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Jean-François Tardif is a senior portfolio manager with Sprott Asset Management Inc. He is the lead portfolio manager for the Sprott Opportunities Hedge Fund LP.

FUND STATS

Total Assets$306.3-million

MER6.97%

Globe 5 Star Rating ****

Top Five Holdings

Timminco

Northstar Healthcare

Atrium

Genivar Income Fund

CargoJet

Performance

Fund Group S&P/TSX
1 year 12.59% 4.26% 15.95%
2 year 18.37% 7.54% 15.8%
3 year 31.95% 9.88% 20.25%

Current Picks

Canadian T-Bills

Chasing the bear, Mr. Tardif is buying Canadian T-Bills as a no-risk alternative to cash, which he says is the safest way to hold cash.

Streettracks Gold ETF (GLD-N)

$70.97 (U.S.)

As Mr. Tardif's gold bullion equivalent to cash, Streettracks Gold ETF is a defensive play with upside should gold move in a positive way.

HBP 60 Bear+ E.T.F. (HXD-T)

$20.63

Mr. Tardif is buying the HBP 60 Bear ETF as a hedge only, betting the markets are going lower.

Past Picks: October 26, 2006

Wajax Income Fund (WJX.UN-T)

Then: $35.47 Now: $34.40, -3 %

Aastra Technologies (AAH-T)

Then: $30.78 Now: $34.79, +13%

Western Prospectors Group (WNP-T)

Then: $3.65 Now: $2.37, -35%

Market Outlook

As we witness the liquidity problems in the world and people taking their money out of banks and money market funds, as well as institutions not renewing short-term debt, risk is in the forefront of our minds. Mr. Tardif sees the current risk/reward profile as unattractive and as such has decreased substantially his long exposure.

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