February 2018 Commentary

We have long suggested that should volatility return to equity markets, our style of long/short investing would begin to prove its mettle. This is exactly what we saw during the month of February, as the spike in US Treasury yields catalyzed volatility (as measured by the VIX index) to spike to levels last seen in 2015, resulting in a monthly loss of 3.0% for the TSX and 3.7% for the S&P 500 indices. Both Forge First Long Short LP (“FFLSLP”) and Forge First Multi Strategy LP (“FFMSLP”) generated positive net returns for the month.

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Emma Querengesser