Mavrix Fund Management Inc. Reports Sales and Assets Under Management for August 2008



    TORONTO, Sept. 3 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets Under Management (AUM) and sales for the month ending
August 31, 2008. AUM decreased by 5.1% in August to $471.6 million with a
25.9% decrease year-to-date and a 30.8% decrease compared to August 31, 2007.
This was largely due to the continued poor performance of small cap and
resource stocks.
    For the month ended August 31, 2008, Mavrix reported net redemptions of
$450,000 on gross sales of $4.9 million. On August 26, 2008, Mavrix announced
the filing of the preliminary prospectus of the Mavrix Explore 2008-II FT
Limited Partnership (the "LP"). The LP will invest in a diversified portfolio
of flow-through shares issued primarily by mining companies that engage in
exploration activities in Canada. Sales of Mavrix resource limited
partnerships have raised gross proceeds of $47 million year to date.
    "We were encouraged to see increased gross sales activity and reduced
gross redemptions for our mutual funds despite the volatile equity markets and
the usual summer drop in retail mutual fund transaction activity," said David
Balsdon, CCO and Secretary-Treasurer.

    
    -------------------------------------------------------------------------
    AUM                    Aug. 31,      Jul. 31,      Dec. 31,      Aug. 31,
                              2008          2008          2007          2007
    -------------------------------------------------------------------------
    Mavrix Mutual
     Funds            $378,911,322  $385,090,066  $457,522,479  $510,194,412
    -------------------------------------------------------------------------
    Specialty Funds    $92,660,939  $111,625,703  $178,429,473  $171,200,553
    -------------------------------------------------------------------------
    Total
     Assets Under
     Management (AUM) $471,572,261  $496,715,769  $635,951,952  $681,394,965
    -------------------------------------------------------------------------
    All amounts are expressed in Canadian dollars.


    About Mavrix Fund Management Inc.
    ---------------------------------
    

    Mavrix Fund Management Inc. (TSX: MVX) is an asset management company
founded and operated by experienced portfolio managers. The company offers a
focused lineup of concentrated, actively managed funds that aim to complement
mainstream funds. Mavrix supports its products by providing financial advisors
with regular and direct access to portfolio managers and unbiased commentary,
which has enabled the company to become a trusted advisor to its clients.
Mavrix is headquartered in Toronto with offices in Halifax, Montreal,
Winnipeg, Calgary, and Vancouver. Additional information about Mavrix can be
found at www.mavrixfunds.com.

    %SEDAR: 00020385E




For further information:

For further information: contact Mavrix Fund Management Inc. at (416)
362-3077, 1-888-964-3533 or www.mavrixfunds.com

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MAVRIX FUND MANAGEMENT INC.

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