Highlights There was a pickup in deal activity in December as pent-up demand going into the US election was released. We initiated positions in 16 new merger deals during the month, notably in several small-cap deals trading at high yields. Six deals held within the Fund closed during the period. With SPAC yields falling as […]
Highlights Strong contributors to the Fund included Kraken Robotics Inc. (TSXV: PNG), D2L Inc. (TSX: DTOL), and MDA Space Ltd. (TSX: MDA). Detractors to the Fund this quarter included Sylogist Ltd. (TSX: SYZ), NFI Group Inc. (TSX: NFI) and Glass House Brands Inc. (OTCPK: GLAS.F). We continue to own them. The Fund exited several positions […]
Dear Investor Since its inception, the Fund has achieved a net return of 29.6%, outperforming our benchmark[1] return of 14.8%. As of the end of 2024, the Fund's net IRR stands at 20.6%. The investment period concluded in July 2024. On October 1, 2024, we distributed 26% of committed capital to investors, followed by an […]
Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The Fund initiated a new position in Verisign Inc. (NYSE: VRSN) In a sign of things to come, the weeks since […]
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke Energy’s 4.125% ’26 convertible bonds. With US High Yield spreads significantly below average, we took a cautious disposition toward lower […]
Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our position in Neiman Marcus Group’s bond was called in late December which generated an IRR of more than 10% since […]
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