Toronto-based Spartan Fund Management has re-branded the Heaps Fund as LSQ, a retail alternative fund.
The fund utilizes a quantitatively oriented long/short equity strategy, trading primarily North American-listed titles and maintaining a very low net market exposure.
The LSQ investment team is headed by Todd Heaps, chief strategist for the fund. Heaps has more than 15 years' experience trading equities, options and foreign exchange, initially with BMO Nesbitt Burns and later with National Bank Financial. For the five years prior to joining Spartan, he managed private money.
The fund has added two unit classes—A and F—which will be available to the Canadian Investment Advisor distribution channel via the FundSERV network. The units differ only in their management fees, with the Class A units for traditional investment advisors and the Class F units for fee-only advisors.
Both classes are available for registered accounts, such as Retirement Savings Plans, Education Savings Plans, Retirement Income Funds and Tax Free Savings Plans. The fund carries no lock up and no charge for early redemption. The notice period for redemptions is seven days.
Since its inception in March 2012, LSQ has returned 13.87%, compared to the 0.08% for the S&P/TSX composite index.
Spartan Fund Management, established in 2006, specializes in emerging Canadian alternative investment managers.