Live From the Desk

Milestone Month

We’re excited to say that last month our Vertex Arbitrage Fund turned 3 years old! The fund was introduced in 2013 to offer investors a solution to some of the present-day investing challenges; its purpose is to provide investors with an absolute return profile that is predictable, has low correlation with other assets, has little …

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A Brief Note on ‘Brexit’

Last night we all learned of British citizens’ historic vote to leave the European Union. Markets do not react kindly to surprises and this was no exception. In Asia, investors watched the results unfold live and markets sank, with Japan particularly hit by a soaring Yen. The Stoxx Europe 600 Index sank 7% at the …

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Guardian Capital

We’d like to thank our friend, Dr. Ryan Males, from CIBC Capital Markets for the following note on Guardian Capital. As one of the Vertex Fund and Vertex Growth Fund‘s largest holdings, we thought it was worth sharing with you. I have an affinity for one particular small-cap company – Guardian Capital (GCG/A CN).  When …

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A Closer Look: Vertex Arbitrage Fund

The Vertex Arbitrage Fund (F) returned 2.50% in the first quarter, its best quarterly performance since inception. W ith recent market volatility at unsettling levels, we thought it was a good time to showcase two positions in the portfolio and how they helped achieve our objective for positive returns, independent of the market. Corus Entertainment …

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Deck the Halls with Spreads Aplenty

Vertex Arbitrage Fund There is currently over one trillion US dollars of announced and contractually binding merger activity in North America and Western Europe (measured by target market capitalization). We are now in an environment that we haven’t seen since the late 90s (a good period for arbitrage); there are simply too many merger situations …

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