Vertex Fund
Investment Objective
The principal objective is the growth of capital in excess of benchmarks and to preserve capital throughout an economic cycle. The management team takes an opportunistic approach while employing a broad range of strategies to diversify the portfolio and drive results on a consistent basis.
Investment Strategy
The portfolio has an event-driven focus, wherein catalysts are identified that will likely have an impact on a company's stock price or capital structure. Throughout an economic cycle, different strategies will provide more favourable risk/reward tradeoffs, permitting opportunities for reallocating capital. Fundamental analysis is the cornerstone of the team's skill set, but the investment strategies include: merger arbitrage, convertible arbitrage, high yield debt, capital structure arbitrage, fundamental longs, shorts, options and other special situations.
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Historical Returns
Monthly Performance (net of fees)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 4.24% | - | - | - | - | - | - | - | - | - | - | - | 4.24% |
| 2011 | 0.46% | 3.61% | 1.62% | 4.51% | -3.86% | -5.23% | 0.34% | -2.00% | -5.03% | 0.65% | -3.54% | -3.30% | -11.70% |
| 2010 | 1.14% | 1.82% | 6.92% | 0.80% | -7.25% | -2.54% | 2.42% | 1.04% | 5.09% | 4.11% | 1.74% | 3.36% | 19.46% |
| 2009 | 1.73% | 2.35% | 4.00% | 8.07% | 11.40% | 5.43% | 5.02% | 6.72% | 7.26% | 2.39% | 1.86% | 6.89% | 84.18% |
| 2008 | -5.85% | 6.67% | -4.43% | 2.09% | 5.42% | 5.28% | -9.08% | -2.65% | -22.58% | -19.91% | -1.47% | 1.59% | -40.25% |
| 2007 | 2.29% | 2.42% | 2.67% | 1.56% | 0.92% | -1.42% | -1.42% | 0.79% | 1.98% | 3.23% | -3.29% | 0.05% | 9.99% |
| 2006 | 6.27% | -0.86% | 4.28% | 1.52% | -6.34% | -2.83% | 1.53% | 2.01% | -2.51% | 4.95% | 2.48% | 4.07% | 14.72% |
| 2005 | 1.54% | 6.28% | -2.02% | -4.36% | 4.09% | 3.51% | 2.58% | 4.06% | 2.05% | -4.45% | 5.86% | 3.19% | 27.12% |
| 2004 | 1.45% | 4.80% | 0.49% | -4.11% | -1.29% | 0.65% | 2.81% | -0.50% | 7.51% | 0.92% | 5.55% | 0.81% | 20.20% |
| 2003 | 1.61% | 0.08% | -2.37% | 3.21% | 6.66% | 3.29% | 3.77% | 6.06% | 0.32% | 6.08% | 4.32% | 7.96% | 48.91% |
| 2002 | 1.82% | 0.96% | 3.26% | -2.13% | 4.23% | -2.23% | -11.93% | 4.01% | -0.94% | -1.54% | -1.90% | 5.16% | -2.44% |
| 2001 | 0.12% | 0.10% | -2.42% | 2.78% | 2.62% | -0.11% | 1.09% | 1.95% | -0.27% | 0.13% | -1.50% | 2.85% | 7.42% |
| 2000 | 3.95% | 18.90% | -0.10% | -0.88% | 3.21% | 2.54% | 1.67% | 5.29% | 2.07% | -3.30% | -0.85% | 3.11% | 39.93% |
| 1999 | 9.36% | -3.46% | 6.26% | 10.53% | 3.04% | 3.47% | 3.86% | 0.78% | 0.23% | 2.72% | 7.82% | 10.19% | 69.25% |
| 1998 | 0.53% | 16.62% | 10.59% | -4.29% | -4.47% | -1.57% | -18.40% | -1.08% | -4.54% | 10.97% | 6.01% | 5.75%* |
Returns are based on Class A shares. Inception February 6, 1998.
* Value does not capture a full 1-year return due to the inception date.
Statistics
| VF Relative to TSX | VF Relative to SP500 | |
|---|---|---|
| Alpha | 0.95% | 1.39% |
| Annualized Alpha | 12.05% | 18.00% |
| Beta | 0.76 | 0.41 |
| Correlation | 0.71 | 0.31 |
| R-squared | 0.51 | 0.10 |
| Fund | SP 500 | TSX | |
|---|---|---|---|
| Compound ROR | 17.10% | 1.22% | 5.91% |
| Standard Deviation | 17.96% | 13.63% | 16.72% |
| Cumulative Return | 812.0% | 18.60% | 121.30% |
| Sharpe Ratio | 0.87 | 0.01 | 0.31 |
| Sortino Ratio | 1.38 | -0.04 | 0.25 |
| Largest Monthly Gain | 18.90% | 10.13% | 12.05% |
| Largest Monthly Loss | -22.58% | -11.00% | -20.11% |
| % Positive Months | 70.24% | 54.17% | 60.71% |
Statistics based on Class A Shares.
Inception Date Class A: February 6, 1998
Inception Date Class B: October 31, 2003
Inception Date Class F: March 31, 2003