Creststreet is a performance driven investment management firm focused exclusively on the energy sector. The firm was founded in 2000 with the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Our expertise extends to investing on a long and short basis in funds focused on both the conventional and alternative energy sectors.

Our mission is to achieve excellence in energy investing through strong and consistent investment performance across all of our energy investment products for our Canadian and international institutional and high net worth investors.

Past Performance

The following is a brief discussion of the performance of the partnerships for which affiliates of Creststreet have acted as the general partners. Each such partnership has similar investment objectives and strategies.

The following chart sets out the historical net asset value and cumulative and annualized after-tax rate of return at the dates indicated for the partners of each of the prior partnerships and are based on a number of assumptions set out in the notes to the chart.

Actual after-tax rates of return for a Limited Partner will vary depending on a number of factors including province of residence, date of disposition, marginal tax rates, receipt of distributions, actual capital gain inclusions and actual deductions or credits received. Past returns of the prior partnerships are not indicative of how this subsequent partnerships will perform in the future.


Performance from Inception to June 30, 2010

 

As At Date of Rollover

As At June 30, 2010

Partnership Name

Funds
Raised

Rollover
Date

Ratio of
Resource Fund
Shares Received

Net
Asset Value
per Unit

After-Tax
Total Return

Implied 
Net Asset Value
per Unit1

After-Tax
Total Return
3, 4, 5

After-Tax
Annualized Return
3, 4, 5

Creststreet 2000LP

$10,000,000

Jan 15, 2002

0.728689

$7.29

7.5%

$8.38

23.5%2

2.2%2

Creststreet 2001LP

$17,786,500

Jan 17, 2003

0.73804380

$8.61

23.4%

$8.49

21.6%2

2.2%2

Creststreet 2001(II)LP

$15,000,000

Jan 17, 2003

0.81700368

$9.53

36.5%

$9.40

34.6%2

3.5%2

Creststreet 2002LP

$35,000,000

Jan 23, 2004

0.66047562

$10.46

49.9%

$7.13

2.2%2

0.3%2

Creststreet 2003LP

$34,829,210

Jan 21, 2005

0.65261134

$11.95

78.9%

$6.00

-10.2%2

-1.5%2

Creststreet 2003(II)LP

$25,000,000

Jan 21, 2005

0.55708322

$10.20

53.6%

$5.12

-22.9%2

-3.9%2

Creststreet 2004LP  

$46,176,950

Jan 20, 2006

0.58490055

$13.26

98.5%

$4.96

-25.7%2

-4.7%2

Creststreet 2005LP

$54,281,650

Jan 19, 2007

0.76130089

$5.56

-16.8%

$3.13

-53.1%2

-13.4%2

Creststreet 2006LP

$40,000,000

Jan 18, 2008

0.49000382

$3.88

-41.8%

$1.90

-71.4%2

-25.0%2

Creststreet 2006(II)LP

$40,000,000

Jan 18, 2008

0.72245865

$5.72

-14.2%

$2.81

-57.9%2

-20.0%2

Creststreet 2007LP  

$58,570,610

May 31, 2010

0.148807666

$5.126

-23.5%

$5.02

-25.0%7

-8.2%7

Creststreet 2008LP

$6,207,050

May 28, 2010

2.52521855

$9.52

42.8%

$8.76

31.4%2

12.4%2

Creststreet 2009LP

$4,286,1668

May 28, 2010

0.96136996

$3.62

7.4%

$3.34

-1.1%2

-1.7%2

Average return

 

 

 

 

 

 

-12%

-4%


Notes and Assumptions:

(1) As at June 30, 2010

(2) Based on the June 30, 2010 net asset value of the Creststreet Resource Fund of $4.1102 per share. On January 15, 2002, Creststreet 2000 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited partners of Creststreet 2000 LP received 0.728689 shares of the Creststreet Resource Fund for each unit held. On January 17, 2003, Creststreet 2001 LP and Creststreet 2001(II) LP each transferred their assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited partners of Creststreet 2001 LP received 0.7380438067 shares of the Creststreet Resource Fund for each unit held. Limited partners of Creststreet 2001(II) LP received 0.8170036810 shares of the Creststreet Resource Fund for each unit held. On January 23, 2004, Creststreet 2002 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited partners of Creststreet 2002 LP received 0.66047562 shares of the Creststreet Resource Fund for each unit held. On January 21, 2005, Creststreet 2003 LP and Creststreet 2003(II) LP each transferred their assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited partners of Creststreet 2003 LP received 0.6526113449 shares of the Creststreet Resource Fund for each unit held. Limited partners of Creststreet 2003(II) LP received 0.5570832156 shares of the Creststreet Resource Fund for each unit held. On January 20, 2006, Creststreet 2004 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2004 LP received 0.5849005557 shares of the Creststreet Resource Fund for each unit held. On January 19, 2007, Creststreet 2005 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2005 LP received 0.7613008927 shares of the Creststreet Resource Fund for each unit held. On January 18, 2008, Creststreet 2006 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2006 LP received 0.49000382502 shares of the Creststreet Resource Fund for each unit held. On January 18, 2008, Creststreet 2006 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2006 LP received 0.49000382502 shares of the Creststreet Resource Fund for each unit held. On January 18, 2008, Creststreet 2006(II) LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2006(II) LP received 0.72245865893 shares of the Creststreet Resource Fund for each unit held.  On May 28, 2010 Creststreet 2008 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2008 LP received 2.52496603032 shares of the Creststreet Resource Fund for each unit held.  On May 28, 2010 Creststreet 2009 LP transferred its assets to the Mutual Fund Corporation in exchange for shares of the Creststreet Resource Fund. Limited Partners of Creststreet 2009 LP received 0.9612738246 shares of the Creststreet Resource Fund for each unit held.

(3) The after tax return (after deducting capital gains tax on redemption) has been calculated assuming (i) the full $10 per unit invested has been deducted by investors for income tax purposes; (ii) a limited partner is an individual resident in Ontario and who was subject to the highest marginal tax rate for his 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009 ans 2010 taxation years; (iii) each unit has an adjusted cost base of nil; (iv) disposition at the net asset value per unit equal to the net asset value per unit at June 30, 2010; (v) the reinvestment of all distributions; (vi) limited partners of Creststreet 2000 LP continued as holders of the shares of the Creststreet Resource Fund following the transfer of the assets of Creststreet 2000 LP to the Mutual Fund Corporation on January 15, 2002; (vii) limited partners of Creststreet 2001 LP continued as holders of the shares of the Creststreet Resource Fund following the transfer of the assets of Creststreet 2001 LP to the Mutual Fund Corporation on January 17, 2003; (viii) limited partners of Creststreet 2001(II) LP continued as holders of the shares of the Creststreet Resource Fund following the transfer of the assets of Creststreet 2001(II) LP to the Mutual Fund Corporation on January 17, 2003; (ix) limited partners of Creststreet 2002 LP continued as holders of the shares of the Creststreet Resource Fund following the transfer of assets of Creststreet 2002 LP to the Mutual Fund Corporation on January 23, 2004; (x) limited partners of Creststreet 2003 LP continued as holders of the shares of the Creststreet Resource Fund following the transfer of assets of Creststreet 2003 LP to the Mutual Fund Corporation on January 21, 2005; (xi) limited partners of Creststreet 2003(II) LP continued as holders of the shares of the Creststreet Resource Fund following the transfer of assets of Creststreet 2003(II) LP to the Mutual Fund Corporation on January 21, 2005; (xii) limited partners of Creststreet 2004 LP continued as holders of the shares of Creststreet Resource Fund following the transfer of assets of Creststreet 2004 LP to the Mutual Fund Corporation on January 20, 2006; and ; (xiii) limited partners of Creststreet 2005 LP continued as holders of the shares of Creststreet Resource Fund following the transfer of assets of Creststreet 2005 LP to the Mutual Fund Corporation on January 19, 2007; (xix) limited partners of Creststreet 2006 LP continued as holders of the shares of Creststreet Resource Fund following the transfer of assets of Creststreet 2006 LP to the Mutual Fund Corporation on January 18, 2008; and (xx) limited partners of Creststreet 2006(II) LP continued as holders of the shares of Creststreet Resource Fund following the transfer of assets of Creststreet 2006(II) LP to the Mutual Fund Corporation on January 18, 2008, (xxi) limited partners of Creststreet 2008 LP continued as holders of the shares of Creststreet Resource Fund following the transfer of assets of Creststreet 2008 LP to the Mutual Fund Corporation on May 28, 2010; and (xxii) limited partners of Creststreet 2009 LP continued as holders of the shares of Creststreet Resource Fund following the transfer of assets of Creststreet 2009 LP to the Mutual Fund Corporation on May 28, 2010.

(4) Investors in Creststreet 2003 LP, Creststreet 2003(II) LP, Creststreet 2004 LP, Creststreet 2005 LP, Creststreet 2006 LP, Creststreet 2006(II) LP, Creststreet 2007 LP and Creststreet 2008 LP are assumed to be able to deduct $11 per unit offset by a capital gain of $1 per unit as a result of their loan facilities.

(5) The after tax return includes performance before and after the applicable rollover, as well as all taxable events, in respect of Creststreet 2000 LP, Creststreet 2001 LP, Creststreet 2001(II) LP, Creststreet 2002 LP, Creststreet 2003 LP, Creststreet 2003(II) LP, Creststreet 2004 LP, Creststreet 2005 LP, Creststreet 2006 LP, Creststreet 2006(II) LP, Creststreet Creststreet 2007 LP, Creststreet 2008 LP and Creststreet 2009 LP.

The following distributions were made to the shareholders of Creststreet Resource Fund since inception:

  • Capital gains dividend of $0.7344 was paid on February 28, 2003
  • Capital gains dividend of $2.3054 was paid on February 27, 2004
  • Capital gains dividend of $1.5227 was paid on March 04, 2005
  • Capital gains dividend of $4.4357 was paid on March 10, 2006
  • Capital gains dividend of $4.4751 was paid on September 29, 2006
  • Capital gains dividend of $0.3797 was paid on March 9, 2007
  • Capital gains dividend of $0.9175 was paid on March 7, 2008

Capital gains distributions reduced the net asset value per share by the amount paid per share and were automatically reinvested in additional shares of Creststreet Resource Fund leaving the total value of a shareholder's investment unchanged.

(6) The net asset value per unit at rollover assumes  unitholders held their Series 2009 shares of Creststreet Energy Opportunities Fund until the date of rollover of May 31, 2010.

(7) Based pro-rata on the June 30, 2010 NAV of  the Creststreet Energy Opportunities Fund, Series 2010 and Series 2009 shares of $16.8728. The Creststreet 2007LP paid a return of capital distribution to unitholders on May 27, 2009, which unitholders received as 0.20786714666 shares per LP unit held of Series 2009 of the Creststreet Energy Opportunities Fund. The Creststreet 2007LP rolled over its remaining assets on a tax-deferred basis on May 31, 2010, for which unitholders received 0.0897481921 shares per LP unit held of Series 2010 of the Creststreet Energy Opportunities Fund.

(8) The Creststreet 2009 LP paid to limited partners on January 26, 2010 a return of capital of $4.89 per unit.