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MINIMUM INVESTMENT WHEN RELYING ON ACCREDITED INVESTOR EXEMPTION (1)

MINIMUM INVESTMENT REQUIRED WHEN RELYING ON OFFERING MEMORANDUM EXEMPTION (2)

MINIMUM INVESTMENT EXEMPTION (3)

Alberta

$25,000

N/A

$150,000

British Columbia

$25,000

$25,000

$150,000

Manitoba

$25,000

N/A

$150,000

New Brunswick

$25,000

$25,000

$150,000

Newfoundland & Labrador

$25,000

$25,000

$150,000

Northwest Territories

$25,000

N/A

$150,000

Nova Scotia

$25,000

$25,000

$150,000

Nunavut

$25,000

N/A

$150,000

Ontario

$25,000

N/A

$150,000

P.E.I.

$25,000

N/A

$150,000

Quebec

$25,000

N/A

$150,000

Saskatchewan

$25,000

N/A

$150,000

Yukon

$25,000

N/A

$150,000

 

1. Accredited Investor Exemption:

There is no regulatory minimum purchase amount requirement for investments in a Fund made by investors who qualify under the Accredited Investor Exemption. However, the minimum initial purchase amount established by the Manager for "accredited investors" is $25,000 (or such lesser amount that the Manager may accept from time to time).
The criteria for qualification as an "accredited investor" is defined in National Instrument 45-106 of the Canadian Securities Administrators and is set out in the Subscription Instructions of the Investment Application.

2. Offering Memorandum Exemption:

(Only for residents of British Columbia, Nova Scotia, New Brunswick and Newfoundland and Labrador)

There is no regulatory minimum investment required for investments in a Fund made pursuant to the Offering Memorandum Exemption. However the Manager has established a minimum initial investment of $25,000. Please note that this is effective September 3, 2010.

Download the Risk Acknowledgement Form
.

3. Minimum Amount Exemption

The minimum amount for an initial investment in a Fund made by an investor purchasing under the Minimum Amount Exemption is $150,000 in each province and territory.

Disclaimer: Information about the Arrow Capital Management Funds is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of the Arrow Capital Management Funds is made pursuant to their respective offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about the Arrow Capital Management Funds, including a statement of each fund's fundamental investment objective, is contained in their respective offering memorandum, a copy of which may be obtained from your dealer. Read the applicable offering memorandum carefully before investing. Unit values and investment returns will fluctuate.

 

 

Arrow Capital Management Funds are not guaranteed, their values change frequently and past performance may not be repeated.

™ Arrow, Arrow Capital and Arrow Capital Management are all trademarks of Arrow Capital Management Inc. Experience. Intelligent Investing. is a trademark of Arrow Capital Management Inc.

© All documents and information contained on this website are considered to be the copyright material of Arrow Capital Management Inc.

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    May 2013 - QE Wind Down Turns Market On Its Head


    Last month's bond market sell-off is, so far atleast, clearly more about rising interest rates than credit quality. Blame apparently rests with the Feds hintsabout QE tapering or the winding down of its more than $1 trillion annual bond buying. An examination of the various Bank of America Merrill Lynch bondindices’ May performance, in order of credit quality, clearly shows the lowestquality bonds outperformed those of higher quality but longer maturities:

    • ML US Corp and Govt 10 Year AA & Above Rated -6.0%
    • ML US Master II High Yield Index -1.5%
    • ML US High Yield CCC & Lower Rated Index +0.3%

    London based Capital Economics suggests rates will settle down.  Inflation is low and growth still tepid, so no need to rise as much as in, say, 1994.  That year, the Feds surprised everyone by raising their fund’s rate 300 basis points in 12 months.  A bond market rout and the "Tequila Crisis" ensued, where Mexico was eventually bailed out.  However, there is no Fed surprise this time.

    So a sudden collapse is unlikely but it is probably worth noting the last time equities yielded more than bonds was the late 1950s,which was the beginning of a multi-decade bond bear market.  We wondered, with US Treasury yields the main reference for asset pricing, what could possibly be in store for, well, everything else now that rates are on their way up.

    Perhaps one of the main lessons from the late 1950s is that equities, given enough time, will most likely provide superior real after-inflation returns.  Post-crisis growth rates may be sub-par for a while yet, but a disciplined and contrarian approach to stock selection offers a good way to profit from market turbulence. The complete melt-down of junior gold miners, compared with massive outperformance of similarly risky biotech shares, possibly demonstrates one such opportunity today.

    In fact, disciplined behaviour is always a good strategy. A fascinating discussion paper from the Federal Reserve came out in late 2012, which looked at the herding behaviour of institutional bond investors.*  The authors found a strong and statistically significant tendency for bond investors to follow each other, typically buying new issues and selling near maturity dates.  Credit events also showed herd behaviour, especially in lower rated and less liquid paper. 

    The interesting part was the equally strong outperformance of these same bonds once the mass selling was over. The recent bond issue by Apple Inc. is instructive: 3 times oversubscribed at issue, it is now down more than 9% in the last 6 weeks. According to Bloomberg, investment dealer bond inventories are more than 80% lower than before the crisis, so market liquidity is much lower and prices can fall sharply, as Apple’s bonds recently demonstrated.

    In our view this is a clear opportunity for an active and hedged approach to investing in credit markets.  The HFRI RV Credit Multi-Strategy Index gained 1.7 percent in May.  Well managed credit hedge funds are often liquidity providers in turbulent markets, which combined with good credit work, allows for profiting from the herd.  This has not gone unnoticed as many of the large credit hedge funds are closing to new investors.  Though the best way to protect and advance capital in this environment would seem to be smaller,nimble but established hedge funds that can trade with little market impact.

    * http://www.federalreserve.gov/pubs/ifdp/2012/1071/ifdp1071.pdf

    Click here to download

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