Monthly Fund Snapshot (April 2015)

MAXAM DIVERSIFIED STRATEGIES FUND
April 30, 2015
INVESTMENT OBJECTIVE & STRATEGY
PERFORMANCE STATISTICS3
The fundamental investment objective of the Fund is to maximize long term investment returns through multiple
market cycles. The manager employs an active, flexible and opportunistic investment strategy with an emphasis on
event-driven and special situations. The manager has the flexibility to utilize alternative investment strategies to
both generate returns and actively manage risk.
3 Months
1 Year
2 Years
4
3 Years4
Since Inception
5 Years4
6.6%
24.0%
25.5%
3
The manager primarily invests in North America, targets opportunities across the capitalization spectrum and seeks
securities in which it can identify both value and a catalyst.
Correlation
0.57
0.62
Standard Deviation4 Sharpe4
Alpha4,5
FUND DETAILS
19.9%
12.3%
14.0%
Jan
Feb
Mar
Apr
Offering Memorandum
Management Fee
C: 2% F: 1%
2015
0.58%
2.21%
1.05%
3.18%
Eligible Provinces
BC, AB, SK, MB, ON
Performance Fee
C/F: 20% above HWM
2014
-0.53%
1.69%
0.01%
1.35%
Pricing Frequency
Monthly
High Watermark
Yes (no-reset)
2013
5.80%
-0.60%
-0.39%
-1.43%
Prime Broker
TD Securities Inc.
Lock Up Period
None
2012
5.07%
3.39%
-3.00%
-1.70%
Fund Administrator
IAS
Short Term Trading Fee 3% if within 6 Months
2011
1.13%
0.80%
-1.11%
-0.68%
Auditor
KPMG LLP
fundSERV Codes
C: LIM600 F: LIM700
2
Minimum Investment $25,000
2010
0.93%
1.12%
1.36%
-0.53%
2009
114.6%
9.4%
1.3
7.7%
Series A Units, net of fees and expenses; Inception: 01-Jul-2009, Statistics are relative to S&P/TSX Total Return Index; 4 Annualized; 5 Risk free rate 1.0%
Offering Document
-
-
-
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
-
-
-
-
-
-
-
-
4.49%
4.76%
2.40%
2.11%
-0.94%
2.13%
3.18%
1.67%
2.73%
-2.15%
-0.18%
0.56%
0.47%
-3.32%
-5.61%
1.12%
-5.64%
-2.16%
-
-
-
STRATEGY ALLOCATIONS (Gross Exposure)
KEY FUND CHARACTERISTICS
Beta
Annualized Cumulative
Year
7.2%
0.12%
1.78%
0.15%
18.6%
3.37%
4.13%
1.62%
2.96%
28.0%
2.67%
-0.65%
1.17%
4.07%
9.8%
-3.65%
-3.55%
1.45%
-0.50%
-1.38%
-14.5%
3.87%
0.26%
7.93%
4.43%
1.96%
5.84%
20.3%
-1.15%
-0.78%
5.10%
2.02%
6.45%
4.35%
16.8%
SECTOR ALLOCATIONS
Financial
* Value with Catalyst investment approach
Energy
* Active, Opportunistic, Flexible investment style
Long/Event Driven
* Exposure to company-specific events, special situations, and alternative strategies
Special Situations
Basic Materials
27%
* Returns are not wholly dependent on strong markets (catalysts occur in all market environments)
Merger Arbitrage
* Opportunities are greater in less-crowded an inefficient areas of the market
High Yield
Industrial
Communications
47%
2
The Maxam Diversified Strategies Fund is only available to accredited investors and investors who meet other applicable exemptions
Consumer, Cyclical
5%
Hedge/Short
1
Technology
3%
Consumer, Non-cyclical
Utilities
Cash & Equivalents
26%
Subject to accredited investor status, applicable securites offering exemptions, manager discretion
Health Care
-5.0%
Long/Event Driven
High Yield
Visit www.maxamcm.com to review the Offering Memorandum and the subscription agreements
LEAD FUND MANAGER
SELECT TOP POSITIONS
Travis Dowle is President and Fund Manager of Maxam Capital Management. Mr. Dowle has overall
investment management responsibility for the Fund. In 1996, he began his career with MK Wong &
Associates, which was later acquired by HSBC Asset Management. After leaving HSBC in 2007, Mr. Dowle
worked at a Vancouver-based private investment company where he founded Maxam Capital Management.
Mr. Dowle is a graduate of the University of Western Ontario, holds the Chartered Financial Analyst (CFA)
designation and is a past guest instructor for the Stalla CFA exam preparation course covering capital markets
theory and valuation.
Name
Strategy
Sector
Diversified Royalty Corp
Special Situations
Financial
Great Canadian Gaming
Event Driven Long
Consumer, Cyclical
Boyd Group Income Fund
Event Driven Long
Consumer, Non-cyclical
Element Financial Corp
Event Driven Long
Financial
Parkland Fuel Corporation
Event Driven Long
Consumer, Cyclical
Maxam Capital Management Ltd.
902-510 Burrard Street
T 604 685 0201
Vancouver, BC V6C 3A8
F 604 685 9970
www.maxamcm.com
[email protected]
Travis Dowle, CFA
Stephen Roberts
T 604 685 0201 x 106
T 604 685 0201 x 107
[email protected]
@maxamcap
[email protected]
ACTIVE
Number of Positions
10.0%
15.0%
Special Situations
GROWTH OF $100,000 (Since Inception, 01-Jul-09)
ABOUT MAXAM CAPITAL MANAGEMENT LTD.
Maxam Capital Management Ltd. is a Vancouver-based independent and employee-owned fund management
firm. The firm was founded with the philosophy that an active, opportunistic and flexible approach to
investing provides the best opportunity for the generation of long-term positive returns through a variety of
market environments.
0.0%
5.0%
Merger Arbitrage
Hedge/Short
Net Exposure
74%
Top 10 Positions
35%
52
Portfolio Yield
1.0%
Top 5 Positions
21%
Leverage
$210,000
$200,000
$190,000
$180,000
$170,000
$160,000
$150,000
$140,000
$130,000
$120,000
$110,000
$100,000
$90,000
nil
This statistical information is intended to provide you with information about the Maxam Diversified Strategies Fund. Disclosed performance is based on Series A units and is net of all fees and expenses.
The performance fee on Series A units are subject to a 5% annualized hurdle. Important information about the Fund is contained in the Offering Memorandum which should be read carefully before
investing. You can obtain an offering memorandum from Maxam Capital Management Ltd. The Offering Memorandum for the Maxam Diversified Strategies Fund does not constitute an offer or solicitation
to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. An investment in one of our funds is
speculative and high risk. We assume no obligation to update the information in these documents. The indicated rates of return are the historical compounded returns for the period indicated, including
changes in security value and the reinvestment of all distributions and do not take into account income taxes payable that would have reduced returns. The fund is not guaranteed; its values change frequently
and past performance may not be repeated.
OPPORTUNISTIC
FLEXIBLE