In 2017, the Palos Income Fund LP was up 12.53% whereas the S&P TSX composite was up 9.10%. The fund generated a positive alpha of 3.43%. It’s important to note that the fund’s performance did not come from taking more risk. The funds value at risk (VAR) was equivalent to that of the TSX during the year, in addition, the fund’s beta was also lower than that of the TSX. On a risk reward basis, Palos is pleased with its performance for 2017. However, as managers, it’s important to analyze what did and did not work during the year.
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