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2017 Mid-Year Investor Letter » 

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Libertas In The News:

  • China economic turmoil likely affect Vancouver real estate market | Sam Cooper, The Province, January 8, 2016
  • Canadian Subprime Lender Comes Up Short | Bill Alpert, Barron's, July 25, 2015
  • Canada's Ticking Time Bomb | Seth Daniels, The Gloom, Boom and Doom Report, April 2014
  • Canada Housing: on short notice | Camilla Hall, Financial Times, January 16, 2014
  • Seth Daniels on the Coming Housing Bottom | The Daily Bell, January 4, 2014
  • The hard-landing hedge fund: A new way to bet against housing | Tara Perkins, Globe and Mail, December 20, 2013
  • Short-focused fund to launch in Canada | Camilla Hall, Financial Times, December 20, 2013
  • Canadian Housing News:

  • How mortgage fraud is thriving in Canada's hot housing market | Globe & Mail, Oct 30, 2015
  • What the GDP numbers say about Canada | Macleans, Sep 1, 2015
  • Canada's Housing Bubble | Macleans, Aug 20, 2015
  • Raising red flags in Canada's mortgage market | BNN, Aug 12, 2015
  • Canadian Household Debt Is Concerning: Mansharamani | Bloomberg TV, Mar 20, 2015
  • Subprime lending market skyrockets | Financial Post, Dec 15, 2014
  • Living beyond our means | Macleans, March 22, 2014
  • Vancouver most expensive on continent | Financial Post Staff, Financial Post, March 5, 2014
  • Aggressive Development... | Tara Perkins, Globe and Mail, February 15, 2014
  • Fighting Mortgage Fraud | Karen Beattie, Canadian Mortgage Trends, September 24, 2013
  • Ottawa's $800-billion housing problem | Tara Perkins, Globe and Mail, December 26, 2012
  • Potentially flawed data...bump up house prices | Grant Robertson & Tara Perkins, Globe and Mail, October 10, 2012
  • Mortgage fraud...in Canada | Government of Canada
  • The Fund

    Investment Thesis

    Canada has one of the most overvalued housing markets in the world and the Canadian economy is over-reliant on debt growth and the housing market.  Both supply and demand will begin working against the housing market in 2015

    Investment Objective

    To provide Canadians with an avenue to mitigate their exposure to housing and its potentially negative impact on their livelihoods and savings

    Investment Strategy To find investments that will benefit from a decline in Canadian house prices. We aim to find investments that earn an asymmetric payoff, suffering small losses when we are mistaken and large gains when we are correct

    The Manager

    Spartan Fund Management, the manager of the Fund, is a Toronto-based investment management company that specializes in bringing alternative investment managers to the Canadian market that have a well defined investment strategy and a proven track record of making money.

    JKD Capital provides research and analysis to the Fund.  Seth Daniels, the founder of JKD, is a 15 year investment management industry veteran.  Most recently he worked with Clough Capital Partners, a $4.5bil fund in Boston. 


    Fund Details
    Investor Qualifications Accredited investors only
    RSP Eligible? Yes

    Fund Classes,
    FundSERV Codes,
    Management Fee,
    Currency/Minimum Investment,
    Service Commission &
    Early Redemption Fee

    Class FundSERV Managmnt. Fee

    Currency/
    Minimum

    Service Comm. Early Redemption Fee 
     A SPA750 2.25% pa C$25,000 1% pa 7% < 1 year
    F SPA760 1.25% pa C$25,000 N/A 7% < 1 year
     XA1  SPA752  2.00% pa C$5,000,0002  1% pa 4% < 1 year
     XF1  SPA762  1.00% pa C$5,000,0002  N/A  4% < 1 year
     USXA1  SPA754  2.00% pa US$5,000,0002  1% pa  4% < 1 year
     USXF1  SPA764  1.00% pa US$5,000,0002  N/A 4% < 1 year 

    1the combined maximum subscriptions for the X class units is C$25,000,000 or equivalent.  Advisors invested in any X class units will have the right, in perpetuity, to add an unlimited amount to any class of X units

    2X class minimums are for each advisor and are C$5,000,000 or equivalent, combined for all X class units

    Subscriptions Monthly - on the last business day of each month
    Performance Fee 20%
    High Water Mark Yes, no resets
    Redemptions Quarterly - on the last business day of Mar/Jun/Sep/Dec
    Redemption Notice 1 month - on the last business day of Feb/May/Aug/Nov
    Custodian
    BMO Nesbitt Burns
    Auditors
    Deloitte LLP

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Documents

    Click on the relevant link below to download the appropriate document for the Libertas Real Asset Opportunities Fund:

  • 1-page summary »
  • Offering Memorandum»
  • Subscription Agreement »
  • Fund Setup Sheet »
  • Contacts

    For more information on the Libertas Real Asset Opportunities Fund, please contact your investment advisor.  If you do not have an investment advisor, please contact us.


    "HERAEA" An exception in ancient Greece, Spartan women were athletically trained, and competed in The Heraea Games at the Stadium at Olympia, as early as the 6th century BC.