On March 26, 2009, Jovian Capital Corporation (TSX: JOV) and its subsidiary, AlphaPro Management Inc., announced the closing of an initial public offering of 4.85 million Class A units and approximately 0.65 million Class F units of the Horizons AlphaPro Gartman Fund, for gross proceeds of more than $55 million. The Class A units are listed for trading on the Toronto Stock Exchange under the symbol HAG.UN.
The Fund has been created to provide investors with the opportunity for capital appreciation through exposure to the investment strategies of The Gartman Letter, L.C., founded by Dennis Gartman.
The Fund is expected to automatically convert into an actively managed ETF by no later than March 31, 2010. AlphaPro is the manager and trustee of the Fund and its affiliate, JovInvestment Management Inc., is the investment manager of the Fund, responsible for implementing the Fund's investment strategies and engaging the services of Gartman to act as sub-advisor to the Fund.
Fasken Martineau assisted AlphaPro with certain aspects of this transaction with a team that included Garth Foster, Munier Saloojee, Jesse Langdon (investment/securities) and Mitch Thaw (tax).