When stock markets slumped in March as the COVID-19 pandemic swept into North America, fund managers told clients to hang tough in the face of significant paper losses.
The latest performance numbers from Canada’s hedge funds show keeping the faith was good advice. Top domestic hedge funds have jumped on surging stocks – more than three dozen domestic gold and lithium miners, lumber producers and tech plays such as Shopify Inc. are up by more than 100 per cent this year. The funds have more than made up for the pounding they took in the spring, when the coronavirus ravaged both equity and debt markets.
Two-thirds of Canadian hedge funds are now beating market benchmarks, according to figures to the end of July released on Monday by Venator Capital Management Ltd. The Toronto-based firm runs its own funds and also measures industry performance.
Story continues below advertisement
Venator tracks 61 Canadian hedge funds, and …