Starlight Capital publishes fund commentaries to help advisors understand our recent fund performance.

• In 2020, COVID-19 significantly impacted the global economy with the bulk of global and U.S. equity market returns driven by multiple expansion
• Starlight Global Infrastructure Fund and Starlight Global Real Estate Fund outperform their benchmark for 2020 by 11.1% and 4.6%,respectively
• Starlight Global Infrastructure Fund and Starlight Global Real Estate Fund portfolio investments had 29 and 26 distribution increases in 2020, respectively

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• We expect the global economy to experience a short and deep recession, with global economic output contracting for calendar year 2020
• Starlight Global Real Estate Fund and Starlight Global Infrastructure Fund outperform their benchmark YTD by 7.1% and 11.9%, respectively
• Starlight Global Infrastructure Fund and Starlight Global Real Estate Fund portfolio investments had 16 and 14 distribution increases YTD, respectively

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• In 2019, the Starlight Global Infrastructure Fund generated a 26.5% total return outperforming its benchmark return of 21.0%.
• Last year, the Starlight Global Real Estate Fund generated a 20.8% total return beating its benchmark return of 17.2%.
• Both funds demonstrated negative downside capture versus global and U.S. equities in 2019, providing excellent diversification benefits to investors.

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Real estate total returns remain attractive

Year-to-date, global real estate has generated a total return of 7.0%. Declining risk premiums have driven market multiples up while corporate earnings revisions have stabilized in positive territory for the year.  The extension of two key deadlines and the eventual positive resolution of these events should allow the market to avoid testing 2018 lows.

Real estate outperforms again
In January, global real estate generated a 7.0% total return, outperforming global equities and U.S. equities.

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.