About the Fund
The Accelerate Absolute Return Hedge Fund (TSX: HDGE) is a diversified, liquid, and performance-oriented long-short equity hedge fund that seeks to achieve long-term capital appreciation and a superior risk-adjusted return relative to the broader U.S. equity market.
Investment Objectives
- Target 10-15% annualized returns
- Generate positive returns irrespective of market direction
- Hedge downside risk
- Manage volatility
- Provide uncorrelated returns
TRADING DATA
NAV:
$19.4150
Date:
2019-09-20
QUICK FACTS
Type:
Long-short equity
Date Started:
May 10, 2019
Management Fee:
0.00%
Performance Fee:
20% of outperformance over high water mark
Investment Manager:
Accelerate Financial Technologies Inc.
Distribution Frequency:
Quarterly
Exchange:
TSX
Currency:
CAD
Risk Rating:
Medium
Reference Portfolio Performance
Investment Process
HDGE utilizes a systematic, proprietary multi-factor model to sort and rank all liquid North American stocks based on five principal factors:
- Value
- Quality
- Price Momentum
- Operating Momentum
- Trend
The Fund goes long a portfolio of the highest expected return stocks selected from the top decile ranking from the multi-factor model while going short a portfolio of the lowest expected return stocks selected from the bottom decile ranking. The portfolio is rebalanced on a monthly basis.
Performance as of 2019-Aug-30
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | Since Inception | ||
|---|---|---|---|---|---|---|---|
| HDGE | n/a | n/a | n/a | n/a | n/a | n/a |
Under current regulations, fund performance can only be published one year after its inception.
Fund Characteristics as of 2019-Aug-30
| Long | Short | |
|---|---|---|
| Number of Securities | 47 | 46 |
| Average Market Cap ($mm) | $29,122 | $1,405 |
| Beta | 0.9 | 1.2 |
| EBITDA/EV | 8.4% | -21.7% |
| FCF/EV | 5.1% | -19.1% |
| Trailing Return | 48.1% | -55.2% |
| Pct of 52 Week High | 95.8% | 35.1% |
| Return on Capital | 26.9% | -27.7% |
| Gross Profits/Assets | 10.0% | 3.7% |
| 50 DMA to 200 DMA | 120.7% | 72.5% |
| EPS Revision | 2.3% | -7.6% |
| Change In Shares | -2.6% | 24.6% |
| Earnings Abnormal Return | 8.1% | -11.9% |
Sector Weightings as of 2019-Aug-30
| Long | Short | |
|---|---|---|
| Communication Services | 10.9% | -1.2% |
| Consumer Discretionary | 16.2% | -6.9% |
| Consumer Staples | 10.2% | 0.0% |
| Energy | 2.5% | -8.3% |
| Financials | 10.2% | 0.0% |
| Health Care | 15.7% | -12.1% |
| Industrials | 19.4% | -7.8% |
| Information Technology | 20.2% | -10.7% |
| Materials | 6.9% | 0.0% |
| Real Estate | 0.0% | -1.3% |
| Utilities | 0.0% | 0.0% |
| Total Equities | 112.3% | -48.2% |
Fund Holdings as of 2019-Aug-30
| Long Security Name | Weight | |
|---|---|---|
| Anika Therapeutics Inc | 3.3% | |
| Perion Network Ltd | 3.0% | |
| Cable One Inc | 3.0% | |
| Manhattan Associates Inc | 2.9% | |
| MarketAxess Holdings Inc | 2.8% | |
| Collectors Universe Inc | 2.8% | |
| The Hershey Co | 2.8% | |
| The Boston Beer Co Inc | 2.8% | |
| Starbucks Corp | 2.7% | |
| Lithia Motors Inc | 2.6% | |
| Lockheed Martin Corp | 2.6% | |
| S&P Global Inc | 2.6% | |
| FleetCor Technologies Inc | 2.6% | |
| IDEXX Laboratories Inc | 2.6% | |
| Coca-Cola Consolidated Inc | 2.5% | |
| Cintas Corp | 2.5% | |
| Texas Instruments Inc | 2.5% | |
| The Sherwin-Williams Co | 2.5% | |
| MasTec Inc | 2.5% | |
| Asbury Automotive Group Inc | 2.5% | |
| World Fuel Services Corp | 2.5% | |
| Edwards Lifesciences Corp | 2.5% | |
| Teradyne Inc | 2.5% | |
| Merck & Co Inc | 2.5% | |
| Northrop Grumman Corp | 2.5% | |
| BMC Stock Holdings Inc | 2.5% | |
| Moodys Corp | 2.5% | |
| Chemed Corp | 2.5% | |
| Cogeco Communications Inc | 2.5% | |
| Cogeco Inc | 2.5% | |
| Carlisle Cos Inc | 2.4% | |
| Gran Colombia Gold Corp | 2.4% | |
| Fair Isaac Corp | 2.4% | |
| Aspen Technology Inc | 2.4% | |
| Builders FirstSource Inc | 2.4% | |
| Sleep Number Corp | 2.3% | |
| Enphase Energy Inc | 2.3% | |
| Victory Capital Holdings Inc | 2.3% | |
| High Liner Foods Inc | 2.1% | |
| H&R Block Inc | 2.1% | |
| Cisco Systems Inc | 2.0% | |
| Kirkland Lake Gold Ltd | 2.0% | |
| Delta Air Lines Inc | 1.9% | |
| Cerner Corp | 1.2% | |
| Yum! Brands Inc | 1.2% | |
| STERIS PLC | 1.0% | |
| GlobalSCAPE Inc | 0.6% |
| Short Security Name | Weight | |
|---|---|---|
| Pivotal Software Inc | -2.0% | |
| Cloudera Inc | -1.6% | |
| 2U Inc | -1.5% | |
| Cornerstone Building Brands Inc | -1.4% | |
| Foamix Pharmaceuticals Ltd | -1.3% | |
| Concho Resources Inc | -1.3% | |
| Conduent Inc | -1.3% | |
| Babcock & Wilcox Enterprises | -1.3% | |
| Office Properties Income Trust | -1.3% | |
| Limelight Networks Inc | -1.2% | |
| Antero Midstream Corp | -1.2% | |
| Replimune Group Inc | -1.2% | |
| Forty Seven Inc | -1.2% | |
| comScore Inc | -1.2% | |
| Roadrunner Transportation System | -1.2% | |
| Aerie Pharmaceuticals Inc | -1.1% | |
| Fluor Corp | -1.1% | |
| At Home Group Inc | -1.1% | |
| SEACOR Marine Holdings Inc | -1.1% | |
| TPI Composites Inc | -1.1% | |
| nLight Inc | -1.1% | |
| Covia Holdings Corp | -1.1% | |
| Nutanix Inc | -1.1% | |
| Veoneer Inc | -1.1% | |
| Red Lion Hotels Corp | -1.1% | |
| Calyxt Inc | -1.0% | |
| ZAGG Inc | -1.0% | |
| Revance Therapeutics Inc | -1.0% | |
| Eloxx Pharmaceuticals Inc | -1.0% | |
| RumbleON Inc | -1.0% | |
| Concrete Pumping Holdings Inc | -1.0% | |
| Zuora Inc | -0.9% | |
| Reata Pharmaceuticals Inc | -0.9% | |
| Aldeyra Therapeutics Inc | -0.9% | |
| Transocean Ltd | -0.9% | |
| Abeona Therapeutics Inc | -0.8% | |
| Carrols Restaurant Group Inc | -0.8% | |
| Kala Pharmaceuticals Inc | -0.8% | |
| SNC-Lavalin Group Inc | -0.7% | |
| Noodles & Co | -0.7% | |
| Scholar Rock Holding Corp | -0.7% | |
| NuVista Energy Ltd | -0.7% | |
| Valaris plc | -0.6% | |
| McDermott International Inc | -0.6% | |
| Pacific Drilling SA | -0.5% | |
| Chaparral Energy Inc | -0.3% | |
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