NYX GAMING GROUP LTD 11 PCT DEBS V.NYX.DB

RE:RE:RE:RE:RE:new record low

[Ellesse]

Comment from Nutall (last Quarter): Our biggest losers this year include Grenville Strategic Royalty, Air Canada, Martinrea, NYX Gaming, and Urthecast. We continue to hold Grenville, Martinrea, and NYX Gaming and have sold our Air Canada and Urthecast positions. Our holding periods tend to be less than a year and are usually only a few months depending on whether our targeted return is met or if something happens to alter our positive opinion of the stock. Looking to the remainder of the year, the Fund holds 5 alpha picks that all have pending catalysts that we believe will results in stock appreciation. Our 3 largest alpha holdings are DHX Media, NYX Gaming, and Intertain Group.