OVERVIEW | As of 6/30/2017
The Fund seeks to maximize returns while
remaining neutral to market exposure and
providing downside protection through
fundamental, systematic and event driven
sub-strategies.
Investment Growth
Time Period: 8/1/2009 to 6/30/2017
Curvature Market Neutral Fund (Class F)
161,605.4
S&P/TSX Composite PR
140,743.3
180,000.0
160,000.0
Portfolio Manager
140,000.0
James Hodgins, CFA
120,000.0
Chief Investment Officer
100,000.0
Prior to co-founding Toronto based CHS Asset Management, Mr. Hodgins
founded Canaccord Adams' Hedge Strategy Group, ranked #1 by Hedge
Funds in the 2005 Brendan Woods Survey for Quality of Investment Ideas
and Reputational Franchise. An avid student of the market with more than
15 years of experience, Mr. Hodgins is an accomplished hedge fund
strategist. He has particular expertise in applying non-linear quantitative
techniques grounded in behavioural finance, reflexivity and option theory to
the relatively inefficient small cap market. Borrowing heavily from George
Soros, Mr. Hodgins has coined the term "reflexive change" to explain a
number of observed market inefficiencies. Before Canaccord, Mr. Hodgins
worked in the quantitative investment division of the Ontario Teachers'
Pension Plan, one of Canada's premier asset managers with more than
$100bn under management. Mr. Hodgins holds a Business degree and an
M.B.A. from the Simon School of Business, University of Rochester.
80,000.0
2011
2013
2015
2017
Trailing Returns
1 mo 3 mos 6 mos
YTD
1 yr
3 yrs
5 yrs
Curvature Market Neutral Fund (Class F)
-0.58
-0.12
0.88
0.88
0.12
4.46
5.87
S&P/TSX Composite PR
-1.09
-2.35
-0.69
-0.69
7.95
0.08
5.54
2016 2015 2014 2013 2012 2011 2010
2009
Partial
Calendar Year Returns
Geoff Phipps, CFA
Portfolio Manager
Curvature Market Neutral Fund (Class F)
S&P/TSX Composite PR
Mr. Phipps is Co-Founder, Portfolio Manager and Head of Event Driven
Strategies at CHS Asset Management. While the Event Driven Strategies
are Geoff’s focus, other duties includes managing CHS’ trading operations,
as well as idea generation for other strategies within the Curvature
portfolio. Prior to co-founding CHS, Mr. Phipps and James Hodgins ran the
Canaccord Adams proprietary trading group from 2004-2008. Geoff
managed the arbitrage strategies, including merger arbitrage, convertible
arbitrage, and warrant arbitrage. Previous to his tenure at Canaccord
Adams, Mr. Phipps spent time working in the research department of a
Canadian boutique investment bank and also at Ontario Teachers’ Pension
Plan.
8.35
6.69
8.89
8.24
8.08
0.09
17.51 -11.09
1.21
7.42
9.55
4.00 -11.07 14.45
7.39
8.89
Drawdown
Time Period: 8/1/2009 to 6/30/2017
Curvature Market Neutral Fund (Class F)
S&P/TSX Composite PR
0.0
-5.0
-10.0
Risk Rating
-15.0
-20.0
2011
Performance Statistics
Risk-Reward
Time Period: 8/1/2009 to 6/30/2017
Time Period: 8/1/2009 to 6/30/2017
2013
2015
2017
Fund Class F
S&P/TSX Comp PR
Cumulative Return
61.61
40.74
8.0
Curvature Market Neutral Fund (Class F)
Annualized Return
6.25
4.41
6.0
S&P/TSX Composite PR
Std Dev
4.25
9.68
4.0
Alpha
5.86
0.00
2.0
Beta
-0.09
1.00
0.0
Correlation
-0.22
1.00
Return
Calculation Benchmark: S&P/TSX Composite PR
0.0
2.0
Std Dev
4.0
6.0
8.0
10.0
12.0
OVERVIEW | As of 6/30/2017
Fund Details
Series
Fund Code
Management Fee
A
AHP 520
2.50%
F
AHP 528
1.50%
Prime Broker: Scotia Capital
Auditor: PWC
Administrator: RBC Investor and Treasury Services
Purchase Frequency: Closed
Redemption Frequency: Monthly
20 business days notice required for redemptions
Minimum for Accredited Investors: $25,000
Minimum for Non-Accredited Corporate Purchases: $150,000
Please see the Offering Memorandum for additional information.
Monthly Returns
Jan
Feb
Mar
Apr
May
Jun
2017
-0.35
1.24
0.12
-0.58
1.04
-0.58
2016
2.01
-0.04
0.01
0.07
0.57
-0.64
0.19
0.21
1.51
1.55
-3.20
-0.94
1.21
2015
2.05
0.91
3.71
-1.23
0.52
-1.04
1.04
-0.46
0.94
-0.49
1.34
0.86
8.35
2014
0.92
1.25
-1.05
0.22
0.37
1.81
2.25
-2.12
0.46
0.20
2.43
-0.13
6.69
2013
-0.21
1.98
0.94
0.40
-0.12
0.84
1.26
-0.02
-0.21
0.66
1.78
1.28
8.89
2012
-0.76
1.06
1.46
1.80
1.31
-0.34
1.55
0.06
1.28
0.72
0.71
-0.86
8.24
2011
1.40
1.82
-0.01
0.16
0.21
0.79
1.18
1.29
0.65
-1.27
1.07
-0.08
7.39
2010
2.29
0.76
0.46
-0.72
-1.26
1.80
-0.78
0.73
-1.67
1.75
0.53
4.06
8.08
-0.37
-2.95
3.07
0.33
0.10
2009
Jul
Aug
Sep
Oct
Nov
Dec
Year
0.88
From August 1, 2009 to April 30, 2010, returns are for the Arrow C Multi-Strategy Fund (Class X), are adjusted to reflect Class F fees. In May 2010 the trust for Curvature Market
Neutral Fund was created and the assets from the Arrow C Multi-Strategy Fund were transferred to the new trust. Both funds are managed with the same investment mandate by
CHS Asset Management.
Commissions, trailing commissions, management, performance and other fees may be associated with this investment. Investors should read the offering memorandum before
investing. Unless otherwise stipulated returns are for Class F shares in Canadian funds. Except as otherwise noted returns are historical compounded total returns including
changes in the share value and reinvestment of all dividends or distributions and do not take into account the sales, redemption, distributions or optional charges or income tax
payable by the investor that may affect the compound growth rate and are not intended to reflect the future value of the fund.) Past performance may not be repeated. Offering of
units in the Curvature Market Neutral Fund are made pursuant to the Confidential Offering Memorandum (OM) only to those investors who meet certain eligibility or minimum
purchase requirements. Important information, including the fund’s fundamental investment objective is contained in the OM which may be obtained from Arrow Capital
Management Inc.
Arrow Capital Management Inc. | 416.323.0477 | arrow-capital.com | [email protected] | 36 Toronto Street, Suite 750, Toronto, ON, M5C 2C5