volume 14 issue 1 catalyst financial: survey of allocators …€¦ · 2010-09-28 · ceo of ferox...

Q U A R T E R 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 JANUARY 2014 VOLUME 14 ISSUE 1

HEDGE FUND FOURTH QUARTER PERFORMANCE REPORTRADIUS 2014 CALENDAR OF EVENTS

CATALYST FINANCIAL:SURVEY OF ALLOCATORS’INVESTING TRENDS 2014

@RadiusFE

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 14 Issue 1 - January 2014 1

Year End Highlights

• Total assets in the hedge fund industry increased by almost 13% during the year to breach theUS$2.0 trillion mark

• Hedge funds realised their best year of performance-based gains since 2010, raking in US$100 billion during the year, with long/short equities strategies accounting for almost half of this gain

• Net asset allocations to hedge funds stood at US$130 billion in 2013, with long/short equities managers witnessing net inflows of US$82.2 billion during the year

• European hedge fund managers were up 8.77% in 2013 with net asset inflows for the year standing at US$60.2 billion – the highest level on record

• North American long/short equities hedge funds ended the year with gains of 18.48%, with 20% of these hedge fund managers outperforming the S&P500 Index by an average of 20.52% during the year

• Asian hedge funds outperformed their global peers and were up 15.86% in 2013, with fund managers recording net asset inflows of US$11 billion during the year – the highest level on record since 2007

• Japanese hedge funds remained ahead of other regions, up 26.77% with pure Japan mandated funds recording net inflows of US$700 million since June 2013

• Greater China focused hedge funds were up 19.39% in 2013, outperforming the Hang Seng Index by more than 16%

• Distressed debt hedge funds have delivered the best returns among all strategies and were up 17.95% in 2013

And a couple newsworthy items to start the year:

Eric Sprott, founder and chairman of Toronto-based Sprott Inc.. is among the new appointments to theOrder of Canada recently announced by the Governor General of Canada. Mr. Sprott was appointed asa Member of the Order of Canada for his contributions as a philanthropist, notably in the areas of healthcare, education and international development. "Eric and his family are committed philanthropistswho give back to the community through their generous support of a number of worthy causes,"said Peter Grosskopf, CEO of Sprott, in a release.

The Alternative Investment Management Association (AIMA), the global hedge fund industry association, hasannounced that Jack Inglis will take over as CEO of the organisation on 1 February 2014. Mr Inglis replacesAndrew Baker, AIMA’s CEO since January 2009, who announced last year that he would be stepping down.

“This is an exciting time to be joining AIMA and I am very much looking forward to building on Andrew’soutstanding legacy,” said Mr Inglis. “AIMA has been able to forge excellent working relationships withregulators globally, and I intend to continue that work in the spirit of constructive co-operation that hasalways defined AIMA’s regulatory engagement. We will also strengthen our engagement with investors inhedge funds as we look to build on the very good work to date of the AIMA Investor Steering Committee,a group of leading institutional investors from around the world. Mr Inglis was previously with Barclayswhere he was a member of the Global Executive Committee for Prime Services. Prior to that he was theCEO of Ferox Capital between 2007 and 2010. He also spent 16 years at Morgan Stanley where he wasCo-Head of European Prime Brokerage from 2003-2007.

Wishing you a Happy New Year and all the best in 2014.

Terry KrowtowskiCanadian Hedge Watch Inc.

O P E N I N G S T A T E M E N T

J A N U A R Y Q U A R T E R L Y

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Performance SummaryDec. 2013

YTD

CHW HEDGE FUND INDICES (CHW-HF) % %

CHW-HF Composite Index 0.33 -3.42

CHW-HF Equity Hedged Index 0.25 -3.72

CHW-HF Notes Index 0.21 4.60

CHW-FOHF Index 1.03 0.32

Scotia Capital Canadian Hedge Fund Performance Index

SC CDN HF Index Asset Weighted 1.01 1.40

SC CDN HF Index Equal Weighted 1.22 4.38

Dow Jones Credit Suisse Hedge Fund Indices

Dow Jones Credit Suisse Hedge Fund Index 1.19 9.73

Convertible Arbitrage 0.53 6.03

Emerging Markets 1.28 8.81

Event Driven 1.61 15.47

Fixed Income Arbitrage 0.18 3.80

Global Macro 0.71 4.32

Long/Short Equity 1.80 17.73

Managed Futures 0.10 -2.56

HEDGE FUND INDICES

Hennessee Hedge Fund Index 1.52 12.86

HFRI Fund Weighted Composite Index 1.09 9.24

HFRI Equity Market Neutral Index 0.43 6.65

HFRI Fund of Funds Composite Index 1.19 8.79

MARKET INDICES

Dow Jones Global Index (C$) 1.80 29.49

Dow Jones Global Index (U$) 1.65 20.78

Dow Jones 30 Industrial Average (US$) 3.05 26.50

NASDAQ Composite Index (C$) 3.03 48.29

NASDAQ Composite Index (US$) 2.88 38.32

S&P 500 Total Return Index (C$) 2.69 41.93

S&P 500 Total Return Index (US$) 2.53 32.39

S&P/TSX Composite Index Total Return 1.69 9.56

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, suggestions

and comments from our readers. All submissions become theproperty of Canadian Hedge Watch Inc., which reserves the right

to exercise editorial control in accordance with its policiesand 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

QUARTERLY REVIEW OF HEDGE FUNDS & ALTERNATIVE INVESTING

JANUARY 2014 VOLUME 14 ISSUE 1

Exchange Traded Forum (ETF) Monday, March 31, 2014 ~ Toronto Canada�s leading event dedicated to Exchange Traded Products. Hear from leading financial industry professionals and industry experts who will provide valuable insights into the issues and trends that matter most to Canada�s financial professionals. Join us for presentations, advisor/client-focused sessions, roundtable discussions, networking events and knowledge sharing critical issues facing the financial industry. This is an opportunity for IIROC based financial advisors and also Portfolio Managers to gather together in a great location to network, learn from each other, and participate in the numerous educational opportunities that fill the agenda.

ExchangeTradedForum.com

Radius Practice Management & Retirement Summit (RPMRS) Thursday, May 8, 2014 ~ TorontoRPMRS offers proven practice management tools and education to help enhance business-buildingefforts, increase efficiencies within your practice, and grow revenue to sustain your practice. This extensive one day event delivers a focused set of tools and resources from select sponsor partners that include products, retirement coaching and planning, current economic perspectives, information on advisor support programs and tools for your business and development. This is an opportunity for financial advisors to gather together in a great location to network, learn from each other, and participate in the numerous educational opportunities that fill the agenda.

RadiusPMRS.com

Niagara Institutional Dialogue (NID)Mon., June 9 to Wed., June 11, 2014 ~ Niagara-on-the-LakeNiagara Institutional Dialogue is an exchange of ideas, knowledge and practices for Canadian Institutional Investors. A selected group of senior representatives from Canadian pensions and family offices will participate in three days of informative discussions, education and networking. This confidential closed-door event is reserved for select industry participants. InstitutionalDialogue.com

Exchange Traded Forum (ETF West) Tuesday, June 17, 2014 ~ VancouverCanada�s leading event dedicated to Exchange Traded Products. Hear from leading financial industry professionals and industry experts who will provide valuable insights into the issues and trends that matter most to Canada�s financial professionals. Join us for presentations, advisor/client-focused sessions, roundtable discussions, networking events and knowledge sharing critical issues facing the financial industry. This is an opportunity for IIROC based financial advisors and also Portfolio Managers to gather together in a great location to network, learn from each other, and participate in the numerous educational opportunities that fill the agenda.


World Alternative Investment Summit Canada (WAISC) Mon., Sept. 15 to Wed., Sept. 17, 2014 ~ Niagara FallsWAISC is in its 12th year and is Canada�s largest gathering of alternative and exempt market investmentprofessionals and service providers. Featuring panel discussions with top-level Canadian and international speakers, fund managers and leading service providers, WAISC brings together over 300 delegates to explore every side of alternative investments. WAISC is a popular annual event that is not to be missed. waisc.com

World Alternative Investment Summit Canada (WAISC West) Wednesday, November 12, 2014 ~ VancouverWAISC West is in its 3rd year and is Canada�s largest gathering of alternative and exempt marketinvestment professionals and service providers. Featuring panel discussions with top-level international speakers, fund managers and leading service providers, WAISC brings together over 200 delegates to explore every side of alternative investments. waisc.com

Radius Financial Education (Radius), a division of CHW Inc., has been producing high level conferences within the financial services sector in Canada for over 12 years. As Canada�s leading producer of conferences within the financial sector, Radius events focus on education and networking through an exchange of independent ideas and information, allowing our delegates to be leaders in their chosen fields. Our top-down approach to the agenda enables us to deliver relevant, thought-provoking, cutting edge, and sometimes controversial insight in a stimulating manner. We understand the importance of learning from the best. Each conference offers a well balanced speaker composition consisting of insight from authors, educators, economists, regulatory bodies and industry leaders from around the globe.

EXCHANGETRADEDFORUM


RadiusPRMS.com

InstitutionalDialogue.com

EXCHANGETRADEDFORUM


World Alternative InvestmentSummit Canada

WAISC

waisc.com

World Alternative InvestmentSummit Canada

WAISC

waisc.com


FEATURES

Radius 2014 Calendar of Events 4

Catalyst Financial: 6Survey of Allocators’ Investing Trends 2014

DATA

Hedge Fund Performance Tables Q4 14

Graphs and Tables Related to Asset Size 24and Distribution of Canadian Hedge Funds

Number of Hedge Funds Reporting 24

Number of Hedge Fund Managers Reporting 25

Hedge Funds Reporting Assets 26

Hedge Funds Assets Under Management 27

Hedge Fund Asset Change 28

Distribution of Canadian Hedge Funds by Asset Size 29

Reported Canadian Hedge Fund Assets by Fund Manager 30

Average Asset Size of Canadian Hedge Funds Over Time 31

Monthly Average Return 32

Distribution of Returns in the most recent Quarter 33

Distribution of Monthly Average Returns 34

Quarterly Average Returns 37

12-month Rolling Standard Deviation 38

Performance Comparison: 39

Canadian Hedge Funds vs. Major Indices

Commentary 39

Comparison of Returns 40

Efficiency and Calendar Year Returns 40

Correlation Matrices 42

Canadian Hedge Fund Indices – December 2013 45

C O N T E N T S

J A N U A R Y Q U A R T E R L Y

@RadiusFE

www.canadianhedgewatch.comXX

Volume 14 Issue 1 - January 2014 XX

Carl Berg, Catalyst Financial Partners Susan Weerts, [email protected] [email protected]+1 212 966 2993 +1 732 766 5678

Catalyst Financial Partners LLC118 E 28th Street, Suite 314, New York, NY 10016Tel: +1 212 966 2993 Email: [email protected] www.catalystforum.com

Survey of Allocators� Investment TrendsJanuary 2014

Carl Berg, Catalyst Financial Partners, and Susan Weerts, Contributor at Seekingalpha

Scope of Survey

In our pursuit to understand, to see what works � and does not work, and what lies ahead, we now want again take the pulse of what allocators currently think of the industry.

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

We conducted similar surveys in May 2010 and January 2013, and we compare some of those answers with this survey to see changes through time.

Executive Summary

In 2014, investors continue as last year to pay more attention to a fund�s portfolio characteristics than performance. This will allow them to discern inherited risks and systemic ambiguities. This also explains why strategies that are run in a non-discretionary fashion seem to be, as a general observation, more attractive than discretionary.

Investors also prefer funds with more friendly fees and investor terms. This could be expressed in the many types of share classes and discounts that are now offered based on size of investment, lock-up accepted, and maturity of the fund.

Private Equity is the strongest substitute. There is also an increased interest in holding cash, which could explained by profit taking motives or to have cash ready for opportunistic investing in a growth cycle.

Going into 2014, within the hedge fund space, L/S Equity is with a good margin the most preferred strategy destination, followed by Event Driven and Emerging Markets. This continues the drift into equity orientated strategies that took off early 2013.

www.canadianhedgewatch.com8


Survey Results

1. In 2014, would you consider allocating to hedge funds?

Allocation appetite appears strong. Most of the allocators indicate that they are looking to make investments 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.

2. Within the hedge fund space, what sectors do you think would be especially interesting in 2014?

The top preference is L/S Equity strategies, followed by Event Driven. There is a trend to invest in funds that look at companies and their events, and general economic growth.

Mortgage, CTAs, Energy and Macro funds are shunned in place of funds betting on companies, while also major macro and political events are staying on the side lines.

Emerging Markets has dropped somewhat in appeal for 2014, but is still the third most interesting sector for the year.

0%

10%

20%

30%

40%

50%

60%

YES, but only if we find the appropriate manager

YES, now should be a good time

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

2013

0%

5%

10%

15%

20%

25%

30%

L/S Equity Event Driven Emerging Markets

Credit & Fixed Income

Macro Commodities, Energy

Mortgage Quant & CTAs Trade Finance

2013



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

Private Equity is the most attractive investment substitute to hedge funds.ETFs and mutual funds are also an attractive substitute to hedge funds. However, they are measurably less interesting than a year ago.Cash is a stronger option compared to 2013. This might indicate that some investors are taking some cash off the table, either from profit taking, or to have cash in hand to be ready for opportunistic investing in a growth cycle.

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

Portfolio Characteristics (non-correlation, diversification, etc) is the top reason to allocate to hedge funds. How a product fits in their portfolio and core investment objective is of highest importance.The performance of hedge funds is the second top reason.However, Low fees & Attractive terms have become an important criterion for investors.

0%

5%

10%

15%

20%

25%

30%

35%

Private Equity Funds Direct Investments in Equity / Debt

ETFs and Mutual Funds

Cash Real Estate Funds 'Public' Hedge Funds

2013

0%

10%

20%

30%

40%

50%

60%

Portfolio Characteristics

Meaningful Performance

Appropriate AUM Size

Low Fees and Attractive Terms

Star Management Team

Long Track-record

2013



5. What are the considerations that discourage you most in investing in hedge funds?

High fees and unfriendly investor terms keep allocators at bay. And arguably managers that are responding back with deals like Founders Shares, different rates for size of allocation or lock up, or reducing fees outright, are the ones that manage to be more successful in raising capital. Over 20% of respondents thought there are other, more appealing, investment opportunities than hedge funds. This is a large increase compared to 2013.In our 2010 survey, identifying the �Right� manager was allocators� top discouraging factor. For 2014, this has dropped to fourth place.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Too High fees, Unfriendly Investor Terms

Lackluster Performance There Are Other, More Appealing Investment

Opportunities

Difficulty in Selecting the 'Right' Manager

2013



What type of allocators participated in the survey?

Over 750 allocators were sent the survey in early 2014, of which a portion responded. The largest groups of responders were fund-of-funds and family offices.Eight types of allocators responded. There was no analysis made on the basis of allocator type; the survey responders were anonymous and the answers aggregated.

About the Authors Carl Berg runs Catalyst Financial Partners, an investor events firm for the private funds industry. The firm links alternative investment managers and investors together through investor events. It has established ourselves as one of the leading, independent cap intro providers. He also works with selected alternative investment firms in a capital raising capacity. [email protected]

Susan Weerts is a contributing writer to Seekingalpha.com since 2009. Current research 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. [email protected]

This survey is copyright Catalyst Financial Partners but we accept that the survey is being linked to or quoted as long as you refer to the source. For any comments or questions contact: Catalyst Financial Partners LLC 118 E 28th Street, Suite 314 New York, NY 10016 T: +1 212 966 2993 E: [email protected]

Fund-of-funds26%

Single/ multi-family office

16%

Investor Consultant

16%Wealth

Manager5%

Other Inst. Investor

16%

HNW Individual11%

Endowment5%

Pension Fund5%

www.canadianhedgewatch.comXX

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April 3-4, 2014Copacabana Palace HotelRio de Janeiro, Brazil

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4TH ANNUAL

DISCOUNTED REGISTRATION THROUGH

FEBRUARY 28th

Jorge O. MariscalCIO - Emerging MarketsUBS Wealth Management

Mauricio MarcelliniCIOFuncef

Michel Del BuonoGlobal Investment StrategistMakena Capital

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Featured Speakers:


H E D G E F U N D P E R F O R M A N C E (as of December 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 48.000 1.08 3.68 -3.86 8.65 8.65 1.12 2.58 13.08 -13.20 -17.77 13.59 14.46 0.01 8.55 0.01 0.28 95.83 50.00

Agilith North American Diversified Fund - 1.73 11.71 21.45 52.79 52.79 25.23 20.19 29.54 -19.60 -46.04 10.73 14.77 0.42 48.77 0.34 0.38 100.00 62.67

AlphaNorth Partners Fund Class A 70.000 -0.50 -0.81 10.71 -12.93 -12.93 -5.94 14.86 30.42 -25.16 -63.33 15.05 23.33 0.61 -18.76 0.35 0.07 56.75 58.90

AlphaNorth Partners Fund Class F - 8.70 16.24 43.14 13.02 13.02 2.61 19.89 43.14 -25.16 -63.33 22.91 25.25 1.38 -0.18 0.52 0.14 73.66 60.27

Amethyst Arbitrage Fund 105.800 0.10 -0.19 2.16 -2.47 -2.47 0.83 6.62 7.08 -6.18 -34.47 3.29 4.22 0.31 -5.44 0.82 0.26 94.31 74.26

Arrow Act II New Media Fund A 9.650 2.99 8.00 11.70 11.47 11.47 5.52 5.96 14.19 -16.38 -16.38 8.01 8.79 0.06 10.90 0.06 -0.24 100.00 54.29

Arrow Act II New Media Fund Class U - 2.92 7.78 11.32 10.86 10.86 - -0.53 11.32 -16.31 -16.31 7.97 - 0.06 10.29 0.07 -0.24 97.53 48.28

Arrow Act II New Media Fund F - 3.09 8.31 12.34 14.12 14.12 6.84 7.25 13.62 -15.87 -15.87 7.70 8.73 0.08 13.35 0.09 -0.20 100.00 59.15

Arrow Curvature Market Neutral Fund A 96.450 1.51 1.90 4.33 2.11 2.11 8.11 7.14 9.42 -2.65 -5.61 6.72 5.66 -0.15 3.54 -0.19 -0.33 100.00 68.29

Arrow Diversified Fund Class A 24.100 1.16 2.20 0.59 -0.47 -0.47 -4.85 1.29 0.97 -8.84 -20.17 2.68 3.74 -0.01 -0.37 -0.04 -0.31 81.59 58.57

Arrow Diversified Fund Class A U$ 93.620 1.13 2.09 0.33 -0.02 -0.02 -5.22 2.45 2.16 -9.72 -22.49 2.97 4.04 -0.09 0.84 -0.26 -0.45 79.13 57.25

Arrow Diversified Fund Class F C$ 75.750 1.24 2.51 1.27 0.93 0.93 -3.67 2.58 1.71 -8.54 -17.21 2.67 3.78 -0.01 1.03 -0.05 -0.32 86.13 60.47

Arrow Diversified Fund Class F U$ 75.750 1.22 2.40 0.98 0.77 0.77 -4.42 1.42 1.29 -9.11 -17.82 2.57 3.83 -0.02 0.96 -0.08 -0.30 84.15 57.39

Arrow High Yield Fund A C$ 202.170 0.73 3.25 1.40 2.02 2.02 1.68 5.44 6.96 -5.60 -9.27 4.38 4.82 -0.08 2.79 -0.15 -0.41 97.87 65.71

Arrow High Yield Fund A U$ 304.240 0.64 3.16 1.06 1.84 1.84 1.20 5.48 6.58 -5.89 -8.65 4.44 4.98 -0.07 2.51 -0.13 -0.35 96.75 68.75

Arrow High Yield Fund F 95.570 0.80 2.95 1.31 2.64 2.64 2.20 5.96 7.42 -5.83 -9.82 4.11 4.90 -0.07 3.31 -0.15 -0.43 98.84 67.44

Arrow U.S. Equity Income Fund A C$ 2.580 -0.89 -1.41 -5.16 -8.86 -8.86 -3.72 -11.25 7.47 -8.91 -71.45 5.96 8.05 0.11 -9.91 0.15 -0.08 40.87 43.75

Arrow U.S. Equity Income Fund Class U U$ 33.880 -0.97 -2.33 -6.22 -10.21 -10.21 -4.47 -9.22 7.19 -8.89 -69.19 5.42 7.98 0.09 -11.07 0.15 -0.13 47.41 46.25

Arrow U.S. Equity Income Fund F - -0.71 -1.69 -5.69 -8.08 -8.08 -2.88 -10.42 8.07 -8.19 -71.06 5.70 8.02 0.08 -8.85 0.12 -0.04 43.34 46.25

Aurion II Equity Fund 35.480 1.96 6.45 14.90 9.48 9.48 -3.99 6.76 14.90 -27.12 -41.81 8.43 14.00 0.73 2.50 0.75 0.35 84.18 62.11

Aurion II Equity Fund Series D 7.020 1.88 6.20 14.36 8.43 8.43 -4.98 3.51 14.36 -27.54 -42.05 8.43 13.98 0.73 1.45 0.75 0.35 81.76 59.76

Auspice Diversified Trust Class A - -0.38 1.63 -5.32 -6.24 -6.24 -7.08 -3.26 4.77 -13.21 -26.33 5.64 7.60 -0.09 -5.38 -0.13 0.11 74.87 50.98

Auspice Diversified Trust Class S - -0.38 1.62 -5.33 -6.27 -6.27 -7.13 -7.13 4.66 -13.21 -26.38 5.64 7.58 -0.09 -5.41 -0.14 0.11 74.82 44.44

Auspice Managed Futures LP. - -0.36 1.68 -5.23 -6.03 -6.03 -6.82 1.06 5.08 -13.44 -25.93 5.65 7.69 -0.09 -5.17 -0.14 0.12 75.32 49.46

Barometer Long Short Equity Pool Class A 6.660 5.14 13.61 15.61 28.54 28.54 -2.49 5.52 17.19 -19.19 -32.59 11.50 15.95 0.70 21.84 0.52 0.37 91.50 57.83

Barometer Tactical Exchange Traded Fund Pool - 2.24 10.13 7.31 16.37 16.37 0.46 4.22 8.44 -12.79 -18.59 9.09 10.12 0.36 12.93 0.34 0.41 94.73 55.00

Blackheath Futures Fund L.P. Class A 3.920 3.05 5.39 -16.54 -12.68 -12.68 -2.13 0.24 21.38 -18.69 -27.46 24.76 20.03 -0.57 -7.23 -0.20 -0.26 79.39 62.75

Blackheath Volatility Arbitrage Fund L.P. Class A 47.400 1.11 2.44 4.86 -3.11 -3.11 7.07 8.15 20.08 -9.46 -11.69 8.89 10.36 0.10 -4.07 0.09 0.37 96.58 53.85

BluMont Hirsch Performance Fund 31.200 2.86 10.27 15.33 26.18 26.18 7.78 10.20 22.15 -16.09 -41.19 4.50 9.31 0.34 22.93 0.66 0.64 100.00 63.10

Broadview Dark Horse LP 33.000 0.70 3.75 11.67 19.86 19.86 12.47 17.31 13.49 -5.14 -7.41 4.80 6.68 0.39 16.13 0.69 0.50 100.00 82.46

Brompton Energy Opportunities Fund Series 2009 8.680 4.64 3.61 9.38 -2.39 -2.39 -2.07 19.53 20.26 -22.80 -33.30 11.81 19.60 0.63 -8.42 0.46 0.14 75.30 60.00

Brompton Energy Opportunities Fund Series 2010 2.550 4.64 3.61 9.38 -2.39 -2.39 -10.07 -0.21 15.66 -22.80 -44.11 11.81 23.55 0.63 -8.42 0.46 0.14 63.10 53.49

Brompton Energy Opportunities Fund Series A 3.720 4.63 3.59 9.34 -2.43 -2.43 -3.66 3.09 15.64 -22.83 -52.21 11.80 19.11 0.63 -8.46 0.46 0.14 75.17 58.73

BSP Absolute Return Fund L/S Eq. US$ - 1.77 4.54 7.21 11.93 11.93 - 5.51 7.21 -5.35 -5.35 2.39 - 0.16 10.40 0.57 0.79 100.00 73.53

BSP Absolute Return Fund Multi Strat.US$ - 1.05 3.36 5.11 9.75 9.75 5.11 6.07 5.68 -4.61 -15.21 1.87 2.87 0.13 8.51 0.59 0.78 100.00 76.00

BT Global Growth Fund L.P. - 6.47 16.11 21.11 27.49 27.49 1.16 11.90 21.11 -17.23 -40.84 10.43 14.84 0.57 22.04 0.47 0.29 100.00 63.22

Burlington Partners Plus LP - 3.68 7.80 12.25 15.93 15.93 11.26 11.47 21.51 -13.48 -14.40 5.26 9.40 0.39 12.20 0.64 0.48 100.00 67.44

Burlington Partners1 LP - 2.48 5.03 6.75 9.23 9.23 7.23 5.42 12.70 -7.28 -13.27 4.11 5.56 0.26 6.74 0.55 0.53 100.00 63.55

Calrossie Partners Fund - 1.72 9.63 15.32 26.40 26.40 13.77 10.32 16.53 -10.26 -35.06 7.10 8.29 0.59 20.76 0.72 0.70 100.00 69.57

ChapelGate Credit Opportunity Fund Ltd. 453.239 0.97 3.39 7.86 17.35 17.35 15.73 14.56 12.94 1.12 -4.23 3.89 3.85 0.10 16.39 0.23 0.59 100.00 89.69

DKAM Capital Ideas Fund 107.000 3.48 20.53 33.42 51.63 51.63 20.36 28.87 33.42 -8.15 -11.98 9.95 11.41 0.31 48.66 0.27 0.32 100.00 76.19

Dynamic Alpha Performance Fund Series A 458.698 0.08 1.41 3.39 9.68 9.68 2.99 6.92 7.69 -8.29 -15.50 5.28 5.98 0.21 7.67 0.34 0.33 100.00 61.15

Dynamic Alpha Performance Fund Series F - 0.14 1.74 3.96 10.60 10.60 4.02 7.05 7.86 -7.60 -15.12 5.07 5.86 0.21 8.59 0.37 0.37 100.00 60.00

Dynamic Alpha Performance Fund Series FH U$ - 0.19 1.73 3.70 11.06 11.06 - 6.52 8.44 -0.62 -2.05 5.60 - 0.20 9.15 0.30 0.32 100.00 62.50

Dynamic Alpha Performance Fund Series H - 0.02 1.38 3.80 10.39 10.39 - 6.73 8.59 -1.25 -2.28 5.64 - 0.23 8.19 0.36 0.35 100.00 63.16

Dynamic Alpha Performance Fund Series T 7.930 0.10 1.42 3.27 9.50 9.50 2.93 4.61 7.51 -8.28 -8.47 5.19 5.98 0.21 7.49 0.34 0.32 100.00 55.56

Dynamic Contrarian Fund 9.164 4.72 6.85 5.28 5.09 5.09 -15.95 2.05 5.28 -39.54 -63.12 6.69 15.24 0.22 2.99 0.29 -0.33 58.63 52.48

Dynamic Income Opportunities Fund 43.682 1.52 7.74 12.15 15.84 15.84 7.61 8.36 12.15 -4.17 -29.50 6.36 6.77 0.55 10.58 0.74 0.83 100.00 67.42

Dynamic Power Hedge Fund Series C - -2.36 -5.87 -2.01 -17.84 -17.84 -21.80 11.52 13.30 -38.65 -79.61 14.07 23.57 0.77 -25.21 0.47 0.40 47.26 52.73

Exemplar Diversified Portfolio Series A 37.840 2.11 7.56 1.18 8.27 8.27 -3.53 1.77 7.30 -16.67 -21.78 8.34 10.57 -0.18 9.99 -0.19 0.40 85.13 53.57


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.

Exemplar Diversified Portfolio Series F - 2.20 7.85 1.75 9.46 9.46 4.80 7.56 18.18 -9.36 -9.36 8.35 10.88 -0.18 11.18 -0.19 0.40 99.90 58.14

Exemplar Leaders Fund Series A 29.610 1.53 6.44 13.17 28.94 28.94 12.00 8.56 23.19 -13.65 -39.46 6.77 12.13 0.45 24.64 0.58 0.64 100.00 65.79

Exemplar Leaders Fund Series F 2.910 1.63 6.73 13.75 29.18 29.18 15.74 5.39 19.55 -13.19 -38.51 6.98 13.08 0.48 24.59 0.60 0.62 100.00 64.52

Fiera Global Macro Fund Class A 0.950 1.58 0.66 4.25 9.32 9.32 -0.06 -0.90 6.47 -6.83 -14.86 3.99 5.36 -0.01 9.42 -0.02 0.16 96.30 46.00

Fiera Global Macro Fund Class F 1.730 1.67 0.93 5.83 11.59 11.59 1.42 0.07 8.10 -6.29 -14.29 4.32 5.49 0.02 11.40 0.04 0.15 99.52 61.19

Fiera Long Short Equity Fund Class A - 3.85 9.34 11.37 24.26 24.26 - 10.53 11.62 -5.71 -5.71 5.20 - 0.05 23.78 0.08 0.07 100.00 73.68

Fiera Market Neutral Equity Fund Class A 34.240 1.92 1.77 2.44 6.70 6.70 -2.34 -0.13 11.26 -14.93 -21.62 3.62 6.75 -0.04 7.08 -0.11 -0.29 83.72 53.97

Fiera Market Neutral Equity Fund Class F 47.900 2.02 2.06 2.95 7.82 7.82 -1.29 1.34 11.79 -14.45 -20.34 3.62 6.74 -0.04 8.20 -0.11 -0.27 86.05 58.06

Fiera Tactical Bond Yield Fund Class A 67.355 0.44 -0.18 0.67 -1.26 -1.26 - 0.73 4.68 -1.92 -2.65 2.36 - 0.19 -3.08 0.68 0.49 98.01 63.33

Formula Growth Alpha II Fund Class B 41.900 0.34 4.05 8.53 12.30 12.30 - 8.49 26.68 -8.92 -17.40 5.45 - 0.31 9.33 0.50 0.29 99.49 62.50

Formula Growth Global Opportunities Fund Cl. S C$ 47.000 5.83 17.52 22.44 36.44 36.44 7.70 9.71 26.79 -19.87 -24.00 12.24 14.82 0.70 29.74 0.50 0.04 100.00 63.33

Formula Growth Hedge Fund Class F C$ 210.800 -0.16 5.10 7.89 15.13 15.13 7.59 17.47 28.39 -19.19 -20.73 6.64 14.45 0.39 11.40 0.51 0.05 99.84 64.93

Formula Growth Hedge Fund Class F U$ - -0.51 1.63 6.63 7.69 7.69 5.20 21.46 33.34 -24.33 -25.96 6.37 18.86 0.39 3.96 0.53 0.59 98.05 68.42

Friedberg Asset Allocation Fund 55.950 -2.35 -1.16 1.18 -8.92 -8.92 0.94 5.80 12.87 -11.55 -18.49 9.81 11.94 0.58 -14.47 0.51 0.60 82.48 61.22

Friedberg Global Macro Hedge Fund U$ 290.390 1.88 1.88 -24.75 -39.08 -39.08 -5.98 12.65 37.48 -41.98 -45.58 23.37 30.12 0.27 -41.66 0.10 -0.10 58.13 55.70

Front Street Canadian Energy Resource Fund Ser B 14.300 4.42 3.90 16.72 -7.86 -7.86 -26.96 3.35 20.27 -43.97 -72.55 16.83 31.48 1.43 -21.54 0.73 0.23 36.97 62.62

Front Street Canadian Energy Resource Fund Ser F 0.920 4.52 4.18 17.37 -6.83 -6.83 -26.45 -11.81 20.99 -43.69 -67.98 16.84 31.55 1.43 -20.51 0.73 0.23 37.58 54.76

Front Street Canadian Hedge Fund Series B 103.120 1.28 8.13 14.79 17.24 17.24 -3.33 11.26 14.79 -26.95 -43.40 5.51 13.92 0.43 13.13 0.68 0.45 86.15 63.95

FrontFour Opportunity Fund 28.000 -1.16 3.38 11.38 27.73 27.73 - 16.01 17.26 0.99 -5.84 8.63 - 0.50 22.95 0.50 0.71 98.84 70.00

GFM 130/30 Fund - 1.92 6.57 15.62 16.99 16.99 1.25 11.43 15.62 -16.18 -20.72 8.05 12.53 0.79 9.43 0.85 0.71 100.00 61.90

GFM Dividend Income Fund - 1.54 6.68 12.04 16.64 16.64 - 6.81 15.47 -4.87 -12.73 4.74 - 0.48 12.05 0.87 0.75 100.00 60.00

GFM Market Neutral Fund - 0.11 2.76 5.74 8.55 8.55 0.17 5.84 6.46 -5.57 -8.81 5.23 5.24 -0.08 9.32 -0.13 0.11 100.00 58.73

Goodwood Fund Class A 61.220 0.87 2.26 13.62 15.88 15.88 -0.77 10.39 15.52 -21.03 -55.80 7.00 10.79 0.16 14.35 0.20 0.02 71.53 62.62

Goodwood Fund Class B - 0.87 2.26 13.61 15.86 15.86 -0.76 1.60 15.51 -21.03 -55.41 7.00 10.79 0.16 14.33 0.20 0.03 72.21 59.03

Goodwood Milford Fund - 0.89 3.41 4.97 8.25 8.25 12.59 16.60 15.01 0.96 -49.99 2.10 5.44 0.15 6.82 0.63 0.40 100.00 73.96

Hillsdale Canadian Long/Short Equity Fund Class A 4.310 0.91 9.47 17.28 13.04 13.04 2.00 7.50 17.98 -7.07 -24.49 9.01 8.51 0.26 10.55 0.25 0.27 92.07 58.93

Hillsdale Enhanced Income Fund Class A 9.510 0.45 5.05 4.25 0.79 0.79 3.39 2.77 7.66 -8.22 -11.70 10.41 8.06 0.39 -2.94 0.33 0.61 93.75 63.16

IA Multi-Strategy 1.290 0.51 3.71 3.31 -0.93 -0.93 -3.02 -2.97 3.31 -6.92 -38.57 6.66 4.71 0.53 -6.00 0.69 0.55 63.70 45.80

IMFC Global Concentrated Program - 0.54 4.22 -2.32 3.24 3.24 -3.22 2.58 8.03 -13.50 -17.77 9.23 10.63 -0.10 4.20 -0.09 0.57 87.23 52.63

IMFC Global Investment Program - 2.33 8.05 2.08 10.01 10.01 -2.52 8.67 8.08 -16.05 -21.06 8.34 10.63 -0.18 11.73 -0.18 0.40 87.39 50.60

JC Clark Adaly Fund Class A - 1.96 10.69 15.97 15.23 15.23 -5.31 13.12 15.97 -27.52 -35.68 9.83 15.29 0.58 9.68 0.51 0.47 79.74 69.64

JC Clark Adaly Fund Class B - 1.69 10.05 15.14 14.09 14.09 -6.03 5.89 15.14 -27.72 -36.14 9.79 15.24 0.57 8.64 0.51 0.47 78.17 65.04

JC Clark Focused Opportunities Fund (Class A) - 1.86 6.37 9.44 12.51 12.51 5.73 7.65 19.24 -11.47 -14.02 5.24 8.54 0.38 8.88 0.62 0.65 100.00 65.05

JC Clark Patriot Trust (Class B) - 3.43 7.37 14.42 11.46 11.46 -3.38 8.32 14.42 -17.01 -29.64 8.06 12.88 0.74 4.38 0.79 0.52 85.00 65.65

JC Clark Preservation Trust (Class B) - 2.33 9.79 14.40 18.41 18.41 5.03 11.26 18.60 -9.84 -22.61 7.46 7.94 0.58 12.86 0.67 0.64 100.00 59.66

JM Catalyst Fund 19.600 0.95 2.82 12.07 23.10 23.10 15.53 13.56 13.82 3.87 -3.31 3.90 4.39 0.23 20.90 0.52 0.19 100.00 81.94

Kensington Global Private Equity Fund Class E+G - 3.40 9.97 10.85 0.71 0.71 7.26 2.84 20.22 -9.97 -15.93 9.30 10.30 0.35 -2.64 0.33 0.11 100.00 48.15

Kensington Hedge Fund 1 Series A+E+F - 0.76 4.02 4.53 8.84 8.84 - 9.77 8.68 1.08 -1.04 3.25 - 0.22 6.74 0.59 0.53 100.00 80.77

King & Victoria Fund LP - 2.60 5.39 11.27 36.15 36.15 20.99 25.96 35.96 -11.98 -32.14 7.40 10.67 0.26 33.66 0.30 0.57 100.00 77.37

King & Victoria RSP Fund Class A Units - 2.60 5.39 11.27 36.15 36.15 20.63 17.39 35.96 -11.99 -33.73 7.40 10.66 0.26 33.66 0.30 0.57 100.00 72.73

Kootenay Global Energy Abs. Return Fund LP Class A - 3.43 8.63 15.15 8.79 8.79 - 0.49 15.15 -12.47 -17.73 10.65 - 0.90 0.18 0.73 0.31 100.00 53.33

Landry Global Equity Long/Short Fund Series F 29.100 -0.53 0.79 3.77 14.56 14.56 5.08 4.65 11.59 -10.02 -26.44 4.89 7.78 -0.02 14.75 -0.03 0.42 94.71 58.59

Landry Global Equity Long/Short Fund Series I - -0.43 1.08 4.39 9.36 9.36 4.19 0.81 12.17 -9.56 -25.62 5.29 7.72 -0.13 10.60 -0.21 -0.02 94.78 57.47

Lightwater Conservative Long/Short - Class A - 2.44 13.24 40.90 46.03 46.03 -0.08 2.85 40.90 -19.67 -33.19 12.98 14.04 0.81 38.28 0.54 0.19 97.57 59.72

Lightwater Nimble Fund - 2.65 3.28 27.85 53.04 - - - - - -4.35 - - - - - - 100.00 90.00

Lycos Value Fund Class O 1.800 -7.28 4.68 5.08 17.11 17.11 25.91 17.11 68.00 -14.32 -22.62 26.92 26.92 0.71 10.32 0.23 0.35 92.31 58.33

Lycos Value Fund Class P 1.200 0.51 1.48 3.02 6.02 6.02 6.01 6.01 3.03 2.90 0.00 0.10 0.09 0.00 6.02 0.39 0.37 100.00 100.00

Majestic Global Diversified Fund - 4.50 4.71 -10.61 -9.95 -9.95 -8.80 -0.61 12.89 -20.07 -32.95 11.68 16.79 0.21 -11.96 0.16 0.40 70.21 46.88

Majestic Global Diversified Fund Series A - 4.46 4.68 -10.90 -10.05 -10.05 -8.85 0.61 12.78 -20.03 -33.00 11.68 16.84 0.18 -11.77 0.14 0.38 70.13 47.62

Marret High Yield Hedge LP Class B 43.170 -0.10 1.05 2.46 -0.87 -0.87 1.21 9.21 3.04 -3.72 -7.60 3.38 3.70 0.32 -3.93 0.82 0.71 98.94 72.18




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.

Meson Capital Partners Fund - 3.92 17.10 10.86 7.91 7.91 -14.82 25.82 21.37 -26.71 -59.12 16.99 26.03 1.40 -5.48 0.71 0.73 48.40 53.45

Niagara Discovery Fund 9.900 1.10 2.39 -8.14 -2.38 -2.38 -0.94 10.62 9.86 -9.86 -14.06 11.14 13.05 -0.12 -1.23 -0.09 0.07 89.85 53.49

Niagara Legacy Class B Fund 41.800 1.83 1.48 -23.86 -34.82 -34.82 -6.21 9.14 60.16 -41.54 -49.57 24.39 31.69 0.28 -37.50 0.10 0.15 53.80 56.86

Norrep Market Neutral Income Fund 10.790 -0.82 3.72 2.17 6.90 6.90 - 9.88 13.81 -1.90 -2.99 5.12 - 0.22 4.80 0.37 0.59 99.18 60.71

Northern Rivers Conservative Growth Fund LP 14.166 1.70 6.85 14.63 35.90 35.90 15.72 11.06 26.84 -12.83 -49.62 6.97 12.86 0.27 33.32 0.34 0.52 100.00 66.33

Northern Rivers Global Energy Fund LP 2.052 2.23 5.61 28.38 18.56 18.56 7.21 6.36 37.20 -28.69 -61.25 13.96 21.05 0.86 10.33 0.53 0.01 92.10 63.27

Palos Income Fund, L.P. 130.000 2.63 9.81 15.38 24.98 24.98 8.30 12.15 15.38 -13.58 -40.08 5.17 8.57 0.50 20.20 0.84 0.78 100.00 72.30

Pathway Energy Series A Rollover MIN002 2.100 -0.03 -5.15 -4.51 -31.43 -31.43 -38.39 -31.17 2.28 -49.90 -92.29 17.58 27.18 1.36 -44.44 0.67 0.03 7.71 47.83

Pathway Multi SF Explorer Series A Rollover MIN001 - -1.78 -16.46 -23.58 -58.13 -58.13 -51.49 -23.39 -10.99 -45.21 -94.98 18.01 24.77 1.44 -71.90 0.69 0.12 5.02 40.00

Performance Diversified Fund - 1.34 3.68 4.54 5.18 5.18 -0.47 8.71 4.54 -6.08 -19.84 2.37 3.91 0.08 4.41 0.31 0.35 96.65 73.29

Performance Growth Fund - 1.25 2.63 1.62 1.99 1.99 -1.87 8.71 12.46 -14.15 -34.64 2.41 8.34 0.09 1.13 0.31 0.30 91.56 70.69

Picton Mahoney Diversified Strategies Fund Class A 14.590 0.67 4.42 8.59 13.11 13.11 6.14 7.84 9.62 -7.99 -7.99 4.06 5.08 0.38 9.48 0.81 0.83 100.00 66.67

Picton Mahoney Global Long Short Equity Fd Cl A C$ 12.080 1.31 4.88 9.56 21.42 21.42 8.68 3.26 13.21 -7.72 -25.98 7.00 7.37 0.36 17.98 0.44 0.78 100.00 61.64

Picton Mahoney Global Long Short Resource Cl A 1.970 1.30 4.20 12.40 12.16 12.16 - 4.94 12.89 -9.98 -12.13 8.73 - 0.80 4.51 0.79 0.41 99.68 64.00

Picton Mahoney Global Market Netural Equ Cl A C$ 37.600 0.11 0.81 1.80 8.05 8.05 4.85 1.80 6.14 -1.14 -17.21 3.70 3.25 0.04 7.67 0.09 0.51 99.45 58.90

Picton Mahoney Income Opportunities Fund Class A 200.840 0.36 3.14 6.23 8.10 8.10 3.99 7.20 6.23 -8.16 -9.14 3.92 5.08 0.39 4.37 0.86 0.74 100.00 75.00

Picton Mahoney Long Short Equity Fund Class A 116.430 0.77 5.25 10.77 14.18 14.18 4.39 11.35 10.77 -10.78 -24.86 4.49 6.23 0.45 9.88 0.86 0.72 100.00 71.88

Picton Mahoney Market Neutral Equity Fund Class A 292.980 -0.11 1.60 3.60 5.45 5.45 2.24 8.54 4.28 -2.29 -4.63 1.65 2.16 0.04 5.07 0.21 0.46 99.89 68.75

Primevestfund 2.780 2.03 5.33 17.42 2.59 2.59 -13.21 9.79 17.42 -23.69 -46.13 16.60 17.91 1.05 -7.45 0.55 0.11 64.59 63.73

Radin Global Opportunities Fund Fd Class Series F - 1.80 6.71 10.85 18.38 18.38 - 20.62 14.40 2.57 -2.41 7.23 - 0.64 12.26 0.77 0.48 100.00 80.00

RDA Mons Regalis Multi-Strategy LP - -1.27 -0.62 -8.21 -14.86 -14.86 1.11 1.11 12.35 -10.10 -18.03 8.63 9.43 -0.32 -11.80 -0.32 -0.61 81.97 50.00

Rosalind Capital Partners L.P. - 7.50 11.63 41.41 92.08 92.08 10.74 21.52 47.73 -38.79 -40.85 12.74 19.97 0.62 86.15 0.42 -0.12 100.00 66.67

Ross Smith Capital Investment Fund 21.452 1.38 1.67 3.85 8.49 8.49 7.51 10.43 6.38 0.30 -17.17 2.86 2.79 0.01 8.39 0.02 -0.14 100.00 70.59

Ross Smith Opportunities Fund 25.428 1.55 1.86 3.12 6.51 6.51 - 8.93 10.22 1.08 -1.18 2.57 - 0.05 6.03 0.16 0.40 100.00 70.83

RPH Global Sovereign Bond Pooled Fund - 0.98 1.86 2.02 6.74 6.74 - 5.36 6.13 -2.05 -4.02 5.63 - 0.02 6.55 0.03 0.10 100.00 65.38

SEI Futures Index Fund Class D 0.030 0.51 0.83 0.31 -2.89 -2.89 -2.95 -2.88 4.04 -7.21 -13.12 2.33 3.55 -0.06 -2.32 -0.21 -0.14 87.96 39.47

SEI Futures Index Fund Class E 0.010 0.64 1.23 1.11 -1.81 -1.81 -2.24 -2.18 4.32 -6.95 -11.75 2.41 3.57 -0.05 -1.33 -0.18 -0.14 89.58 39.47

SEI Futures Index Fund Class F 0.180 0.61 1.15 1.02 -1.35 -1.35 -1.27 1.13 4.98 -6.37 -9.79 2.31 3.55 -0.06 -0.78 -0.22 -0.15 91.51 51.09

SEI Futures Index Fund Class O 19.650 0.76 1.55 1.75 -0.09 -0.09 -0.17 2.33 5.53 -5.88 -8.66 2.35 3.56 -0.06 0.48 -0.21 -0.14 93.52 54.49

SEI Futures Index Fund Class P 1.990 0.61 1.12 0.90 -1.75 -1.75 -1.83 0.66 4.65 -6.68 -10.95 2.34 3.56 -0.06 -1.18 -0.21 -0.15 90.33 50.00

SG US Market Neutral Fund 34.660 3.53 4.07 3.05 4.62 4.62 5.21 0.83 6.15 -1.78 -12.63 5.41 4.31 0.08 3.85 0.12 -0.40 100.00 52.46

SG US Market Neutral Fund Class G - 2.82 3.48 2.55 4.12 4.12 - 4.41 4.63 -1.62 -1.94 4.63 - 0.04 3.74 0.08 -0.42 100.00 58.33

SG US Market Neutral Fund Class U - 1.49 1.94 0.74 2.14 2.14 - 3.23 6.39 -2.05 -2.53 4.77 - 0.09 1.28 0.16 -0.41 99.37 53.33

Sherpa Diversified Returns Fund Class A - 1.00 3.72 5.45 9.88 9.88 4.44 3.90 11.56 -10.76 -21.95 2.84 6.21 0.19 8.06 0.59 0.98 100.00 70.15

Sherpa Market Neutral Income Fund Class A - 0.38 0.56 0.55 0.25 0.25 0.31 1.82 3.09 -5.30 -6.90 0.49 3.17 0.02 0.06 0.34 0.09 98.26 76.74

Silvercove Hard Asset Fund L.P. 14.312 1.80 -2.18 1.05 -4.09 -4.09 -1.46 3.59 8.20 -8.85 -10.98 5.93 7.26 0.39 -7.82 0.57 0.29 93.40 56.86

SMI Defensive LP 145.200 -1.65 -0.71 -27.02 -33.80 -33.80 -6.78 15.12 8.90 -28.55 -33.80 16.24 11.63 -0.69 -27.20 -0.37 -0.22 66.20 83.87

SMI Income LP 3.400 3.09 6.87 14.62 21.98 21.98 - 22.24 14.62 4.82 0.00 4.02 - 0.21 19.97 0.45 -0.19 100.00 100.00

Spartan Dorset Fund - 2.76 - - 4.89 - - - - - 0.00 - - - - - - 100.00 100.00

Spartan Eleven Fund - 0.63 3.58 5.90 6.80 6.80 - 10.27 12.87 -1.97 -4.16 3.82 - 0.41 2.88 0.92 0.54 100.00 80.77

Spartan Humber Global Opportunity Fund - 1.53 4.32 6.98 9.97 - - - - - -0.66 - - - - - - 100.00 77.78

Spartan Humber Global Preservation Fund - 0.66 2.48 2.84 4.44 4.44 - 2.89 3.02 -2.39 -3.04 3.17 - 0.11 3.39 0.29 0.12 100.00 65.00

Spartan LSQ - 0.89 1.81 1.85 3.21 3.21 - 7.42 7.69 0.08 -1.65 3.02 - 0.10 2.25 0.29 -0.08 100.00 90.91

Spartan onTREND Fund - -0.47 7.02 15.38 15.31 15.31 - 15.31 18.79 -0.06 -3.08 10.16 - 0.81 7.56 0.69 0.26 99.53 58.33

Spartan Teraz Fund 1.000 0.83 -0.09 5.28 -7.97 -7.97 - -8.84 5.28 -15.98 -24.09 10.54 - 0.56 -13.33 0.46 0.01 79.92 37.50

Sprott Absolute Return Income Fund Class A 31.785 0.26 0.18 -1.82 -6.62 -6.62 -0.37 0.71 5.74 -7.72 -8.94 6.77 5.23 0.41 -10.54 0.52 0.37 91.29 62.50

Sprott Absolute Return Income Fund Class T - 0.26 0.18 -1.84 -6.69 -6.69 -0.30 0.77 5.81 -7.74 -9.01 6.77 5.29 0.41 -10.61 0.52 0.37 91.23 62.50

Sprott Bull/Bear RSP Fund Class A 18.377 -3.78 -22.01 -18.84 -59.18 -59.18 -39.33 -2.34 6.41 -49.70 -78.69 35.30 29.62 1.71 -75.54 0.42 -0.24 21.31 51.88

Sprott Enhanced Long/Short Equity Fund 52.935 0.77 4.94 7.93 17.81 17.81 0.04 12.02 9.16 -13.52 -19.15 3.86 9.05 0.12 16.66 0.28 0.68 96.62 58.62

Sprott Enhanced Long/Short Equity RSP Fund 19.244 0.74 4.84 7.78 17.44 17.44 -0.26 6.04 8.96 -13.62 -19.39 3.85 9.05 0.13 16.20 0.28 0.68 95.89 53.54


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.

Sprott Hedge Fund L.P. Class A 114.413 -4.09 -19.48 -17.53 -55.75 -55.75 -38.53 5.44 6.06 -46.34 -77.79 32.49 28.36 1.62 -71.25 0.43 -0.25 22.21 55.70

Sprott Hedge Fund L.P. II Class A 75.941 -4.27 -20.74 -18.89 -57.07 -57.07 -38.83 -4.43 6.30 -47.07 -78.10 33.09 28.27 1.58 -72.18 0.41 -0.27 21.90 50.00

Sprott Small Cap Hedge Fund 14.157 3.88 9.20 17.57 1.86 1.86 -7.40 3.62 17.57 -18.87 -54.39 10.82 14.02 0.87 -6.46 0.69 0.23 74.54 59.04

SW8 Strategy Fund LP Class A 27.916 -0.14 -5.30 -7.49 -9.32 -9.32 0.13 0.13 8.42 -7.49 -10.52 6.39 6.42 0.04 -9.70 0.05 -0.40 89.48 47.22

SW8 Strategy Fund LP Class B - -0.10 -5.16 -7.23 -8.80 -8.80 0.62 9.89 8.66 -7.23 -10.08 6.38 6.41 0.04 -9.18 0.05 -0.40 89.92 57.78

SW8 Strategy Trust Class A 13.260 -0.14 -5.30 -7.49 -9.32 -9.32 -0.37 -0.37 7.88 -7.49 -10.52 6.39 6.39 0.04 -9.70 0.05 -0.40 89.48 47.22

SW8 Strategy Trust Class B - -0.10 -5.16 -7.23 -8.80 -8.80 0.29 0.29 8.27 -7.23 -10.08 6.38 6.39 0.04 -9.18 0.05 -0.40 89.92 47.22

Tapestry Balanced Growth Private Port Corp Cl A 11.180 1.14 6.25 8.44 11.07 11.07 2.56 3.95 8.44 -6.05 -8.55 4.89 5.24 0.46 6.67 0.81 0.65 100.00 62.50

Tapestry Balanced Growth Private Port Corp Cl T 2.550 1.06 6.26 8.44 11.03 11.03 2.56 3.80 8.44 -5.98 -8.48 4.97 5.24 0.47 6.53 0.81 0.64 100.00 62.50

Tapestry Balanced Income Private Port Corp Cl A 3.980 0.80 4.99 6.07 7.27 7.27 2.89 3.59 6.07 -3.42 -5.18 4.54 4.23 0.40 3.44 0.75 0.63 100.00 68.09

Tapestry Balanced Income Private Port Corp Cl T 0.630 0.72 4.98 6.03 7.24 7.24 2.22 3.33 6.03 -3.45 -5.26 4.51 4.13 0.39 3.51 0.75 0.63 100.00 62.50

Tapestry Divers Income Private Port Corp Class A 3.820 0.34 3.46 3.63 4.37 4.37 3.12 4.34 5.12 -2.27 -3.20 4.22 3.13 0.33 1.21 0.67 0.62 100.00 65.96

Tapestry Global Balanced Private Port Corp Cl A 4.670 1.20 6.78 9.15 13.33 13.33 4.26 4.52 9.15 -5.86 -7.38 5.22 5.75 0.46 8.93 0.76 0.63 100.00 59.57

Tapestry Global Growth Private Port Corp Cl A 1.550 1.56 8.48 13.03 21.69 21.69 6.88 6.28 13.03 -8.43 -10.32 6.09 7.71 0.53 16.62 0.75 0.69 100.00 65.22

Tapestry Global Growth Private Port Corp Cl T - 1.50 8.46 12.98 21.52 21.52 5.65 5.37 12.98 -8.77 -10.65 6.12 7.63 0.53 16.45 0.75 0.69 100.00 64.58

Tapestry Growth Private Portfolio Corporate Cl A 3.140 1.34 7.57 10.18 13.54 13.54 2.37 3.81 10.18 -8.13 -10.62 5.81 6.47 0.55 8.28 0.82 0.66 100.00 60.42

Tapestry Growth Private Portfolio Corporate Cl T - 1.39 7.60 10.19 13.44 13.44 2.26 3.70 10.19 -8.29 -10.84 5.75 6.45 0.55 8.18 0.82 0.65 100.00 58.33

The Vantage Fund 90.000 1.22 2.76 7.60 5.14 5.14 2.86 6.31 8.95 -9.93 -12.68 5.60 8.19 0.13 3.90 0.19 -0.12 100.00 67.39

Topaz Multi-Startegy Fund (Canada) Series H 37.600 -0.29 -1.33 0.55 -4.99 -4.99 - -4.31 0.89 -8.01 -10.29 3.61 - 0.31 -7.96 0.73 0.07 90.20 45.83

Trident Performance Corp II 10.770 0.32 0.22 -2.80 -2.43 -2.43 -1.21 -2.02 10.14 -9.32 -15.35 7.08 7.13 -0.32 0.63 -0.39 0.10 85.79 45.28

Venator Founders Fund Class A 73.000 2.60 5.80 11.22 31.43 31.43 12.16 14.25 24.71 -20.64 -32.02 4.89 12.94 0.10 30.47 0.18 0.60 100.00 69.15

Venator Income Fund Class F 61.000 2.70 4.24 6.55 16.03 16.03 13.20 16.11 11.39 -6.55 -12.91 4.13 5.92 0.13 14.79 0.26 0.45 100.00 81.54

Venator Investment Trust Class A - 2.71 5.87 11.33 31.45 31.45 12.26 9.73 24.77 -20.55 -32.72 4.81 12.90 0.10 30.49 0.19 0.59 100.00 67.11

Venator Select Fund - 4.60 12.81 - 16.75 - - - - - 0.00 - - - - - - 100.00 100.00

Vertex Fund Class A 1,115.890 2.32 6.22 10.06 16.11 16.11 5.17 15.95 10.06 -14.36 -47.22 5.00 8.61 0.35 12.76 0.61 0.35 100.00 70.37

Vertex Fund Class B 225.210 2.34 6.06 9.84 15.65 15.65 4.90 10.80 9.84 -14.88 -47.05 5.37 8.75 0.37 12.11 0.60 0.36 100.00 72.13

Vertex Fund Class F 499.430 2.32 6.19 10.01 16.04 16.04 5.05 13.67 10.01 -14.37 -47.60 5.00 8.61 0.35 12.69 0.61 0.35 100.00 72.66

Vision Opportunity Fund L.P. - 2.83 10.08 7.00 4.05 4.05 10.54 20.69 16.64 -12.39 -17.27 11.76 10.26 0.24 1.75 0.17 0.53 100.00 72.73

Vision Opportunity Fund L.P. II - 2.85 9.97 6.78 3.66 3.66 10.87 20.45 16.44 -12.59 -12.59 11.82 9.95 0.24 1.36 0.17 0.53 99.71 75.00

Vision Opportunity Fund Trust - 2.51 7.24 4.30 2.11 2.11 8.13 16.60 17.35 -12.37 -15.47 10.12 9.27 0.33 -1.05 0.28 0.59 97.35 71.21

WARATAH Income Fund 94.600 1.30 6.95 11.59 17.16 17.16 7.37 8.19 11.59 -5.00 -5.85 5.86 5.47 0.52 12.19 0.77 0.60 100.00 69.05

WARATAH One Fund 184.300 0.70 4.15 7.83 10.88 10.88 6.79 8.09 7.83 -1.22 -1.99 2.65 3.24 0.14 9.54 0.46 0.08 100.00 80.95

WARATAH Performance Fund 201.900 2.10 9.26 13.99 22.40 22.40 10.44 15.40 13.99 -3.39 -4.73 5.15 5.91 0.33 19.24 0.56 0.71 100.00 76.19

Wealhouse Panorama Fund, L.P. 252.515 2.12 5.82 9.18 19.84 19.84 4.51 11.88 13.34 -14.39 -17.00 5.12 8.40 0.36 16.40 0.60 0.72 100.00 66.15

Wolverine Opportunity Fund Series A - 6.28 18.23 21.05 10.78 10.78 -14.03 -9.39 21.05 -37.20 -48.94 13.30 18.25 1.13 -0.03 0.74 0.60 61.81 51.28

Equally Weighted Average Performance of All Funds 8,086.171 1.40 4.03 6.12 7.35 7.04 0.56 - - - - - - - - - - - -

Number of Funds in Sample 112 185 184 183 185 181 156 - - - - - - - - - - - -


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 December 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 0.24 0.51 1.00 1.00 1.01 6.46 0.54 0.46 0.00 0.02 0.02 1.00 0.00 100.00 100.00

91 Day Canada T-Bill 0.08 0.24 0.49 0.97 0.97 0.95 6.18 0.49 0.43 0.00 0.01 0.02 0.97 0.00 100.00 100.00

BMO Canadian Small Cap Index 1.74 5.82 13.19 4.31 4.31 -4.60 5.71 13.19 -22.25 -57.31 10.53 14.48 -5.64 1.04 83.82 58.64

CHW-HF Composite Index 0.33 -0.02 4.17 -3.42 -3.42 -7.12 0.05 4.17 -11.60 -32.08 5.68 6.54 -7.92 0.47 72.69 58.33

CHW-HF Equity Hedged Index 0.25 -0.19 4.44 -3.73 -3.73 -7.35 1.60 4.44 -11.79 -34.75 6.12 6.84 -8.42 0.49 72.05 59.26

CHW-HF FoHF Index 1.03 2.83 2.89 0.32 0.32 -5.08 -7.74 2.89 -9.85 -57.95 3.09 3.91 -2.55 0.30 43.27 49.53

CHW-HF Notes Index 0.21 0.77 2.05 4.71 4.71 3.63 0.44 3.75 -1.83 -11.09 0.88 1.91 4.42 0.03 100.00 58.49

Dow Jones Global Index (C$) 1.80 10.20 16.18 29.42 29.42 9.76 4.94 16.18 -11.97 -50.31 6.81 9.28 23.78 0.59 92.26 56.06

Dow Jones Global Index (U$) 1.65 6.81 14.96 20.79 20.79 7.03 5.30 18.68 -18.57 -55.89 9.53 14.40 15.34 0.57 97.20 59.85

Nasdaq Composite Index (C$) 3.03 14.25 24.03 48.20 48.20 18.98 9.22 24.03 -6.54 -74.24 7.05 9.94 42.65 0.58 65.28 58.59

S&P 500 Total Return Index C$ 2.69 14.03 17.55 41.87 41.87 18.84 10.81 21.42 -6.83 -51.16 7.88 8.42 36.80 0.53 100.00 61.36

S&P 500 Total Return Index US$ 1.69 9.61 15.36 31.32 31.32 15.86 10.60 25.88 -13.78 -50.98 8.51 12.09 26.54 0.50 100.00 61.86

S&P/TSX 60 Index TR 1.82 7.24 13.00 10.12 10.12 2.01 6.99 13.00 -16.44 -47.89 8.52 10.07 0.75 0.98 100.00 60.45

S&P/TSX Composite Index 1.69 6.53 12.31 9.57 9.57 0.45 6.37 12.31 -17.66 -45.05 7.92 10.29 0.77 0.92 92.59 59.18

A N N O U N C E M E N T S

AIMA, the global hedge fund association, has announced a new Chair and Deputy Chair of the AIMA Investor Steering Committee (ISC),which features leading institutional investors in hedge funds from around the world and undertakes educational initiatives.

The new Chair is Michelle McGregor-Smith, Chief Executive, British Airways Pension Investment Management Ltd, and the Deputy Chairis Kurt Silberstein, Managing Director, Alternative Investments, Ascent Private Capital Management, a subsidiary of U.S. Bank.

Ms McGregor-Smith is an adviser to the Investment Committee of the Health Foundation, a UK based charity, and a member of the UK AdvisoryCouncil of the CFA Institute. A member of the ISC since 2009, she co-authored the ISC’s investors’ views and preferences paper in 2011 andwrote the foreword to Beyond 60/40: The evolving role of hedge funds in institutional investor portfolios, which was published in May 2013.

She said: “I have enjoyed working with my ISC colleagues and AIMA on the various projects and research initiatives undertaken in the last fewyears, and I look forward to collaboration with a broadened ISC which will add new insights and experience to further the work of the Committee.”

Prior to joining Ascent in August 2011, Mr Silberstein worked for 12 years at CalPERS. He has been a key contributor to many of the ISC’spublications over the years, including being a co-author of the first edition of AIMA’s Roadmap to Hedge Funds guide for investors in 2008.

Mr Silberstein said: “I look forward to working with AIMA and the ISC in furthering its efforts to providing information and addressing specificissues associated with investing in alternatives."

Their appointments coincide with an expansion of the ISC, which now includes more than 20 institutional investor members who collectivelymanage over $800 billion in assets.

AIMA CEO Andrew Baker said: “I would like to pay tribute to Michelle and Kurt, who have been among the ISC's strongest supporters inrecent years. The ISC now comprises pension funds, endowments and sovereign wealth funds from every region of the world and goesfrom strength to strength.”

For media enquiries, please contact:Christen Thomson, Deputy CEO, Head of External Affairs Tel: +44 (0)20 7822 8380 Email: [email protected]

AIMA ANNOUNCES NEW CHAIR AND DEPUTY CHAIROF INVESTOR STEERING COMMITTEE

London – December 6, 2013

CONTINUING EDUCATIONIE CANADA’S NEWSPAPER FOR FINANCIAL ADVISORS IE EXECUTIVE MID-FEBRUARY

2013 | 5 6 P A G E S

INVESTMENT

this year’s rrsp season is

shaping up to be the best in sev-

eral years as investors regain con-

fidence and hold a more positive

view of the future.

In fact, financial advisors report

that clients are eager to review

their portfolios and add to their

equities exposure. Fund compan-

ies, meanwhile, are seeing sizable

increases in sales volumes com-

pared with the past few years.

“A number of clients who were

running to the ‘safe and secure’

last year are much more opti-

mistic this year,” says Bill Bell,

president of Bell Financial Inc.

of Aurora, Ont. “Last year, they

wanted to talk about the inter-

est rate on a five-year guaranteed

investment certificate [GIC]; this

year, they want to know about the

U.S. equities market. Instead of

saying, ‘Get me out’ after the good

year we saw in equities in 2012,

clients are seeing the benefits of

Andrea Kladar, an investment advisor with TD Waterhouse

Private Investment Advice in Calgary, volunteers and raises

funds for organizations that help homeless and mistreated

animals. She works with the Alberta Animal Rescue Crew

Society, fostering dogs in need of care. She eventually adopted

Drizella, above. “We have an obligation,” she says, “to give to

those who need us the most.” (See story on page B12.)

R R S P S

More clients are warming to equities

late last year, the om-

budsman for Banking Services

and Investments (OBSI) un-

leashed its so-called “nuclear op-

tion” by publicly singling out sev-

eral financial services firms that

were refusing to follow OBSI’s

recommendations to compensate

aggrieved investors. But investor

advocates say those nukes clearly

fizzled, and now it’s time for regu-

lators to give OBSI more bite.

For most of OBSI’s life, the

desjardins group’s recent

decision to buy a stake in

Qtrade Financial Group will al-

low Desjardins, the Lévis, Que.-

based financial services giant,

to extend its reach into the cred-

it union system outside its home

province. At the same time, the

deal will strengthen Vancouver-

based Qtrade’s existing position

as a third-party wealth-manage-

ment provider to the credit union

system.

DAVE BUSTON

WWW. INVESTMENTEXECUTIVE .COM

> TURN TO SOME / PAGE 4

> TURN TO “NAME / PAGE 6> TURN TO DEAL / PAGE 6

Fund companies

report sizable boosts in

sales volumes

BY JADE HEMEON

O M B U D S E R V I C E

Binding powers

C R E D I T U N I O N S

Beyond Quebec

INSIDE NEWS

LOOPHOLE New rules will be

put in place to restrict the

activities of EMDs. Pg. 8

TOP 25 Louis Vachon is the

2012 Quebec Financial

Person of the Year. Pg. 10

DOOMSDAY? Our Western way

of life faces collapse, says a

new economic report. Pg. 12

MOVE Bruce Kagan now is

back in front of clients with

Gluskin Sheff. Pg. 20

RRSPS While most retirees

are happy, those saving up

face hurdles. Pg. 22

PENSIONS Securities and real

estate markets drove growth

in DB plans. Pg. 23

FOCUS ON PRODUCTS

GROWTH PLAN Sentry Select’s

strategy is paying off despite

a tough climate. Pg. 25

DECELERATION Slower growth

is predicted for global bond

funds. Pg. 26

RESEARCH

GUILTY GROWTH Why “sin”

stocks can generate good

returns for clients. Pg. 29

BONDS New government

issues could start producing

real returns soon. Pg. 30

INSIGHT

OTTAWA Will the Tories’

next budget watchdog be a

lapdog? Pg. 33

ST. JOHN’S Opposition says

the Petroleum Board is too

close to the industry. Pg. 34

BYB

RUNNING FOR LIFE

Brian Culbert runs

ultramarathons to help save

lives. Pg. B10

BIKER Hal Spelliscy helps to

fund ALS research. Pg. B14

40

06

49

24

BY RUDY MEZZETTA

BY JAMES LANGTON

For full details turn to pg B17

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Highest Return (3 Year)

Fund Name Ann. ReturnAnn. Std.

Dev.

# of Negative Months

Lycos Value Fund Class O 25.91 26.92 14

Agilith North American Diversified Fund 25.23 14.77 11

King & Victoria Fund LP 20.99 10.67 6

King & Victoria RSP Fund Class A Units 20.63 10.66 6

DKAM Capital Ideas Fund 20.36 11.41 8

Exemplar Leaders Fund Series F 15.74 13.08 10

ChapelGate Credit Opportunity Fund Ltd. 15.73 3.85 4

Northern Rivers Conservative Growth Fund LP 15.72 12.86 10

JM Catalyst Fund 15.53 4.39 3

Calrossie Partners Fund 13.77 8.29 9

Venator Income Fund Class F 13.20 5.92 6

Goodwood Milford Fund 12.59 5.44 7

Broadview Dark Horse LP 12.47 6.68 6

Venator Investment Trust Class A 12.26 12.90 11

Venator Founders Fund Class A 12.16 12.94 10

Exemplar Leaders Fund Series A 12.00 12.13 10

Burlington Partners Plus LP 11.26 9.40 11

Vision Opportunity Fund L.P. II 10.87 9.95 11

Rosalind Capital Partners L.P. 10.74 19.97 14

Vision Opportunity Fund L.P. 10.54 10.26 11

WARATAH Performance Fund 10.44 5.91 10

Highest Return (1 Year)

Fund Name Ann. ReturnAnn. Std.

Dev.


Rosalind Capital Partners L.P. 92.08 12.74 1

Agilith North American Diversified Fund 52.79 10.73 2

DKAM Capital Ideas Fund 51.63 9.95 1

Lightwater Conservative Long/Short - Class A 46.03 12.98 2

Formula Growth Global Opportunities Fund Cl. S C$ 36.44 12.24 3

King & Victoria RSP Fund Class A Units 36.15 7.40 1

King & Victoria Fund LP 36.15 7.40 1

Northern Rivers Conservative Growth Fund LP 35.90 6.97 1

Venator Investment Trust Class A 31.45 4.81 1

Venator Founders Fund Class A 31.43 4.89 1

Exemplar Leaders Fund Series F 29.18 6.98 2

Exemplar Leaders Fund Series A 28.94 6.77 2

Barometer Long Short Equity Pool Class A 28.54 11.50 3

FrontFour Opportunity Fund 27.73 8.63 3

BT Global Growth Fund L.P. 27.49 10.43 2

Calrossie Partners Fund 26.40 7.10 2

BluMont Hirsch Performance Fund 26.18 4.50 1

Palos Income Fund, L.P. 24.98 5.17 1

Fiera Long Short Equity Fund Class A 24.26 5.20 1

JM Catalyst Fund 23.10 3.90 0

WARATAH Performance Fund 22.40 5.15 3

Highest Return (3 Month)

Fund Name 3 Month 6 Month 1 YearAnn. std

Dev. (1 Year)

DKAM Capital Ideas Fund 20.53 33.42 51.63 9.95

Wolverine Opportunity Fund Series A 18.23 21.05 10.78 13.30

Formula Growth Global Opportunities Fund Cl. S C$ 17.52 22.44 36.44 12.24

Meson Capital Partners Fund 17.10 10.86 7.91 16.99

AlphaNorth Partners Fund Class F 16.24 43.14 13.02 22.91

BT Global Growth Fund L.P. 16.11 21.11 27.49 10.43

Barometer Long Short Equity Pool Class A 13.61 15.61 28.54 11.50

Lightwater Conservative Long/Short - Class A 13.24 40.90 46.03 12.98

Venator Select Fund 12.81 - - -

Agilith North American Diversified Fund 11.71 21.45 52.79 10.73

Rosalind Capital Partners L.P. 11.63 41.41 92.08 12.74

JC Clark Adaly Fund Class A 10.69 15.97 15.23 9.83

BluMont Hirsch Performance Fund 10.27 15.33 26.18 4.50

Barometer Tactical Exchange Traded Fund Pool 10.13 7.31 16.37 9.09

Vision Opportunity Fund L.P. 10.08 7.00 4.05 11.76

JC Clark Adaly Fund Class B 10.05 15.14 14.09 9.79

Kensington Global Private Equity Fund Class E+G 9.97 10.85 0.71 9.30

Vision Opportunity Fund L.P. II 9.97 6.78 3.66 11.82

Palos Income Fund, L.P. 9.81 15.38 24.98 5.17

JC Clark Preservation Trust (Class B) 9.79 14.40 18.41 7.46

Calrossie Partners Fund 9.63 15.32 26.40 7.10

Lowest Return (3 Month)

Fund Name 3 Month 6 Month 1 YearAnn. std

Dev. (1 Year)

Sprott Bull/Bear RSP Fund Class A -22.01 -18.84 -59.18 35.30

Sprott Hedge Fund L.P. II Class A -20.74 -18.89 -57.07 33.09

Sprott Hedge Fund L.P. Class A -19.48 -17.53 -55.75 32.49

Pathway Multi SF Explorer Series A Rollover MIN001 -16.46 -23.58 -58.13 18.01

Dynamic Power Hedge Fund Series C -5.87 -2.01 -17.84 14.07

SW8 Strategy Fund LP Class A -5.30 -7.49 -9.32 6.39

SW8 Strategy Trust Class A -5.30 -7.49 -9.32 6.39

SW8 Strategy Fund LP Class B -5.16 -7.23 -8.80 6.38

SW8 Strategy Trust Class B -5.16 -7.23 -8.80 6.38

Pathway Energy Series A Rollover MIN002 -5.15 -4.51 -31.43 17.58

Arrow U.S. Equity Income Fund Class U U$ -2.33 -6.22 -10.21 5.42

Silvercove Hard Asset Fund L.P. -2.18 1.05 -4.09 5.93

Arrow U.S. Equity Income Fund F -1.69 -5.69 -8.08 5.70

Arrow U.S. Equity Income Fund A C$ -1.41 -5.16 -8.86 5.96

Topaz Multi-Startegy Fund (Canada) Series H -1.33 0.55 -4.99 3.61

Friedberg Asset Allocation Fund -1.16 1.18 -8.92 9.81

AlphaNorth Partners Fund Class A -0.81 10.71 -12.93 15.05

SMI Defensive LP -0.71 -27.02 -33.80 16.24

RDA Mons Regalis Multi-Strategy LP -0.62 -8.21 -14.86 8.63

Man Canada AHL DP Investment Fund Class T -0.45 -6.09 -13.97 11.11

Man Canada AHL DP Investment Fund Class O -0.42 -6.04 -13.87 11.11


Fewest Negative Months (1 Year)

Fund Name# of

Negative Months

Ann. Return

Ann. Std. Dev.

JM Catalyst Fund 0 23.10 3.90

SMI Income LP 0 21.98 4.02

Lycos Value Fund Class P 0 6.02 0.10

Rosalind Capital Partners L.P. 1 92.08 12.74

DKAM Capital Ideas Fund 1 51.63 9.95

King & Victoria RSP Fund Class A Units 1 36.15 7.40

King & Victoria Fund LP 1 36.15 7.40

Northern Rivers Conservative Growth Fund LP 1 35.90 6.97

Venator Investment Trust Class A 1 31.45 4.81

Venator Founders Fund Class A 1 31.43 4.89

BluMont Hirsch Performance Fund 1 26.18 4.50

Palos Income Fund, L.P. 1 24.98 5.17

Fiera Long Short Equity Fund Class A 1 24.26 5.20

Tapestry Global Growth Private Port Corp Cl A 1 21.69 6.09

Tapestry Global Growth Private Port Corp Cl T 1 21.52 6.12

Broadview Dark Horse LP 1 19.86 4.80

ChapelGate Credit Opportunity Fund Ltd. 1 17.35 3.89

Venator Income Fund Class F 1 16.03 4.13

Burlington Partners Plus LP 1 15.93 5.26

Tapestry Growth Private Portfolio Corporate Cl A 1 13.54 5.81

WARATAH One Fund 1 10.88 2.65

Fewest Negative Months (3 Year)

Fund Name# of

Negative Months

Ann. Return

Ann. Std. Dev.

JM Catalyst Fund 3 15.53 4.39

ChapelGate Credit Opportunity Fund Ltd. 4 15.73 3.85

King & Victoria Fund LP 6 20.99 10.67

King & Victoria RSP Fund Class A Units 6 20.63 10.66

Venator Income Fund Class F 6 13.20 5.92

Broadview Dark Horse LP 6 12.47 6.68

Goodwood Milford Fund 7 12.59 5.44

DKAM Capital Ideas Fund 8 20.36 11.41

Ross Smith Capital Investment Fund 8 7.51 2.79

WARATAH One Fund 8 6.79 3.24

BSP Absolute Return Fund Multi Strat.US$ 8 5.11 2.87

Sherpa Diversified Returns Fund Class A 8 4.44 6.21

Calrossie Partners Fund 9 13.77 8.29

Exemplar Leaders Fund Series F 10 15.74 13.08

Northern Rivers Conservative Growth Fund LP 10 15.72 12.86

Venator Founders Fund Class A 10 12.16 12.94

Exemplar Leaders Fund Series A 10 12.00 12.13

WARATAH Performance Fund 10 10.44 5.91

Palos Income Fund, L.P. 10 8.30 8.57

Sherpa Market Neutral Income Fund Class A 10 0.31 3.17

SMI Defensive LP 10 -6.78 11.63

Lowest Volatility (1 Year)

Fund NameAnn. Std.

Dev.Ann.

Return


Lycos Value Fund Class P 0.10 6.02 0

Sherpa Market Neutral Income Fund Class A 0.49 0.25 6

Picton Mahoney Market Neutral Equity Fund Class A 1.65 5.45 3

BSP Absolute Return Fund Multi Strat.US$ 1.87 9.75 1

Goodwood Milford Fund 2.10 8.25 1

SEI Futures Index Fund Class F 2.31 -1.35 6

SEI Futures Index Fund Class D 2.33 -2.89 6

SEI Futures Index Fund Class P 2.34 -1.75 6

SEI Futures Index Fund Class O 2.35 -0.09 6

Fiera Tactical Bond Yield Fund Class A 2.36 -1.26 6

Performance Diversified Fund 2.37 5.18 3

BSP Absolute Return Fund L/S Eq. US$ 2.39 11.93 2

Performance Growth Fund 2.41 1.99 3

SEI Futures Index Fund Class E 2.41 -1.81 6

Ross Smith Opportunities Fund 2.57 6.51 4

Arrow Diversified Fund Class F U$ 2.57 0.77 4

WARATAH One Fund 2.65 10.88 1

Arrow Diversified Fund Class F C$ 2.67 0.93 4

Arrow Diversified Fund Class A 2.68 -0.47 5

Sherpa Diversified Returns Fund Class A 2.84 9.88 2

Ross Smith Capital Investment Fund 2.86 8.49 2

Lowest Volatility (3 Year)

Fund NameAnn. Std.

Dev.Ann.

Return


Picton Mahoney Market Neutral Equity Fund Class A 2.16 2.24 16

Ross Smith Capital Investment Fund 2.79 7.51 8

BSP Absolute Return Fund Multi Strat.US$ 2.87 5.11 8

Tapestry Divers Income Private Port Corp Class A 3.13 3.12 14

Sherpa Market Neutral Income Fund Class A 3.17 0.31 10

WARATAH One Fund 3.24 6.79 8

Picton Mahoney Global Market Netural Equ Cl A C$ 3.25 4.85 12

SEI Futures Index Fund Class F 3.55 -1.27 22

SEI Futures Index Fund Class D 3.55 -2.95 22

SEI Futures Index Fund Class O 3.56 -0.17 21

SEI Futures Index Fund Class P 3.56 -1.83 22

SEI Futures Index Fund Class E 3.57 -2.24 22

Marret High Yield Hedge LP Class B 3.70 1.21 18

Arrow Diversified Fund Class A 3.74 -4.85 22

Arrow Diversified Fund Class F C$ 3.78 -3.67 20

Arrow Diversified Fund Class F U$ 3.83 -4.42 21

ChapelGate Credit Opportunity Fund Ltd. 3.85 15.73 4

Performance Diversified Fund 3.91 -0.47 16

Arrow Diversified Fund Class A U$ 4.04 -5.22 22

Tapestry Balanced Income Private Port Corp Cl T 4.13 2.22 14

Amethyst Arbitrage Fund 4.22 0.83 16

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1. G

raph

s an

d Ta

bles

Rel

ated

to A

sset

Siz

e an

d D

istr

ibut

ion

of C

anad

ian

Hed

ge F

unds

1.1.

Num

ber o

f Hed

ge F

unds

Rep

ortin

g

Num

ber o

f Hed

ge F

unds

Rep

ortin

g

050100

150

200

250

300

350

400

Dec-94

Dec-95

Dec-96

Dec-97

Dec-98

Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Funds

Dec

-94

1M

ar-1

324

3D

ec-9

54

Jun-

1323

4D

ec-9

66

Sep

-13

227

Dec

-97

7D

ec-1

318

5D

ec-9

811

Dec

-99

14D

ec-0

028

Dec

-01

49D

ec-0

292

Dec

-03

131

Dec

-04

181

Dec

-05

234

Dec

-06

280

Dec

-07

260

Dec

-08

353

Mar

-09

323

Jun-

0932

7S

ep-0

927

4D

ec-0

930

9M

ar-1

029

2Ju

n-10

303

Sep

-10

323

Dec

-10

339

Mar

-11

326

Jun-

1132

8S

ep-1

134

2D

ec-1

126

7M

ar-1

224

7Ju

n-12

258

Sep

-12

231

Dec

-12

220

DAT

EH

EDG

EF

UND

SR

EPO

RTI

NG

DAT

EH

ED

GE

FUN

DSR

EPO

RTI

NG

88

% o

f the

fund

s re

porte

d po

sitiv

e re

turn

s fo

r the

four

th q

uarte

r of 2

013

whi

le 7

3% fo

r the

pas

t 12

mon

ths.


1.2.

Num

ber o

f Hed

ge F

und

Man

ager

s R

epor

ting

Num

ber o

f Hed

ge F

und

Man

ager

s R

epor

ting

0102030405060708090100

Dec-06Mar-07

Jun-07Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08Mar-09

Jun-09Sep-09Dec-09

Mar-10Jun-10

Sep-10Dec-10Mar-11

Jun-11Sep-11Dec-11

Mar-12Jun-12

Sep-12Dec-12Mar-13

Jun-13Sep-13Dec-13

Dec

-06

65D

ec-0

758

Dec

-08

60M

ar-0

974

Jun-

0977

Sep

-09

68D

ec-0

983

Mar

-10

77Ju

n-10

80S

ep-1

085

Dec

-10

88M

ar-1

194

Jun-

1189

Sep

-11

88D

ec-1

184

Mar

-12

79Ju

n-12

84S

ep-1

279

Dec

-12

83M

ar-1

384

Jun-

1382

Sep

-13

83D

ec-1

371

DAT

EM

AN

AGE

RS

REP

OR

TIN

G

Ther

e ar

e no

w a

tota

l of 7

1 he

dge

fund

man

ager

s re

porti

ng th

eir p

erfo

rman

ce to

Can

adia

n H

edge

Wat

ch.


1.3.

Hed

ge F

unds

Rep

ortin

g A

sset

s

Num

ber o

f Hed

ge F

unds

Rep

ortin

g A

sset

s

020406080100

120

140

160

180

Dec-94

Dec-95

Dec-96

Dec-97

Dec-98

Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Funds

DA

TEF

UN

DS

Rep

ortin

gA

sset

s

# of

Fun

d M

anag

ers

Dec

-94

1D

ec-9

54

Dec

-96

6D

ec-9

77

Dec

-98

12D

ec-9

914

Dec

-00

22D

ec-0

142

Dec

-02

64D

ec-0

394

Dec

-04

121

Dec

-05

133

Dec

-06

117

28D

ec-0

711

428

Dec

-08

129

35M

ar-0

911

838

Jun-

0913

938

Sep

-09

154

41D

ec-0

911

443

Mar

-10

112

44Ju

n-10

121

49S

ep-1

012

147

Dec

-10

149

53M

ar-1

113

950

Jun-

1114

147

Sep

-11

153

47D

ec-1

111

046

Mar

-12

135

44Ju

n-12

149

52S

ep-1

213

752

Dec

-12

126

49M

ar-1

312

750

Jun-

1312

545

Sep

-13

125

47D

ec-1

312

648

O

f the

185

fund

s re

porti

ng, 1

12 re

porte

d th

e si

ze o

f the

ir as

sets

, a fi

gure

repr

esen

ted

by 4

8 he

dge

fund

man

ager

s as

of D

ecem

ber 3

1, 2

013.


1.4.

Hed

ge F

unds

Ass

ets

Und

er M

anag

emen

t (A

UM

)

Hedg

e Fu

nd A

sset

s

0

2,00

0

4,00

0

6,00

0

8,00

0

10,0

00

12,0

00

Dec-94

Dec-95

Dec-96

Dec-97

Dec-98

Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Asset Under Management ($MM)

DA

TEA

SSE

T

($M

M)

AS

SET

G

ROW

TH

($M

M)

Dec

-94

5.61

0-

Dec

-95

67.2

8461

.674

Dec

-96

164.

735

97.4

51D

ec-9

725

9.14

094

.405

Dec

-98

412.

506

153.

366

Dec

-99

923.

808

511.

302

Dec

-00

1486

.768

562.

960

Dec

-01

2955

.215

1468

.447

Dec

-02

3463

.887

508.

672

Dec

-03

4941

.409

1477

.522

Dec

-04

6671

.642

1730

.233

Dec

-05

7166

.778

495.

136

Dec

-06

7603

.667

436.

890

Dec

-07

7949

.529

345.

861

Dec

-08

5736

.551

-221

2.97

8M

ar-0

954

05.4

53-2

544.

076

Jun-

0958

42.6

4610

6.09

4S

ep-0

965

86.6

2374

3.97

7D

ec-0

962

97.5

29-2

89.0

94M

ar-1

061

84.5

24-1

13.0

05Ju

n-10

7438

.786

1254

.262

Sep

-10

6863

.449

-575

.337

Dec

-10

8982

.884

2119

.435

Mar

-11

8283

.491

-699

.393

Jun-

1186

47.0

2936

3.53

8S

ep-1

174

61.8

60-1

185.

169

Dec

-11

6137

.633

-132

4.22

7M

ar-1

277

06.7

1615

69.0

83Ju

n-12

8071

.277

364.

561

Sep

-12

7633

.582

-437

.695

Dec

-12

7092

.179

-541

.403

Mar

-13

8365

.596

1273

.417

Jun-

1378

76.0

71-4

89.5

25S

ep-1

383

22.6

0244

6.53

1D

ec-1

384

05.0

7582

.473

The

tota

l hed

ge fu

nd a

sset

s re

porte

d to

Can

adia

n H

edge

Wat

ch a

t the

end

of Q

4/20

13 w

as C

$8.4

05 b

illion

, a s

light

incr

ease

from

the

prev

ious

qua

rter.


1.5.

Hed

ge F

und

Ass

et C

hang

e

Hed

ge F

und

Ass

et C

hang

e

-40%

-20%0%20

%

40%

60%

80%

100%

120%

Dec-94Jun-95Dec-95Jun-96Dec-96Jun-97Dec-97Jun-98Dec-98Jun-99Dec-99Jun-00Dec-00Jun-01Dec-01Jun-02Dec-02Jun-03Dec-03Jun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13

Asset Change (%)

DAT

EAS

SET

($M

M)

% C

HANG

E(1

year

)D

ec-9

45.

610

-D

ec-9

567

.284

1099

%D

ec-9

616

4.73

514

5%D

ec-9

725

9.14

057

%D

ec-9

841

2.50

659

%D

ec-9

992

3.80

812

4%D

ec-0

014

86.7

6861

%D

ec-0

129

55.2

1599

%D

ec-0

234

63.8

8717

%D

ec-0

349

41.4

0943

%D

ec-0

466

71.6

4235

%D

ec-0

571

66.7

787%

Dec

-06

7603

.667

6%D

ec-0

779

49.5

295%

Dec

-08

5736

.551

-28%

Mar

-09

5405

.453

-32%

Jun-

0958

42.6

462%

Sep-

0965

86.6

2315

%D

ec-0

962

97.5

2910

%M

ar-1

061

84.5

2414

%Ju

n-10

7438

.786

27%

Sep-

1068

63.4

494%

Dec

-10

8982

.884

43%

Mar

-11

8283

.491

34%

Jun-

1186

47.0

2916

%Se

p-11

7461

.860

9%D

ec-1

161

37.6

33-3

2%M

ar-1

277

06.7

16-7

%Ju

n-12

8071

.277

-7%

Sep-

1276

33.5

822%

Dec

-12

7092

.179

16%

Mar

-13

8365

.596

9%Ju

n-13

7876

.071

-2%

Sep-

1383

22.6

029%

Dec

-13

8405

.075

19%

To

tal r

epor

ted

hedg

e fu

nd a

sset

s in

crea

sed

by 1

9% o

ver t

he p

ast 1

2 m

onth

.


1.6.

Dis

trib

utio

n of

Can

adia

n H

edge

Fun

ds b

y A

sset

Siz

e

Dist

ribut

ion

of C

anad

ian

Hedg

e Fu

nds

by A

sset

Siz

e(D

ecem

ber,

2013

)

05101520253035

0

5010

015

020

025

030

035

040

045

050

055

060

065

070

075

080

085

090

095

010

0010

5011

00

Ass

et S

ize

($M

M)

Number of Funds

The

num

ber o

f Can

adia

n he

dge

fund

s re

porti

ng a

sset

siz

e is

ove

r $72

MM

. The

num

ber o

f hed

ge fu

nds

repo

rting

$20

0MM

or m

ore

in a

sset

s is

10

(or 7

.2%

). Th

ere

are

22 h

edge

fund

s w

ith $

100M

M o

r mor

e in

Ass

ets

Und

er M

anag

emen

t (AU

M),o

r 20%

. It i

s es

timat

ed th

at 6

8% o

f the

as

set r

epor

ting

hedg

e fu

nds

have

$50

MM

or l

ess

in A

sset

s U

nder

Man

agem

ent,

a fig

ure

that

has

bee

n la

rgel

y co

nsis

tent

for s

ome

time.


1.7.

Rep

orte

d C

anad

ian

Hed

ge F

und

Ass

ets

by F

und

Man

ager

Rep

orte

d C

anad

ian

Hed

ge F

und

Ass

ets

by F

und

Man

ager

$48.

000

$1,5

04.2

87$7

9.84

0 $6.6

60$5

1.32

0$3

1.00

0$1

93.3

21$3

3.00

0$1

4.95

0$2

21.1

02$5

.038

$143

.400

$207

.000

$608

.751

$665

.099

$299

.700

$348

.320

$436

.065

$28.

000

$2.8

50$1

6.31

0$1

.290

$19.

600

$29.

100

$3.0

00$4

3.17

0$3

.000

$36.

189

$51.

700

$15.

211

$121

.072

$453

.239

$139

.670

$1,0

19.2

02$2

.780

$46.

879

$21.

860

$42.

000

$14.

312

$156

.600

$363

.310

$41.

176

$155

.260 $90.

000

$134

.000

$1,8

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1.8.

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01020304050607080

Dec-94

Dec-95

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Averages Fund Asset ($MM)

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1.9.

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Ret

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Dec-94

Dec-95

Dec-96

Dec-97

Dec-98

Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

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Dec-13

Return (%)

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x (+

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%).


1.10

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the

mos

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Oct

ober

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3

0102030405060 -20%

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Number of Funds

Bas

ed u

pon

a to

tal o

f 221

fund

s re

porti

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Can

adia

n H

edge

Wat

ch in

Oct

ober

, 201

3.


Dis

trib

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Mon

thly

Ret

urns

Nov

embe

r, 20

13

05101520253035404550 -20%

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Number of Funds

B

ased

upo

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ian

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atch

in N

ovem

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2013

.


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Ret

urns

Dec

embe

r, 20

13

0102030405060 -20%

-15%

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0%

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15%

20%

Number of Funds

B

ased

upo

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l of 1

85 fu

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repo

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ian

Hed

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atch

in D

ecem

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2013

.


1.11

. D

istr

ibut

ion

of M

onth

ly A

vera

ge R

etur

n (E

qual

ly W

eigh

ted,

sin

ce D

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ber,

1994

)

Dis

trib

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n of

Mon

thly

Ave

rage

Ret

urns

02468101214161820

-10%

-9%

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-6%

-5%

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0%1%

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10%

Ave

rage

Mon

thly

Ret

urn

(%)

Number of Months

Eac

h ba

r rep

rese

nts

the

num

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f mon

ths

that

agg

rega

te th

e sa

me

hist

oric

al a

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turn

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nce

Dec

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4.


1.12

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uart

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rage

Ret

urns

(Equ

ally

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d)

Qua

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ly A

vera

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qual

ly W

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ted)

-15%

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%

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13%

15%

Dec-94Jun-95Dec-95Jun-96Dec-96Jun-97Dec-97Jun-98Dec-98Jun-99Dec-99Jun-00Dec-00Jun-01Dec-01Jun-02Dec-02Jun-03Dec-03Jun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13

Return (%)

Dec

-94

-0.8

3%M

ar-9

51.

08%

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957.

46%

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ec-9

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Mar

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%Ju

n-96

8.21

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ep-9

64.

69%

Dec

-96

4.47

%M

ar-9

74.

39%

Jun-

972.

64%

Sep

-97

7.47

%D

ec-9

76.

18%

Mar

-98

4.37

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n-98

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6%S

ep-9

8-2

.09%

Dec

-98

2.22

%M

ar-9

96.

16%

Jun-

995.

86%

Sep

-99

4.92

%D

ec-9

95.

68%

Mar

-00

9.91

%

Jun-

000.

88%

Sep

-00

1.45

%D

ec-0

04.

21%

Mar

-01

3.33

%Ju

n-01

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1%S

ep-0

12.

13%

Dec

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7%M

ar-0

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.85%

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022.

23%

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21.

69%

Mar

-03

0.64

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n-03

5.41

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34.

38%

Dec

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5.20

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ar-0

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Sep

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Qua

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End

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55.

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ar-0

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74%

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-06

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Mar

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1.81

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%

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1.73

%

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Mar

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.17%

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ar-1

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Jun-

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.14%

Sep

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Mar

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1.42

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Dec

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3.77

%

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End

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rage

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R

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n

O

n av

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turn

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% in

Q4/

2013

, low

er th

an th

e S

&P

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X a

t +6.

53%

and

the

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I C$

at +

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3%.


1.13

. 12

-mon

th R

ollin

g St

anda

rd D

evia

tion

od E

qual

ly W

eigh

ted

Ave

rage

Per

form

ance

(ann

ualiz

ed)

12-m

onth

Rol

ling

Stan

dard

Dev

iatio

n (a

nnua

lized

)

0%2%4%6%8%10%

12%

14%

16%

18%

Dec-95Jun-96Dec-96Jun-97Dec-97Jun-98Dec-98Jun-99Dec-99Jun-00Dec-00Jun-01Dec-01Jun-02Dec-02Jun-03Dec-03Jun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13

Annualized Standard Deviation

Th

e de

crea

se s

tarte

d in

Q4/

2011

and

con

tinue

d in

Q4/

2013

indi

cate

s th

at h

edge

fund

man

ager

s ar

e ta

king

less

risk

y po

sitio

ns. I

t als

o in

dica

tes

som

e so

rt of

cal

m s

tate

on

the

stoc

k m

arke

ts.


For risk and efficiency parameters of Canadian hedge fundscompared to other major indices, the Canadian hedge funds hadsimilar figures (Chart 2.3 – Efficiency and Calendar Year Returns) interms of annualized standard deviation, percentage of positivemonths, and percentage of positive quarters, largest drawdown andalpha against TSX compared to the HFRI Fund Weighted CompositeIndex. Over the past 5 years the correlation between Canadian hedgefunds and the TSX was 0.764 (refer to chart 2.4 – CorrelationMatrices); and was also highly correlated with HFRI Fund WeightedComposite Index of 0.873. The correlations for last 12 months were0.850 and 0.795 for the TSX and HFRI Fund Weighted CompositeIndex respectively.

2.1 CommentaryEqually weighted Canadian hedge funds had a quarterly (Q4) gain of3.77% (refer to chart 2.2 - Comparison of Returns), which was worse thanthe S&P/TSX which posted a gain of 6.53%. The HFRI Fund WeightedComposite Index rose 3.57%, while Dow Jones Global Index (C$) rose10.20%, and the S&P 500 Total Return Index (C$) was at 14.03%.

On the risk side, (refer to Chart 2.3 – Efficiency and Calendar YearReturns) the annual standard deviation (measured for the period ofDecember, 1994 to December, 2013) of equally weighted Canadianhedge funds was 7.74% compared to the Canadian market’s TSX of15.44%. The largest drawdown was also significantly lower forCanadian hedge funds with a negative 23.24% loss compared to theS&P/TSX’s negative 45.05% loss. Overall, Canadian hedge fundsperformed efficiently and hedged against the market - TSX since1994, in terms of the annual returns and standard deviations of7.14%, 7.74%, and 6.21%, 15.44%, respectively. Equally weightedCanadian hedge funds had 0.243 beta to the TSX and correlation was0.850 over the last 12 months.

2. Performance Comparison: Canadian Hedge Funds vs. Major Indices

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©2011. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks.


2.2. Comparison of Returns

Equally Weighted Average

Canadian HF Return

S&P/TSX Composite

Index

S&P 500 Total Return

Index C$

Dow Jones Global Index

(C$)

HFRI Fund Weighted

Composite Index

1.40% 1.69% 2.69% 1.80% 1.09%3.77% 6.53% 14.03% 10.20% 3.57%4.44% 12.31% 17.56% 16.18% 5.87%2.01% 6.85% 25.11% 18.73% 5.81%3.46% 9.57% 41.88% 29.42% 9.70%

-2.59% 0.45% 18.91% 9.77% 3.74%3.06% 8.68% 14.86% 9.81% 8.32%

* annual

1 month3 month6 monthYTD

RETURN

1 year3 year *5 year *

2.3. Efficiency and Calendar Year Returns Equally

Weighted Average

Canadian HF Return

S&P/TSX Composite

Index


Index C$


(C$)

HFRI Fund Weighted

Composite Index

7.14% 6.21% 8.08% 3.85% 9.26%7.74% 15.44% 13.07% 12.52% 7.00%

0.79 0.34 0.54 0.23 1.1862.61% 61.30% 60.87% 55.65% 69.13%70.13% 68.83% 66.23% 64.94% 75.32%

1.21 1.44 2.81 1.10 5.569.45% -98.97% -43.31% -60.54% -59.69%

238.22% 290.89% 9.20% 49.91% 261.54%-23.24% -45.05% -51.16% -50.31% -19.51%

0.243 - 0.500 0.593 0.3864.87% - 4.48% -0.24% 6.24%


Canadian HF Return

S&P/TSX Composite

Index


Index C$


(C$)

HFRI Fund Weighted

Composite Index

11.34% 11.87% 33.92% 12.50% 21.50%24.85% 25.74% 23.55% 11.21% 21.10%22.26% 13.03% 39.19% 15.99% 16.79%

1.47% -3.19% 37.82% 26.42% 2.62%24.60% 29.72% 13.94% 20.21% 31.29%17.22% 6.18% -5.57% -10.66% 4.98%

4.59% -13.94% -6.41% -11.50% 4.62%1.43% -13.97% -22.84% -20.79% -1.44%

16.50% 24.28% 5.76% 9.33% 19.54%7.02% 12.48% 2.80% 6.12% 9.05%8.82% 21.90% 1.51% 5.86% 9.28%7.16% 14.52% 16.04% 18.76% 13.01%5.23% 7.16% -9.80% -7.30% 11.06%

-20.40% -35.03% -23.08% -30.23% -17.25%11.85% 30.69% 9.17% 14.11% 20.35%12.48% 14.45% 8.89% 5.81% 11.02%-9.53% -11.07% 4.70% -7.88% -4.49%-1.24% 4.01% 13.19% 10.94% 6.55%3.46% 9.57% 41.88% 29.42% 9.70%

20062007200820092010201120122013

2002200320042005

1998199920002001

1997

Largest Drawdown:Beta (S&P/TSX):Alpha (S&P/TSX):

CALENDAR YEAR RETURNS

% Positive Months:

19951996

Skewness:Kurtosis:

% Positive Quarters:Sortino Ratio (1%):

Since December, 1994

Annualized Return:Annualized Standard Deviation:Sharpe Ratio (1%):


Calendar Year Returns

-40%

-30%

-20%

-10%

0%

10%20%

30%

40%19

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

13

Retu

rn (%

)

Equally Weighted Average Canadian HF Return


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Ret

urn

(%)

S&P/TSX Composite Index


-40%

-30%-20%

-10%

0%

10%

20%

30%

40%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Ret

urn

(%)

HFRI Fund Weighted Composite Index


-40%

-30%

-20%-10%

0%

10%

20%

30%

40%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Ret

urn

(%)

Dow Jones Global Index (C$)


-40%

-30%-20%

-10%

0%

10%

20%

30%

40%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Ret

urn

(%)

S&P 500 Total Return Index C$


2.4. Correlation Matrices

1 0.850 0.636 0.770 0.7950.850 1 0.578 0.743 0.6110.636 0.578 1 0.796 0.5790.770 0.743 0.796 1 0.8130.795 0.611 0.579 0.813 1

1 0.837 0.517 0.714 0.8500.837 1 0.500 0.784 0.7780.517 0.500 1 0.794 0.5640.714 0.784 0.794 1 0.8420.850 0.778 0.564 0.842 1

1 0.830 0.480 0.691 0.8810.830 1 0.559 0.748 0.7860.480 0.559 1 0.841 0.5990.691 0.748 0.841 1 0.8590.881 0.786 0.599 0.859 1

1 0.764 0.375 0.570 0.8730.764 1 0.510 0.660 0.8290.375 0.510 1 0.898 0.4770.570 0.660 0.898 1 0.7150.873 0.829 0.477 0.715 1

HFRI Fund Weighted

Composite Index


HFRI Fund Weighted

Composite Index


HFRI Fund Weighted

Composite Index


Canadian HF Return

Correlation (1 year)

HFRI Fund Weighted

Composite Index


S&P/TSX Composite IndexS&P 500 Total Return Index C$Dow Jones Global Index (C$)

S&P/TSX Composite

Index


Index C$


(C$)

Equally Weighted Avg. Cdn. HF Return


Canadian HF Return

S&P/TSX Composite

Index


(C$)


Index C$


Index C$


(C$)

Equally Weighted Avg. Cdn. HF ReturnS&P/TSX Composite Index

S&P/TSX Composite

Index

S&P 500 Total Return Index C$Dow Jones Global Index (C$)



Canadian HF Return


Index C$


(C$)

Equally Weighted Avg. Cdn. HF ReturnS&P/TSX Composite Index




Canadian HF Return

S&P/TSX Composite

Index


S&P/TSX Composite Index

S&P 500 Total Return Index C$Dow Jones Global Index (C$)

S&P 500 Total Return Index C$


Equally Weighted Avg. Cdn. HF Return


CHW Canadian Hedge Indices

Canada's first non-investible hedge fund indices were created byCanadian Hedge Watch. They include 3 sub indices:

. CHW-HF Equity Hedged Index

. CHW-HF Notes Index

. CHW-FOHF Index

The composite index is the asset weighted CHW-HF CompositeIndex. The most prevalent Canadian hedge fund type is equityhedged as the majority of Canadian hedge funds are followers of thetraditional equity long-short types of hedge funds. Most hedge fundsexhibited negative performance in 2008 but many began to recover

lost ground in 2009. However, a number of hedge funds have takena more defensive position since 2009 by holding cash and takingshort positions in the market. There have been a growing number ofmanaged futures funds and real estate funds reporting as well.

The CHW-HF Composite Index is down 3.42% in the last 12 months.Losses derive from one of the three sub-indices: the Equity Index lost3.72%, while the Fund of Funds Index gained 0.32%, and the NotesIndex gained 4.60% in the ast 12 month.

Canadian Hedge Watch Inc.

Historical Monthly Returns

Canadian Hedge Fund Indices

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2013 0.60% -2.05% -0.30% -3.22% -0.25% -2.24% 1.87% 2.33% -0.06% 0.62% -0.96% 0.33% -3.42%

2012 2.48% 2.07% -2.73% -1.85% -1.93% -1.64% 0.59% 1.21% 1.42% -0.41% -1.65% -1.70% -4.24%

2011 -1.49% 1.81% -0.78% 0.29% -2.41% -2.52% 1.74% -3.92% -5.21% 1.27% -0.81% -1.92% -13.35%

2010 -0.61% 1.14% 1.82% 0.78% -3.45% -1.12% 0.31% 1.43% 4.08% 3.25% 2.20% 3.06% 13.41%

2009 2.10% -1.40% 1.66% 2.26% 3.92% 0.11% 1.31% 0.89% 3.47% -0.33% 0.58% 1.95% 17.70%

2008 -4.31% 2.65% -2.88% 0.67% 3.42% 1.08% -5.99% -2.32% -9.20% -9.81% -4.14% -3.79% -30.37%

2007 0.45% 2.55% 0.68% 2.58% 0.42% -0.26% 1.82% -4.52% 3.34% 3.87% -3.70% 1.14% 8.29%

2006 4.86% -0.21% 3.86% 1.49% -1.89% -2.81% 0.65% 0.73% -2.51% 3.25% 1.54% 2.97% 12.23%

2005 1.23% 4.21% -1.40% -2.89% 0.36% 1.29% 3.40% 1.50% 2.12% -3.38% 1.52% 2.63% 10.79%

2013 0.64% -2.21% -0.32% -3.50% -0.33% -2.30% 1.99% 2.67% -0.07% 0.54% -0.97% 0.25% -3.72%

2012 2.73% 2.16% -2.89% -1.93% -1.91% -1.73% 0.63% 1.31% 1.49% -0.43% -1.73% -1.89% -4.30%

2011 -1.56% 1.84% -0.78% 0.29% -2.50% -2.56% 1.75% -3.96% -5.27% 1.31% -0.81% -2.10% -13.68%

2010 -0.68% 1.23% 1.96% 0.78% -3.74% -1.33% 0.32% 1.45% 4.14% 3.28% 2.23% 3.10% 13.21%

2009 1.67% -1.68% 1.83% 2.61% 4.56% 0.37% 1.39% 0.97% 3.85% 0.33% 2.64% 2.19% 22.62%

2008 -5.04% 3.30% -3.32% 0.87% 3.98% 1.22% -7.33% -2.51% -11.04% -10.39% -4.54% -2.81% -32.73%

2007 0.53% 3.91% 1.04% 3.47% 0.57% -0.32% 2.50% -5.37% 4.41% 4.72% -4.66% 1.78% 12.65%

2006 6.44% -0.38% 5.29% 1.93% -2.48% -3.53% 0.98% 0.92% -3.46% 4.74% 2.28% 4.54% 17.95%

2005 2.05% 6.31% -1.99% -4.20% 0.50% 1.94% 5.02% 2.30% 2.99% -4.59% 1.99% 4.01% 16.87%

2013 0.19% 0.39% 0.69% 0.35% 0.90% -0.06% 0.59% 0.55% 0.12% 0.38% 0.18% 0.21% 4.60%

2012 -0.21% -0.24% -0.87% -1.00% 0.33% 0.44% 0.25% -0.16% 0.93% -0.44% 1.12% 0.07% 0.18%

2011 1.70% 0.16% -0.08% 0.99% 0.90% 0.03% 0.49% 1.15% 0.14% -0.32% 0.62% 0.16% 6.07%

2010 0.31% -0.25% -0.74% -0.54% 0.34% 2.92% -0.08% 1.65% 0.03% 0.58% -0.84% 0.28% 3.67%

2009 -0.05% 0.57% 0.49% -1.43% 0.64% -1.21% -0.49% 1.24% 0.67% -0.40% 1.39% -0.18% 1.22%

2008 -0.82% 0.23% 0.26% -0.75% 0.61% 0.47% -1.07% -0.76% -1.76% -2.57% -1.32% 0.21% -7.08%

2007 -0.04% -0.15% -0.36% 0.13% -0.31% -0.46% 0.34% -1.31% -0.19% 0.83% 0.70% -1.12% -1.93%

2006 0.83% 0.18% 0.77% 0.35% -0.56% -2.11% 0.21% 0.24% 0.26% 0.36% 0.27% 0.76% 1.53%

2005 -0.23% -0.35% -0.20% -0.44% 0.51% 0.52% -0.31% 0.09% -0.03% -1.02% 0.39% -0.31% -1.39%

2013 0.08% -0.40% -0.07% -0.76% 0.42% -1.78% 0.92% -0.82% -0.03% 1.40% 0.37% 1.03% 0.32%

2012 0.02% 0.29% -0.62% -0.71% -2.22% -0.57% 0.11% -0.09% 0.45% -0.14% -0.65% 0.43% -3.65%

2011 0.09% 1.07% -1.25% -0.16% -1.89% -1.97% 0.51% -3.20% -3.50% -0.02% -1.50% -0.24% -11.53%

2010 -0.34% 0.82% 1.78% 0.79% -1.99% -0.33% 0.72% 0.64% 2.44% 2.62% 1.07% 2.68% 11.36%

2009 7.91% 0.11% 0.72% 1.35% 3.74% -1.95% 1.58% -0.30% 1.36% -7.34% -28.46% -1.14% -24.54%

2008 -2.43% 0.51% -1.74% 0.22% 0.74% 0.40% -1.33% -1.62% -6.34% -10.52% -6.04% -17.30% -38.25%

2007 0.74% -0.22% 0.14% 1.11% 0.53% 0.31% -0.35% -2.85% 0.61% 1.49% -1.96% -0.11% -0.65%

2006 3.01% -0.03% 1.88% 1.07% -1.32% -1.25% -0.30% 0.37% -2.02% 0.44% -0.26% -0.26% 1.24%

2005 0.25% 2.98% -0.93% -1.52% -0.39% -0.04% 2.74% 0.53% 1.97% -2.17% 1.38% 1.37% 6.22%

Notes

FoHF

Equity

Composite

CHW INDICES

CHW Hedge Fund Indices vs. Major Market Indices

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar-

06

Jun-0

6

Sep-0

6

Dec-0

6

Mar-

07

Jun-0

7

Sep-

07

Dec-0

7

Mar-

08

Jun-0

8

Sep-

08

Dec-

08

Mar-

09

Jun-0

9

Sep

-09

Dec-

09

Mar-

10

Jun-1

0

Sep

-10

Dec-

10

Mar-

11

Jun-1

1

Sep

-11

Dec-

11

Mar-

12

Jun-1

2

Sep

-12

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

CHW-HF Composite IndexCHW-HF Equity Hedged IndexCHW-HF Notes IndexCHW-FoHF IndexS&P/TSXS&P 500 TRI C$Dow Jones Global Index (C$)Dow Jones Credit Suisse HF Index

www.canadianhedgewatch.com

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

T: 416.848.0277 Toll Free: 877.249.9249 Fax: 416.848.0278 [email protected]

Copyright © 2005 - 2013

DisclaimerCanadian Hedge Watch calculates and publishes the CHW-HF Indices at its own expense and it is prepared solely as an information service to financial market participants. The index is published on a best-efforts basis. Canadian Hedge Watchand its affiliates and subsidiaries do not recommend, express any opinion or accept any liability regarding the constituent hedge funds or their respective securities by virtue of their inclusion in the CHW-HF Indices. Performance and capitaldata used to construct the CHW-HF Indices is provided by the constituent funds on a voluntary basis and has not been reviewed, audited or in independently verified in any way by Canadian Hedge Watch.

The index is based on data believed to be reliable. No guarantee is made as to the accuracy, timeliness, or completeness of the data used in the index. Neither Canadian Hedge Watch, nor its affiliates, accept liability whatsoever for any lossarising from any use of this report or its contents. In the event a data input to a published index calculation is subsequently believed to be in error, we may at our sole discretion declare the data error to be immaterial to the published indexvalue, and are under no obligation to re-calculate an already published index value. Index construction rules, guidelines, and practices may be changed at any time at our sole discretion, though we will endeavor to provide reasonable advancenotice of such changes, including termination of the index. The information included herein is not intended for use by retail clients.

Index Summary

Canada's First Hedge Fund Indices

1 ye ar Jan-05

1002.85 -0.02% 4.17% -3.42% -3.42% 0.03% -32.18% 72.30% 57.41% 5.68% 9.39%

1153.20 -0.19% 4.44% -3.72% -3.72% 1.60% -34.75% 71.88% 58.33% 6.12% 11.13%

1063.97 0.77% 2.05% 4.60% 4.60% 0.69% -10.79% 99.79% 57.41% 0.93% 2.72%

474.10 2.83% 2.89% 0.32% 0.32% -7.96% -59.09% 41.66% 48.15% 3.09% 13.31%

1 mo. 3 mo. 6 mo. YTD 1 year Jan-05 1 year Jan-05

0.33% -0.02% 4.17% -3.42% -3.42% 0.03% 5.68% 9.39%

0.26% 5.03% 10.73% 8.03% 8.03% 4.21% 7.87% 14.49%

4.90% 16.49% 20.09% 44.93% 44.93% 5.88% 8.10% 11.57%

1.80% 10.20% 16.18% 29.42% 29.42% 3.77% 6.81% 11.97%

1.19% 4.15% 5.82% 9.72% 9.72% 5.05% 3.57% 6.12%

0.488

10.638

1

0.6380.895 1

0.895

10.000

1744.642

1 yea rYTDMax.

Draw downAssets Representedby the Index ($MM)

173.290

Ann. Std. Dev.3 mo. 6 mo.

Sinc eJan-05

% Pos. Month

% HighWater mark

CHWHEDGE FUND INDICES

CHW-HF Composite Index

CORRELATION(since January, 2005)

0.829

CHW-HF Equity Hedged Idx. 1561.352

S&P/TSX


1

S&P/TSXCHW-HF Composite

Index

Dow Jones Credit Suisse HF

Index0.861


MSCI World Index (C$)

0.513

0.48810.829 0.8360.680S&P/TSX

Index

Level

0.390

S&P 500 TRI C$

0.260

CHW-HF Notes IndexCHW-FoHF Index

MARKET INDICES


Dow Jones Credit Suisse HF Inde

0.680

0.3900.861

Dow Jones Global Index (C$) 0.513

0.836

Ann. Std. Dev.PERFORMANCE

Dow Jones Credit Suisse HF In

S&P 500 TRI C$

S&P 500 TRI C$ 0.260

Constituent Funds:Arro w Can adian Income FundArro w Act II New Media Fund AArro w Enhan ced Income FundArro w Glob al Long/Shor t Fund

Arro w High Yield Fu ndArro w JC Clark Oppo rtunities Fun dArro w PMC Global Long /Short FundArro w U.S. Eq uity Income Fun d ClassCI Glo bal Op portu nities Fu ndDynamic Alpha Performance FundDynamic C ontrarian FundDynamic In co me Opportunities FundDynamic Po wer Emerging M arkets Fu ndDynamic Po wer Hedge Fund Series CFro nt Stre et Can adia n Hed ge Fu ndGoo dwood Fund

Hillsd ale Canad ian L/S Equity Fund Class A

I A Multi-Strate gyArrow Fo cus Fund C lass A2Arrow Fo cus Fund C lass U2Arrow Multi-Stra tegy Fun d

Arrow Multi-Stra tegy Fun d U$Arrow Fo cus Fund C lass F2Arrow Fo cus Fund C lass G2Arrow Multi-Stra tegy Fun d Class FArrow Multi-Stra tegy Fun d Class G U $ Class F

Hillsdale Global L/S Equity Fu nd Class A U$No rthern Rivers Global Energ y Fund L PNo rthern Rivers Inn ova tion RSP FundPicto n Maho ney Global Market Net ural Equ

Picto n Maho ney Long Sho rt Equity Fu ndPicto n Maho ney Market Neutral Eq uity Fund ASprott Bull/ Bear RSP Fun dSprott He dge Fund L. P.Sprott He dge Fund L.P. IISprott Opportunitie s H edge FundSprott Opportunitie s R SP Fun dThe Friedberg Curren cy FundVertex Fun d

ON E Financial M SCI He dge Invest Inde x N ts S2ON E PLI G7 Glo bal Index Note Series 1ON E PLI G7 Glo bal Index Note Series 2ON E PLI Gold Note Se ries 1

ON E PLI Gold Note Se ries 2ON E PLIC Canadian D ividend N ote Ser ies 1ON E PLIC Global Dividen d Note Series 1

The Chartered Alternative Investment Planner (CHAIP)TM Programme was developed in 2005, in responseto the rapidly growing hedge funds market and the large variety of related alternative investment productsavailable. With a higher degree of complexity and challenges facing the hedge fund industry, the programmewas updated in 2009, including a tax and legal update from McMillan. CHAIPTM provides a comprehensive bodyof knowledge outlining the standards now required by advisors and planners, managers and analysts to makeinformed decisions on the purchase or recommendation of hedge funds.

Unlike other alternative investment courses, CHAIP is low-cost, can be completed in a short time period andcontains specific Canadian content updated with recent data.

Developed with the direct input of Canadian hedge fund and alternative investment professionals, the CHAIPTM certificationprocess includes:

1. An independent certification board of academic and practice experts who will certify the CHAIPTM curriculum and examination, set practice standards and determine continuing education requirements.

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3. The CHAIPTM designation can be earned by completing the course and passing the 4-hour proctored certification exam ensuring the highest level of recognition for certification mark holders.

To register, call 1-416-306-0151 or go to www.chaip.com

The CHAIPTM programme and CHAIPTM designation is produced by Radius Financial Educationa division of Canadian Hedge Watch Inc. www.radiusfinancialeducation.com

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