Noah Blackstein- 1832 Asset Management LP

Growth manager enjoys "finding the next generation of opportunities."

Michael Ryval 24 January, 2014 | 7:00PM

Noah Blackstein readily admits that over short periods his funds, including the $850-million Dynamic Power American Growth, are more volatile than average.

"Over any one-year period, sure, we can be volatile -- but so can the index," says Blackstein, vice-president at Toronto-based 1832 Asset Management LP, formerly known as GCIC Ltd. "The S&P 500 was down over 40% in 2008. The difference is that when an active manager drops 40%, they blame the manager. When the index drops 50%, they blame themselves."

For the year ended Dec. 31, the U.S. equity fund returned 48.6%, outperforming the 39% median return in its category. However, some bear-market years have proven to be very painful, such as 2008 when the fund lost 44.1%, compared with the median loss of 25.8%.

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Michael Ryval

Michael Ryval