Looking for a bear fund

Q – Are there any managed bear funds in Canada? – J.-L. R.

A – Globefund.com lists two, both managed offshore.

The All Points Index U.S. Bear Fund is run by Bermuda International Investment Management and has the longest track record. It has been doing very well recently, with a one-year gain of 18.7% to June 30. However, this isn’t a buy-and-hold fund; the five-year average annual compound rate of return is barely above break-even at 0.4%. You’ll need $97,000 to take a position.

The Leeward Bull and Bear Fund is only a year old. It’s run by Leeward Capital Management and has a 12-month return of 32.5%. This one has a $150,000 minimum investment requirement. – G.P.