To suggest that the “short volatility” trade was crowded is an understatement of epic proportions

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To suggest that the “short volatility” trade was crowded is an understatement of epic proportions

Forge First Funds commentary for the month ended January 31, 2018.

January started off as one of the strongest months for equities in the history of capital markets with stocks marching relentlessly higher amid investor optimism and non-existent volatility. Continued strong performance in the US economy combined with positive earnings revisions from US tax reform helped buoy the S&P 500 5.7% for the month, the best start to the year in 31 years. Meanwhile, here in Canada, uncertainty surrounding NAFTA weighed on the TSX, resulting in a loss of 1.4% for January. Both of the Forge First funds generated positive net returns for January.