Key Takeaways
- • Bedford Park Opportunities Fund delivered 58.6% returns in 2024, significantly outpacing the S&P/TSX Small-Cap Index's 18.83% return, earning first place in the equities category at the Canadian Hedge Fund Awards 2025.
- • Since inception in 2018, Bedford Park has achieved annualized returns of approximately 16%, demonstrating consistent performance across market cycles through a concentrated portfolio of 20–25 Canadian small- and mid-cap companies.
- • Fund strategy targets companies with $100 million to $5 billion market capitalizations and ~20% annual growth rates, positioning them as early-stage growth opportunities before larger capital pools enter, according to CEO Jordan Zinberg.
- • Optimal allocation sizing of 5–12% weighting is recommended to capture volatility benefits while managing portfolio risk, with long-term commitment cited as critical to realizing returns given the fund's cyclical performance swings.
- • Espresso Capital CEO Alkarim Jivraj and Bedford Park's Zinberg presented performance strategies at the March 4, 2025 CHFA Winners Showcase in Toronto, providing institutional investors direct insight into alternative fund construction and risk management during periods of economic uncertainty.
Summary
Two award-winning Canadian hedge fund managers shared performance strategies and portfolio construction insights at the Canadian Hedge Fund Awards Winners Showcase 2025 Investor Conference held March 4 in Toronto. Jordan Zinberg, president and CEO of Bedford Park Capital, and Alkarim Jivraj, CEO of Espresso Capital, discussed how their funds navigate market volatility while delivering competitive returns—a timely discussion as institutional investors evaluate alternative allocations amid ongoing economic uncertainty.
Bedford Park Opportunities Fund secured first place in the equities category for one-year returns, posting 58.6% in 2024 compared to the S&P/TSX Small-Cap Index's 18.83% total return. Launched in 2018, the fund focuses exclusively on Canadian small- and mid-cap equities and has generated annualized returns of approximately 16% since inception. Zinberg attributed the outperformance to a disciplined concentration strategy, maintaining a portfolio of 20 to 25 companies with annual growth rates around 20% and market capitalizations between $100 million and $5 billion. This positioning allows the fund to identify high-growth opportunities before large institutional capital enters, he explained.
Zinberg emphasized that despite superior returns, volatility remains a defining characteristic of small-cap investing. He recommended portfolio allocations of 5–12% to small-cap funds, allowing investors to capture outsized gains from performance swings without exposing the broader portfolio to excessive drawdown risk. The key to realizing returns, he stated, is committing to a long-term investment horizon and "investing through the cycle" to benefit from cyclical recovery periods. Investment advisor Craig Machel from Richardson Wealth concurred, noting that the fund could serve as an effective growth component within diversified portfolios for investors with sufficient time horizons to weather volatility.
The conference, produced by Alternative IQ at the Albany Club, featured panel moderation by Loren Francis, vice-president and principal of Highview Financial Group, and Machel, who questioned both CEOs on fund performance drivers and risk management. The event underscored investor appetite for alternative strategies that balance volatility management with alpha generation—core objectives as institutional allocators navigate uncertain macroeconomic conditions and equity market dispersion.
Bedford Park Opportunities Fund secured first place in the equities category for one-year returns, posting 58.6% in 2024 compared to the S&P/TSX Small-Cap Index's 18.83% total return. Launched in 2018, the fund focuses exclusively on Canadian small- and mid-cap equities and has generated annualized returns of approximately 16% since inception. Zinberg attributed the outperformance to a disciplined concentration strategy, maintaining a portfolio of 20 to 25 companies with annual growth rates around 20% and market capitalizations between $100 million and $5 billion. This positioning allows the fund to identify high-growth opportunities before large institutional capital enters, he explained.
Zinberg emphasized that despite superior returns, volatility remains a defining characteristic of small-cap investing. He recommended portfolio allocations of 5–12% to small-cap funds, allowing investors to capture outsized gains from performance swings without exposing the broader portfolio to excessive drawdown risk. The key to realizing returns, he stated, is committing to a long-term investment horizon and "investing through the cycle" to benefit from cyclical recovery periods. Investment advisor Craig Machel from Richardson Wealth concurred, noting that the fund could serve as an effective growth component within diversified portfolios for investors with sufficient time horizons to weather volatility.
The conference, produced by Alternative IQ at the Albany Club, featured panel moderation by Loren Francis, vice-president and principal of Highview Financial Group, and Machel, who questioned both CEOs on fund performance drivers and risk management. The event underscored investor appetite for alternative strategies that balance volatility management with alpha generation—core objectives as institutional allocators navigate uncertain macroeconomic conditions and equity market dispersion.
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