Alternative asset manager offering investment solutions that find a balance between asset protection and capital enhancement.
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Funds Commentary

Limited Partnership Funds

 
 
April 2025 Commentary

A frustrating month for our funds, as once the first few days of April made us rudely aware of the potential for President Trump to drop ‘information bombs’ at any time, combined with our belief that China holds the ‘Trump cards’ in any trade war, we opted to maintain low net exposures. Sure, we tactically adjusted exposure up and down during the month, but we did not opt to aggressively trade equities based on technical ranges in an attempt to win back our drawdown. Instead, we stuck to our accepted and successful disciplined methodology for managing client capital in an attempt to minimize volatility while striving to generate a competitive net return. The year is far from over.

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March 2025 Commentary

This commentary was written prior to the release of the tariff news of the U.S. Yet, as the numbers equated to a ‘left tail risk’ event, we’ll start with this addendum to our monthly note below this paragraph. Given the irrational formula for these announced tariffs of America’s trade deficit with a country divided by its total imports from that country then, get this, divided by two, it’s clear that President Trump merely assesses tariffs as a blunt instrument enabling him to force other countries to do whatever he wants them to do. Who knows what the future will bring, be it Trump walking them back or reciprocal tariffs by targeted countries on areas that could include the service revenue of the M7. Yet, two things are clear.

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February 2025 Commentary

Similar to the grade 12 student beating up on the seventh grader, at the time of writing this note on March 2nd and despite the reality that many of his facts are wrong, President Trump appears intent on picking on Canada and sowing uncertainty. Aside from “the Donald being the Donald”, this note will table one possible reason for these actions but first let’s wrap up the month in markets and the performance of our funds.

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January 2025 Commentary

What a crazy last couple of weeks in the markets! First, it was DeepSeek, then it was tariffs. Yet despite DeepSeek’s blind-siding of AI-related stocks and a worse-than-expected (at least for a few hours) scenario tabled on tariffs, at the time of writing, U.S. markets are flat year-to-date while the decline in the TSX isn’t even 1%. In last month’s year ahead commentary we suggested 2025 would be a year of higher volatility and we’ve sure started the year with some big bangs. After discussing January’s performance in the funds, this commentary will focus on the two topics clients have been asking about: tariffs and DeepSeek.

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