Market Outlook
Get information and expert opinions on a variety of current financial, investment and economic issues.
Starlight Global Real Estate Fund: April 2024 Update
April 12, 2024
Starlight Global Real Estate Fund total returns compares favorably to Canadian REITs, US REITs, and global REITs in the first quarter. Industrial (Canada and US) and Multi-Residential (Canada) REITs were the top contributors to fund performance. The portfolio remains invested in North American names however, the Canadian allocation increased, and will continue to rise in anticipation of Bank of Canada rate cuts which should be bullish for Canadian REITs.
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Starlight Global Real Estate Fund total returns compares favorably to Canadian REITs, US REITs, and global REITs in the first quarter. Industrial (Canada and US) and Multi-Residential (Canada) REITs were the top contributors to fund performance. The portfolio remains invested in North American names however, the Canadian allocation increased, and will continue to rise in anticipation of Bank of Canada rate cuts which should be bullish for Canadian REITs.
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2024 Starlight Capital Diversified Equities Outlook
January 22, 2024
2023 was a tumultuous year in equity markets, but ultimately concluded on a strong note in both Canada and the United States. The initial half of the year featured a regional bank liquidity crisis that had reverberations throughout the market. The S&P 500 returned 26% in 2023 mainly driven by the Magnificent Seven.
Despite the recent conclusion of interest rate hikes, there remains a concern that, unless inflation stabilizes, global economies may be vulnerable to an extended period of elevated interest rates. The trajectory of yields will continue to be an important economic variable throughout 2024, particularly for Canada, where interest rate sensitivity is elevated.
We maintain our view that quality will be a leading factor in 2024 with a shift towards cheaper pockets of quality as measured by free-cash-flow yields. Investors concerned about the potential for a recession should look to dividend compounders as they have historically outperformed prior to and after recessions. We believe it is too early for a full risk on rotation, however we also don’t believe portfolios should be overly defensive. A balanced portfolio of high-quality businesses makes the most sense to us.
Starlight Capital’s strategy for diversified equities centers around four core areas of emphasis: high-quality growth at a reasonable price for growth portfolios, high-quality dividend growth stocks for equity income portfolios, maintaining a balanced approach to risk management and portfolio construction, and paying close attention to valuation levels, particularly Free Cash Flow (FCF) yields.
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2023 was a tumultuous year in equity markets, but ultimately concluded on a strong note in both Canada and the United States. The initial half of the year featured a regional bank liquidity crisis that had reverberations throughout the market. The S&P 500 returned 26% in 2023 mainly driven by the Magnificent Seven.
Despite the recent conclusion of interest rate hikes, there remains a concern that, unless inflation stabilizes, global economies may be vulnerable to an extended period of elevated interest rates. The trajectory of yields will continue to be an important economic variable throughout 2024, particularly for Canada, where interest rate sensitivity is elevated.
We maintain our view that quality will be a leading factor in 2024 with a shift towards cheaper pockets of quality as measured by free-cash-flow yields. Investors concerned about the potential for a recession should look to dividend compounders as they have historically outperformed prior to and after recessions. We believe it is too early for a full risk on rotation, however we also don’t believe portfolios should be overly defensive. A balanced portfolio of high-quality businesses makes the most sense to us.
Starlight Capital’s strategy for diversified equities centers around four core areas of emphasis: high-quality growth at a reasonable price for growth portfolios, high-quality dividend growth stocks for equity income portfolios, maintaining a balanced approach to risk management and portfolio construction, and paying close attention to valuation levels, particularly Free Cash Flow (FCF) yields.
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2024 Starlight Capital Global Real Estate Outlook
January 22, 2024
The best word that sums up 2023 for global REITs is volatility, which saw periods of both rally and retreat with the expectation that the Federal Reserve Bank and the Bank of Canada rate hike cycles were nearing their end.
In Q4 2023, the resumed downward trend in inflation coupled with the prolonged pause in rate hikes has finally given the global REIT market a sustainable rally.
In 2024, we are at an inflection point for global markets as several key macro inputs are reversing course. Both the Federal Reserve Bank and the Bank of Canada have communicated that they will begin cutting rates in 2024.
The Starlight Global Real Estate Fund is positioned to take advantage of several global macro trends that should continue to drive value creation in 2024, including housing shortage, global reshoring and trade, and digital real estate.
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The best word that sums up 2023 for global REITs is volatility, which saw periods of both rally and retreat with the expectation that the Federal Reserve Bank and the Bank of Canada rate hike cycles were nearing their end.
In Q4 2023, the resumed downward trend in inflation coupled with the prolonged pause in rate hikes has finally given the global REIT market a sustainable rally.
In 2024, we are at an inflection point for global markets as several key macro inputs are reversing course. Both the Federal Reserve Bank and the Bank of Canada have communicated that they will begin cutting rates in 2024.
The Starlight Global Real Estate Fund is positioned to take advantage of several global macro trends that should continue to drive value creation in 2024, including housing shortage, global reshoring and trade, and digital real estate.
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2024 Starlight Capital Global Infrastructure Outlook
January 15, 2024
Last year was a difficult year for infrastructure investors. Rising central bank rates, treasury yield volatility, supply chain constraints and capital cost inflation caused investors to adopt a defensive posture and turn away from typically stable infrastructure assets.
Looking ahead to 2024, we believe that last years’ interest rate volatility has led to a ‘flight to safety’, driving up the valuation of defensive assets (i.e. consumer staples, telecoms). Conversely, our Starlight Global Infrastructure Fund positions are pricing in very modest expectations that, we believe, they will exceed in 2024.
Using valuation as our guide, we remain focused on high-quality infrastructure businesses that generate above-average returns across the economic cycle, exhibit capital discipline and are driven by secular growth tailwinds along the long-term investment themes of decarbonization, infrastructure renewal and digital connectivity.
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Last year was a difficult year for infrastructure investors. Rising central bank rates, treasury yield volatility, supply chain constraints and capital cost inflation caused investors to adopt a defensive posture and turn away from typically stable infrastructure assets.
Looking ahead to 2024, we believe that last years’ interest rate volatility has led to a ‘flight to safety’, driving up the valuation of defensive assets (i.e. consumer staples, telecoms). Conversely, our Starlight Global Infrastructure Fund positions are pricing in very modest expectations that, we believe, they will exceed in 2024.
Using valuation as our guide, we remain focused on high-quality infrastructure businesses that generate above-average returns across the economic cycle, exhibit capital discipline and are driven by secular growth tailwinds along the long-term investment themes of decarbonization, infrastructure renewal and digital connectivity.
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North American Real Estate: Q1 2023 Update
April 6, 2023
North American REITs were oversold at the end of 2022 and trading well below their Net Asset Value (“NAV”), even after adjusting for cap rate expansion. Adjusting for their relative growth rates, North American REITs trade at very attractive risk-adjusted total return levels.
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North American REITs were oversold at the end of 2022 and trading well below their Net Asset Value (“NAV”), even after adjusting for cap rate expansion. Adjusting for their relative growth rates, North American REITs trade at very attractive risk-adjusted total return levels.
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2023 Global Market Outlook ft. Piper Sandler’s Michael Kantrowitz
December 19, 2022
Global Markets are under pressure from several headwinds, including US dollar strength, rising commodity prices and long term interest rates. Simultaneously, global markets are experiencing elevated levels of inflation, forcing central banks to raise policy rates aggressively. Our 2023 Global Market Outlook featuring Michael Kantrowitz, Chief Investment Strategist and Head of Portfolio Strategies at Piper Sandler shares insights and provides usable takeaways on the year ahead.
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Global Markets are under pressure from several headwinds, including US dollar strength, rising commodity prices and long term interest rates. Simultaneously, global markets are experiencing elevated levels of inflation, forcing central banks to raise policy rates aggressively. Our 2023 Global Market Outlook featuring Michael Kantrowitz, Chief Investment Strategist and Head of Portfolio Strategies at Piper Sandler shares insights and provides usable takeaways on the year ahead.
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Starlight Global Macro & Real Assets Outlook
November 10, 2021
As we move into the next phase of the business cycle, investors will have to form opinions on major shifts in fiscal and monetary policy and their impact on global markets. Global growth remains above the long-term average for 2021 and 2022. However, the absolute level of growth is declining as we move beyond comparisons to the pandemic lows and fiscal stimulus rolls off.
Key takeaways:
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As we move into the next phase of the business cycle, investors will have to form opinions on major shifts in fiscal and monetary policy and their impact on global markets. Global growth remains above the long-term average for 2021 and 2022. However, the absolute level of growth is declining as we move beyond comparisons to the pandemic lows and fiscal stimulus rolls off.
Key takeaways:
- Several impediments to global growth have emerged including increasing labor costs and commodity prices, rising borrowing costs and supply chain challenges. This will put pressure on corporate margins and earnings
- Long bond yields will follow the 2014 path and plateau below their pre-tapering level
- Real assets stand to benefit from the numerous structural drivers of performance that existed prior to the pandemic. They have extended maturities and locked in low cost structures for years to come
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2021 Global Markets and Starlight Capital’s Funds’ Outlook
February 10, 2021
Looking forward, 2021 will be heavily impacted by the rollout of COVID-19 vaccines and the change in administration after the U.S. election. These two issues will determine the pace of reopening global economies and the legislative agenda for the U.S. congress, respectively. Gain insights from our portfolio management team on their outlook for this year and a closer look into recent fund performance.
Key takeaways:
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Looking forward, 2021 will be heavily impacted by the rollout of COVID-19 vaccines and the change in administration after the U.S. election. These two issues will determine the pace of reopening global economies and the legislative agenda for the U.S. congress, respectively. Gain insights from our portfolio management team on their outlook for this year and a closer look into recent fund performance.
Key takeaways:
- 2021 will be heavily impacted by the rollout of the COVID-19 vaccines and the agenda of the Biden administration.
- Market returns will shift from being driven by multiple expansion to being driven by earnings growth.
- 2021 is an ideal backdrop for active managers to outperform.
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Starlight Capital Presentation – Covid-19 Real Estate Outlook featuring CBRE
May 13th 2020
Please listen to a playback of our recent conference call with Dennis Mitchell, CEO & CIO and Paul Morassuti , Vice Chairman, Valuation & Advisory Services, CBRE Canada. Paul shares his views on the future of the multifamily, industrial, office, retail, and hotels sectors. He also reviews current fundamentals, the impact of Covid-19 and the recovery prospects for each sector.
Please listen to a playback of our recent conference call with Dennis Mitchell, CEO & CIO and Paul Morassuti , Vice Chairman, Valuation & Advisory Services, CBRE Canada. Paul shares his views on the future of the multifamily, industrial, office, retail, and hotels sectors. He also reviews current fundamentals, the impact of Covid-19 and the recovery prospects for each sector.
Keynote Speakers
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell is the previous EVP & CIO of Sentry Investments where he oversaw $18B in AUM and directly managed $3B in real assets. Dennis has won four Brendan Wood International Canadian TopGun Awards and has led investment teams that have won two Lipper Awards for Best Equity Fund Family.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Paul MorassutiVice-président, Services d'évaluation et de consei
CBRE Canada
Dennis Mitchell is the previous EVP & CIO of Sentry Investments where he oversaw $18B in AUM and directly managed $3B in real assets. Dennis has won four Brendan Wood International Canadian TopGun Awards and has led investment teams that have won two Lipper Awards for Best Equity Fund Family.
Paul Morassuti
Vice Chairman, Valuation & Advisory Services
CBRE Canada
CBRE Canada
Diversify with Private Real Assets: Introducing Starlight Capital Private Pools
April 30, 2020
Please listen to a playback of our recent conference call with Dennis Mitchell, CEO & CIO discussing the Starlight Capital Private Pools. The private pools provide accredited investors with access to institutional private real estate and infrastructure managed by some of the world’s largest private asset managers.
Please listen to a playback of our recent conference call with Dennis Mitchell, CEO & CIO discussing the Starlight Capital Private Pools. The private pools provide accredited investors with access to institutional private real estate and infrastructure managed by some of the world’s largest private asset managers.
Keynote Speakers
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell is the previous EVP & CIO of Sentry Investments where he oversaw $18B in AUM and directly managed $3B in real assets. Dennis has won four Brendan Wood International Canadian TopGun Awards and has led investment teams that have won two Lipper Awards for Best Equity Fund Family.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Real Assets Performance During the COVID-19 Sell Off
April 13, 2020
Starlight Capital is pleased to replay the recent conference call with Dennis Mitchell, CEO & CIO, and Mark Herzog, Managing Director, Institutional Equities, CIBC World Markets Inc. Where they answer the following and many more questions.
Starlight Capital is pleased to replay the recent conference call with Dennis Mitchell, CEO & CIO, and Mark Herzog, Managing Director, Institutional Equities, CIBC World Markets Inc. Where they answer the following and many more questions.
- What types of market participants were buying and selling during the sell-off?
- Were there any sector-specific issues that led to REITs, Utilities and Infratech names selling off?
- In light of the discounts we are seeing in the market, are investors looking to move capital into REITs, Utilities and Infratech names?
Keynote Speakers
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell is the previous EVP & CIO of Sentry Investments where he oversaw $18B in AUM and directly managed $3B in real assets. Dennis has won four Brendan Wood International Canadian TopGun Awards and has led investment teams that have won two Lipper Awards for Best Equity Fund Family.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Mark HerzogCPA, CA, CFA
Managing Director, Institutional Equities, CIBC World Markets Inc.
Mark has been a liability trader for over 23 years at major banks and boutique firms. He holds the Chartered Financial Analyst and the Chartered Professional Accountant designations and has a Bachelor of Commerce from University of Windsor.
Mark Herzog
Managing Director, Institutional Equities, CIBC World Markets Inc.
2020 Global Real Assets Outlook Conference Call
January 17, 2020
Hear from Dennis Mitchell of Starlight Capital, Daniel Drimmer of Starlight Investments and Alina Osorio of Fiera Infrastructure as they provide their outlook for global real estate and infrastructure markets.
Hear from Dennis Mitchell of Starlight Capital, Daniel Drimmer of Starlight Investments and Alina Osorio of Fiera Infrastructure as they provide their outlook for global real estate and infrastructure markets.
Keynote Speakers
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell joined Starlight Capital in March 2018 as Chief Executive Officer and Chief Investment Officer. Dennis has over 15 years of experience in the investment industry and has held executive positions with Sprott Asset Management, serving as Senior Vice-President and Senior Portfolio Manager, and Sentry Investments, serving as Executive Vice-President and Chief Investment Officer.
Dennis received the Brendan Wood International Canadian TopGun Award in 2009, 2010, and 2011 and the Brendan Wood International 2012 Canadian TopGun Team Leader Award. He holds the Chartered Financial Analyst and Chartered Business Valuator designations and earned a Master of Business Administration from the Schulich School of Business at York University in 2002 and an Honors Bachelor of Business Administration degree from Wilfrid Laurier University in 1998.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Daniel DrimmerMBA, CFA, CBV
President & CEO, Starlight Investments
Daniel Drimmer is the founder, Chief Executive Officer and President of Starlight Investments, a Canadian real estate asset management company focused on the acquisition, ownership and management of residential and commercial properties across Canada and the U.S., managing over $14 billion of capital. Since Starlight Investments’ inception in 2011, Daniel has completed more than $16 billion of acquisition and financing transactions in residential and commercial real estate.
Daniel Drimmer
President & CEO, Starlight Investments
Alina OsorioBEng, P.Eng, MBA, CFA
President, Member of Board and Investment Committee, Fiera Infrastructure
Before joining Fiera Infrastructure, Alina was CEO of the Macquarie Essential Assets Partnership (“MEAP”), North America’s first unlisted infrastructure fund and led the infrastructure program at OP Trust. She founded and was CEO of Aquila Infrastructure which was subsequently acquired by Fiera Capital.
Alina Osorio
BEng, P.Eng, MBA, CFA
President, Member of Board and Investment Committee, Fiera Infrastructure
President, Member of Board and Investment Committee, Fiera Infrastructure
2020 Global Markets and Starlight Capital’s Funds’ Outlook
January 17, 2020
With global equity returns expected to moderate in 2020 and long bond yields expected to remain low, institutions continue to allocate capital to real assets as returns for real estate and infrastructure are expected to remain attractive. Gain insights from our portfolio management team on their outlook for this year and a closer look into our recent fund performance.
Key takeaways:
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With global equity returns expected to moderate in 2020 and long bond yields expected to remain low, institutions continue to allocate capital to real assets as returns for real estate and infrastructure are expected to remain attractive. Gain insights from our portfolio management team on their outlook for this year and a closer look into our recent fund performance.
Key takeaways:
- Global economic growth is forecast at 2.9% in 2020 as investment and trade gradually recover from last year’s significant weakness, but downside risk remains.
- The outlook for real assets in 2020 is robust with total returns underpinned by strong, expected internal growth and tax-efficient yields.
- In 2019, Starlight Capital’s funds delivered strong total returns, beating their respective benchmarks and generally went up when global and U.S equities went down.
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Starlight Hybrid Global Real Assets Trust – Private Placement, Update and Outlook
November 19, 2019
Dennis Mitchell, CEO & CIO of Starlight Capital, discusses the Starlight Hybrid Global Real Assets Trust and the private placement. The Trust generates long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors.
Dennis Mitchell, CEO & CIO of Starlight Capital, discusses the Starlight Hybrid Global Real Assets Trust and the private placement. The Trust generates long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors.
Keynote Speakers
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell joined Starlight Capital in March 2018 as Chief Executive Officer and Chief Investment Officer. Dennis has over 15 years of experience in the investment industry and has held executive positions with Sprott Asset Management, serving as Senior Vice-President and Senior Portfolio Manager, and Sentry Investments, serving as Executive Vice-President and Chief Investment Officer.
Dennis received the Brendan Wood International Canadian TopGun Award in 2009, 2010, and 2011 and the Brendan Wood International 2012 Canadian TopGun Team Leader Award. He holds the Chartered Financial Analyst and Chartered Business Valuator designations and earned a Master of Business Administration from the Schulich School of Business at York University in 2002 and an Honors Bachelor of Business Administration degree from Wilfrid Laurier University in 1998.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Global Real Estate Update and Outlook
Keynote Speakers
February 6, 2019
Hear from industry experts on their outlook for real estate and how this sector can enhance client portfolios and contribute to client returns.
Hear from industry experts on their outlook for real estate and how this sector can enhance client portfolios and contribute to client returns.
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell joined Starlight Capital in March 2018 as Chief Executive Officer and Chief Investment Officer. Dennis has over 15 years of experience in the investment industry and has held executive positions with Sprott Asset Management, serving as Senior Vice-President and Senior Portfolio Manager, and Sentry Investments, serving as Executive Vice-President and Chief Investment Officer.
Dennis received the Brendan Wood International Canadian TopGun Award in 2009, 2010, and 2011 and the Brendan Wood International 2012 Canadian TopGun Team Leader Award. He holds the Chartered Financial Analyst and Chartered Business Valuator designations and earned a Master of Business Administration from the Schulich School of Business at York University in 2002 and an Honors Bachelor of Business Administration degree from Wilfrid Laurier University in 1998.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Daniel DrimmerMBA, CFA, CBV
President & CEO, Starlight Investments
Daniel Drimmer is the founder, Chief Executive Officer and President of Starlight Investments. Starlight Investments is a private, full service, real estate investment and asset management company managing over $9 billion of capital. Since Starlight Investments’ inception in 2011, Daniel has completed more than $16 billion of acquisition and financing transactions in residential and commercial real estate.
Daniel Drimmer
President & CEO, Starlight Investments
Global Infrastructure Update and Outlook
Keynote Speakers
January 30, 2019
Hear from industry experts on their outlook for infrastructure and how this sector can enhance client portfolios and contribute to client returns.
Hear from industry experts on their outlook for infrastructure and how this sector can enhance client portfolios and contribute to client returns.
Dennis MitchellMBA, CFA, CBV
CEO & CIO, Starlight Capital
Dennis Mitchell joined Starlight Capital in March 2018 as Chief Executive Officer and Chief Investment Officer. Dennis has over 15 years of experience in the investment industry and has held executive positions with Sprott Asset Management, serving as Senior Vice-President and Senior Portfolio Manager, and Sentry Investments, serving as Executive Vice-President and Chief Investment Officer.
Dennis received the Brendan Wood International Canadian TopGun Award in 2009, 2010, and 2011 and the Brendan Wood International 2012 Canadian TopGun Team Leader Award. He holds the Chartered Financial Analyst and Chartered Business Valuator designations and earned a Master of Business Administration from the Schulich School of Business at York University in 2002 and an Honors Bachelor of Business Administration degree from Wilfrid Laurier University in 1998.
Dennis Mitchell
MBA, CFA, CBV
CEO & CIO, Starlight Capital
CEO & CIO, Starlight Capital
Alina OsorioBEng, P.Eng, MBA, CFA
President, Member of Board and Investment Committee, Fiera Infrastructure
Before joining Fiera Infrastructure, Alina was CEO of the Macquarie Essential Assets Partnership (“MEAP”), North America’s first unlisted infrastructure fund and led the infrastructure program at OP Trust. She founded and was CEO of Aquila Infrastructure which was subsequently acquired by Fiera Capital.
Alina Osorio
BEng, P.Eng, MBA, CFA
President, Member of Board and Investment Committee, Fiera Infrastructure
President, Member of Board and Investment Committee, Fiera Infrastructure
Analysts Remain Optimistic on REITs for 2019
January, 2019
By: Diane Rusignola, NAREIT
After a volatile 2018, REITs are prepared to meet the challenges of 2019, including a number of macroeconomic factors like global trade, which has become more visible and volatile over the past year. But with strong performance anticipated in sectors including retail, data centers, and apartments, analysts say investors should still expect REIT stocks to perform well this year.
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By: Diane Rusignola, NAREIT
After a volatile 2018, REITs are prepared to meet the challenges of 2019, including a number of macroeconomic factors like global trade, which has become more visible and volatile over the past year. But with strong performance anticipated in sectors including retail, data centers, and apartments, analysts say investors should still expect REIT stocks to perform well this year.
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Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any mutual funds managed by Starlight Capital. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell. Documents (including press releases) regarding the various investment funds that are managed or advised by Starlight Capital are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).
Forward-looking statements
Any “forward-looking” statements contained in this Website represent Starlight’s views of possible future events or circumstances and are based on our observations and analysis of current events and trends. These statements are generally expressed in the future tense and may not be expressly identified as forward-looking statements. Forward-looking statements are based on assumptions made by Starlight regarding our beliefs and opinions, and are subject to a number of mitigating factors. Forward-looking statements may prove to be incorrect. Economic and market conditions may change, which may materially impact the views of Starlight, our actual course of conduct and the success of our intended investment strategies.
Forward-looking statements
Any “forward-looking” statements contained in this Website represent Starlight’s views of possible future events or circumstances and are based on our observations and analysis of current events and trends. These statements are generally expressed in the future tense and may not be expressly identified as forward-looking statements. Forward-looking statements are based on assumptions made by Starlight regarding our beliefs and opinions, and are subject to a number of mitigating factors. Forward-looking statements may prove to be incorrect. Economic and market conditions may change, which may materially impact the views of Starlight, our actual course of conduct and the success of our intended investment strategies.
Are you an accredited investor?
Starlight Private Pools are offered only to “accredited investors” or in reliance on another exemption from the prospectus requirement. By clicking “Accept”, you confirm that you are an “accredited investor” within the meaning of National Instrument 45-106 – Prospectus Exemptions, and in Ontario, within the meaning of Section 73.3 of the Securities Act (Ontario) as supplemented by the definition in National Instrument 45-106, on the basis that you fit within the category of an “accredited investor” as defined therein.
You may be an “accredited investor” if:
- your net income before taxes exceeded $200,000 in both of the last two years and you expect to maintain at least the same level of income this year; OR Your net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and you expect to maintain at least the same level of income this year;
- you, alone or together with a spouse, own financial assets worth more than $1 million before taxes but net of related liabilities (cash, or certain investments such as public equity or bonds, would be considered liquid/financial assets); or
- you, alone or together with a spouse, have net assets of at least $5 million (for the purposes of the net asset test, the calculation of total assets would include the value of a purchaser’s personal residence and the calculation of total liabilities would include the amount of any liability (such as a mortgage) in respect of the purchaser’s personal residence).
It is your obligation to consult with your financial advisor and/or such other advisors as you deem necessary in making the determination that you meet the definition of “accredited investor”.
Disclaimer
Information pertaining to the Starlight Private Pools is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of the Starlight Private Pools are made pursuant to their respective offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about the Starlight Private Pools including a statement of each fund’s fundamental investment objective, is contained in their respective offering memorandum, a copy of which may be obtained from your dealer. Read the applicable offering memorandum carefully before investing. Unit values and investment returns will fluctuate.
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