About the Fund
The Accelerate Enhanced Canadian Benchmark Alternative Fund (TSX: ATSX) combines exposure to the S&P/TSX 60 plus a long-short Canadian equity overlay designed to add incremental performance above the broad Canadian equity index.
Investment Objectives
- Outperform the broad Canadian equity index
- Provide volatility in-line with the broad Canadian equity index
TRADING DATA
NAV:
$20.9006
Date:
2019-09-19
QUICK FACTS
Type:
Long-short equity
Date Started:
May 10, 2019
Management Fee:
0.00%
Performance Fee:
1/2 of outperformance above S&P/ TSX 60 Total Return
Investment Manager:
Accelerate Financial Technologies Inc.
Distribution Frequency:
Quarterly
Exchange:
TSX
Currency:
CAD
Risk Rating:
Medium
Reference Portfolio Performance
Investment Process
In addition to providing exposure to the broad Canadian equity index, either through derivatives, ETFs or the underlying equities, ATSX holds a diversified, long-short equity overlay portfolio of Canadian equities.
To select the long-short overlay portfolio, ATSX utilizes a systematic, proprietary multi-factor model to sort and rank all liquid Canadian stocks based on 5 principle factors:
- Value
- Quality
- Price Momentum
- Operating Momentum
- Trend
The Fund goes long a portfolio of the highest expected return stocks selected from the top decile ranking from the multi-factor model while going short a portfolio of the lowest expected return stocks selected from the bottom decile ranking. The portfolio is balanced on a monthly basis. The long portfolio is up to 50% of NAV and the short portfolio is up to -50% of NAV.
Performance as of 2019-Aug-30
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | Since Inception | ||
|---|---|---|---|---|---|---|---|
| ATSX | n/a | n/a | n/a | n/a | n/a | n/a |
Under current regulations, fund performance can only be published one year after its inception.
Overlay Fund Characteristics as of 2019-Aug-30
| Long | Short | |
|---|---|---|
| Number of Securities | 43 | 40 |
| Average Market Cap ($mm) | $11,533 | $2,308 |
| Beta | 0.9 | 1.0 |
| EBITDA/EV | 10.7% | 8.8% |
| FCF/EV | 4.5% | -3.3% |
| Trailing Return | 38.7% | -33.0% |
| Pct of 52 Week High | 91.7% | 54.3% |
| Return on Capital | 15.7% | -4.0% |
| Gross Profits/Assets | 6.7% | 3.0% |
| 50 DMA to 200 DMA | 114% | 87.0% |
| EPS Revision | -1.4% | -17.8% |
| Change In Shares | 1.2% | 12.3% |
| Earnings Abnormal Return | 1.7% | -2.8% |
Overlay Sector Weightings as of 2019-Aug-30
| Long | Short | |
|---|---|---|
| Communication Services | 6.1% | -1.3% |
| Consumer Discretionary | 3.8% | -4.8% |
| Consumer Staples | 5.3% | -2.2% |
| Energy | 4.8% | -11.1% |
| Financials | 2.5% | 0.0% |
| Health Care | 1.9% | -2.4% |
| Industrials | 10.6% | -8.0% |
| Information Technology | 3.8% | -3.7% |
| Materials | 10.8% | -10.7% |
| Real Estate | 1.2% | -1.2% |
| Utilities | 2.4% | 0.0% |
| Total Equities | 53.1% | -45.4% |
Fund Holdings as of 2019-Aug-30
| Long Security Name | Weight | |
|---|---|---|
| S&P / TSX 60 Index Futures | 93.2% | |
| IShares S&P TSX 60 Index ETF | 6.0% | |
| Kirkland Lake Gold Ltd | 2.0% | |
| Boyd Group Income Fund | 1.4% | |
| Loblaw Cos Ltd | 1.4% | |
| ERO Copper Corp | 1.4% | |
| Real Matters Inc | 1.4% | |
| Cogeco Communications Inc | 1.4% | |
| Silvercorp Metals Inc | 1.4% | |
| Cogeco Inc | 1.4% | |
| High Liner Foods Inc | 1.3% | |
| BCE Inc | 1.3% | |
| Viemed Healthcare Inc | 1.3% | |
| Polaris Infrastructure Inc | 1.3% | |
| Canadian Pacific Railway Ltd | 1.3% | |
| Equitable Group Inc | 1.3% | |
| Alimentation Couche-Tard Inc | 1.3% | |
| CGI Inc | 1.3% | |
| Dollarama Inc | 1.3% | |
| Evertz Technologies Ltd | 1.3% | |
| Wesdome Gold Mines Ltd | 1.3% | |
| North American Construction Group | 1.3% | |
| Empire Co Ltd | 1.3% | |
| Calian Group Ltd | 1.2% | |
| Constellation Software Inc/Can | 1.2% | |
| GDI Integrated Facility Services | 1.2% | |
| Canacol Energy Ltd | 1.2% | |
| Gran Colombia Gold Corp | 1.2% | |
| Canadian National Railway Co | 1.2% | |
| FirstService Corp | 1.2% | |
| Genworth MI Canada Inc | 1.2% | |
| Parex Resources Inc | 1.2% | |
| Rogers Communications Inc | 1.2% | |
| Nutrien Ltd | 1.2% | |
| SEMAFO Inc | 1.2% | |
| Labrador Iron Ore Royalty Corp | 1.2% | |
| Questor Technology Inc | 1.2% | |
| Aritzia Inc | 1.2% | |
| Badger Daylighting Ltd | 1.1% | |
| TFI International Inc | 1.1% | |
| Heroux-Devtek Inc | 1.1% | |
| Superior Plus Corp | 1.1% | |
| DIRTT Environmental Solutions | 0.9% | |
| Corus Entertainment Inc | 0.8% | |
| Medical Facilities Corp | 0.5% |
| Short Security Name | Weight | |
|---|---|---|
| Linamar Corp | -1.4% | |
| Seabridge Gold Inc | -1.4% | |
| CanWel Building Materials Group | -1.3% | |
| Tucows Inc | -1.3% | |
| McEwen Mining Inc | -1.3% | |
| Valeura Energy Inc | -1.3% | |
| Alcanna Inc | -1.3% | |
| Stingray Group Inc | -1.3% | |
| Encana Corp | -1.3% | |
| Kinder Morgan Canada Ltd | -1.3% | |
| Aurinia Pharmaceuticals Inc | -1.3% | |
| Canfor Pulp Products Inc | -1.3% | |
| Endeavour Silver Corp | -1.3% | |
| West Fraser Timber Co Ltd | -1.3% | |
| Bird Construction Inc | -1.2% | |
| Husky Energy Inc | -1.2% | |
| BlackBerry Ltd | -1.2% | |
| Pinnacle Renewable Energy Inc | -1.2% | |
| Brookfield Property Partners LP | -1.2% | |
| Uni-Select Inc | -1.2% | |
| Alithya Group Inc | -1.2% | |
| Interfor Corp | -1.2% | |
| Bonterra Energy Corp | -1.2% | |
| Ag Growth International Inc | -1.2% | |
| Bombardier Inc | -1.2% | |
| Rocky Mountain Dealerships Inc | -1.2% | |
| Transcontinental Inc | -1.2% | |
| The Stars Group Inc | -1.1% | |
| Trilogy Metals Inc | -1.1% | |
| First Quantum Minerals Ltd | -1.0% | |
| Golden Star Resources Ltd | -1.0% | |
| NuVista Energy Ltd | -1.0% | |
| Roots Corp | -1.0% | |
| TORC Oil & Gas Ltd | -1.0% | |
| ARC Resources Ltd | -0.9% | |
| SunOpta Inc | -0.9% | |
| Baytex Energy Corp | -0.8% | |
| IMV Inc | -0.8% | |
| SNC-Lavalin Group Inc | -0.8% | |
| CannTrust Holdings Inc | -0.4% | |
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