2019 was a difficult year for active managers as headline news created many uncertainties. Active managers carried more cash than usual, held large short positions, or were long volatility. These protection trades were costly. The Palos Income Fund LP and Palos Equity Income Fund, which are active funds, fared well when compared to other actively managed funds. These funds were up 18.34% and 14.63%. The TSX Composite was up 22.88% for the same period. I\u2019m pleased with our performance, especially because the Palos Income fund was holding up to 9% of cash at various times during the year. Similarly, the Palos Equity Income Fund held 10% in fixed income securities and 9% in cash. We managed the funds both cautiously and prudently.<\/p>\n
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