According to the report of the Canadian cryptocurrency fund Rivemont Crypto Fund, as of July 13, 91% of the fund’s assets, which is about 3 million Canadian dollars or $2.3 million, is in fiat currencies and only 9% is in bitcoin. The Rivemont cryptocurrency fund is the only actively managed cryptocurrency fund in Canada and it is registered with the Securities Regulatory Commissions of Ontario, Alberta and British Columbia. According to registration data, it was founded in December 2017, shortly before bitcoin broke its historical high. Martin Lalonde, the president and portfolio manager of Rivemont, said that he was following the 30-day average of bitcoin moving in the long-term trends (the period July 2017 – July 2018). He believes that “the crowd will return as soon as the price rises.” As a result, he allocated a little more than a half of the fund’s assets in Bitcoin and Ethereum. He invested when bitcoin crossed the technical indicator on July 4, and then returned back to cash when it crossed the technical indicator again on July 10. From the fund management’s point of view, it can be noted, basing on the fund’s data, that its losses amounted to 10% in the period from March to June against 32% of the bitcoin fall. The Fund is currently limited for legal reasons and can invest in six cryptocurrencies – Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and Ethereum Classic, but Lalonde hopes to expand it as the industry develops. Its medium-term goal is to invest in initial coin offerings (ICO) and emerging altcoins such as Neo and Dash. As for bitcoin, Lalonde predicts that it will remain unstable, but in the next couple of years it will reach a new high. |
