Alternative Strategies (non- Prospectus)

Long-only

ElevenFund is a short-term trading fund focused on the Canadian equity market. ElevenFund targets superior risk-adjusted returns compared to the TSX, as measured by the Sharpe and MAR (‘gain-to-pain’) ratios. The Fund places significant emphasis on liquidity, capital preservation and on crystallizing open profit positions. The Fund uses no leverage and does not invest in private securities.

Multi-strategy Quantitative

FORT is a quantitative fund with an investment objective to achieve attractive absolute rates of return that are generally uncorrelated with global equity markets.

Short biased equity

Libertas was designed to allow investors to benefit if there is a collapse in Canadian housing prices. The Fund uses fundamental top-down macroeconomic analysis combined with detailed bottom-up fundamental analysis and due diligence to determine individual securities that best express the Fund’s macroeconomic investment theme.

Trading-oriented long/short equity

LSQ Fund is an open-end investment quantitative fund whose objective is to generate positive risk-adjusted returns with low volatility and low correlation to the equity markets. The Fund focuses on North American listed equities and operates with very low net exposure to the market. The investment team conducts extensive quantitative analysis on all investment ideas and trades in a systematic fashion overlaid with management’s extensive trading experience.

Focuses on Special Purpose Acquisition Corporations (“SPACs”).

LSQ SPAC Fund is an open-end investment fund whose objective is to generate positive risk-adjusted returns with low volatility and low correlation to the equity markets by investing in publicly listed special purpose acquisition corporations (“SPACs”). SPACs are “blind pools” that raise capital through an initial public offering. The Fund will acquire a diversified portfolio of US listed SPACs through both IPOs and the secondary market.

Opportunistic event-driven

MMCAP is an event-driven fund that concentrates on small- to mid-sized corporate actions in Canada, the US and elsewhere, and seeks to exploit inefficiencies that are overlooked and/or not understood by larger market participants. The fund utilizes a broad range of strategies, including merger arbitrage, convertible arbitrage, warrant arbitrage, capital structure arbitrage, index arbitrage, event driven/special situations, convertibles, SPAC arbitrage, private investments and pairs trading.

Life Settlements

A life insurance policy is an asset owned by the policyholder that can be sold like any other asset. It can be economically beneficial for policyholders to sell – e.g., seniors who no longer need the coverage or find the premiums unaffordable in retirement. These parties are faced with abandoning their policies for little or no value, so selling their insurance provides a way for them to receive fair economic value for their policy. Perisen’s strategy is to acquire a portfolio of U.S. Life Settlements (insurance policies), pay the premiums and then collect the benefit proceeds. The difference between this payout and the initial purchase price (net of the premiums) represents the fund’s return.

Fundamental long/short value

Ten Point is a value-oriented fund the focuses primarily on Canadian equities. Sector preference fluctuates based on opportunity and economic conditions. The Fund seeks to achieve this objective through superior stock selection, focusing predominantly on establishing long positions with listed North American equities while opportunistically establishing short positions from time to time with respect to companies that are believed to be fundamentally overpriced.

Early-stage special situations

Teraz invests in a diversified portfolio of Canadian small and micro-cap equities.  The Fund is long-biased, taking long positions in early stage companies run by successful entrepreneurs, including start-ups, listed cash-rich shells, merger and acquisition candidates as well as deep fundamental value and turnaround opportunities.