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Canada`s new funds part 5 - Long biased small-cap hedge fund returns +35.6% in 8 months, 19.2% in June, finds value in Canadian private placements
Opalesque reports on a small selection of the 300 hedge funds located in Canada. The hedge fund industry in this northernmost part of the Americas is young and agile and looking to use these very advantages to become a force in global asset management (see part 4 here).
Benedicte Gravrand, Opalesque London: In part 5, we look at a new investment firm called AlphaNorth which launched a small-cap hedge fund 8 months ago.The founders, Steven Palmer and Joey Javier, both AIG Global Investment Corp. alumni, run the fund from their offices in Toronto. They are hoping to hire an analyst later this year.
During the month of June, AlphaNorth Partners Fund Inc. returned 19.2% and +35.6% since inception in December 2007 (26.3% YTD). This is especially significant as both of the Canadian indices that AlphaNorth tracks were down in June. The S&P/TSX Venture Composite Index declined by 0.08% (-7.2% YTD) while the large capitalization S&P/TSX Composite Total Return Index declined by 1.4% (6% YTD).
Canada is not immune to the general lack of confidence in the markets; the Toronto Stock Exchange's main index went down by more than 2% on Monday, mainly due to r...................... To view our full article Click here
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