Aspiring Capital Markets Professionals Creating an Impact at QUAAF
The scope of investments include a wide range of U.S. hedge funds, including those with higher minimum investment requirements.
Offer additional opportunities for practical, experiential learning in emerging alternative investment areas, such as Sustainable Investing and Real Estate.
Student engagement up across all Smith Master's Programs, and plan and organize future events.
Who We Are
We are a portfolio of alternative strategies in Canada that is managed by students, and it oversees funds that have been endowed by private investors, corporate sponsors, and alumni of Queen's University.
QUAAF is a fund-of-funds investment mandate, primarily holding portfolios managed by third party external managers but also holding small exposures in exchange-traded funds and direct securities.
It is an educational initiative in which all Smith graduate-level programs can apply to participate.
We aim to offer aspiring capital markets professionals the opportunity to gain practical experience in managing a funded portfolio, while also providing exposure to alternative strategies in a professional learning environment that promotes continuous development.
Our goal is to enhance the educational experience at Queen's University's Smith School of Business by creating a mutually beneficial platform that engages alumni, current members, and industry professionals.
QUAAF is an absolute return strategy focused on consistent returns throughout most market cycles. The Fund is a pooled investment mandate holding both internally and externally managed portfolios of alternative assets. The management team believes that alternative assets and strategies are critical to providing superior returns and that traditional long-only strategies will struggle in future markets. Externally managed portfolios compose a majority of the total investment allocation and consist of exposures to 3rd party managers operating in the total return/hedge fund universe. In addition to the externally managed portfolios, the Fund also manages a substantially smaller internal mandate that attempts to identify thematic and opportunistic investment opportunities designed to enhance total return. These thematic investment opportunities will be executed through a variety of direct investments in various asset classes and securities. The management team believes through the combination of superior managers and strategies, opportunistic investments, and limited market correlation they can manage a fund that yields superior risk adjusted returns in any market environment.
During the fall of 2011, eight full-time MBA students pooled $6000 of their own capital in hopes of persuading Smith School of Business to create Canada’s first student-run hedge fund.
After the group of students demonstrated their financial acumen through solid returns on their investment, Smith leant its support and QUAAF was created in January of 2012.
The group quickly recruited several other MBA students, built teams of research analysts and formed alliances with influential leaders in the financial industry. The team dove into its study of Canadian Hedge Funds and made its initial investments before handing the reigns over to the next year’s class.
At the beginning, QUAAF only consisted of both MBA and Master of Finance (MFin) students, but has now expanded to include MMA and MMAI students. QUAAF has made significant strides in developing the methodology by which it constructs its portfolio, and provides superior risk-adjusted returns that exhibit low correlation with the market indices.
Each generation of QUAAF members is responsible for ensuring sustainable operations and financial stewardship of the fund. QUAAF remains true to its core values and objectives which include education, fund performance, professionalism, and integrity.