Mavrix Fund Management Inc. reports Sales and Assets under Management Results for April 2009

    TORONTO, May 4 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets under Management (AUM) and sales for the month ending April
30, 2009. Total AUM increased by 7.7% in April to $275.4 million with a
year-to-date increase of 7.0% and a one year decrease of 48.1% compared to
April 30, 2008.
    Mavrix reported Net Redemptions of $0.4 million on Gross Sales of $5.0
million for Mavrix Mutual Funds for the month ended April 30, 2009. On May 01,
2009, it was announced that Mavrix became the manager of the Northern Rivers
Monthly Income and Capital Appreciation Fund which has assets of $7.8 million
that are not included in Mavrix's April 2009 AUM totals. The fund will be
renamed the Mavrix Tax Deferred Income Fund and will be integrated into the
Mavrix Mutual Fund line-up in May 2009.
    On February 18, 2009, Mavrix announced the filing of the preliminary
prospectus of the Mavrix Explore 2009-I 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.
Previous to this latest offering, Mavrix has raised over $475 million through
16 resource limited partnerships.
    "The majority of our fund line-up continued to post improving performance
in April," said David Balsdon, CCO, Secretary-Treasurer and Vice President.
"Gross Sales are picking up in our resource and small cap equity funds in
tandem with strengthening sales for our conservative income oriented funds."

                         AUM as at     AUM as at     AUM as at     AUM as at
                          April 30,     March 31,  December 31,     April 30,
                              2009          2009          2008          2008
    Mavrix Mutual
     Funds            $242,651,221  $226,735,894  $219,430,243  $441,911,311
    Specialty Funds    $32,771,922   $28,912,600   $38,000,417   $88,801,598
    Total Assets
     Under Management
     (AUM)            $275,423,143  $255,648,494  $257,430,660  $530,712,909
    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 and
Winnipeg. Additional information about Mavrix can be found at

    %SEDAR: 00020385E

For further information:

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

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