M O N T H LY R E V I E W O F H E D G E F U N D S & A L T E R N A T I V E I N V E S T I N G
MARCH 2014
V O L U M E 1 4 I S S U E 3
@RadiusFE
A CONVERSATION WITH
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 HAYES
Partner,
National Director,
Alternative Investments
T:
416-777-3939
E:
JAMES LOEWEN
Partner,
National Asset
Management Leader
T:
416-777-8427
E:
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.
Volume 14 Issue 3 - March 2014
Hedge funds sealed the first quarter of the year with another month of negative returns,
down 0.18% in March as managers navigated through a choppy start to the year.
However, strong returns posted by fund managers in the previous month saw them through with the Eurekahedge
Hedge Fund Index up 1.05% in Q1 2014, outperforming the MSCI World Index, which gained 0.67% over the
same period.
Key takeaways for March include:
• Net asset flows for Q1 2014 stood at US$32.6 billion, with capital allocations to North American managers at
US$ 17.7 billion and those for European managers at US$ 13.6 billion;
• Japan focused hedge funds posted their third consecutive month of negative returns – down 0.84% in March
and 2.09% in the first quarter of the year;
• Latin America focused managers surpassed all regional mandates delivering the strongest gains – up 1.53%
in March, and outperforming the MSCI EM Latin America Index by 2.45% in Q1 2014;
• Distressed debt investing hedge funds delivered their ninth consecutive month of positive returns – up 2.70%
in the first quarter of the year;
• CTA/managed futures hedge funds continued to languish, down 0.98% in March and 0.33% in Q1 2014.
Investors have redeemed US$5.0 billion from the strategy in the first quarter of the year; and
• Eastern Europe & Russia focused hedge funds fared the worst, losing 2.54% in March and 8.02% in Q1 2014,
weighed down by geopolitical tensions in the region.
Source: Eurekahedge
And from Reuters: hedge fund investors asked to pull out just slightly more money in February than they did the
previous month, largely sticking with their managers to help them navigate financial markets.
The percentage of investors asking to withdraw their money from hedge funds rose slightly to 3.38 percent of
assets under administration in February, up from 2.67 percent in January and in line with seasonal trends, according
to the SS&C GlobeOp Forward Redemption Indicator.
"The 3.38 for February is very consistent with the last four or five years," Bill Stone, CEO and Chairman of financial
software provider SS&C Technology, said on Friday.
The monthly data, which captures around 10 percent of the global hedge fund industry, suggest that most investors
chose to keep their stakes intact despite a disappointing 2013.
Redemption requests peaked at over 19 percent in late 2008 following the collapse of Lehman Brothers but have
not risen above 10 percent since September 2009.
Hedge fund assets stand at around $2.85 trillion, according to data released this week by eVestment, but Stone
expects the market to surpass the $3 trillion mark by the end of the year.
Terry Krowtowski
Strong
Bonds
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Volume 14 Issue 3 - March 2014
1
Performance Summary
Feb. 2014
YTD
CHW HEDGE FUND INDICES (CHW-HF)
%
%
CHW-HF Composite Index
4.07
8.63
CHW-HF Equity Hedged Index
4.14
8.52
CHW-HF Notes Index
-0.33
-0.16
CHW-FOHF Index
2.01
8.27
Scotia Capital Canadian Hedge Fund Performance Index
SC CDN HF Index Asset Weighted
1.91
4.49
SC CDN HF Index Equal Weighted
2.67
4.61
Dow Jones Credit Suisse Hedge Fund Indices
Dow Jones Credit Suisse Hedge Fund Index
1.72
1.42
Convertible Arbitrage
0.14
2.24
Emerging Markets
1.79
-0.52
Event Driven
2.75
3.04
Fixed Income Arbitrage
0.66
1.66
Global Macro
0.69
-0.37
Long/Short Equity
2.88
2.80
Managed Futures
0.94
-2.52
HEDGE FUND INDICES
Hennessee Hedge Fund Index
-2.46
-2.18
HFRI Fund Weighted Composite Index
1.96
1.43
HFRI Equity Market Neutral Index
1.13
1.13
HFRI Fund of Funds Composite Index
1.62
1.21
MARKET INDICES
Dow Jones Global Index (C$)
4.06
4.79
Dow Jones Global Index (U$)
4.86
0.84
Dow Jones 30 Industrial Average (US$)
3.97
-1.54
NASDAQ Composite Index (C$)
4.73
7.40
NASDAQ Composite Index (US$)
4.98
3.15
S&P 500 Total Return Index (C$)
3.97
5.12
S&P 500 Total Return Index (US$)
4.57
0.96
S&P/TSX Composite Index Total Return
3.76
4.32
Canadian Hedge Watch Inc.
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Canadian Hedge Watch (CHW) presents news, information and data on both Canadian and Global alternative investment activity. The information presented is not to be taken as an endorsement, investment advice or a promotion for the organizations and individuals whose material and information appears in this CHW publication or on the Canadian Hedge Watch website.
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MONTHLY REVIEW OF HEDGE FUNDS & ALTERNATIVE INVESTING
MARCH 2014 V O L U M E 1 4 I S S U E 3
Volume 14 Issue 3 - March 2014
3
C O N T E N T S
M A R C H
A Conversation With
4
new AIMA CEO, Jack Inglis
Canadian Hedge Watch Interview
2014 Calendar of Events
7
Hedge Fund Performance Tables
8
@RadiusFE
A CONVERSATION WITH
www.canadianhedgewatch.com
4
Canadian HedgeWatch recently had the opportunity to speak with
Jack Inglis
, AIMA’s new CEO,
on the occasion of his appointment as chief executive of the hedge fund industry’s global trade
association. Based in the organization’s London headquarters, Mr. Inglis became AIMA’s Chief
Executive Officer in February 2014. Prior to joining AIMA, he oversaw Barclays European Prime
Services Distribution business and was a member of the Global Executive Committee for Prime
Services. During his 30-year career he has held senior positions in hedge fund roles with such
firms as Morgan Stanley and Ferox Capital Management. He holds a degree in economics from
Cambridge University.
Canadian Hedge Watch
What prompted you to leave a very successful career in international
finance and banking to take on your new role with AIMA?
Jack Inglis
This is a unique role that I couldn’t refuse. AIMA has an important and central role to
play in representing the interests of the global hedge fund industry. I am excited by the very broad
nature of our engagement and I see my previous experience on both the buy- and sell-sides of the
hedge fund fence as providing an ideal background to lead AIMA in its work on behalf of our
members.
CHW
Before we go further, can you give our readers some background on AIMA, including the
size of its global organization?
JI
Certainly. We were founded in 1990 and we are truly a global representative of the hedge fund
industry. Today, we have over 1,400 corporate members in a growing network of over 50 countries.
We are very active around the world, including in Canada where we represent the local industry.
AIMA addresses the real issues affecting the industry’s development. Our focus on education,
regulation and sound practices has resulted in a substantial body of work used around the world by
members, institutional investors, policymakers and regulators.
CHW
How have you found your transition to the CEO role?
JI
It’s been a very structured process which has enabled me to hit the ground running. Having
been announced as Andrew Baker’s successor as CEO in November of last year, I was fortunate to
have enjoyed a three-month transition period in which to spend time with our Board, my senior
colleagues and with our members familiarising myself with many of the issues before I started full
time. This has enabled me to gain a sound understanding of the association and the expectations
of our members.
Jack Inglis, appointed
AIMA’s new Chief
Executive Officer.
Jack Inglis
AIMA CEO
A Conversation
With New AIMA CEO
Jack Inglis
Volume 14 Issue 3 - March 2014
5
CHW
What do you see as you first priorities in the job?
JI
This has to be ensuring our resources are being channelled
effectively to meet the priorities and expectations of our members. I am
meeting with, and listening to, many of our members around the world so
that we can accurately align our efforts in their best interests. In March, I
participated in AIMA’s Global Policy & Regulatory Forum in New York at
which I had the opportunity to meet with key regulators from around the
world, as well as US manager members and the heads of other industry
bodies including the Managed Funds Association (MFA). Following this,
I will be traveling to Asia-Pacific to visit AIMA’s staff and members in that
important region for the industry. All of this will help me gain insight into
AIMA activities in our various regions and the key issues faced in those
regions. It will also prepare me to shape our programs and plans in ways
that will best help and serve our members in terms of advocacy,
education and engagement. Ultimately, one of my most important
priorities will be to work with AIMA’s Council, our board of directors, to
develop a strategic plan that will guide our organization over the next
several years.
CHW
Does AIMA publish any form of “report card” on its activities
each year?
JI
Yes we do. Our global Review of the Year is published every
December and details the very significant work carried out by our staff
and by industry volunteers that lend their expertise to AIMA’s 70 various
committees and working groups. The most recent Review was published
at the end of 2013 and provides an excellent overview of the association’s
global activities and accomplishments last year. It can be accessed online
at
http://www.aima.org/en/login/index.cfm/login/1/
(it’s a member-only
document). In addition, our National Groups including AIMA Canada
publish annual reports and reviews about their local activities. And
throughout the year we provide continuous updates on our activities via
our newsletters to members and on our websites.
CHW
AIMA Canada, the Canada National Group of the international
AIMA organization, was founded in 2003. How do you view its progress
to date as a member of the global AIMA family?
JI
AIMA Canada has built an impressive track record as one of AIMA’s
fastest-growing National Groups and an important fixture in our
international organization. Their progress can be measured not only by
their strong membership growth and their regional and national
expansion, but by the significant number of educational initiatives and
social events they hold each year across the country. The involvement of
AIMA Canada members in events and committees has been particularly
impressive. Last year, AIMA held 120 events globally and of this total, 32
were held by AIMA Canada.
CHW
What do you see as AIMA’s main strengths?
JI
One of our main strengths is the global nature of our organization
which allows us to coordinate ideas and marshal resources on an
international basis as well as provide a truly international service to an
increasingly global marketplace. We have also benefitted enormously
from the active participation of industry professionals in the work we do
through membership in our committees and working groups.
This has been a great strength of our organization and has earned us
credibility on the global stage. Another related strength is our ability to
adapt very quickly to new challenges faced by the global industry – such
as with the AIFMD and its significant impact on managers in Canada and
elsewhere. The global expertise we bring together under our umbrella
has been a very important factor in our capability in this area.
CHW
How has AIMA’s role evolved in recent years?
JI
Our role has evolved quite significantly over the past five years.
Previously, we were best known for promoting sound industry practices,
due diligence and investor education, and that is still hugely important.
We are planning to update and expand our library of sound practices
guides and due diligence questionnaires. But since the financial crisis and
the waves of new regulation, AIMA has focused much more on its
advocacy work with policymakers and regulators in all the world’s
financial centres. AIMA has also been able to forge excellent working
relationships with regulators globally since the crisis, and I intend to
continue that work in the spirit of constructive co-operation that has
always defined the association’s regulatory engagement. The association
continues to do a great job of explaining the useful roles that hedge funds
play both in financial markets and investor portfolios. We also seek wider
recognition of the contribution of the industry to economic growth,
businesses and jobs through its investment activity in the capital markets
and this is a narrative we will continue to expand on.
CHW
AIMA is well known for the excellence of its publications. What
is next on the agenda?
JI
AIMA’s next major publication will be a study on capital markets.
This study was commissioned by AIMA and written by two prominent
German academics. We think it’s an important and timely paper because
it will underline the contributions that capital markets and their
participants make to economic growth and prosperity and highlight the
positive role that hedge funds play in the capital markets as important
providers of finance and liquidity.
CHW
How do you view AIMA’s role moving forward?
JI
It is very important that AIMA continues to represent the global
industry effectively. This is particularly important in terms of providing
appropriate input in regulatory matters and in communicating and
promoting the benefits of hedge funds to investors, markets and the ‘real
economy’. I am very keen for us to strengthen our engagement with
investors in hedge 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. We will also look to
strengthen our global network as we consolidate our presence in the
more than 50 countries where our members are based and seek to
continue to expand into new territories and markets. There is much work
to do, and I look forward to meeting and working closely with my
colleagues and our members over the coming months.
www.canadianhedgewatch.com
18
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8
H E D G E F U N D P E R F O R M A N C E (as of February 28, 2014)
Fund Name Asset Size ($MM) 1 Month 3 Month 6 Month YTD 1 Year 3 Year (Ann.) Since Inception (Ann.) Best 6 Mo. (3 Year) Worst 6 Mo. (3 Year) Max. Draw Down Std. Dev. (1 Year) Std. Dev. (3 Year) Beta (1 Year, TSX) Alpha (%) (1 Year, TSX) Correl. (1 Year, TSX) Correl. (1 Year, S&P500) % High Water- mark % Pos. Month Since Inc.
Acorn Diversified Program 48.000 11.58 13.06 7.47 11.85 18.53 4.85 4.98 13.08 -13.20 -17.77 14.89 15.77 0.36 14.63 0.22 0.27 100.00 51.79 Agilith North American Diversified Fund 30.800 2.00 3.63 18.16 1.87 41.19 21.96 19.96 29.54 -19.60 -46.04 11.05 14.57 0.29 38.05 0.24 0.40 100.00 62.34 AlphaNorth Partners Fund Class A 70.000 4.10 3.24 7.26 22.90 -6.32 -12.86 15.05 12.77 -25.15 -63.30 29.42 23.38 0.45 -11.20 0.14 -0.32 58.76 60.00 Arrow Act II New Media Fund A 9.050 2.60 1.72 8.35 -1.24 10.66 3.56 5.57 11.70 -16.38 -16.38 9.17 9.00 0.18 8.71 0.18 0.27 98.76 54.17 Arrow Act II New Media Fund Class U - 2.54 1.53 7.95 -1.35 9.93 - -1.02 11.32 -16.31 -16.31 9.15 - 0.18 7.98 0.18 0.27 96.22 48.39 Arrow Act II New Media Fund F - 2.70 2.01 8.96 -1.05 11.97 5.50 6.86 12.34 -15.87 -15.87 9.17 8.92 0.18 10.02 0.18 0.27 98.95 58.90 Arrow Curvature Market Neutral Fund A 158.590 1.19 3.59 3.86 2.05 10.40 6.45 7.40 8.25 -2.65 -5.61 2.82 4.98 0.00 10.40 -0.01 -0.01 100.00 69.77 Arrow Diversified Fund Class A 20.460 1.51 3.31 3.69 2.13 0.79 -4.86 1.45 3.69 -8.84 -20.17 3.10 3.69 0.04 0.36 0.13 -0.23 83.33 59.15 Arrow Diversified Fund Class A U$ 93.620 1.38 3.07 3.30 1.92 1.14 -5.46 2.59 3.30 -9.72 -22.49 3.27 3.93 -0.03 1.47 -0.09 -0.32 80.65 57.86 Arrow Diversified Fund Class F C$ 75.750 1.51 3.45 4.18 2.18 2.01 -3.71 2.74 4.18 -8.54 -17.21 3.01 3.73 0.04 1.58 0.11 -0.23 88.01 61.07 Arrow Diversified Fund Class F U$ 75.750 1.49 3.40 3.97 2.15 1.98 -4.43 1.62 3.97 -9.11 -17.82 2.93 3.79 0.03 1.65 0.09 -0.21 85.96 58.12 Arrow High Yield Fund A C$ 179.340 2.00 3.37 6.01 2.62 4.35 1.14 5.59 6.01 -5.60 -9.27 4.69 4.65 0.01 4.24 0.02 -0.22 100.00 66.20 Arrow High Yield Fund A U$ 304.240 1.90 3.10 5.64 2.44 3.50 0.63 5.71 5.64 -5.89 -8.65 4.76 4.80 0.01 3.39 0.01 -0.21 99.11 69.51 Arrow High Yield Fund F 95.570 2.06 3.56 5.88 2.73 4.69 1.65 6.13 5.88 -5.83 -9.82 4.48 4.73 0.01 4.58 0.03 -0.25 100.00 67.94 Arrow U.S. Equity Income Fund A C$ 1.410 2.03 -0.38 -0.74 0.51 -8.20 -5.22 -10.92 4.77 -8.91 -71.45 5.83 7.71 0.23 -10.69 0.36 0.25 41.07 43.90 Arrow U.S. Equity Income Fund Class U U$ 33.880 1.97 -0.57 -1.85 0.40 -9.52 -5.95 -8.96 5.01 -8.89 -69.19 5.31 7.62 0.22 -11.90 0.38 0.23 47.60 46.34 Arrow U.S. Equity Income Fund F - 2.20 0.13 -0.62 0.85 -7.33 -4.34 -10.07 5.43 -8.19 -71.06 5.58 7.68 0.20 -9.50 0.33 0.30 43.71 46.34 Aurion II Equity Fund 36.460 4.02 7.20 14.60 5.14 16.36 -3.99 7.28 14.90 -27.12 -41.81 8.50 14.01 0.79 7.80 0.85 0.37 88.51 62.89 Aurion II Equity Fund Series D 6.140 3.93 6.94 14.05 4.97 15.25 -4.97 4.14 14.36 -27.54 -42.05 8.50 13.99 0.79 6.69 0.85 0.37 85.82 60.71 Aurion Income Opportunities Fund 24.900 0.47 1.28 1.73 0.12 -0.15 4.48 3.33 6.18 -2.10 -13.79 3.39 2.97 -0.14 1.37 -0.38 0.13 98.30 69.81 Aurion Income Opportunities Fund Class D 5.770 0.43 1.16 1.51 -0.05 -0.68 3.98 1.38 5.94 -2.40 -13.74 3.45 3.00 -0.14 0.84 -0.37 0.15 98.00 64.71 Auspice Diversified Trust Class A - 1.60 -0.85 -2.97 -0.47 -4.89 -8.51 -3.24 0.68 -13.21 -26.66 5.91 7.38 0.01 -5.00 0.01 0.27 74.52 50.94 Auspice Diversified Trust Class S - 1.60 -0.85 -2.98 -0.47 -4.90 -8.55 -6.91 0.64 -13.21 -26.71 5.91 7.37 0.01 -5.01 0.01 0.27 74.46 44.74 Auspice Managed Futures LP. - 1.62 -0.79 -2.88 -0.43 -4.68 -8.28 0.98 0.94 -13.44 -26.20 5.92 7.46 0.01 -4.79 0.01 0.27 74.99 49.47 Barometer Long Short Equity Pool Class A 6.660 4.64 8.94 19.41 3.61 19.75 -1.76 5.91 19.41 -19.19 -32.59 10.71 16.18 0.65 12.71 0.56 0.41 94.81 57.65 Blackheath Futures Fund L.P. Class A 3.640 -0.95 1.49 -3.22 -1.51 -14.24 -2.56 -0.11 21.38 -18.69 -27.46 21.06 19.45 -0.42 -9.69 -0.18 -0.12 78.19 60.38 Blackheath Volatility Arbitrage Fund L.P. Class A 2.160 -1.48 -2.33 4.42 -3.40 -5.08 4.97 6.65 20.08 -9.46 -11.69 9.10 10.37 0.06 -5.73 0.06 0.41 93.29 51.22 BluMont Hirsch Performance Fund 34.390 3.82 5.79 15.38 2.84 22.76 11.05 10.28 22.15 -16.09 -41.19 5.29 8.99 0.36 18.86 0.63 0.74 100.00 62.96 Broadview Dark Horse LP 34.000 3.23 3.98 9.34 3.26 18.65 12.05 17.44 13.49 -5.14 -7.41 5.03 6.76 0.39 14.42 0.72 0.55 100.00 83.05 Brompton Energy Opportunities Fund Series 2009 8.680 6.46 16.48 20.97 11.31 11.61 -3.20 21.49 20.97 -22.80 -33.30 13.53 19.16 0.86 2.29 0.58 0.13 83.82 61.40 Brompton Energy Opportunities Fund Series 2010 2.730 6.32 16.33 20.81 11.17 11.46 -11.15 2.66 20.81 -22.80 -44.11 13.47 23.15 0.85 2.25 0.58 0.13 70.15 55.56 Brompton Energy Opportunities Fund Series A 3.720 6.29 16.27 20.74 11.13 11.36 -3.83 5.02 20.74 -22.83 -52.21 13.45 19.06 0.85 2.15 0.58 0.13 83.54 60.00 Burlington Partners Plus LP - 5.23 9.28 16.75 5.40 18.91 12.02 12.50 21.51 -13.48 -14.40 6.70 9.67 0.51 13.38 0.69 0.55 100.00 68.89 Burlington Partners1 LP - 3.56 6.39 11.06 3.82 10.72 8.06 5.75 12.70 -7.28 -13.27 4.95 5.81 0.33 7.14 0.61 0.52 100.00 64.22 Calrossie Partners Fund - 3.66 3.95 15.07 2.19 20.72 12.69 10.41 16.53 -10.26 -35.06 7.68 8.41 0.59 14.33 0.70 0.84 100.00 69.01 ChapelGate Credit Opportunity Fund Ltd. 478.560 0.01 2.94 6.43 1.95 14.11 14.17 14.51 12.94 1.12 -4.23 2.80 3.60 -0.01 14.22 -0.02 0.07 100.00 89.90 CI Global Opportunities Fund C$ 11.520 -1.73 -4.60 -7.73 -3.19 -5.94 -1.69 15.38 9.56 -12.57 -39.28 9.85 7.89 -0.57 0.24 -0.53 0.20 83.33 57.40 CI Global Opportunities Fund U$ 21.160 -1.12 -9.55 -10.66 -7.10 -14.08 -4.46 5.02 8.03 -19.43 -46.22 15.57 11.49 -0.59 -7.69 -0.34 0.41 79.67 51.79 DKAM Capital Ideas Fund 121.075 3.87 8.83 28.48 5.17 48.71 20.61 29.06 33.42 -8.15 -11.98 9.99 11.48 0.28 45.68 0.26 0.35 100.00 76.92 Dynamic Alpha Performance Fund Series A 485.104 0.71 3.97 5.85 3.88 10.92 3.26 7.17 7.69 -8.29 -15.50 5.15 6.01 0.14 9.40 0.24 -0.16 100.00 61.70 Dynamic Alpha Performance Fund Series F - 0.79 4.08 6.31 3.93 11.71 4.30 7.41 7.86 -7.60 -15.12 4.99 5.89 0.14 10.19 0.27 -0.12 100.00 60.82 Dynamic Alpha Performance Fund Series FH U$ - 0.75 3.87 5.86 3.67 12.11 - 8.35 8.44 -0.62 -2.05 5.33 - 0.13 10.70 0.22 -0.11 100.00 66.67 Dynamic Alpha Performance Fund Series H - 0.57 3.56 5.38 3.54 11.46 - 8.20 8.59 -1.25 -2.28 5.48 - 0.15 9.83 0.26 -0.08 100.00 66.67 Dynamic Alpha Performance Fund Series T 7.880 0.80 3.95 5.74 3.84 10.70 3.20 5.42 7.51 -8.28 -8.47 5.06 5.99 0.14 9.18 0.26 -0.15 100.00 57.45 Dynamic Contrarian Fund 8.350 -0.51 6.53 7.89 1.73 6.72 -15.06 2.22 10.27 -39.54 -63.12 6.83 15.30 0.17 4.88 0.23 -0.39 59.65 52.43 Dynamic Income Opportunities Fund 44.650 3.61 5.45 14.39 3.87 15.85 7.93 8.71 14.39 -4.17 -29.50 6.22 6.81 0.55 9.89 0.81 0.76 100.00 68.13 Dynamic Power Hedge Fund Series C 32.630 5.31 4.88 2.25 7.42 -7.75 -20.23 12.16 13.30 -38.65 -79.61 14.32 23.89 0.90 -17.50 0.57 0.21 50.77 53.57 Exemplar Diversified Portfolio Series A 36.880 1.08 0.08 6.40 -1.99 3.65 -5.26 1.28 7.30 -16.67 -21.78 8.67 10.45 -0.16 5.38 -0.17 0.48 83.43 53.45 Exemplar Diversified Portfolio Series F - 1.16 0.34 6.97 -1.82 4.79 6.58 6.68 18.18 -9.36 -9.36 8.68 10.60 -0.16 6.52 -0.17 0.48 98.08 57.78 Exemplar Leaders Fund Series A 34.290 3.52 4.18 12.37 2.61 25.26 11.00 8.76 23.19 -13.65 -39.46 7.15 12.16 0.44 20.49 0.56 0.70 100.00 65.38
H E D G E F U N D P E R F O R M A N C E (as of February 28, 2014)
Fund Name Asset Size ($MM) 1 Month 3 Month 6 Month YTD 1 Year 3 Year (Ann.) Since Inception (Ann.) Best 6 Mo. (3 Year) Worst 6 Mo. (3 Year) Max. Draw Down Std. Dev. (1 Year) Std. Dev. (3 Year) Beta (1 Year, TSX) Alpha (%) (1 Year, TSX) Correl. (1 Year, TSX) Correl. (1 Year, S&P500) % High Water- mark % Pos. Month Since Inc.
Exemplar Leaders Fund Series F 2.910 3.60 4.46 12.95 2.78 25.54 11.82 6.21 24.31 -13.19 -38.51 7.33 12.19 0.47 20.45 0.59 0.67 100.00 63.64 Fiera Tactical Bond Yield Fund Class A 77.030 -0.17 0.28 -0.24 0.27 -2.09 - 0.64 4.68 -1.92 -2.65 2.21 - -0.04 -1.66 -0.18 -0.66 97.84 61.29 Formula Growth Alpha II Fund Class B 42.700 2.14 4.64 10.03 4.28 17.48 - 9.58 26.68 -8.92 -17.40 4.90 - 0.32 14.01 0.61 0.16 100.00 64.71 Formula Growth Global Opportunities Fund Cl. S C$ 54.900 -0.81 7.97 20.09 2.03 31.51 9.43 9.81 27.73 -19.87 -24.00 12.26 14.70 0.45 26.63 0.33 -0.14 99.19 62.90 Formula Growth Hedge Fund Class F C$ 216.100 2.32 6.29 12.27 6.46 18.61 8.36 17.84 28.39 -19.19 -20.73 7.22 14.50 0.36 14.71 0.46 -0.20 100.00 65.44 Formula Growth Hedge Fund Class F U$ - 2.73 1.73 6.98 2.25 10.14 3.81 21.35 33.34 -24.33 -25.96 6.15 18.78 0.42 5.59 0.63 0.62 100.00 68.15 Friedberg Asset Allocation Fund 52.800 3.11 4.31 6.75 6.82 -2.32 0.90 7.22 12.87 -11.55 -18.49 11.18 11.94 0.63 -9.15 0.52 0.27 88.10 62.75 Friedberg Global Macro Hedge Fund U$ 189.400 0.35 19.62 5.77 17.41 -31.75 1.40 15.02 37.48 -41.98 -45.58 29.75 30.57 0.25 -34.46 0.08 -0.42 68.25 56.79 Front Street Canadian Energy Resource Fund Ser B 18.810 10.14 36.15 39.43 30.38 31.62 -20.95 6.35 39.43 -43.97 -72.55 25.19 33.86 1.66 13.63 0.61 -0.16 48.21 63.30 Front Street Canadian Energy Resource Fund Ser F 0.520 10.23 36.52 40.19 30.61 33.10 -20.31 -4.60 40.19 -43.69 -67.98 25.20 33.97 1.66 15.11 0.60 -0.16 49.08 56.82 Front Street Canadian Hedge Fund Series B 115.690 4.68 8.52 18.92 7.15 25.18 -2.63 11.65 18.92 -26.95 -43.40 5.90 14.07 0.53 19.44 0.82 0.42 92.31 64.37 FrontFour Opportunity Fund 28.000 2.99 2.06 12.62 3.26 21.22 - 16.33 17.26 0.99 -5.84 7.74 - 0.43 16.56 0.51 0.67 100.00 71.88 GFM 130/30 Fund - 2.91 6.28 16.25 4.28 17.99 2.21 11.92 16.25 -16.18 -20.72 8.17 12.54 0.76 9.76 0.85 0.61 100.00 63.08 GFM Dividend Income Fund - 2.12 3.08 9.81 1.52 14.69 - 6.97 15.47 -4.87 -12.73 4.85 - 0.45 9.81 0.84 0.77 100.00 59.38 GFM Market Neutral Fund - -0.52 0.32 5.32 0.21 4.58 1.33 5.70 6.46 -5.57 -8.81 4.89 5.08 -0.14 6.10 -0.27 -0.04 99.48 58.46 Goodwood Fund Class A 14.300 4.59 10.69 19.62 9.74 27.73 2.38 10.88 19.62 -21.03 -55.80 7.57 11.31 0.27 24.80 0.33 -0.16 78.50 62.98 Goodwood Fund Class B 34.700 4.59 10.69 19.62 9.74 27.70 2.40 2.36 19.62 -21.03 -55.41 7.57 11.31 0.27 24.77 0.33 -0.16 79.24 59.59 Goodwood Milford Fund - 4.05 10.10 13.71 9.13 15.93 14.63 17.48 13.71 0.96 -49.99 5.55 5.90 0.26 13.11 0.42 -0.10 100.00 74.49 Hillsdale Canadian Long/Short Equity Fund Class A 4.950 3.38 2.58 16.10 1.65 15.44 2.26 7.53 17.98 -7.07 -24.49 9.21 8.75 0.34 11.76 0.34 0.43 93.60 58.82 Hillsdale Enhanced Income Fund Class A 10.090 2.39 3.98 9.90 3.52 0.87 3.77 3.70 9.90 -8.22 -11.70 10.13 8.11 0.38 -3.25 0.35 0.42 97.05 65.00 IA Multi-Strategy 1.370 3.54 27.62 29.81 26.97 27.80 4.43 -0.81 29.81 -6.92 -38.57 23.40 14.12 0.53 22.06 0.21 -0.36 80.89 46.62 IMFC Global Concentrated Program - 0.56 -1.73 3.69 -2.26 -3.50 -3.63 2.02 8.03 -13.50 -17.77 8.20 10.71 -0.13 -2.09 -0.15 0.56 85.26 52.54 IMFC Global Investment Program - 1.26 0.67 7.42 -1.63 5.46 -4.21 8.20 8.08 -16.05 -21.06 8.66 10.50 -0.15 7.09 -0.16 0.48 85.97 50.59 JC Clark Adaly Fund Class A - 6.49 11.20 22.00 9.07 19.95 -4.55 13.65 22.00 -27.52 -35.68 10.44 15.62 0.66 12.80 0.58 0.32 86.98 70.00 JC Clark Adaly Fund Class B - 6.39 10.69 21.00 8.85 18.64 -5.24 6.66 21.00 -27.72 -36.14 10.38 15.57 0.66 11.49 0.58 0.32 85.09 65.60 JC Clark Focused Opportunities Fund (Class A) - 1.18 3.58 11.45 1.69 10.74 5.63 7.71 19.24 -11.47 -14.02 5.09 8.54 0.33 7.16 0.59 0.55 100.00 65.71 JC Clark Patriot Trust (Class B) - 4.45 8.39 16.55 4.79 14.99 -3.78 8.65 16.55 -17.01 -29.64 8.63 12.88 0.79 6.43 0.83 0.51 89.08 66.17 JC Clark Preservation Trust (Class B) - 1.10 4.35 16.63 1.98 15.63 5.73 11.27 18.60 -9.84 -22.61 7.24 7.94 0.47 10.54 0.60 0.50 100.00 60.11 JM Catalyst Fund 23.300 2.76 6.62 10.51 5.62 24.31 17.68 14.18 13.82 3.87 -3.31 4.04 4.11 0.23 21.82 0.52 -0.01 100.00 82.43 King & Victoria Fund LP - 1.40 3.52 9.20 0.89 26.90 18.11 25.64 35.96 -11.98 -32.14 7.31 10.47 0.15 25.27 0.19 0.54 100.00 76.98 King & Victoria RSP Fund Class A Units - 1.40 3.52 9.20 0.89 26.90 17.79 17.17 35.96 -11.99 -33.73 7.31 10.47 0.15 25.27 0.19 0.54 100.00 72.32 Kootenay Global Energy Abs. Return Fund LP Class A - 6.84 10.62 14.52 6.95 19.62 - 3.03 15.15 -12.47 -17.73 11.12 - 1.06 8.13 0.88 0.41 100.00 56.25 Landry Global Equity Long/Short Fund Series A - 1.58 4.13 6.30 3.18 13.68 5.58 -0.01 11.00 -10.47 -27.24 3.87 7.25 0.12 12.38 0.29 0.18 90.41 55.91 Landry Global Equity Long/Short Fund Series F 29.100 1.67 2.83 7.37 3.38 10.94 7.29 4.90 11.31 -10.02 -26.44 3.63 7.49 -0.04 11.37 -0.10 0.23 97.91 59.23 Landry Global Equity Long/Short Fund Series I - 1.75 3.11 7.96 3.55 12.22 6.38 1.26 11.89 -9.56 -25.62 3.63 7.48 -0.04 12.65 -0.10 0.23 98.14 58.43 Lightwater Nimble Fund - 2.12 8.70 20.68 5.90 62.07 - 62.07 40.94 20.68 -4.35 12.31 - -0.67 69.33 -0.50 -0.20 100.00 91.67 Lycos Value Fund Class O 2.000 7.47 -3.59 6.76 3.98 27.81 26.43 17.40 68.00 -14.32 -22.62 26.75 27.18 1.02 16.76 0.35 0.57 95.98 58.06 Lycos Value Fund Class P 1.200 0.34 1.47 2.96 0.95 6.02 6.02 6.00 3.10 2.91 0.00 0.22 0.14 0.00 6.02 -0.11 -0.39 100.00 100.00 Majestic Global Diversified Fund - 1.40 3.74 -1.88 -0.73 -13.29 -9.62 -0.73 12.89 -20.07 -32.95 11.10 16.79 0.22 -15.67 0.18 0.35 69.70 46.97 Majestic Global Diversified Fund Series A - 1.42 3.71 -1.92 -0.72 -13.34 -9.65 0.46 12.78 -20.03 -33.00 11.12 16.84 0.19 -15.40 0.16 0.33 69.63 47.69 Majestic Global Diversified Fund Series I - 1.26 -3.35 -14.52 2.20 -10.80 - -9.69 15.74 -20.22 -30.37 10.45 - -0.62 -4.08 -0.54 -0.39 71.16 45.71 Maxam Diversified Strategies Fund Series A - 1.69 4.15 13.91 1.15 23.10 6.02 12.15 18.47 -14.83 -16.15 5.98 9.25 0.24 20.50 0.37 0.12 100.00 60.71 Meson Capital Partners Fund - -12.65 4.62 19.20 0.67 3.52 -14.12 25.03 28.10 -26.71 -59.12 26.15 28.29 0.55 -2.44 0.19 -0.14 48.73 53.33 Niagara Discovery Fund 9.500 -1.72 -2.48 -5.94 -3.54 -6.13 -2.62 9.82 9.86 -9.86 -14.06 11.10 12.90 -0.19 -4.07 -0.16 0.04 86.67 52.27 Niagara Legacy Class B Fund 49.300 0.24 19.34 5.54 17.19 -26.23 0.08 10.97 60.16 -41.54 -49.57 30.12 32.31 0.11 -27.42 0.04 -0.38 63.04 57.69 Norrep Market Neutral Income Fund 16.000 1.89 1.67 5.25 2.51 8.36 - 10.28 13.81 -1.90 -2.99 5.26 - 0.26 5.54 0.45 0.59 100.00 63.33 Northern Rivers Conservative Growth Fund LP 14.646 3.61 5.14 14.69 3.38 32.37 14.16 11.27 26.84 -12.83 -49.62 7.13 12.76 0.27 29.44 0.34 0.58 100.00 66.00 Palos Income Fund, L.P. 130.000 3.97 5.62 15.42 2.91 22.30 7.50 12.24 15.42 -13.58 -40.08 6.10 8.70 0.52 16.67 0.78 0.83 100.00 72.00 Pathway Energy Series A Rollover MIN002 2.100 6.13 8.93 0.29 8.96 -14.14 -39.11 -29.42 2.28 -49.90 -92.29 18.92 26.12 1.61 -31.58 0.78 0.04 8.40 49.30 Pathway Multi SF Explorer Series A Rollover MIN001 37.000 9.66 17.21 -8.14 19.33 -43.56 -47.50 -21.47 -8.14 -45.21 -94.98 28.12 27.25 1.82 -63.28 0.59 -0.13 5.99 41.12
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H E D G E F U N D P E R F O R M A N C E (as of February 28, 2014)
Fund Name Asset Size ($MM) 1 Month 3 Month 6 Month YTD 1 Year 3 Year (Ann.) Since Inception (Ann.) Best 6 Mo. (3 Year) Worst 6 Mo. (3 Year) Max. Draw Down Std. Dev. (1 Year) Std. Dev. (3 Year) Beta (1 Year, TSX) Alpha (%) (1 Year, TSX) Correl. (1 Year, TSX) Correl. (1 Year, S&P500) % High Water- mark % Pos. Month Since Inc.
Picton Mahoney Diversified Strategies Fund Class A 16.520 1.74 2.61 8.67 1.92 11.22 6.09 8.01 9.62 -7.99 -7.99 3.85 5.11 0.35 7.43 0.83 0.77 100.00 68.00 Picton Mahoney Global Long Short Equity Fd Cl A C$ 19.080 2.00 3.89 11.90 2.55 15.38 8.82 3.58 13.21 -7.72 -25.98 5.60 7.32 0.27 12.45 0.45 0.72 100.00 62.67 Picton Mahoney Global Long Short Resource Cl A 3.240 3.26 3.61 9.06 2.28 12.73 - 5.62 12.89 -9.98 -12.13 8.95 - 0.79 4.17 0.81 0.47 100.00 62.96 Picton Mahoney Global Market Netural Equ Cl A C$ 46.110 0.36 2.08 4.57 1.97 5.91 5.30 2.07 6.14 -1.14 -17.21 3.03 3.26 -0.02 6.13 -0.06 0.08 100.00 60.00 Picton Mahoney Income Opportunities Fund Class A 229.050 1.40 2.99 7.09 2.62 8.64 3.88 7.57 7.09 -8.16 -9.14 3.79 5.04 0.35 4.85 0.86 0.50 100.00 76.00 Picton Mahoney Long Short Equity Fund Class A 119.530 2.59 3.02 9.45 2.23 13.69 4.36 11.41 10.77 -10.78 -24.86 4.86 6.34 0.45 8.81 0.85 0.75 100.00 71.43 Picton Mahoney Market Neutral Equity Fund Class A 275.790 0.75 0.64 2.96 0.75 5.87 2.45 8.46 4.28 -1.94 -4.63 1.62 2.13 0.05 5.33 0.29 0.58 100.00 69.39 Primevestfund 2.780 9.31 13.30 18.39 11.05 21.95 -10.48 10.93 18.39 -23.69 -46.13 16.09 18.80 1.29 7.97 0.74 0.15 71.73 64.42 Radin Global Opportunities Fund Fd Class Series F - 3.62 5.19 11.70 3.33 14.65 - 20.75 14.40 2.57 -2.41 6.52 - 0.60 8.15 0.85 0.48 100.00 76.47 RDA Mons Regalis Multi-Strategy LP - -0.93 0.36 -0.75 1.66 -8.73 -0.48 1.58 12.35 -10.10 -18.03 8.86 9.18 -0.25 -6.02 -0.26 -0.63 83.33 50.00 Rosalind Capital Partners L.P. - 0.30 15.69 28.31 7.62 84.98 12.08 22.24 47.73 -38.79 -40.85 13.12 20.28 0.28 81.95 0.20 -0.40 100.00 67.47 Ross Smith Capital Investment Fund 24.651 0.20 3.17 4.06 1.76 10.35 7.87 10.45 6.38 0.30 -17.17 2.52 2.84 -0.02 10.57 -0.06 -0.45 100.00 71.43 Ross Smith Opportunities Fund 25.238 1.92 2.25 3.86 0.69 5.15 - 8.56 10.22 1.08 -1.21 3.33 - 0.09 4.17 0.26 0.59 100.00 69.23 SEI Futures Index Fund Class D - -0.22 -0.24 -0.70 -0.75 -2.13 -3.16 -2.95 4.04 -7.21 -13.12 2.11 3.52 -0.04 -1.70 -0.19 -0.06 87.30 37.50 SEI Futures Index Fund Class E 0.010 -0.09 0.16 0.10 -0.48 -0.86 -2.39 -2.21 4.32 -6.95 -11.75 2.16 3.53 -0.04 -0.43 -0.15 -0.06 89.15 37.50 SEI Futures Index Fund Class F 0.700 -0.08 0.12 0.00 -0.49 -0.62 -1.49 1.05 4.98 -6.37 -9.79 2.10 3.52 -0.05 -0.08 -0.20 -0.06 91.07 50.00 SEI Futures Index Fund Class O 20.640 0.00 0.47 0.71 -0.29 0.71 -0.38 2.28 5.53 -5.88 -8.66 2.12 3.53 -0.05 1.25 -0.20 -0.06 93.25 54.43 SEI Futures Index Fund Class P 0.150 -0.13 0.05 -0.13 -0.56 -0.97 -2.04 0.59 4.65 -6.68 -10.95 2.12 3.52 -0.05 -0.43 -0.20 -0.07 89.82 49.18 SG US Market Neutral Fund 33.960 1.00 6.14 4.25 2.53 6.11 4.92 1.28 6.15 -1.78 -12.63 5.27 4.23 0.10 5.03 0.17 -0.36 100.00 53.97 SG US Market Neutral Fund Class G - 1.54 5.13 3.75 2.25 5.35 - 5.14 4.63 -1.62 -1.94 4.42 - 0.10 4.27 0.20 -0.23 100.00 61.54 SG US Market Neutral Fund Class U - 0.40 3.65 1.48 2.13 3.10 - 3.84 6.39 -2.05 -2.53 4.73 - 0.09 2.12 0.17 -0.46 100.00 56.25 Sherpa Diversified Returns Fund Class A - 1.98 1.41 5.12 0.41 7.99 3.96 3.86 11.56 -10.76 -21.95 3.76 6.36 0.22 5.61 0.53 0.98 100.00 69.57 Sherpa Market Neutral Income Fund Class A - 0.16 0.40 0.59 0.02 0.25 0.21 1.75 3.09 -5.30 -6.90 0.53 3.17 0.02 0.03 0.39 0.28 98.28 75.56 SMI Defensive LP 145.800 -2.69 -2.61 -8.97 -0.98 -32.55 -8.03 14.41 7.28 -28.55 -34.45 16.76 11.64 -0.63 -25.72 -0.35 -0.35 65.55 82.81 SMI Income LP 3.600 3.19 8.39 14.43 5.14 24.25 - 23.41 15.32 4.82 0.00 3.89 - 0.23 21.76 0.55 -0.21 100.00 100.00 Spartan Dorset Fund - -0.87 1.66 - -1.07 - - - -1.07 - - - 98.93 50.00 Spartan Eleven Fund - 1.97 3.43 7.18 2.79 7.11 - 10.80 12.87 -1.97 -4.16 3.91 - 0.40 2.78 0.94 0.41 100.00 82.14 Spartan Humber Global Opportunity Fund - 0.34 -0.64 3.44 -2.14 - - - -2.47 - - - 97.86 72.73 Spartan LSQ - 1.01 2.14 1.37 1.24 3.18 - 7.44 7.69 0.08 -1.65 2.93 - 0.11 1.99 0.33 -0.11 100.00 91.67 Spartan onTREND Fund - 3.88 3.83 13.50 4.32 23.39 - 17.15 18.79 -0.06 -3.08 9.65 - 0.87 13.96 0.83 0.41 100.00 64.29 Spartan Teraz Fund 1.000 12.36 18.89 15.41 17.91 17.59 - -0.93 15.41 -15.98 -24.09 15.27 - 1.03 6.43 0.62 0.03 94.23 42.31 Sprott Absolute Return Income Fund Class A 29.007 0.17 2.06 -0.55 1.79 -5.84 -0.74 1.19 5.74 -7.72 -8.94 6.49 5.18 0.34 -9.52 0.48 0.01 92.93 64.29 Sprott Absolute Return Income Fund Class T 5.630 0.16 2.04 -0.58 1.77 -5.90 -0.77 1.24 5.81 -7.74 -9.01 6.49 5.21 0.34 -9.58 0.48 0.01 92.85 64.29 Sprott Bull/Bear RSP Fund Class A 23.756 15.52 32.98 -8.95 38.21 -31.86 -31.87 0.54 4.66 -49.70 -78.69 47.43 33.28 2.29 -56.67 0.44 -0.35 29.45 52.59 Sprott Enhanced Long/Short Equity Fund 55.660 3.20 2.05 7.21 1.27 13.81 -0.28 11.95 9.16 -13.52 -19.15 4.64 8.91 0.16 12.08 0.32 0.79 97.84 58.47 Sprott Enhanced Long/Short Equity RSP Fund 20.310 3.12 1.94 7.01 1.19 13.43 -0.60 6.07 8.96 -13.62 -19.39 4.59 8.90 0.16 11.70 0.32 0.79 97.04 53.47 Sprott Hedge Fund L.P. Class A 146.907 14.20 27.19 -9.30 32.61 -31.04 -31.66 7.63 5.76 -46.34 -77.79 42.83 31.15 2.15 -54.34 0.46 -0.34 29.45 56.25 Sprott Hedge Fund L.P. II Class A 97.478 14.71 29.83 -9.07 35.62 -30.77 -31.59 -1.80 5.75 -47.07 -78.10 44.64 31.70 2.14 -53.96 0.44 -0.36 29.70 50.72 Sprott Small Cap Hedge Fund 13.473 5.93 9.78 15.97 5.68 12.62 -7.65 4.35 17.57 -18.87 -54.39 10.91 14.09 1.02 1.57 0.86 0.34 78.77 58.82 Stornoway Recovery Fund Series I 26.421 3.07 8.54 10.61 5.88 25.38 17.99 8.78 18.97 -8.93 -61.27 8.25 10.71 -0.37 29.39 -0.41 -0.50 100.00 70.80 SW8 Strategy Fund LP Class A 27.916 2.63 5.34 -2.24 5.49 -5.61 -0.58 1.82 5.64 -7.49 -10.52 7.84 5.58 0.13 -7.02 0.15 -0.47 94.39 50.00 SW8 Strategy Fund LP Class B - 2.68 5.49 -1.96 5.59 -5.06 -0.08 10.98 5.86 -7.23 -10.08 7.83 5.57 0.13 -6.47 0.15 -0.47 94.94 59.57 SW8 Strategy Trust Class A 13.260 2.63 5.34 -2.24 5.49 -5.61 -1.02 1.34 5.37 -7.49 -10.52 7.84 5.59 0.13 -7.02 0.15 -0.47 94.39 50.00 SW8 Strategy Trust Class B - 2.68 5.49 -1.96 5.59 -5.06 -0.39 2.01 5.58 -7.23 -10.08 7.83 5.55 0.13 -6.47 0.15 -0.47 94.94 50.00 Tapestry Balanced Growth Private Port Corp Cl A 8.990 2.07 4.55 11.17 3.38 10.76 3.58 4.62 11.17 -6.05 -8.55 4.81 5.38 0.43 6.10 0.82 0.48 100.00 64.00 Tapestry Balanced Growth Private Port Corp Cl T 2.510 2.13 3.84 10.49 2.75 10.06 3.35 4.32 10.49 -5.98 -8.48 4.90 5.36 0.44 5.29 0.83 0.56 100.00 64.00 Tapestry Balanced Income Private Port Corp Cl A 2.590 1.75 4.07 9.31 3.25 7.70 3.44 4.25 9.31 -3.42 -5.18 4.61 4.26 0.38 3.58 0.75 0.40 100.00 69.39 Tapestry Balanced Income Private Port Corp Cl T 0.650 1.70 3.52 8.79 2.78 7.17 3.15 3.88 8.79 -3.45 -5.26 4.50 4.24 0.37 3.16 0.75 0.46 100.00 64.00 Tapestry Divers Income Private Port Corp Class A 3.900 1.27 3.42 7.30 3.07 4.86 4.00 4.93 7.30 -2.27 -3.20 4.35 3.26 0.30 1.61 0.64 0.30 100.00 67.35 Tapestry Global Balanced Private Port Corp Cl A 4.570 2.26 4.67 12.06 3.43 12.26 4.81 5.19 12.06 -5.86 -7.38 5.05 5.77 0.43 7.60 0.78 0.51 100.00 61.22
H E D G E F U N D P E R F O R M A N C E (as of February 28, 2014)
Fund Name Asset Size ($MM) 1 Month 3 Month 6 Month YTD 1 Year 3 Year (Ann.) Since Inception (Ann.) Best 6 Mo. (3 Year) Worst 6 Mo. (3 Year) Max. Draw Down Std. Dev. (1 Year) Std. Dev. (3 Year) Beta (1 Year, TSX) Alpha (%) (1 Year, TSX) Correl. (1 Year, TSX) Correl. (1 Year, S&P500) % High Water- mark % Pos. Month Since Inc.
Tapestry Global Growth Private Port Corp Cl A 1.030 2.74 4.37 14.39 2.77 17.67 6.62 6.73 14.39 -8.43 -10.32 5.82 7.69 0.48 12.47 0.76 0.68 100.00 66.67 Tapestry Global Growth Private Port Corp Cl T - 2.71 3.59 13.57 2.06 16.73 6.55 5.67 13.57 -8.77 -10.65 6.06 7.72 0.49 11.42 0.74 0.73 100.00 64.00 Tapestry Growth Private Portfolio Corporate Cl A 2.780 2.63 4.87 12.92 3.48 12.70 3.67 4.51 12.92 -8.13 -10.62 5.74 6.61 0.52 7.07 0.84 0.56 100.00 62.00 Tapestry Growth Private Portfolio Corporate Cl T - 2.64 4.13 12.03 2.70 11.82 3.31 4.21 12.03 -8.29 -10.84 5.79 6.59 0.53 6.08 0.84 0.62 100.00 60.00 The Vantage Fund 80.000 7.20 12.69 15.53 11.33 18.31 5.02 8.92 15.53 -9.93 -12.68 8.79 9.21 0.38 14.19 0.39 -0.07 100.00 68.75 Topaz Multi-Startegy Fund (Canada) Series H 37.100 0.68 2.87 2.30 3.17 -1.41 - -2.60 2.88 -8.01 -10.29 4.71 - 0.30 -4.66 0.58 -0.25 93.06 50.00 Trident Global Opportunities Fund C$ 83.140 -1.77 -4.47 -7.66 -3.26 -5.69 -1.53 7.77 9.82 -12.50 -17.16 9.97 8.04 -0.58 0.59 -0.53 0.20 82.84 51.95 Trident Global Opportunities Fund U$ 49.670 -1.18 -9.45 -10.62 -7.19 -13.84 -4.30 10.73 8.28 -19.35 -20.31 15.67 11.55 -0.60 -7.34 -0.35 0.41 79.69 55.19 Trident Performance Corp II 10.470 -1.69 -3.22 -3.06 -3.53 -7.40 -1.59 -2.71 10.14 -9.32 -17.24 7.08 7.16 -0.37 -3.39 -0.47 0.08 82.76 43.64 Venator Founders Fund Class A 73.000 2.60 4.66 11.70 1.88 26.99 11.22 14.21 24.71 -20.64 -32.02 5.69 12.89 0.11 25.80 0.17 0.71 100.00 68.75 Venator Income Fund Class F 61.000 1.70 6.65 9.44 3.53 15.83 12.85 16.38 11.39 -6.55 -12.91 3.81 5.84 0.10 14.75 0.25 0.18 100.00 82.09 Venator Investment Trust Class A - 2.59 4.66 11.70 1.90 26.63 11.30 9.79 24.77 -20.55 -32.72 5.57 12.85 0.11 25.44 0.18 0.72 100.00 66.67 Vertex Fund Class A 1251.110 1.44 7.84 12.65 5.40 19.29 6.86 16.16 12.65 -14.36 -47.22 5.61 8.85 0.31 15.93 0.51 0.03 100.00 70.68 Vertex Fund Class B 225.210 1.37 7.71 12.22 5.24 18.86 5.34 11.16 12.22 -14.88 -47.05 5.92 8.81 0.33 15.28 0.51 0.07 100.00 72.58 Vertex Fund Class F 499.430 1.44 7.84 12.62 5.40 19.23 6.83 14.00 12.62 -14.37 -47.60 5.61 8.84 0.32 15.76 0.52 0.03 100.00 73.08 Vision Opportunity Fund L.P. - 1.77 3.56 15.01 0.71 0.76 9.10 20.17 16.64 -12.39 -17.27 11.66 10.20 0.24 -1.84 0.19 0.52 100.00 72.06 Vision Opportunity Fund L.P. II - 1.71 3.40 14.67 0.53 0.23 9.29 19.77 16.44 -12.59 -12.59 11.72 9.87 0.24 -2.37 0.19 0.53 100.00 74.07 Vision Opportunity Fund Trust - 1.27 2.62 11.21 0.11 -2.55 6.97 16.10 17.35 -12.37 -15.47 9.61 9.29 0.30 -5.80 0.28 0.54 97.45 70.59 WARATAH Income Fund 94.600 3.70 0.43 8.04 -0.86 12.86 5.48 7.55 11.59 -5.00 -5.85 8.58 6.30 0.58 6.58 0.62 0.77 99.14 68.18 WARATAH One Fund 184.300 1.20 -0.64 4.10 -1.33 7.14 6.00 7.32 7.83 -1.22 -2.50 4.29 3.71 0.15 5.51 0.32 0.50 98.67 79.55 WARATAH Performance Fund 201.900 3.40 2.72 13.45 0.61 18.59 9.15 14.84 13.99 -3.39 -4.73 7.02 6.14 0.38 14.47 0.49 0.83 100.00 75.00 Wealhouse Panorama Fund, L.P. 252.515 3.42 5.94 11.92 3.74 19.15 4.47 12.24 13.34 -14.39 -17.00 5.31 8.49 0.37 15.14 0.64 0.70 100.00 67.16 Wolverine Opportunity Fund Series A - 4.80 12.09 24.50 5.47 18.44 -13.29 -7.52 24.50 -37.20 -48.94 13.41 18.47 1.18 5.65 0.81 0.59 65.19 53.66
Equally Weighted Average Performance of All Funds 8,384.36 2.49 5.23 8.01 4.11 8.67 0.84 - - -
-Number of Funds in Sample 115 173 171 170 173 169 147 - - -
-Volume 14 Issue 3 - March 2014
11
M A R K E T I N D I C E S (as of February 28, 2014)
INDEX NAME
Month13 Month 6 Month YTD 1 Year 3 Year Since 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 0.23 0.48 0.15 1.00 1.00 6.43 0.53 0.46 0.00 0.02 0.02 1.00 0.00 100.00 100 91 Day Canada T-Bill 0.07 0.23 0.47 0.15 0.96 0.95 6.16 0.49 0.43 0.00 0.01 0.02 0.96 0.00 100.00 100 BMO Canadian Small Cap Index 5.91 10.43 14.96 8.54 13.21 -3.10 6.00 14.96 -22.25 -57.31 11.16 14.82 1.29 1.10 90.99 58.9 CHW-HF Composite Index 4.07 8.99 8.54 8.63 6.47 -4.61 0.96 8.54 -11.60 -32.08 7.96 7.48 0.29 0.57 78.96 59.09 CHW-HF Equity Hedged Index 4.14 8.80 8.24 8.52 6.16 -4.87 2.48 8.24 -11.79 -34.75 8.20 7.71 -0.23 0.59 78.20 60 CHW-HF FoHF Index 2.01 9.39 11.30 8.27 8.97 -2.91 -6.79 11.30 -9.85 -57.95 6.92 5.55 5.50 0.32 46.85 50.46 CHW-HF Notes Index -0.33 0.05 0.74 -0.16 3.94 2.94 0.42 3.75 -1.83 -11.09 1.14 1.75 3.94 0.00 99.67 58.33 Dow Jones Global Index (C$) 4.06 6.68 18.83 4.79 24.96 10.85 5.13 18.83 -11.97 -50.31 6.37 9.42 19.00 0.55 96.68 56.39 Dow Jones Global Index (U$) 4.86 2.50 13.31 0.84 16.54 5.89 5.30 18.68 -18.57 -55.89 10.98 14.78 9.82 0.62 98.01 59.77 Nasdaq Composite Index (C$) 4.37 10.65 26.09 7.40 46.44 20.87 9.41 26.09 -6.54 -74.24 6.99 10.05 40.59 0.54 70.11 58.79 S&P 500 Total Return Index C$ 3.97 7.94 20.91 5.12 34.70 19.49 10.92 21.42 -6.83 -51.16 7.28 8.47 29.61 0.47 100.00 61.56 S&P 500 Total Return Index US$ 4.57 2.66 14.13 0.96 24.35 14.04 10.58 25.88 -13.78 -50.98 10.09 12.46 18.72 0.52 100.00 61.81 S&P/TSX 60 Index TR 3.69 6.13 12.66 4.23 10.92 1.41 7.21 13.00 -16.44 -47.89 8.92 9.92 0.41 0.97 100.00 60.89 S&P/TSX Composite Index 3.76 6.08 12.30 4.32 10.84 0.18 6.47 12.31 -17.66 -45.05 8.40 10.21 0.87 0.92 96.59 59.38
To ensure the highest level of accuracy, Hedge Funds are encouraged to directly submit
monthly/quarterly/annual data to:
Canadian Hedge Watch
receives, tracks and presents the data and results of Canadian funds as a service to
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www.canadianhedgewatch.com
12
H
i
ghest Return (3 Year)
Fund Name
Ann. Return
Ann. Std.
Dev.
# of
Negat
i
ve
Months
Lycos Value Fund Class O 26.43 27.18 14 Agilith North American Diversified Fund 22.00 14.57 12 DKAM Capital Ideas Fund 20.61 11.48 8 King & Victoria Fund LP 18.11 10.47 7 Stornoway Recovery Fund Series I 17.99 10.71 8 King & Victoria RSP Fund Class A Units 17.79 10.47 7 JM Catalyst Fund 17.68 4.11 2 Goodwood Milford Fund 14.63 5.90 6 ChapelGate Credit Opportunity Fund Ltd. 14.17 3.60 4 Northern Rivers Conservative Growth Fund LP 14.16 12.76 11 Venator Income Fund Class F 12.85 5.84 6 Calrossie Partners Fund 12.69 8.41 10 Rosalind Capital Partners L.P. 12.08 20.28 14 Broadview Dark Horse LP 12.05 6.76 6 Burlington Partners Plus LP 12.02 9.67 11 Exemplar Leaders Fund Series F 11.82 12.19 11 Venator Investment Trust Class A 11.30 12.85 12 Venator Founders Fund Class A 11.22 12.89 11 BluMont Hirsch Performance Fund 11.05 8.99 12 Exemplar Leaders Fund Series A 11.00 12.16 11 Formula Growth Global Opportunities Fund Cl. S C$ 9.43 14.70 16
H
i
ghest Return (1 Year)
Fund Name
Ann. Return
Ann. Std.
Dev.
# of
Negat
i
ve
Months
Rosalind Capital Partners L.P. 84.98 13.12 1 Lightwater Nimble Fund 62.07 12.31 1 DKAM Capital Ideas Fund 48.71 9.99 1 Agilith North American Diversified Fund 41.33 11.04 3 Front Street Canadian Energy Resource Fund Ser F 33.10 25.20 4 Northern Rivers Conservative Growth Fund LP 32.37 7.13 2 Front Street Canadian Energy Resource Fund Ser B 31.62 25.19 4 Formula Growth Global Opportunities Fund Cl. S C$ 31.51 12.26 4 Lycos Value Fund Class O 27.81 26.75 7 IA Multi-Strategy 27.80 23.40 5 Goodwood Fund Class A 27.73 7.57 1 Goodwood Fund Class B 27.70 7.57 1 Venator Founders Fund Class A 26.99 5.69 2 King & Victoria RSP Fund Class A Units 26.90 7.31 2 King & Victoria Fund LP 26.90 7.31 2 Venator Investment Trust Class A 26.63 5.57 2 Exemplar Leaders Fund Series F 25.54 7.33 3 Stornoway Recovery Fund Series I 25.38 8.25 2 Exemplar Leaders Fund Series A 25.26 7.15 3 Front Street Canadian Hedge Fund Series B 25.18 5.90 3 JM Catalyst Fund 24.31 4.04 0
H
i
ghest Return (3 Month)
Fund Name
3 Month
6 Month
1 Year
Ann. std
Dev.
(1 Year)
Front Street Canadian Energy Resource Fund Ser F 36.52 40.19 33.10 25.20 Front Street Canadian Energy Resource Fund Ser B 36.15 39.43 31.62 25.19 Sprott Bull/Bear RSP Fund Class A 32.98 -8.95 -31.86 47.43 Sprott Hedge Fund L.P. II Class A 29.83 -9.07 -30.77 44.64 IA Multi-Strategy 27.62 29.81 27.80 23.40 Sprott Hedge Fund L.P. Class A 27.19 -9.30 -31.04 42.83 Friedberg Global Macro Hedge Fund U$ 19.62 5.77 -31.75 29.75 Niagara Legacy Class B Fund 19.34 5.54 -26.23 30.12 Spartan Teraz Fund 18.89 15.41 17.59 15.27 Pathway Multi SF Explorer Series A Rollover MIN001 17.21 -8.14 -43.56 28.12 Brompton Energy Opportunities Fund Series 2009 16.48 20.97 11.61 13.53 Brompton Energy Opportunities Fund Series 2010 16.33 20.81 11.46 13.47 Brompton Energy Opportunities Fund Series A 16.27 20.74 11.36 13.45 Rosalind Capital Partners L.P. 15.69 28.31 84.98 13.12 Primevestfund 13.30 18.39 21.95 16.09 Acorn Diversified Program 13.06 7.47 18.53 14.89 The Vantage Fund 12.69 15.53 18.31 8.79 Wolverine Opportunity Fund Series A 12.09 24.50 18.44 13.41 JC Clark Adaly Fund Class A 11.20 22.00 19.95 10.44 JC Clark Adaly Fund Class B 10.69 21.00 18.64 10.38 Goodwood Fund Class B 10.69 19.62 27.70 7.57
Lowest Return (3 Month)
Fund Name
3 Month
6 Month
1 Year
Ann. std
Dev.
(1 Year)
CI Global Opportunities Fund U$ -9.55 -10.66 -14.08 15.57 Trident Global Opportunities Fund U$ -9.45 -10.62 -13.84 15.67 CI Global Opportunities Fund C$ -4.60 -7.73 -5.94 9.85 Trident Global Opportunities Fund C$ -4.47 -7.66 -5.69 9.97 Lycos Value Fund Class O -3.59 6.76 27.81 26.75 Majestic Global Diversified Fund Series I -3.35 -14.52 -10.80 10.45 Trident Performance Corp II -3.22 -3.06 -7.40 7.08 SMI Defensive LP -2.61 -8.97 -32.55 16.76 Niagara Discovery Fund -2.48 -5.94 -6.13 11.10 Blackheath Volatility Arbitrage Fund L.P. Class A -2.33 4.42 -5.08 9.10 IMFC Global Concentrated Program -1.73 3.69 -3.50 8.20 Auspice Diversified Trust Class S -0.85 -2.98 -4.90 5.91 Auspice Diversified Trust Class A -0.85 -2.97 -4.89 5.91 Auspice Managed Futures LP. -0.79 -2.88 -4.68 5.92 Spartan Humber Global Opportunity Fund -0.64 3.44 - -WARATAH One Fund -0.64 4.10 7.14 4.29 Arrow U.S. Equity Income Fund Class U U$ -0.57 -1.85 -9.52 5.31 Arrow U.S. Equity Income Fund A C$ -0.38 -0.74 -8.20 5.83 SEI Futures Index Fund Class D -0.24 -0.70 -2.13 2.11 SEI Futures Index Fund Class P 0.05 -0.13 -0.97 2.12 Exemplar Diversified Portfolio Series A 0.08 6.40 3.65 8.67
Volume 14 Issue 3 - March 2014
13
Fewest Negat
i
ve Months (1 Year)
Fund Name
# of
Negat
i
ve
Months
Ann.
Return
Ann. Std.
Dev.
JM Catalyst Fund 0 24.31 4.04 SMI Income LP 0 24.25 3.89 Lycos Value Fund Class P 0 6.02 0.22 Rosalind Capital Partners L.P. 1 84.98 13.12 Lightwater Nimble Fund 1 62.07 12.31 DKAM Capital Ideas Fund 1 48.71 9.99 Goodwood Fund Class A 1 27.73 7.57 Goodwood Fund Class B 1 27.70 7.57 Burlington Partners Plus LP 1 18.91 6.70 Broadview Dark Horse LP 1 18.65 5.03 Tapestry Global Growth Private Port Corp Cl A 1 17.67 5.82 Goodwood Milford Fund 1 15.93 5.55 Venator Income Fund Class F 1 15.83 3.81 ChapelGate Credit Opportunity Fund Ltd. 1 14.11 2.80 Landry Global Equity Long/Short Fund Series A 1 13.68 3.87 Tapestry Growth Private Portfolio Corporate Cl A 1 12.70 5.74 Ross Smith Capital Investment Fund 1 10.35 2.52 Northern Rivers Conservative Growth Fund LP 2 32.37 7.13 Venator Founders Fund Class A 2 26.99 5.69 King & Victoria RSP Fund Class A Units 2 26.90 7.31 King & Victoria Fund LP 2 26.90 7.31Fewest Negat
i
ve Months (3 Year)
Fund Name
# of
Negat
i
ve
Months
Ann.
Return
Ann. Std.
Dev.
JM Catalyst Fund 2 17.68 4.11 ChapelGate Credit Opportunity Fund Ltd. 4 14.17 3.60 Goodwood Milford Fund 6 14.63 5.90 Venator Income Fund Class F 6 12.85 5.84 Broadview Dark Horse LP 6 12.05 6.76 King & Victoria Fund LP 7 18.11 10.47 King & Victoria RSP Fund Class A Units 7 17.79 10.47 DKAM Capital Ideas Fund 8 20.61 11.48 Stornoway Recovery Fund Series I 8 17.99 10.71 Ross Smith Capital Investment Fund 8 7.87 2.84 WARATAH One Fund 9 6.00 3.71 Sherpa Diversified Returns Fund Class A 9 3.96 6.36 Calrossie Partners Fund 10 12.69 8.41 Northern Rivers Conservative Growth Fund LP 11 14.16 12.76 Burlington Partners Plus LP 11 12.02 9.67 Exemplar Leaders Fund Series F 11 11.82 12.19 Venator Founders Fund Class A 11 11.22 12.89 Exemplar Leaders Fund Series A 11 11.00 12.16 WARATAH Performance Fund 11 9.15 6.14 Picton Mahoney Global Long Short Equity Fd Cl A C$ 11 8.82 7.32 Dynamic Income Opportunities Fund 11 7.93 6.81Lowest Volat
i
l
i
ty (1 Year)
Fund Name
Ann. Std.
Dev.
Ann.
Return
# of
Negat
i
ve
Months
Lycos Value Fund Class P 0.22 6.02 0 Sherpa Market Neutral Income Fund Class A 0.53 0.25 6 Picton Mahoney Market Neutral Equity Fund Class A 1.62 5.87 2 SEI Futures Index Fund Class F 2.10 -0.62 6 SEI Futures Index Fund Class D 2.11 -2.13 6 SEI Futures Index Fund Class O 2.12 0.71 5 SEI Futures Index Fund Class P 2.12 -0.97 6 SEI Futures Index Fund Class E 2.16 -0.86 6 Fiera Tactical Bond Yield Fund Class A 2.21 -2.09 7 Ross Smith Capital Investment Fund 2.52 10.35 1 ChapelGate Credit Opportunity Fund Ltd. 2.80 14.11 1 Arrow Curvature Market Neutral Fund A 2.82 10.40 3 Spartan LSQ 2.93 3.18 2 Arrow Diversified Fund Class F U$ 2.93 1.98 4 Arrow Diversified Fund Class F C$ 3.01 2.01 4 Picton Mahoney Global Market Netural Equ Cl A C$ 3.03 5.91 3 Arrow Diversified Fund Class A 3.10 0.79 5 Arrow Diversified Fund Class A U$ 3.27 1.14 5 Ross Smith Opportunities Fund 3.33 5.15 5 Aurion Income Opportunities Fund 3.39 -0.15 5 Aurion Income Opportunities Fund Class D 3.45 -0.68 5
Lowest Volat
i
l
i
ty (3 Year)
Fund Name
Ann. Std.
Dev.
Ann.
Return
# of
Negat
i
ve
Months
Picton Mahoney Market Neutral Equity Fund Class A 2.13 2.45 15 Ross Smith Capital Investment Fund 2.84 7.87 8 Aurion Income Opportunities Fund 2.97 4.48 11 Aurion Income Opportunities Fund Class D 3.00 3.98 12 Sherpa Market Neutral Income Fund Class A 3.17 0.21 11 Picton Mahoney Global Market Netural Equ Cl A C$ 3.26 5.30 11 Tapestry Divers Income Private Port Corp Class A 3.26 4.00 13 SEI Futures Index Fund Class F 3.52 -1.49 23 SEI Futures Index Fund Class P 3.52 -2.04 23 SEI Futures Index Fund Class D 3.52 -3.16 23 SEI Futures Index Fund Class O 3.53 -0.38 21 SEI Futures Index Fund Class E 3.53 -2.39 23 ChapelGate Credit Opportunity Fund Ltd. 3.60 14.17 4 Arrow Diversified Fund Class A 3.69 -4.86 22 WARATAH One Fund 3.71 6.00 9 Arrow Diversified Fund Class F C$ 3.73 -3.71 20 Arrow Diversified Fund Class F U$ 3.79 -4.43 21 Arrow Diversified Fund Class A U$ 3.93 -5.46 22 JM Catalyst Fund 4.11 17.68 2 SG US Market Neutral Fund 4.23 4.92 14 Tapestry Balanced Income Private Port Corp Cl T 4.24 3.15 13
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m
L E J O U R N A L DE S P R O F E SS I O NN E L S D U P L AC E M E N T
FI
INVESTISSEMENT
MARS 2014 4 0 PA G E SFINANCE ET
pp 40 06 49 24 W W W . F I N A N C E-I N V E S T I S S E M E N T. C O M DANS CE NUMÉRO NOUVELLESFINANCE Création d’un centre d’excellence.
Pages 6 et 12
AGENTS GÉNÉRAUX QFS à l’assaut du Québec.
Page 8
BITCOINS Multiples subtili- tés fiscales. Page 10
COURTAGE L’industrie crie famine. Page 12
PRODUITS ET ASSURANCE
SECTEUR Occasions parmi les titres mondiaux à revenu fixe. Pages 15 et 16
PRODUITS Les fonds équi- librés sont incontournables.
Page 16
TROIS FONDS offensifs pour la reprise. Page 18
ÉCONOMIE ET RECHERCHE
ÉMERGENTS Viser le long terme. Page 21
POTENTIEL Analyse de celui de la Corée du Sud. Page 24 DÉVELOPPEMENT DES AFFAIRES INAPTITUDE La fiducie à soi-même peut-être pertinente. Pages 27 et 28
IMMOBILIER Une autre façon de monnayer une maison.
Page 28
FISCALITÉ Le défi d’optimi- ser le décaissement.
Page 30
PSYCHO Toucher la corde sensible du client.
Page 31
TECHNO Penser à numériser ses dossiers. Page 33
ACQUISITIONS Les impacts fiscaux de la vente d’une clientèle. Page 37
ÉDITORIAL ET ANALYSES
CES FILMS où vous êtes l’ennemi. Page 38
l’industrie financière
canadienne a accueilli avec un soupir de soulagement l’entente intergouvernementale (EIG) sur-venue entre le Canada et les États-Unis concernant la FATCA (Foreign Account Tax Compliance Act).
Cette loi américaine sur les comptes à l’étranger, qui vise à combattre l’évasion fiscale de ci-toyens américains qui habitent au Canada et dans tout pays étranger, doit entrer en vigueur le 1er juillet prochain.
À L’AFFICHE Conseiller le plus engagé dans sa communauté de Finance et Investissement, Julien Dufour épouse plusieurs causes qu’il affectionne. À lire en page 4.
PHOTO : FRANÇOIS RIVARD
> COMMISSION SUITE PAGE 2
> FIDUCIES SUITE PAGE 6 > FATCA SUITE PAGE 8 C O M M I S S I O N UN I Q U E
Le FMI
s’en mêle
dans son dernier
pro-gramme d’évaluation du secteur financier canadien, le Fonds mo-nétaire international (FMI) écrit que la mise en place d’un « ré-gime coopératif de réglementa-tion des valeurs mobilières » tel que préconisé par le gouverne-ment fédéral serait bénéfique pour le Canada.
Ce constat n’est pas passé ina-perçue à l’Autorité des marchés financiers (AMF).
Ainsi, le FMI lance carrément des f leurs au système écono-mique et financier canadien.
« Si le système bancaire du Ca-nada était une personne, une fiancée pourrait le présenter à ses parents : stable, solide, riche et prudemment réglementé », peut-on lire dans le bulletin du FMI qui le résume.
Néanmoins, l’organisation in-ternationale note certaines la-cunes. Celle qui a trait à la régle-mentation des valeurs mobilières a suscité le plus de réactions à Ottawa et au Québec.
« Il est surprenant que le FMI se préoccupe encore du débat
le budget fédéral de 2014
abolit deux avantages fiscaux liés aux fiducies, mais il assou-plit les règles pour les dons successoraux.
La première mesure suppri-mée, soit l’imposition au taux maximum des fiducies testa-mentaires et des successions, était attendue. Le ministère des Finances avait mené des consul-tations à cet effet en 2013.
La deuxième mesure est plus
F I D U C I E S
Disparition de deux privilèges
PAR GUILLAUME POULIN-GOYER
FAT C A
Un accord bienvenu
PAR YAN BARCELO L’organisation vante le régime canadien, mais favorise tout de même la commission unique. PAR MARIE-CLAUDE FRENETTE
8e Colloque de conformité
Le Centre Sheraton Montréal
Pour de plus amples informations, consultez la page 30.
Mercredi, 26 mars 2014 L E J O U R N A L E J O U R N A
INVEST
L D E S P R OL D E S P R OF E SS IF E SS IO N N E L S D UO N N E L S D UP L AC E M E NP L AC E M E NTT pp 40 06 49 24 W W W . F I N A N C E-I N V E S T I S S E M E N T. C O M É É DANS CE DANS CE DANS CEDANS CENUMÉRONUMÉRONUMÉRONUMÉROÉÉ
NOUVELLES
FINANCE Création d’un centre d’excellence.
Pages 6 et 12
AGENTS GÉNÉRAUX QFS à l’assaut du Québec.
Page 8
BITCOINS Multiples subtili-tés fiscales. Page 10
COURTAGE L’industrie crie famine. Page 12
PRODUITS ET ASSURANCE
SECTEUR Occasions parmi les titres mondiaux à revenu fixe. Pages 15 et 16
PRODUITS Les fonds équi-librés sont incontournables.
Page 16
TROIS FONDS offensifs pour la reprise. Page 18
ÉCONOMIE ET RECHERCHE
ÉMERGENTS Viser le long terme. Page 21
POTENTIEL Analyse de celui de la Corée du Sud. Page 24 DÉVELOPPEMENT DES AFFAIRES INAPTITUDE La fiducie à soi-même peut-être pertinente. Pages 27 et 28
IMMOBILIER Une autre façon de monnayer une maison.
Page 28
FISCALITÉ Le défi d’optimi -ser le décaissement.
Page 30
PSYCHO Toucher la corde sensible du client.
Page 31
TECHNO Penser à numériser ses dossiers. Page 33
ACQUISITIONS Les impacts fiscaux de la vente d’une clientèle. Page 37
ÉDITORIAL ET ANALYSES
CES FILMS où vous êtes l’ennemi. Page 38
l’industrie financière
canadienne a accueilli avec un soupir de soulagement l’entente intergouvernementale (EIG) sur-venue entre le Cag nada et les États Unis concernant laFATCAA Foreign (
Account Tax Compliance Actt). Cette loi américaine sur le comptes à l’étranger, qui vise combattre l’évasion fiscale de c toyens américains qui habiten au Canada et dans tout pay étranger, doit entrer en vigueur 1er juillet prochain.
À L’AFFICHE Conseiller le plus engagé dans sa communauté de Finance et Investissement, Julien Dufour épouse plusieurs causes qu’il affectionne. À lire en page 4.
PHOTO : FRANÇOIS RIVARD
>COMMISSION SUITE PAGE 2
>FIDUCIES SUITE PAGE 6 >FATCASUITE PAG
C O M M I S S I O N C O M M I S S I O N C O M M I S S I O N C M S NU NU N I QU N I QU QU EU EU EU E
Le FMI
s’en mêle
dans son dernier
pro-gramme d’évaluation du secteur financier canadien, le Fonds mo-nétaire international (FMI) écrit que la mise en place d’un « ré-gime coopératif de réglementa-tion des valeurs mobilières » tel que préconisé par le gouverne ment fédéral serait bénéfique pour le Canada.
Ce constat n’est pas passé ina-perçue à l’Autorité des marchés financiers (AMF).
Ainsi, le FMI lance carrément des f leurs au système écono-mique et financier canadien.
« Si le système bancaire du Ca nada était une personne, une fiancée pourrait le présenter à ses parents : stable, solide, riche et prudemment réglementé », peut-on lire dans le bulletin du FMI qui le résume.
Néanmoins, l’organisation in-ternationale note certaines la-cunes. Celle qui a trait à la régle-mentation des valeurs mobilières a suscité le plus de réactions à Ottawa et au Québec.
« Il est surprenant que le FMI se préoccupe encore du débat
le budget fédéral de 2014
abolit deux avantages fiscaux liés aux fiducies, mais il assou-plit les règles pour les dons successoraux.
La première mesure suppri-mée, soit l’imposition au taux maximum des fiducies testa-mentaires et des successions, était attendue. Le ministère des Finances avait mené des consul-tations à
