Investment Objectives & Strategies

At Spartan we believe that there are many factors in addition to investment returns that need to be considered by investors when analyzing an investment. For example, return objectives are not meaningful for an investor if we are only able to deliver those returns when the market is trending upwards. As well, few investors can tolerate extremely volatile returns even if the returns generated are very high. Accordingly, we believe it is important to consider a number of objectives such as returns, risk (volatility and drawdowns) and correlation to equity indices when making an investment decision. Specifically, the core objectives and principles we have established for our fund are:

• Double-digit annualized returns over a three to five-year period
• Returns that are not dependent on the direction of equity markets
• Volatility of returns less than half those of the equity markets
• Focus our strategies on liquid exchange traded markets
• Creating a well diversified portfolio, emphasizing several small positions rather than a few large ones