Commentary

Maxam Diversified Strategies Fund – October 2013

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The Maxam Diversified Strategies Fund1 gained +4.1% in October, which brings 2013 year to date performance to +22.3%.

The fund’s positive performance in October was broad-based. Notable strong performers included Amaya Gaming, Sierra Wireless, Pure Technologies and TECSYS Inc. One of our largest holdings, easyhome Inc. announced a $20 million dollar financing via a bought deal in late October – this is a significant event for the company,

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Maxam Diversified Strategies Fund – Q3 2013

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The Maxam Diversified Strategies Fund1 gained +3.4% in September, +8.0% for the third quarter and is +17.5% through the first nine months of 2013.

With the recent mixed messages from the US Federal Reserve and continued political dysfunction in Washington (queue another round of debt ceiling and budget debates), plus an inconsistent economic recovery, volatility is likely to remain a prominent characteristic of capital markets in the near term.

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Maxam Diversified Strategies Fund – Q2 2013

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The Maxam Diversified Strategies Fund1 gained 3.2% in June. For the second quarter the fund was up 3.9%, relative to Canada’s S&P/TSX Total Return Index (“TSX”) which was down -4.1%. The fund is off to a strong start for the 2013 calendar year, gaining 8.8% relative to the TSX which was down -0.9%.

Happy birthday! We’re pleased to announce that the Maxam Diversified Strategies Fund turned four years old on July 1,

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Maxam Diversified Strategies Fund – Q1 2013

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“Stay flexible, my friends”

The Maxam Diversified Strategies Fund had a strong start to 2013, gaining 4.8%1 in the first quarter.

Our largest returns so far this year have come from Sierra Wireless, a technology company focused on connected devices and machine-to-machine communications, SunOpta, a natural and organics food products company and Solium Capital, a stock employee plan administration services company.

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Maxam Diversified Strategies Fund – Q4 2012

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At the outset of the 2012 calendar year, we prognosticated that the coming 12 months would see a return to an environment where company-specific attributes and events mattered more to their stock prices than did the latest bearish macro headline about Europe’s debt crisis, China’s slowing growth or stubbornly high US unemployment levels. Perhaps we more ‘hoped’ for such an environment than predicted one,

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