The management of
Upward Revision of Portfolio Value, Net Asset Value per Class A Share and One-Year NAV Performance, as at September 30, 2009 ------------------------------------------------------------------------- - The Fund previously posted an aggregate net asset value as at September 30, 2009 of $90,664,083. This value was based on a reported value of the Fund's holdings of Dynamic Power Hedge Fund (the "Dynamic Fund") of $26,775,066. - To reflect a change in the reported value of the Dynamic Fund units held by the Fund, the aggregate value of the Fund's holdings of the Dynamic Fund as at September 30, 2009 is restated as $28,517,332. The change in reported value takes account of a retroactive conversion of the Fund's previous holdings of Class F Units into Class FC Units of the Dynamic Fund. - As a result of the foregoing: - the undiluted and fully-diluted net asset values of the Fund's Class A Shares as at September 30, 2009 are restated as $12.4294 and $11.2596, respectively; - the Fund's aggregate net asset value as at September 30, 2009 is restated as $92,406,349; and - the one-year undiluted Class A Share NAV return for the period ending September 30, 2009 is restated below: ------------------------------------------------------------------------- One Year NAV Return September 30, 2008 - September 30, 2009 ------------------------------------------------------------------------- Star Hedge Managers Corp. (NAV performance, undiluted Class A Shares)* 32.8% ------------------------------------------------------------------------- S&P/TSX Composite Index (Total Return)(xx) 0.51% ------------------------------------------------------------------------- * The Fund's $12.4294 undiluted net asset value per Class A Share as at September 30, 2009 represents an increase of 32.8% over the Fund's net asset value of $9.3614 for Combined Units posted September 30, 2008. Past performance may not be repeated. Combined Units consisted of one Class A Share and one Warrant, with no part of the net asset value attributable to Warrants. The fully-diluted NAV per Class A Share as at September 30, 2009 was $11.2596. Fully-diluted NAV assumes all Warrants will be exercised. (xx) Source: Bloomberg. Positive Developments --------------------- - As at September 30, 2009, the Fund's portfolio consisted of Class I Units of Sprott Hedge Fund LP II (the "Sprott Fund") having a value of $23,279,939; Class FC Units of Dynamic Power Hedge Fund (the "Dynamic Fund") having a value of $28,517,332, an account managed by Front Street Investment Management Inc. (the "Front Street Managed Account") having a value of $40,483,124 and net cash of $125,954. - Since September 30, 2009: - The Sprott Fund has published an October 2009 month-to-date performance estimate for Class A Units of the Sprott Fund for the period from September 30, 2009 to October 15, 2009 of +1.5%. - The Dynamic Fund has published a net asset value per Class FC Units of the Dynamic Fund as at October 16, 2009 of $65.45*, representing an increase of approximately 6.9% over the $61.22 net asset value used by Star Hedge Managers Corp. when reporting the restated September 30, 2009 net asset values per Class A Share reported above.*Source: Globefund.com - As at October 15, 2009, the net asset value of the Front Street Managed Account had increased by approximately 3.9% over the net asset value used in computing the September 30, 2009 net asset value per Class A Share. - As at October 15, 2009 the Fund had net cash holdings of approximately $81,291.
The foregoing information has not been audited. Further, the values of the Fund's investments change on an ongoing basis and performance may not be repeated. Accordingly, there can be no assurance that the Fund's investments will exceed or be less than their values as at
The Fund has been created to provide long-term capital growth by investing in a portfolio consisting of private investment funds or portfolios managed by three of Canada's leading portfolio managers:
Class A Shares and Warrants are listed on The
For more information please visit the Fund's website at www.bmocm.com/bmosp under "Closed-End Funds".
For further information: BMO Financial Group, Mark W. Lobsinger, (416) 359-7742
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