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Alpha Scout Fund Achieves 20.46% Return For 2006


Date: Wednesday, February 7, 2007
Author: PRNewswire

The Alpha Scout Fund, a Toronto-based fund investing in exceptionally managed hedge funds, today reported unaudited results for the fourth quarter and year ended December 31, 2006. All figures are in Canadian dollars unless otherwise indicated.

“Our first full calendar year of operations was a great success, capped off by gains registered in each month of the fourth quarter. For the year, we met or exceeded our key investment objectives, significantly beating our benchmarks including preserving and growing investors’ capital while assuming below-market risk,” said Ann Glazier Rothwell, President, Chief Executive Officer, and Chief Investment Officer, and a co-founder of the fund.

For the year, The Alpha Scout Fund achieved a 20.46 percent increase, net of all fees. This compares with the 11.06 percent gain recorded for the year by the fund’s performance benchmark, comprising the S&P/TSX composite (40 percent of the benchmark); S&P 500 (30 percent); and Lehman Brothers Government-Credit Bond Index (30 percent), rebalanced monthly. The fund’s performance also widely beat the Credit Suisse/Tremont Hedge Fund Index, which recorded a return in 2006 of 13.86 percent.

Appointment of Scott R Cruickshank as CFO
The Alpha Scout Fund also announced the appointment of Scott R Cruickshank as Chief Financial Officer and Vice-President, Administration. Mr. Cruickshank has more than 20 years of finance, compliance, and regulatory experience in the financial services industry. Most recently, he was a founding partner and Chief Financial Officer of Clearsight Wealth Management Inc., prior to its sale to an investment dealer. His career also has included positions with Burns Fry, the Toronto Stock Exchange, Deutsche Bank Group Canada, Scotiabank, and CIBC in various senior financial positions. Mr. Cruickshank holds a BBA from Schulich Business School in Toronto and is a chartered accountant.

Plans to launch RRSP-eligible fund
“Based on our discussions with investment advisors and financial planners, we have been encouraged to launch a version of The Alpha Scout Fund that is eligible for investments by Registered Retirement Savings Plans,” Ms. Glazier Rothwell said. “We are targeting the launch of this RRSP-eligible fund in March, immediately after the completion of the current RRSP campaigns. The fund will be made available for distribution by the brokerage and financial planner community using the convenience of FundSERV. Final details on the offering memorandum may change, but the RRSP version of the Fund will feature much lower initial and subsequent purchase amounts and other terms consistent with other RRSP eligible funds. The fee structure and underlying portfolio of the RSP version may differ from The Alpha Scout Fund,” she added.

The Alpha Scout Fund, launched August 1, 2005 by its founders, Henry Fiorillo and Ann Glazier Rothwell, CFA, invests in a portfolio of exceptional asset managers. Currently, the fund is invested in 15 funds, selected from a careful screening of about 225 candidates.