AIMA (the Alternative Investment Management Association) published ‘Apples and Apples – How to better understand hedge fund performance’ to help investors better understand hedge fund returns. The paper was written to address persistent media reports that publish headlines based on a simple comparison of returns, without giving consideration to risk. In reality, the majority of hedge funds, including all of Spartan’s funds, are managed to mitigate risk and to offer returns that are uncorrelated to the equity markets.

You’ll find it to be an interesting read – it’s short and to the point.



Click for a  Performance Recap of all of Spartan's public funds
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The MM Fund invests utilizing a "core and more" approach. The core portfolio consists primarily of high yielding or dividend paying Canadian equity securities and the "more" consists of equity and debt, plus potentially warrants, small and micro capitalization stocks, that will likely have more volatility but a higher potential for capital gains. 

  StoneCastle invests primarily in equity securities of North American publicly listed companies that operate in, or derive a meaningful portion of their revenue or earnings from, the cannabis industry or related industries.



  MMCAP utilizes a broad range of strategies, including merger arbitrage, convertible arbitrage, warrant arbitrage, capital structure arbitrage, index arbitrage, event driven/special situations, private investments and pairs trading.  The Fund can invest in long and short positions in equity, debt and derivative securities of businesses located anywhere in the world across diversified industry sectors.


ElevenFund is a short term momentum fund focused on the Canadian equity market. The fund places significant emphasis on liquidity, capital preservation and on crystallizing open profit positions. ElevenFund uses no leverage and does not invest in private securities.


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.

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.

Ten Point is a value-oriented fund the focuses primarily on Canadian equities. The Fund seeks to achieve double-digit annualized returns over a 3-5 year period through superior stock selection, focusing predominantly on establishing long positions with listed equities, primarily in Canada.

LSQ SPAC is an open-end investment fund whose objective is to generate consistent positive risk-adjusted returns with low volatility and low correlation to the equity markets by investing in publicly-listed Special Purpose Acquisition Corporations (“SPACs”). The Fund will acquire over time a diversified portfolio of US listed SPACs purchased through both IPOs and the secondary market.



LSQ is a quantitatively oriented long/short equity fund that is absolute return focused.  The Fund primarily trades North American listed equities and operates with a very low net market exposure.  The investment team conducts extensive quantitative analysis on all investment ideas and trades in a systematic fashion, overlaid with management’s extensive trading experience.

"LYCURGUS" The legacy of this lawmaker is the transformation of Sparta’s political and social structure, in the 7th century, into a strictly disciplined and collective society.