 96.62 51.35

The Friedberg Currency Fund 2.600 -4.98 -2.49 6.48 -4.98 -9.00 8.21 1.59 49.88 -37.61 -75.71 48.45 44.20 -1.03 -7.07 -0.21 -0.18 55.42 52.36

Topaz Multi-Startegy Fund (Canada) Series H 61.300 -0.31 2.98 -1.70 -0.31 -4.68 - -3.63 -1.20 -8.01 -8.10 5.87 - 0.25 -5.15 0.42 0.64 94.65 53.85

Trident Global Opportunities Fund C$ 113.120 1.27 0.33 -0.39 1.27 0.77 -0.84 9.04 9.70 -7.43 -15.91 5.37 6.60 -0.15 1.05 -0.27 -0.42 88.95 52.45

Trident Global Opportunities Fund U$ 49.670 0.81 0.52 0.19 0.81 1.34 1.51 13.08 6.82 -6.35 -15.46 6.58 7.73 0.30 0.78 0.44 0.28 95.12 55.94

Trident Performance Corp II 13.310 1.44 0.09 -1.33 1.44 -0.44 -1.44 -1.45 10.14 -7.92 -14.49 4.99 9.87 -0.14 -0.18 -0.28 -0.38 89.19 42.86

U.S. Equity Income Fund A C$ 10.300 2.00 -4.27 -2.89 2.00 -7.42 0.16 -11.38 12.28 -8.05 -71.45 7.65 10.71 0.55 -8.45 0.70 0.66 44.74 47.14

U.S. Equity Income Fund Class U U$ 33.880 1.92 -4.48 -3.27 1.92 -8.56 -0.14 -8.86 12.34 -8.89 -69.19 7.75 10.78 0.54 -9.57 0.68 0.61 52.61 50.00

U.S. Equity Income Fund F - 2.14 -3.96 -2.20 2.14 -6.98 1.06 -10.53 12.75 -8.19 -71.06 7.70 10.74 0.54 -7.99 0.68 0.61 47.17 47.14

Venator Founders Fund Class A - 3.00 3.10 10.25 3.00 22.30 7.29 12.25 24.71 -20.64 -32.02 11.52 14.76 0.69 21.01 0.58 0.73 100.00 66.27

Venator Income Fund Class A - 3.10 4.86 9.31 3.10 19.34 14.26 17.25 13.70 -6.66 -7.95 4.34 6.78 0.26 18.85 0.59 0.68 100.00 80.95

Vertex Fund Class A 1,050.030 0.84 2.49 6.57 0.84 14.40 5.31 15.91 15.89 -14.36 -47.22 6.17 10.78 0.07 14.27 0.11 0.25 91.38 69.66

Vertex Fund Class B 225.210 0.75 2.20 5.84 0.75 10.54 4.54 10.27 15.64 -14.88 -47.05 5.29 10.84 0.03 10.48 0.06 0.16 91.25 71.17

Vertex Fund Class F 499.430 0.83 2.48 6.55 0.83 14.38 5.22 13.40 15.56 -14.37 -47.60 6.17 10.79 0.07 14.25 0.12 0.25 91.36 71.79

Vision Opportunity Fund L.P. - 1.80 4.23 6.95 1.80 19.44 24.67 24.71 40.25 -6.16 -17.27 6.68 10.82 -0.03 19.50 -0.05 -0.05 100.00 74.55

Vision Opportunity Fund L.P. II - 1.76 4.17 6.86 1.76 19.37 25.32 25.93 40.14 -4.93 -6.71 6.59 10.45 -0.04 19.45 -0.05 -0.07 100.00 78.05

Vision Opportunity Fund Trust - 3.01 4.24 6.79 3.01 19.75 20.66 20.47 31.12 -7.75 -15.47 6.24 9.23 0.07 19.62 0.10 0.06 100.00 74.55

WARATAH Income Fund - 2.30 4.76 8.46 2.30 6.34 - 5.56 8.76 -5.00 -5.85 5.36 - 0.48 5.44 0.87 0.57 100.00 67.74

WARATAH One Fund - 1.10 3.64 4.67 1.10 3.61 - 7.22 8.12 -1.22 -1.99 3.41 - 0.15 3.33 0.43 0.05 100.00 77.42

WARATAH Performance Fund - 2.40 7.25 7.54 2.40 6.33 - 13.32 24.60 -3.39 -4.73 5.73 - 0.27 5.82 0.46 0.38 100.00 77.42

Wealhouse Panorama Fund, L.P. 144.106 3.25 5.59 9.75 3.25 8.34 5.52 10.73 18.71 -14.39 -17.00 6.87 9.79 0.60 7.21 0.85 0.79 94.70 62.96

Wolverine Opportunity Fund Series A - 0.66 1.91 3.88 0.66 -16.66 - -16.33 15.33 -37.20 -46.47 13.99 - 0.51 -17.62 0.35 0.00 56.16 57.14

Equally Weighted Average Performance of All Funds 7,983.846 1.38 0.85 2.27 1.38 0.03 2.68 - - - - - - - - - - - -

Number of Funds in Sample 124 237 236 234 237 230 170 - - - - - - - - - - - -

To ensure the highest level of accuracy, Hedge Funds are encouraged to directly submitmonthly/quarterly/annual data to: [email protected]

Canadian Hedge Watch receives, tracks and presents the data and results of Canadian funds as a service tothe hedge fund and alternative investment community. Business announcements, key personnel appointments and

press releases are also welcome for publication. Please send to [email protected].


M A R K E T I N D I C E S (as of January 31 2013)

INDEX NAME 1 Month

3 Month

6 Month

YTD1

Year3

YearSince

Inception

Best 6mo.

(3 Year)

Worst 6mo.

(3 Year)

Max. Draw Down

Std. Dev.

(1 Year)

Std. Dev.

(3 Year)

Alpha (1 Year,

TSX)

Beta (1 Year,

TSX)

% High Water- mark

% Pos. Months

183 Day Canada T-Bill 0.08 0.26 0.51 0.08 1.00 0.92 6.60 0.55 0.26 0.00 0.02 0.06 1.00 0.00 100.00 100.00

91 Day Canada T-Bill 0.08 0.24 0.49 0.08 0.97 0.82 6.28 0.49 0.17 0.00 0.02 0.07 0.97 0.00 100.00 100.00

BMO Canadian Small Cap Index 2.89 1.44 7.89 2.89 -5.24 5.51 5.87 35.16 -22.25 -57.31 13.21 16.46 -7.57 1.24 82.69 58.15

CHW-HF Composite Index 0.60 -2.75 -0.58 0.60 -6.01 -1.61 0.57 15.16 -11.60 -32.08 5.58 7.61 -6.74 0.39 75.71 60.82

CHW-HF Equity Hedged Index 0.64 -2.96 -0.66 0.64 -6.25 -1.78 2.34 15.37 -11.79 -34.75 5.87 7.87 -7.00 0.40 75.32 61.86

CHW-HF FoHF Index 0.08 -0.15 0.08 0.08 -3.60 -1.26 -8.62 11.70 -9.85 -57.05 2.55 5.07 -4.07 0.25 43.16 50.00

CHW-HF Notes Index 0.19 1.38 1.71 0.19 0.59 2.90 -0.06 4.48 -1.83 -11.09 2.22 2.65 0.55 0.02 98.46 53.68

Dow Jones Global Index (C$) 5.17 7.99 12.29 5.17 11.55 5.29 4.13 15.75 -11.97 -50.31 9.54 10.68 10.11 0.77 74.97 54.55

Dow Jones Global Index (U$) 4.62 8.18 12.93 4.62 11.17 7.45 4.82 24.08 -18.57 -55.89 13.37 17.49 8.96 1.18 84.19 59.68

Nasdaq Composite Index (C$) 4.61 5.35 6.30 4.61 11.06 10.95 8.32 21.98 -6.54 -74.24 10.00 11.36 10.29 0.41 46.08 57.66

S&P 500 Total Return Index C$ 5.73 6.57 9.31 5.73 16.16 11.56 10.12 19.97 -6.83 -51.16 7.90 8.92 15.48 0.36 84.95 60.52

S&P 500 Total Return Index US$ 5.18 6.75 9.90 5.18 16.76 14.13 10.27 27.73 -13.78 -50.98 10.77 15.25 15.28 0.79 100.00 61.43

S&P/TSX 60 Index TR 1.97 2.28 9.37 1.97 3.59 6.08 6.87 18.63 -16.44 -47.89 8.44 10.78 1.98 0.86 92.65 59.64

S&P/TSX Composite Index 2.02 2.11 8.75 2.02 1.88 4.57 6.32 19.03 -17.66 -45.05 8.90 11.19 0.15 0.92 86.21 58.81


Highest Return (3 Year)

Fund Name Ann. ReturnAnn. Std.

Dev.

# of Negative Months

AlphaNorth Partners Fund Class A 31.25 31.82 15

King & Victoria Fund LP 28.67 13.70 7

King & Victoria RSP Fund Class A Units 28.16 13.67 7

Vision Opportunity Fund L.P. II 25.32 10.45 8

Milford Capital Growth Fund 25.26 10.41 8

Vision Opportunity Fund L.P. 24.67 10.82 8

Friedberg Global Macro Hedge Fund U$ 24.01 27.78 13

SMI Opportunities LP 22.85 12.77 7

Vision Opportunity Fund Trust 20.66 9.23 9

ChapelGate Credit Opportunity Fund Ltd. 17.83 3.79 3

Agilith North American Diversified Fund 17.46 15.03 13

Lycos Value Fund Class O 16.47 24.34 14

Exemplar Leaders Fund Series F 14.54 13.36 11

Northern Rivers Conservative Growth Fund LP 14.32 14.48 11

Venator Income Fund Class A 14.26 6.78 8

Calrossie Partners Fund 13.89 9.42 9

JM Catalyst Fund 13.72 4.80 5

Niagara Legacy Class B Fund 13.42 31.30 15

DKAM Capital Ideas Fund 12.91 11.62 10

Broadview Dark Horse LP 11.95 8.08 8

Brompton Energy Opportunities Fund Series 2009 11.58 24.02 16

Highest Return (1 Year)

Fund Name Ann. ReturnAnn. Std.

Dev.


SMI Opportunities LP 56.06 13.62 1

Agilith North American Diversified Fund 40.04 13.71 2

King & Victoria Fund LP 32.99 11.07 1

King & Victoria RSP Fund Class A Units 31.99 11.20 1

Venator Founders Fund Class A 22.30 11.52 4


Blackheath Volatility Arbitrage Fund Class A 21.03 11.55 4

Burlington Partners Plus LP 20.42 6.38 3

Vision Opportunity Fund Trust 19.75 6.24 3

JC Clark Focused Opportunities Fund (Class A) 19.72 10.87 4

Vision Opportunity Fund L.P. 19.44 6.68 3

Vision Opportunity Fund L.P. II 19.37 6.59 3

Venator Income Fund Class A 19.34 4.34 1

Calrossie Partners Fund 17.35 7.13 1

JC Clark Preservation Trust (Class B) 17.18 8.54 3

Friedberg Global Macro Hedge Fund U$ 17.18 30.23 3

Formula Growth Global Opportunities Fund Cl. S C$ 16.22 13.28 5

Inflection Strategic Opportunities Fund Series A 15.87 4.41 2

FrontFour Opportunity Fund 15.81 8.34 3

Formula Growth Alpha II Fund Class B 14.65 8.71 4

Niagara Legacy Class B Fund 14.64 18.25 5

Highest Return (3 Month)

Fund Name 3 Month 6 Month 1 YearAnn. std

Dev. (1 Year)

Agilith North American Diversified Fund 21.48 26.57 40.04 13.71

King & Victoria RSP Fund Class A Units 20.15 25.63 31.99 11.20

King & Victoria Fund LP 20.15 25.63 32.99 11.07

Formula Growth Global Opportunities Fund Cl. S C$ 16.09 24.42 16.22 13.28

Exemplar Leaders Fund Series F 14.27 -1.57 6.28 15.93

Radin Global Opportunities Fund Founders Class F 12.03 - - -

Formula Growth Hedge Fund Class F U$ 11.00 16.01 10.29 11.95

Formula Growth Hedge Fund Class F C$ 10.94 15.73 9.64 9.96

Rosalind Capital Partners L.P. 10.00 14.86 8.36 12.79

JC Clark Preservation Trust (Class B) 9.24 18.60 17.18 8.54

Formula Growth Alpha II Fund Class B 9.20 11.98 14.65 8.71

frontierAlt Global Dividend Fund 8.80 11.89 11.94 10.91

Calrossie Partners Fund 7.78 12.15 17.35 7.13

SMI Income LP 7.29 8.41 - -

WARATAH Performance Fund 7.25 7.54 6.33 5.73

Picton Mahoney Global Long Short Equity Fd Cl A C$ 6.96 11.02 11.55 7.61

FrontFour Opportunity Fund 6.90 10.84 15.81 8.34

Tapestry Global Growth Private Port Corp Cl A 6.63 8.27 10.51 8.62

Tapestry Global Growth Private Port Corp Cl T 6.58 8.99 6.78 8.15

JC Clark Focused Opportunities Fund (Class A) 6.53 19.24 19.72 10.87

DKAM Capital Ideas Fund 6.04 13.08 8.01 9.17

Lowest Return (3 Month)

Fund Name 3 Month 6 Month 1 YearAnn. std

Dev. (1 Year)

Salida Strategic Growth A (formerly Multi Strategy -22.16 -24.29 -38.64 22.42

Sprott Hedge Fund L.P. II Class A -17.74 -12.53 -37.84 19.54

Sprott Bull/Bear RSP Fund Class A -17.22 -11.58 -36.19 20.12

Sprott Hedge Fund L.P. Class A -16.94 -12.28 -37.77 19.2

Front Street Canadian Energy Resource Fund Ser B -11.34 10.74 -37.69 34.76

Northern Rivers Innovation RSP Fund -11.17 -9.88 2.08 17.74

Front Street Canadian Energy Resource Fund Ser F -11.08 11.4 -37.27 34.86

Pathway Multi SF Explorer Series A Rollover MIN001 -9.92 -25.57 -49.25 22.94

Blackheath Futures Fund Class A -8.24 0.58 -14.76 18.73

Pathway Energy Series A Rollover MIN002 -7.92 -11.46 -36.36 25.51

Enso Global Fund A -7.79 -10.09 -36.29 23.54

Enso Global Fund Class U -7.78 -10.24 -36.63 23.55

Enso Global Fund F -7.49 -9.59 -35.66 23.57

Brompton Energy Opportunities Fund Series 2009 -6.98 1.92 -13.84 25.59

Brompton Energy Opportunities Fund Series 2010 -6.98 1.92 -13.84 25.58

Brompton Energy Opportunities Fund Series A -6.98 1.89 -13.89 25.6

Landry Morin Long Short Momentum Fund Series I -5.29 -2.47 2.01 6.12

Spartan Teraz Fund -4.9 -2.75 -13.09 11.19

Curvature Market Neutral Fund A -4.87 -2.65 5.38 7

AlphaNorth Growth Fund Series A -4.64 -2.46 -29.11 21.2

U.S. Equity Income Fund Class U U$ -4.48 -3.27 -8.56 7.75


Fewest Negative Months (1 Year)

Fund Name# of

Negative Months

Ann. Return

Ann. Std. Dev.

ChapelGate Credit Opportunity Fund Ltd. 0 21.54 4.01

Lycos Value Fund Class P 0 6.03 0.08

SMI Opportunities LP 1 56.06 13.62

King & Victoria Fund LP 1 32.99 11.07

King & Victoria RSP Fund Class A Units 1 31.99 11.20

Venator Income Fund Class A 1 19.34 4.34

Calrossie Partners Fund 1 17.35 7.13

JM Catalyst Fund 1 13.31 2.96

Fairlane A Plus Bond Hedged Fund 1 11.53 3.43

Sprott Absolute Return Income Fund Class A 1 7.59 2.08

Sprott Absolute Return Income Fund Class T 1 7.57 2.08

Sherpa Market Neutral Income Fund Class A 1 2.59 0.71

Agilith North American Diversified Fund 2 40.04 13.71

Inflection Strategic Opportunities Fund Series A 2 15.87 4.41

Kensington Hedge Fund 1 Series A+E+F 2 14.21 3.09

Burlington Partners1 LP 2 14.16 4.71

Broadview Dark Horse LP 2 14.15 5.66

Ross Smith Opportunities Fund 2 13.26 3.88

frontierAlt Global Dividend Fund 2 11.94 10.91

Milford Capital Growth Fund 2 11.77 4.95

Wealhouse Panorama Fund, L.P. 2 8.34 6.87

Fewest Negative Months (3 Year)

Fund Name# of

Negative Months

Ann. Return

Ann. Std. Dev.

ChapelGate Credit Opportunity Fund Ltd. 3 17.83 3.79

SMI Defensive LP 3 11.05 3.41

JM Catalyst Fund 5 13.72 4.80

King & Victoria Fund LP 7 28.67 13.70

King & Victoria RSP Fund Class A Units 7 28.16 13.67

SMI Opportunities LP 7 22.85 12.77

Vision Opportunity Fund L.P. II 8 25.32 10.45

Milford Capital Growth Fund 8 25.26 10.41

Vision Opportunity Fund L.P. 8 24.67 10.82

Venator Income Fund Class A 8 14.26 6.78

Broadview Dark Horse LP 8 11.95 8.08

Vision Opportunity Fund Trust 9 20.66 9.23

Calrossie Partners Fund 9 13.89 9.42

Ross Smith Capital Investment Fund 9 8.50 3.98

BSP Absolute Return Fund Multi Strat.US$ 9 4.15 3.84

DKAM Capital Ideas Fund 10 12.91 11.62

Picton Mahoney Income Opportunities Fund Class A 10 7.18 5.82

Aurion Income Opportunities Fund 10 6.37 3.04

High Yield Fund F 10 5.20 5.64

Sherpa Diversified Returns Fund Class A 10 4.61 7.29

High Yield Fund A U$ 10 4.19 5.58

Lowest Volatility (1 Year)

Fund NameAnn. Std.

Dev.Ann.

Return


Lycos Value Fund Class P 0.08 6.03 0

Sherpa Market Neutral Income Fund Class A 0.71 2.59 1

Garrison Hill Fund Series A 1.70 -5.07 10

Garrison Hill Fund Series A (Class G) US$ 1.71 -5.92 10

Garrison Hill Fund Series F 1.74 -4.10 9

Marret High Yield Hedge LP Class B 1.76 1.71 6

Garrison Hill Macro Opportunities LP 1.76 -4.15 9

BSP Absolute Return Fund Multi Strat.US$ 1.84 7.19 2

KCS Great White North Fund Class O 1.88 2.13 4

KCS Great White North Fund Class F 1.88 1.55 4

KCS Great White North Fund Class B 1.88 0.42 5

KCS Great White North Fund Class A 1.88 0.98 4

Picton Mahoney Market Neutral Equity Fund Class A 1.90 1.78 6

Sprott Absolute Return Income Fund Class T 2.08 7.57 1

Sprott Absolute Return Income Fund Class A 2.08 7.59 1

Aurion Income Opportunities Fund Class D 2.13 2.79 5

Aurion Income Opportunities Fund 2.13 3.25 4

Ross Smith Capital Investment Fund 2.41 5.37 3

Fiera Tactical Bond Yield Fund Class A 2.48 3.95 3

Tapestry Divers Income Private Port Corp Class T 2.73 4.33 5

IA Multi-Strategy 2.86 -4.15 9

Lowest Volatility (3 Year)

Fund NameAnn. Std.

Dev.Ann.

Return


KCS Great White North Fund Class F 2.46 1.42 15

KCS Great White North Fund Class A 2.47 0.88 15

Tapestry Divers Income Private Port Corp Class A 3.02 4.70 12

Aurion Income Opportunities Fund 3.04 6.37 10

Tapestry Divers Income Private Port Corp Class T 3.05 4.23 13

Aurion Income Opportunities Fund Class D 3.06 5.85 12

Picton Mahoney Market Neutral Equity Fund Class A 3.26 2.69 17

SMI Defensive LP 3.41 11.05 3

Picton Mahoney Global Market Netural Equ Cl A C$ 3.47 5.38 13


BSP Absolute Return Fund Multi Strat.US$ 3.84 4.15 9

IA Multi-Strategy 3.93 -2.50 23

Ross Smith Capital Investment Fund 3.98 8.50 9

SG US Market Neutral Fund 3.99 2.87 15

Tapestry Balanced Income Private Port Corp Cl T 4.01 2.79 14

Tapestry Balanced Income Private Port Corp Cl A 4.01 2.86 13

Arrow Diversified Fund Class A 4.29 -3.12 20

SEI Futures Index Fund Class P 4.32 -0.49 21

Arrow Diversified Fund Class F C$ 4.32 -2.06 19

Spartan Multi Strategy Fund Class A 4.33 -2.23 22

SEI Futures Index Fund Class O 4.33 1.18 20

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The Best Lawyers in Canada 2012. © 2011 by Woodward/White, Inc., Aiken, SC.

Lexpert® is a registered trademark of Thomson Reuters Canada Limited. © Thomson Reuters Canada Limited and its Licensors. All rights reserved.

Without the proper guidance, the landscape is challenging. To be successful, you need a business partner that understands the realities of the industry, including the regulatory complexities. As a leading, full-service national law firm, with the largest Investment Management Group, Borden Ladner Gervais LLP (BLG) is that partner.

Our expertise includes developing and implementing a broad range of investment fund vehicles, including alternate investments, structured products and ETFs; we understand the associated Canadian registration, regulatory compliance and governance issues. Our practical solutions have produced success for our clients, and more than our share of accolades.

BLG has more Investment Management lawyers recognized by peers for their expertise than any other Canadian law firm in the Mutual Funds Law and Private Funds Law categories of The Best Lawyers in Canada® 2012 and the Investment Funds and Asset Management category of The 2012 Lexpert ®/American Lawyer Guide to the Leading 500 Lawyers in Canada. The Firm is also ranked in the Leading category for Investment Funds in Canada by the Practical Law Company.

With over 750 legal professionals spanning six offices in Canada, BLG is ready to help you chart a successful course. To find out how Canada’s top Investment Management team can assist you, contact John Hall at 416.367.6643 or [email protected], or visit blg.com

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Disclaimer The information contained in Canadian Hedge Watch has been compiled from sources believed to be reliable, however accuracy is not guaranteed. Canadian Hedge Watch provides information asa general source of news and events and should not be considered personal investment advice. Before taking any action all readers are advised and cautioned to consult a certified financial advisor. We haveendeavoured to ensure that the material contained in Canadian Hedge Watch is accurate at time of publication.

Stay Informed with a Canadian Hedge Watch MembershipCanadian Hedge Watch is published 11 times per year by Canadian Hedge Watch Inc.

We welcome articles, suggestions and comments from our readers. All submissions become the property of Canadian Hedge Watch Inc.,which reserves the right to exercise editorial control in accordance with its policies and educational goals.

Contact InformationCanadian Hedge Watch Inc.20 Toronto Street, Suite 820, Toronto, Ontario M5C 2B8tel: 416.848.0277 ext. 2225 fax: 416.848.0278toll free: 1.877.249.9249Media, Advertising & Editorial: [email protected]: [email protected]

Stay informed with all thelatest hedge fund newsand performance datawith in-depth analyses.

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the worst funds• CHW Index update sheet

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Industry Veteran Ezra Zask’s All AboutHedge Funds Second Edition Examinesthe Changing Nature of Hedge FundsNEW YORK, NY - February 21, 2013

Now available is the eagerly awaited second edition of All About HedgeFunds, written by hedge fund luminary and industry expert Ezra Zask.

This comprehensive introduction to hedge funds tells investors andindustry profession als everything they need to know about the subjectin easy-to-understand English. All About Hedge Funds includesdiscussion of the opportunities and risks in popular strategies,including long-short equity, global macro and fixed income as well asleverage, derivatives, short selling and other tools of the trade.

The book gives a detailed history of the industry and, moreimportantly, a thorough discussion of the changes in hedge funds andinvestment management brought on by the recent credit crisis and theinstitutionalization of the industry.

Fully updated to take into account the fallout from the financial trauma ofrecent years, All About Hedge Funds also covers today's legal, regulatoryand tax issues, increasingly complex areas post-crisis. The author alsoexplains how to fit hedge funds into a balanced portfolio for bothindividual and institutional investors to enhance overall returns during oneof the most demanding periods in international investment history.

In light of hedge fund losses and the Madoff scandal, All About HedgeFunds provides a useful guide to risk management and due diligencetechniques and best practices.

“Every investor stands to benefit from Zask’s long experience andwinning narrative,” says Donald H. Putnam, Managing Partner, GrailPartners LLC.

Spartan is pleased to announce thelaunch of the Noble Bay Energy FundToronto, Ontario – February 8, 2013

Spartan Fund Management Inc. is pleased to announce the launch ofthe Noble Bay Energy Fund, a multi strategy energy fund managed byMark Ellis, MSc & CIM.

Noble Bay’s investment objective is to generate consistent, attractiverisk-adjusted returns, with reduced volatility and with low correlationto the North American equity markets. The Fund utilizes four sub-strategies – relative value, macromomentum, yield-options and specialsituations - which are self-complimenting in order to provide investorswith a more consistent return profile than is available throughtraditional investing in the energy sector.

Mark Ellis, the Portfolio Manager for Noble Bay, has over 11 years ofexperience investing in the energy sector. Prior to founding Noble Bay,Mark was a founding partner of Rayne Capital, a Calgary based energyfund that returned over 60% in 5 years to its investors.

More information about the Noble Bay Energy Fund, including monthlyreports, can be found on Spartan’s web site: www.spartanfunds.ca

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catalyst financial partners - volume 13 issue 2...

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