October 2018 Commentary

Four months shy of its 10th birthday, October marked this equity bull market's 2nd 10% drawdown of 2018. Unless an investor was in cash, held a short book or perhaps a fund whose underlying assets aren't marked to market on a monthly basis, it was a tough few weeks. Each of the S&P 500 & the TSX delivered total return losses of greater than 6% for the month, leaving Canadian equities red year to date. The Class F Lead Series of our Forge First Multi Strategy LP declined 1.11% net of fees while our Forge First Long Short LP Class F Lead Series fell 2.19% after fees. However, as shown in the table below, each of our funds remains solidly positive year to date and for the rolling 12 months.

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