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
ATSX TRADING DATA
NAV:
$21.3293
Date:
2019-11-18
QUICK FACTS
Type:
Long-short equity
Date Started:
May 10, 2019
Management Fee:
0.00%
Performance Fee:
1/2 of outperformance above S&P/ TSX 60 Total Return
Investment Manager:
Accelerate Financial Technologies Inc.
Distribution Frequency:
Quarterly
Exchange:
TSX
Currency:
CAD
Risk Rating:
Medium
Reference Portfolio Performance
Investment Process
In addition to providing exposure to the broad Canadian equity index, either through derivatives, ETFs or the underlying equities, ATSX holds a diversified, long-short equity overlay portfolio of Canadian equities.
To select the long-short overlay portfolio, ATSX utilizes a systematic, proprietary multi-factor model to sort and rank all liquid Canadian stocks based on 5 principle factors:
- Value
- Quality
- Price Momentum
- Operating Momentum
- Trend
The Fund goes long a portfolio of the highest expected return stocks selected from the top decile ranking from the multi-factor model while going short a portfolio of the lowest expected return stocks selected from the bottom decile ranking. The portfolio is balanced on a monthly basis. The long portfolio is up to 50% of NAV and the short portfolio is up to -50% of NAV.
Performance as of 2019-Oct-31
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | Since Inception | ||
|---|---|---|---|---|---|---|---|
| ATSX | n/a | n/a | n/a | n/a | n/a | n/a |
Under current regulations, fund performance can only be published one year after its inception.
Overlay Fund Characteristics as of 2019-Oct-31
| Long | Short | |
|---|---|---|
| Number of Securities | 40 | 39 |
| Average Market Cap ($mm) | $6,507 | $2,718 |
| Beta | 0.9 | 1.1 |
| EBITDA/EV | 12.5% | 7.7% |
| FCF/EV | 5.0% | -4.9% |
| Trailing Return | 49.0% | -29.9% |
| Pct of 52 Week High | 92.5% | 62.4% |
| Return on Capital | 15.2% | 1.8% |
| Gross Profits/Assets | 5.9% | 2.6% |
| 50 DMA to 200 DMA | 114% | 83.3% |
| EPS Revision | 2.1% | -5.6% |
| Change In Shares | -0.4% | 3.2% |
| Earnings Abnormal Return | 2.8% | -5.0% |
Overlay Sector Weightings as of 2019-Oct-31
| Long | Short | |
|---|---|---|
| Communication Services | 2.7% | -1.4% |
| Consumer Discretionary | 4.0% | -3.6% |
| Consumer Staples | 5.9% | -2.5% |
| Energy | 5.1% | -8.7% |
| Financials | 4.0% | -5.8% |
| Health Care | 2.8% | -3.6% |
| Industrials | 6.6% | -2.8% |
| Information Technology | 2.5% | -5.0% |
| Materials | 10.2% | -9.6% |
| Real Estate | 4.8% | -2.5% |
| Utilities | 2.5% | -1.3% |
| Total Equities | 51.2% | -46.8% |
Fund Holdings as of 2019-Oct-31
| Long Security Name | Weight | |
|---|---|---|
| S&P / TSX 60 Index Futures | 94.9% | |
| IShares S&P TSX 60 Index ETF | 7.0% | |
| Wesdome Gold Mines Ltd | 1.6% | |
| BRP Inc | 1.5% | |
| Viemed Healthcare Inc | 1.5% | |
| Equitable Group Inc | 1.4% | |
| Cogeco Communications Inc | 1.4% | |
| Cogeco Inc | 1.4% | |
| Home Capital Group Inc | 1.4% | |
| Air Canada | 1.3% | |
| Ritchie Bros Auctioneers Inc | 1.3% | |
| Richelieu Hardware Ltd | 1.3% | |
| Real Matters Inc | 1.3% | |
| Information Services Corp | 1.3% | |
| CRH Medical Corp | 1.3% | |
| GDI Integrated Facility Services | 1.3% | |
| Genworth MI Canada Inc | 1.3% | |
| Calian Group Ltd | 1.3% | |
| Brookfield Renewable Partners | 1.3% | |
| Torex Gold Resources Inc | 1.3% | |
| Questor Technology Inc | 1.3% | |
| K92 Mining Inc | 1.3% | |
| Macro Enterprises Inc | 1.3% | |
| Parkland Fuel Corp | 1.3% | |
| Orca Exploration Group Inc | 1.3% | |
| CGI Inc | 1.3% | |
| Constellation Software Inc/Can | 1.3% | |
| Silvercorp Metals Inc | 1.3% | |
| Kirkland Lake Gold Ltd | 1.3% | |
| Kinross Gold Corp | 1.3% | |
| Polaris Infrastructure Inc | 1.2% | |
| Metro Inc/CN | 1.2% | |
| Alimentation Couche-Tard Inc | 1.2% | |
| Empire Co Ltd | 1.2% | |
| Altus Group Ltd/Canada | 1.2% | |
| Loblaw Cos Ltd | 1.2% | |
| Colliers International Group I | 1.2% | |
| Gran Colombia Gold Corp | 1.2% | |
| Dollarama Inc | 1.1% | |
| Major Drilling Group Internati | 1.1% | |
| High Liner Foods Inc | 1.1% | |
| FirstService Corp | 1.1% |
| Short Security Name | Weight | |
|---|---|---|
| SNC-Lavalin Group Inc | -1.5% | |
| Stelco Holdings Inc | -1.4% | |
| Aimia Inc | -1.4% | |
| Golden Star Resources Ltd | -1.4% | |
| Mav Beauty Brands Inc | -1.4% | |
| Ag Growth International Inc | -1.4% | |
| Bausch Health Cos Inc | -1.3% | |
| McEwen Mining Inc | -1.3% | |
| Laurentian Bank of Canada | -1.3% | |
| Canada Goose Holdings Inc | -1.3% | |
| Sierra Wireless Inc | -1.3% | |
| Fiera Capital Corp | -1.3% | |
| NorthWest Healthcare Properties | -1.3% | |
| Linamar Corp | -1.3% | |
| Canaccord Genuity Group Inc | -1.3% | |
| Husky Energy Inc | -1.3% | |
| BlackBerry Ltd | -1.3% | |
| Just Energy Group Inc | -1.3% | |
| Brookfield Property Partners LP | -1.3% | |
| Tourmaline Oil Corp | -1.2% | |
| Celestica Inc | -1.2% | |
| GMP Capital Inc | -1.2% | |
| Aurinia Pharmaceuticals Inc | -1.2% | |
| SunOpta Inc | -1.2% | |
| Birchcliff Energy Ltd | -1.2% | |
| Peyto Exploration & Development | -1.2% | |
| Alithya Group Inc | -1.2% | |
| TORC Oil & Gas Ltd | -1.2% | |
| Interfor Corp | -1.1% | |
| West Fraser Timber Co Ltd | -1.1% | |
| NuVista Energy Ltd | -1.1% | |
| Greenbrook TMS Inc | -1.1% | |
| Encana Corp | -1.1% | |
| Hudbay Minerals Inc | -1.1% | |
| Methanex Corp | -1.1% | |
| Domtar Corp | -1.1% | |
| Indigo Books & Music Inc | -0.9% | |
| E-L Financial Corp Ltd | -0.6% | |
| Valeura Energy Inc | -0.5% | |
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