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Fund Commentaries

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

December 2023

Q4-2023 Starlight Global Growth Fund Commentary

  • In the fourth quarter, the Fund generated a 10.4% total return, bringing the 2023 total return to 20.5% and first quartile. (Series F)
  • We continued to own growth stocks which actually benefit from a world where growth is hard to find.
  • Our holdings in the U.S. and Europe, in companies with high earnings growth, lots of free cash flow after cash expenses, attractive returns on equity and strong earnings upgrades were the key factors driving our fund’s outperformance last year.

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September 2023

Q3-2023 Starlight Global Growth Fund Commentary

  • In the third quarter, the Fund returned -4.6%. YTD, the Fund is up 9.2%. (Series F).
  • We expect kangaroo markets to continue this year as investors vacillate between recession risk, sticky inflation risk and the potential for a helpful drop in interest rate if something starts to break.
  • We believe a soft landing is possible, but now isn’t the time for one-way bets. We have built in the portfolio balance to try to withstand frequent market tantrums and a variety of economic scenarios. Ultimately, though, you must believe in high-quality growth equity investing and the patience of years to ride out the worst of the ups and downs.


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June 2023

Q2-2023 Starlight Global Growth Fund Commentary

  • YTD, the Fund is up 14.4% (Series F, as of June 30, 2023, inception date December 31, 1998).
  • The Starlight Global Growth Fund is powered by a resilient collection of reliable and repeatable ‘growth’ themes in developed markets across defensive and cyclical sectors.
  • We maintain our five-year investment horizon and a broad and balanced spread of high-quality growth stocks that can weather a variety of economic scenarios.


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December 2020

Semi-Annual Fund Commentary

  • 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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June 2020

Semi-Annual Fund Commentary

  • 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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Q4 2019

Starlight Capital’s funds outperform their benchmarks in 2019

  • 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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Q3 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

June 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

May 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

April 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

March 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

February 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

January 2019

Starlight Global Real Estate Fund

Starlight Global Infrastructure Fund

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.

© Copyright 2024 Starlight Investments Capital LP. All Rights Reserved.

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