Waratah hedge fund snaps perfect streak With First Annual Loss
BNN Bloomberg
Waratah Capital Advisors’ biggest hedge fund posted its first-ever annual loss in 2022, but the Canadian firm still delivered positive returns on most of its products, including its flagship equity funds.
The investment manager’s Waratah Performance fund declined 1 per cent last year, breaking an unbeaten streak of gains since the firm was founded in 2010, according to an investor letter seen by Bloomberg. The fund, which follows a long-short strategy that’s focused on North American stocks, has returned 220 per cent since inception.
The largest long exposures in the $878 million (US$657 million) fund at year-end were amusement-park operator Cedar Fair and asset manager Sprott Inc., which fell 17 per cent and 21 per cent last year, respectively. The firm is one of the largest shareholders of both companies, owning more than 3 per cent of each, according to data compiled by Bloomberg. Waratah declined to comment.
