Canada's only student-run alternative assets fund managing a portfolio of equity, hedge fund and private market investments. QUAAF is jointly managed by Smith School of Business MBA and Master of Finance students using funds endowed by the Smith School of business and external donors. QUAAF's investment mandate is to generate returns that are uncorrelated with the Canadian equities market through investments in Canadian-domiciled alternative strategies. QUAAF provides students with the industry experience of running a funded portfolio of alternative investments while also creating an environment of continuous learning for its members. Through the engagement of alumni, current members, and industry professionals, QUAAF has established itself as an effective educational platform unique to Queen's University.
The Fund currently holds over $470,000 in AUM, which is segmented into three distinct portfolios:
"The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.”
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. The 2011-2012 team consisted of both MBA and Master of Finance (MFin) 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.