Ex-Lawyers Whose Fund Rose 53% This Year See Markets as ‘Frothy’
- Canada’s LM Asset outperforms in first half on commodities
- Managers are cautious on high valuations across most assets
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A duo of ex-corporate lawyers turned money managers in Canada are sounding the alarm on the rally seen across most asset classes after their fund outperformed most of its peers this year.
LM Asset Management, a Vancouver-based, value-oriented fund, saw its sole fund return 53% in the first half of 2021, driven mainly by investments in commodity producers, such as Antero Resources Corp. By comparison, the HFRI Equity Hedge Fundamental Value Index, which aggregates money managers who look for opportunities based on discounted valuations, returned 17% as of June 30.