On August 29, 2008, the Sprott Canadian Equity Fund posted its 2008 interim management report of fund performance for the period ending June 30, 2008 on SEDAR.com
The following are a few excerpts from the report:
“The Fund continues to hold a significant position of 11.1% in base metals investments. Strong demand from rapidly growing countries such as China and India and aggressive expansionary monetary policy from central banks remain the key drivers of the underlying commodities in this sector. In the first half of the year, our base metals investments contributed modestly to the performance of the Fund. The Fund has maintained additional liquidity by increasing its cash reserves to $129.4 million from $90.7 million as at December 31, 2007.
The Fund ended the first half of 2008 with a gross short position of approximately 7.9% of net assets focused primarily on financial services, consumer products and US indices. This short position contributed positively to the Fund’s performance as these sectors were under pressure in the first half of the year.
Net assets in the Fund increased from $2 billion to $2.4 billion since December 31, 2007. Notable sector shifts since December 31, 2007, include coal (4.5% to 13.2% of net assets) and oil and gas (11.8% to 16.9% of net assets).”
The Sprott Canadian Equity Fund is managed by Eric Sprott. I wont say too much about Eric and his team at Sprott Asset Management other than if there were to be a Hall of Fame for Asset Managers, Sprott Asset Management would definitely be an inductee. 
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Last update : 28-11-2008 12:18
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