(Bloomberg) Formula Growth Ltd., a Montreal-based hedge fund operator that has doubled total assets under management to C$1.2 billion ($891 million) over three years, is starting another fund focused on small and mid-sized U.S. stocks to meet growing demand from across the border.
Based in the Cayman Islands, the fund will seek to replicate the Formula Growth Alpha Fund, a neutral approach targeting consistent returns regardless of the direction of the market. The strategy has returned 3 percent this year through May after gaining 8.4 percent in 2016, according to Mathieu Boisvert, a vice president and manager of the C$300 million domestic fund.