Mavrix Fund Management Inc. reports Sales and Assets under Management Results for July 2008



    TORONTO, Aug. 1 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets under Management (AUM) and sales for the month ending July 31,
2008. Largely due to deteriorating equity markets, total AUM decreased by
7.86% in July to $496.7 million with a year to date decrease of 21.89% and a
31.03% decrease compared to July 31, 2007.
    Mavrix reported Net Redemptions of $6.6 million on Gross Sales of
$3.3 million for Mavrix Mutual Funds for the month ended July 31, 2008. On
July 17, 2008, Mavrix announced the final closing of the Mavrix Explore 2008-I
FT LP. Sales of Mavrix resource limited partnerships have raised gross
proceeds of $47 million year to date.
    "Robust sales of Mavrix resource limited partnerships nearly offset the
sales results for Mavrix mutual funds, as gross redemptions of our mutual fund
line-up continue to decline. Nearly all of the reduction in our AUM was from
the impact of equity market performance in July." said David Balsdon, CCO and
Secretary-Treasurer.

    
    -------------------------------------------------------------------------
                                                    AUM as at
                      AUM as at      AUM as at    December 31,     AUM as at
                  July 31, 2008  June 30, 2008           2007  July 31, 2007
    -------------------------------------------------------------------------
    Mavrix
     Mutual
     Funds         $385,090,066   $409,550,666   $457,522,479   $536,084,158
    -------------------------------------------------------------------------
    Specialty
     Funds         $111,625,703   $129,530,477   $178,429,473   $184,145,693
    -------------------------------------------------------------------------
    Total Assets
     Under
     Management
     (AUM)         $496,715,769   $539,081,143   $635,951,952   $720,229,851
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    All amounts are expressed in Canadian dollars.

    Mavrix Fund Management Inc. is a leading Canadian niche asset management
company with shares listed on the Toronto Stock Exchange. Its stock symbol is
MVX.

    %SEDAR: 00020385E




For further information:

For further information: Mavrix Fund Management Inc., Toll Free:
1-888-964-3533, Direct: (416) 362-3077, Or visit our website at
www.mavrixfunds.com

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MAVRIX FUND MANAGEMENT INC.

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