Sentry Select Market Neutral L.P.
Sentry Select Market Neutral L.P is an alternative investment vehicle with the objective to maximize capital returns while seeking to limit exposure to equity market movements. The Partnership achieves this objective by employing various 'market neutral' strategies, focusing primarily on paired trades of global (with a North American bias) listed and unlisted equity and debt securities of all market capitalization, and generally maintaining the net market exposure of the Partnership to be plus or minus 10 per cent either side of dollar neutral.
Fund information
| Fund status | Open | |
| Launched | October 2004 | |
| Type of fund | Limited Partnership | |
| Investment managers | Andrew McCreath, John Kim | |
| Subscriptions/redemptions | Monthly | |
| Minimum initial investment | $25,000 CDN for accredited investors $150,000 CDN for non-accredited investors (excluding Alberta) |
|
| Minimum investment term | Six months (3% short-term trading fee) | |
| Eligibility | Accredited investors, Canadian residents, Non-registered accounts | |
| A Class | ||
|---|---|---|
| Fund code | SSH100 | |
| Management fee | 2.0% | |
| Performance fee | 20.0% | |
| Also available in F and I Class | ||
Monthly returns (B Class Units)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |
|---|---|---|---|---|---|---|---|
| JAN | 1.3% | 2.8% | 0.0% | -0.3% | 0.5% | 1.0% | |
| FEB | 1.8% | 1.0% | 4.8% | 0.3% | 0.9% | ||
| MAR | 1.0% | 1.5% | 0.6% | -0.9% | 0.9% | ||
| APR | 0.5% | 1.3% | 1.5% | -0.4% | 0.4% | ||
| MAY | 0.7% | -1.1% | 1.0% | 0.2% | 0.5% | ||
| JUN | 0.8% | 0.0% | -0.5% | 1.4% | 0.2% | ||
| JUL | 2.3% | 0.8% | 0.8% | -0.3% | 0.3% | ||
| AUG | 0.9% | 0.6% | -1.7% | 0.5% | 1.8% | ||
| SEP | 3.2% | 0.4% | 0.5% | -2.3% | 1.1% | ||
| OCT | 1.1% | 1.3% | 0.3% | 3.0% | 1.8% | 0.9% | |
| NOV | 3.3% | -0.1% | -0.7% | -0.1% | 0.7% | 0.5% | |
| DEC | 0.5% | 1.6% | 0.3% | 0.9% | 0.3% | -0.4% | |
| YEAR | 5.1% | 16.3% | 7.5% | 11.3% | 1.0% | 7.8% |
Benchmark analysis (as at January 31, 2010)
| Market Neutral L.P.1 | S&P 500 TR Index2 | S&P/TSX Composite TR Index | |
|---|---|---|---|
| Cumulative return since inception | 60.6% | -8.7% | 46.7% |
| Compound annual return | 9.3% | -1.7% | 7.5% |
| Standard deviation | 4.9% | 20.4% | 22.4% |
| Sharpe ratio | 1.07 | -0.28 | 0.15 |
| Largest monthly gain | 4.8% | 7.4% | 11.5% |
| Largest monthly loss | -2.3% | -8.6% | -16.7% |
| Number of up months | 50 | 33 | 40 |
| Number of down months | 14 | 31 | 24 |
| 1B Class Units 2Returns in Canadian dollars | |||
This document is for information purposes only. Units of the Partnership are offered only by the Offering Memorandum which contains important information about investing in the Partnership. Any individual viewing this document should request and review the Limited Partnership Agreement in addition to the Offering Memorandum of the Partnership prior to investing. This performance data is for B Class units, which were issued prior to December 1, 2008 only. The fees for A Class units are different than the fees for B Class units, and the performance of A Class units will vary accordingly. Performance data is historical, and is not indicative of future performance. Volatility and correlation are calculated from daily returns. A risk-free rate of 4% is used. Prior to January 2006, the Partnership had a performance fee hurdle of 6% and a management fee of 2%. Returns up to and including December 2005 reflect these reduced fees.