Friday, July 11, 2008

The Fund

Karsan Value Funds is a value-oriented investment fund. Read all about it.

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17 comments: said...

Congratulations on setting up your fund! I believe you will do well!

I've been in the process of setting up my own fund for a while now. I noticed that you say you have not registered. According to my contact with regulatory authorities, "if you are considered to be in the business of advising others, you are required to register in the appropriate category". That entails registration as an investment adviser/portfolio manager.

How did you manage to circumvent this? If you don't feel comfortable discussing this in public please shoot me an email. Thanks!

Saj Karsan said...

Hi gic,

There is no advising going on. The exemption from registration I refer to relates to Canadian National Instrument 45-106 which provides for certain exemptions from selling securities.

gic102 said...

Thanks for the response. The exemption you refer to is registration as a dealer.

There are sweeping changes coming in the form of NI 31-103. It says that a portfolio manager must register. A portfolio manager is also defined as an adviser. Thoughts?

I've talked to regulators and a securities lawyer and keep running into dead ends.

Unknown said...

Hello Saj,
I would be interested in sending you a copy of my current stock portfolio of some 80-90 positions, as a sort of exchange: your comments/suggestions in exchange for possible ideas for your own investments/fund. If interested, drop me a line at lesedelman at gmail dot com.
Do you think it's too late to get into SPAR?

Anonymous said...

how does one manage 80-90 positions? Some indicies have less than this!

akwon85 said...

Hey Saj,

I love your posts, I read it all the time at work. Anyways I was looking at a QXM ( which has more cash then market value, and up til recently had very good profit margins. I was wondering what your take was on this company? I figure this company is cooking its books. And is a company I need to stay away from.

Saj Karsan said...

Hi Akwon,

I've discussed QXM here:

AKwon said...

Hey Saj, thanks for the follow up on QXM, I wrote a post on your other The Fund post, but looking at how the most recent response was long ago, I assumed I should post on this one to refer you to my lengthy post on the July 1st thread. Thanks.

Anonymous said...

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In 2001 i started developing, as of now, a dozen arbitrages. I lock in an X percentage, and Y time later, i close out the arbitrage. Over 30%/yr.

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Unknown said...

Hi Barel,

congrats on your results.

I'm looking to get started doing exactly what you do.

I'm a fellow Torontonian.Could use your advice.

Would we be able to chat via email?

Unknown said...

Have you put up the fund return for Q1 2010 and Q2 2010? Just seen the Q4 2009 for now.
Pls tell me the average return from inception to now?

Saj Karsan said...

Hi Ken,

2010 Q1 results are available here:

Q2 is not yet finished.

It's very easy to see what the returns are to date, because the initial value of each share was $10

Juan said...


Have you thought about managing separate accounts? By doing so you would be able to add new investors without incurring most of the expenses of setting up and managing a fund. All you need is to become a registered investment advisor (and that only when you have more than 15 investors), which is easy and will cost you $3K at most.

Also, many investors feel more comfortable having their securities in an account of their own (they only give you permission to buy and sell, not to make withdrawals), which helps with raising money.

The main objection some have to managing separate accounts is that investors know the securities they own and can follow them daily. But since you write on your blog about the companies you own, that is probably not an issue for you.

I currently work that way with a number of investors, and quite happily. They open personal accounts with Interactive Brokers and give me permission to trade in their name. It’cheap, it allows me to manage everyone’s money from a single master account, and I automatically get my share of the annual profits without having to do any collecting.

If you want to talk about it, let me know.
I'm very grateful for the bargains I've discovered in your blog. Thanks!


Anonymous said...

You stopped updating your results. I'd be interesting in investing...How do I get in contact?

Saj Karsan said...

My e-mail is on the contact page.

I continue to update results, including one this morning! I just haven't added the links to this page in a while

Anonymous said...

Congrats on the good work. However, based on your per share value, you've underperformed the S&P 500. Would you have been better off simply owning the index?

Saj Karsan said...

Thanks, Anonymous.

The per share value includes taxes, so actually KVF has outperformed the index!