The Goodwood Funds’ 2018 Annual Report

The Goodwood Funds is an investment management firm with a 20 years long tradition. It is headquartered in Toronto, Canada. Its investment philosophy is value-oriented, with a focus on credit opportunities and special events. Its founder, chairman, and CIO is Peter Puccetti, a Chartered Financial Analyst. Prior to launching The Goodwood Funds, Peter honed his investment acumen at Sprott Securities Limited. He earned his BA in Economics from Dalhousie University. Recently, The Goodwood Funds released its 2018 Annual Letter, a copy of which you can download below.

“For the year ending December 31, 2018, the Goodwood Fund’s (the “Fund”) net asset value (“NAV”) per Class “A” units and Class “B” units both decreased by -16.6%, while the NAV per Class “F” units decreased by -15.7%. The S&P/TSX Composite Total Return Index (“TSX”) decreased by -8.9% in the same period.

From October 31, 1996 (commencement of the offering of the Fund Class “A” units) through to December 31, 2018, the Fund has returned +7.5%per annum net (after all fees) versus the TSX’s per annum return of +7.1%.*

No distributions were paid on December 31, 2018.

The Fund’s 2018 audited financial statements are attached for your review.

During 2018 (based on month end figures), the Fund averaged an 102.1%invested position (i.e., market value of long positions plus market value of short sale positions as a percentage of the Fund’s equity). At one extreme, the Fund was 118.6%invested, composed of 91.3%long and 27.3%short, leaving a “net market exposure” (i.e., longs minus shorts as a percentage of the Fund’s equity) of 64.0%. At the other extreme, the Fund was 90.0%invested, or 90.0%long and 0.0%short for a net market exposure of 90.0%.

All figures in Canadian dollars unless otherwise noted. “Fund” refers to just the Goodwood Fund while “Funds” refers to the Goodwood Fund, Goodwood Capital Fund, Goodwood Milford Fund, Goodwood Milford Fund Trust and other investment pools that Goodwood Inc. manages.”

You can download a copy of The Goodwood Funds’ 2018 Annual Report here:


You can also see the list of our 2019 Q1 investor letters and download them on this page.