TORONTO, Nov. 3, 2016 /CNW/ - The AlphaNorth Resource Fund posted a YTD return of 203.6% as at October 31, 2016. It is the best performing mutual fund across all asset classes in the GlobeFund database of over 19,000 funds.
"We are delighted with the strong rebound our funds have experienced in 2016. It has been a very difficult few years for the Canadian Venture stocks. However, the Canadian junior market bottomed in January and we believe that a robust recovery is still ahead," said Steve Palmer, President & CIO, AlphaNorth Asset Management. "One of the large contributors to this strong return has been Blackbird Energy (TSXV:BBI) which has increased by approximately 200% in 2016. Significant upside potential remains for Blackbird and our other holdings in the coming months."
The Canadian junior market had been in a relentless bear market since peaking in 2011. Appetite for risk has increased since the beginning of 2016 as evidenced by the 47.5% YTD return for the TSX Venture index to October 31. While most investors remain in denial, the TSXV index has risen 63.6% from its all-time low in January. Performance has already surpassed any of the previous rallies since 2011 in both duration and magnitude making the TSXV the best performing broad based index worldwide.
AlphaNorth is confident that the bear market has ended and that we are still in the early innings of this current turnaround. Sentiment has only started to turn positive, yet much skepticism remains. As investor enthusiasm continues to improve so too will returns. The AlphaNorth Resource Fund is evidence of the initial sentiment change as commodities and energy have caught a bid resulting in a YTD return for the fund of 203.6% to October 31st.
"As the market turnaround continues and becomes more broad-based, we expect the AlphaNorth Growth Fund and the AlphaNorth Partners Fund, returning 32.2% and 33.8% (estimate) respectively YTD to October 31, 2016, to experience ongoing strong performance," said Tina Byers, Associate Portfolio Manager, AlphaNorth Asset Management.
AlphaNorth Asset Management is a Toronto based investment manager that specializes in selecting opportunities in the best performing asset class over the long term. AlphaNorth also manages the AlphaNorth Growth Fund and the flagship AlphaNorth Partners Fund.
SOURCE AlphaNorth Asset Management
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