Having reached the $100 million mark, Toronto’s AlphaNorth Asset Management plans to impose limitations on new investors in the AlphaNorth Partners Fund.
As of July 1, 2011, only existing investors will be permitted to buy Class A and Class D shares in the fund.
“It has been our intent since inception that the AlphaNorth Partners Fund limit new investors once fund assets reached $100 million,” said AlphaNorth President and CEO Steve Palmer. “It is prudent to limit new investments to preserve the integrity of the investment strategy so that we can continue to generate strong returns. We want to ensure that the portfolio is nimble enough to generate the exceptional returns to which we are accustomed.”
The AlphaNorth Partners Fund, launched in December 2007, is a long biased small cap hedge fund focusing primarily on small-cap Canadian equities. Since inception, the fund has delivered an annualized return of 47.6% to March 31, 2011 or 266% cumulatively despite a very difficult environment for small cap equities during this period.
The last date for subscriptions from new investors is June 30, 2011.