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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.

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Mutual Funds

Aston Hill Growth & Income Fund & ClassApril 30, 2016

Fund Manager(s): Ben Cheng
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Investment Objectives

The Fund’s investment objectives are to: (i) pay unitholders monthly cash distributions, and (ii) preserve the NAV per unit, by investing primarily in equity and debt securities of issuers located in Canada and around the world. The Fund may invest in Canadian income funds, convertible bonds, debentures, high yield debt instruments, listed equity securities, and cash or cash equivalents and may also invest in any other yield-based security or asset class that develops over time. The Fund focuses on high quality undervalued companies that have the highest potential for cash flow growth. Income earned from dividends and bond coupon payments while growth comes from undervalued companies that have strong growth profiles.

Why Buy This Fund?

  • Small, nimble, opportunistic fund that can piggy-back off the size and institutional relationships of Aston Hill and its managers
  • Use of liquid alternative tools to reduce volatility: options, shorting, currency, cash
  • Tax losses carried forward from a previous acquisition can be used to offset gains
  • Yield of ~ 3.2% (fixed monthly distribution of $0.0167/unit)

Performance Review

Monthly Performance (%)

JanFebMarAprMayJunJulAugSepOctNovDecYear
2016-4.3-2.22.40.6        -3.6
20150.22.60.20.20.8-1.20.9-2.4-2.6-1.10.3-1.9-3.9
2014-0.62.81.50.11.41.7-0.91.8-2.9-0.10.0-1.23.5
20132.51.01.41.22.0-1.72.1-0.82.12.91.82.718.5
20123.02.61.01.8-1.60.41.81.31.90.80.21.715.7
20111.82.21.6-0.52.1-2.30.5-4.7-3.54.0-0.92.22.2
2010          -0.12.62.5

Performance is for Series A of Aston Hill Growth & Income Fund. The Fund's former portfolio managers started managing the Fund in November 2010. Monthly Performance and Risk/Reward Analysis is from November 1, 2010 onwards. The Fund's Blended Benchmark is comprised of one-third of the S&P/TSX Composite Total Return Index, one-third of the S&P 500 Total Return Index and one-third of the BAML US High Yield Master II Index. Total returns in local currency.  Source: RBC IS, Bloomberg, PerTrac.

Compound Returns (%)

Fund/Index1 mo3 mo6 mo1 yr2 yr3 yr5 yrIncep.
Growth & Income0.60.7-5.1-10.3-3.92.35.04.7
Benchmark*2.78.62.5-1.82.87.06.56.4
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Risk/Reward Analysis

FundBenchmark*
Annualized Compound ROR6.0%7.9%
Annualized Std. Deviation6.6%8.5%
Winning Months68.2%66.7%
Average Monthly Gain1.6%2.0%
Average Monthly Loss-1.8%-2.0%
Sharpe Ratio (1.5%)0.70.8
Correlation0.8-
Alpha0.1%-
Beta0.6-
*1/3 S&P/TSX Composite Total Return Index, 1/3 S&P 500 Total Return Index and 1/3 BAML US High Yield Master II Index (in local currencies).

Portfolio Review

Asset Allocation

Equities
52.6%
Fixed Income
31.9%
Cash, Equivalents & Other Net Assets
11.3%
Cash Covered Options
4.2%

Geographic Allocation

United States
46.8%
Canada
42.4%
International
10.8%

Sector Allocation

Financials
21.7%
Cash & Equivalents
15.6%
Energy
12.6%
Consumer Discretionary
11.5%
Funds
11.1%
Industrials
6.4%
Privates
5.4%
Telecommunications
5.0%
Utilities
4.0%
Consumer Staples
3.4%
Materials
3.2%

Top Holdings

(Top Equities) 
BMO Laddered Preferred Share Index ETF4.9%
Slate Retail REIT2.5%
Vermilion Energy Inc.2.3%
Hydro One Ltd.2.2%
H&R REIT Units2.1%
Ethoca Solutions2.1%
TransCanada Corp.2.1%
(Top Bonds) 
iShares iBoxx $ Investment Grade Corporate Bond ETF6.2%
Greektown Holdings, LLC 8.875% 20193.0%
Hunt Cos Inc. 9.625% 20212.7%
Ceva Group PLC 9.000% 20211.6%
HRG Group Inc. 7.750% 20221.6%
XPO Logistics, Inc. 6.500% 20221.5%
Poydras Gaming Finance Corp. 11.000% 20171.4%

Fund Facts

CIFSC Category:Tactical Balanced
NAVPS:$6.36 (Fund, Series A)
Inception:February 4, 2008
AUM:$161.1 million
Fund Distribution*:$0.0167/unit Monthly
Yield:~ 3.2% per annum
MER (Dec. 31, 2015):2.49% (Fund, Series A)
Minimum Purchase:$2,000 Initial, $50 Subsequent
Series UA & UF: $10,000 Initial

Fund Codes

CADUSDCorporate Class
Series A (FE) AHF400Series UA AHF461Series A (FE) AHF490
Series A (LSC) AHF420-Series A (LSC) AHF491
Series F AHF450Series UF AHF463Series F AHF492
 T-Series units available

Risk Rating

When you invest in a fund, the value of your investment can go down as well as up. Aston Hill Asset Management Inc. has rated this Fund’s risk as medium.
For a description of the specific risks of this Fund, see the Fund’s simplified prospectus.

*Units of the Corporate Class do not pay a distribution.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus 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. Mutual 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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