Highlights At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. This is a far cry from the wide premium that small caps traded at for the decade prior to 2020. […]

Highlights Several of our shorter duration holdings experienced solid gains in April, including secured bonds of Greystar Real Estate Partners LLC (private) and Life Time Group Holdings Inc. (NYSE: LTH). In banks, our focus was on AT1 securities issued by the two largest Canadian banks trading prices of 75% of par or lower. We established […]

Parul and Geoff cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area.  Highlights: The opportunity set they are seeing and cyclicality.  Overvalued and undervalued sectors.  Where investing ideas come from.  The Four Ps: Pre-investment, Purchase, Pro-active credit management, Position exit.  […]

Highlights The Fund returned 2.6% in the first quarter. Over the last three years, performance has been strong at 17.3%1. One of the major areas of market concern during the quarter was the meltdown of Silicon Valley Bank. We do not own any U.S regional banks in the Fund, nor any banks for that matter. […]

Highlights A positive development during the month was banks returning to provide buyout debt financing. March was the peak month of SPAC maturities for 2023 with the industry now fully lapping the peak of the 2020/21 SPAC bubble by the typical two-year maturity date. As the size of the SPAC sector and the number of […]

Parul and Geoff cover the complexities of this investment niche, the risks and rewards, the current opportunity and their history and experience in this area. Parul Garg and Geoff Castle have been investing in this part of credit markets since 2015 and see an opportunity emerging. The cycle created by the transition in monetary policy […]