Winnipeg, Canada-based Rival Capital Management has launched the Rival North American RRSP Growth Fund, which will invest in the firm’s flagship Rival North American Growth Fund.

The long/short Rival North American Growth Fund invests in small and mid-cap growth stocks listed in Canada and the U.S. and is managed by CIO Tony Warzel.

The $14.9 million fund lost 7.6% last year through November compared to the 48.6% loss by its benchmark, BMO Nesbitt Burns Canadian Small-cap Index.

“Since mid-September, we have avoided much of the mayhem of the market by having a preponderance of short positions,” said Warzel. “We were short American high-end consumer discretionary stocks, though we have covered most of those positions now. The combination of shorts, some good longs and the stops have given us relatively strong performance.”

Rival Capital was founded in 2006.