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Aston Hill has cultivated a diverse suite of products spanning sectors, geographies and asset classes in order to deliver funds that meet the varying needs of our investors.

Hedge Funds

AHF Credit Opportunities FundMarch 31, 2017

Fund Manager(s): Sandy Liang, President, LOGiQ Capital Partners Inc.
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Investment Objectives

The investment objective of the Fund is to maximize total returns for Unitholders, consisting of both distributions and capital appreciation. The Fund invests, directly or indirectly, primarily in debt and equity securities of non-investment grade rated issuers, both publicly-traded and privately-held.  The Fund pursues its investment objective by using the following investment strategies: Long/Short Positions, Short Selling, Pairs Trading, Inter-Capital Arbitrage, Convertible Arbitrage, Merger Arbitrage, Derivatives, Securities Lending.

The Manager employs hedging strategies, including shorting securities and holding cash, designed to generate positive returns and/or protect the Fund against the risk of losses from currency fluctuations, interest rate changes and market declines.

Why Buy This Fund?

  • Tactical credit fund; current focus is in the U.S. high yield/corporate debt market
  • Focused on total return with strong asset value protection for risk management
  • U.S. high yield market over $1.5 trillion plus another $1.8 trillion in loans versus Canadian market of $20 billion
  • Ability to short and buy select equities based on credit research themes

Performance Review

Monthly Performance (%)

JanFebMarAprMayJunJulAugSepOctNovDecYear
20170.22.10.8         3.1
2016-1.2-0.71.02.34.10.12.11.01.10.50.72.113.8
20153.40.91.00.71.20.60.2-1.8-2.20.6-0.5-1.42.6
2014      3.60.91.50.41.4-0.18.0

Correlation, Alpha and Beta are measured against the BAML US HY Master II Index.  Total returns in local currency. Source: RBC IS, Bloomberg, PerTrac.

Compound Returns (%)

Fund1 Mo3 Mo6 Mo1 Yr2 YrInception
AHF Credit Opportunities0.83.16.518.36.910.2
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Risk/Reward Analysis

Fund
Annualized Compound ROR-
Annualized Std. Deviation4.9%
Winning Months78.8%
Average Monthly Gain1.3%
Average Monthly Loss-1.1%
Sharpe Ratio (1.5%)1.7
Correlation0.4
Alpha0.7%
Beta0.3

Portfolio Review

Representative Bond Holdings

AIRXCEL Inc. 8.500% 2022 
Greystar Real Estate 8.250% 2022 
Crescent Communities LLC 8.875% 2021 
HRG Group 7.750% 2022 

Representative Equity Holdings

Slate Retail REIT 
Enova International Inc. (ENVA) 
Nationstar Mortgage Holdings (NSM) 
Prospect Capital Corp. (PSEC) 

Sector Allocation

Financials (including REITs)
25.6%
Technology
10.7%
Industrial
10.7%
Consumer, Non-cyclical
8.8%
Consumer, Cyclical
7.1%
Foreign Currency
5.2%
Diversified
3.6%
Cash & Equivalents
26.9%

Geographic Allocation

United States
54.7%
Canada
9.6%
International
8.8%

Fund Facts

Inception:July 15, 2014
NAVPS:$10.24 (Series A)
Total Assets:$19.6 million
Management Fees:1.85% (Series A), 0.85% (Series F)

Fund Codes

CADPrescribed OM 
Series A AHF780(BC, NB, NS, NL) 
Series F AHF 781Series A AHF785 
Series I AHF782Series F AHF786 

Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements.  Commissions, trailing commissions, management fees and expenses all may be associated with hedge fund investments. Please read the offering memorandum before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Hedge Funds are not guaranteed, their values change frequently and past performance may not be repeated.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

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