Crystalline Management is an alternative investment manager established in Montreal since 1998. The company was founded by Marc Amirault, Co-CIO & Chairman of the Board.
Driven by an approach that values low volatility and returns independent to that of major asset classes, the company’s management philosophy is based on three core principles:
Crystalline’s clientele include Canadian and international institutional investors, family offices and private clients looking to diversify their portfolio without penalizing portfolio performance.
With an exceptionally talented team, an enviable client base, the company is committed to gradually increasing its offering through the development and management of new and innovative alternative products, highlighting the extent of its investment management team’s expertise in Canadian capital markets.
The company now counts thirteen specialized employees, including seven investment professionals along with post graduate interns, all dedicated to constantly improving our absolute return strategies.
Since its founding, Crystalline proved that experience, transparency and consistency can make a difference.
No FOMO Syndrome Here
More than ever, investor sentiment could play a decisive role in the financial markets over the coming months. Our previous newsletter discussed the economic outlook among U.S. investors regarding a possible economic landing, whose views completely reversed over the past 12 months. Last year, 75% of them feared a hard landing, but now over 75% expect a soft landing. Some even believe that there will be no landing at all. As a result, investors’ fear of missing out (« FOMO ») on good investment opportunities has created a frenzy that is pushing prudent risk management out of the window. We did not buy into this excessive optimism three months ago, and we stand by this position. Seeing stock markets at all-time highs only reinforces our cautious approach. We are skeptical and prefer to remain positioned with our « all-weather » portfolio while waiting for the inevitable reversal in confidence that could occur at any time.
Our non-directional strategies and all-weather portfolio are well suited to this environment, we believe. And, our results speak for themselves with our arbitrage strategies on track to meet or exceed their return targets year-to-date. We are well positioned to take advantage of the opportunities that we think will inevitably arise over the coming months and quarters and meet the expectations of our investors. for the Amethyst Arbitrage Fund.
Excellent Start to the Year
In our last year’s quarterly newsletters, we often spoke about how our arbitrage strategies were guided by caution. Faced with frequent and excessive volatility, uncertainty surrounding the end of the interest rate cycle, and equity market valuations that we found to be excessive, we often adopted an approach that put capital preservation at the core of our investment decisions. At the same time, we were able to find many high-quality opportunities that offered attractive risk/return profiles. Today we are reaping the rewards of this cautious yet opportunist approach. The Fund is off to a good start this year (+6.5% CL.F), holding its own against the main benchmark indices. And we believe that we can build on this momentum, even though we still consider the conditions challenging.
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