Hedge Funds

Leeward Canada offshore vehicle pays dividends

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Toronto-based Leeward Hedge Funds in November launched an offshore fund that will target tax-advantaged Canadian income trusts.

The Leeward Offshore Canadian Income Fund is the first hedge fund that will seek to tap Canada's $120 billion income-trust sector. Exchange-listed income trusts in Canada are dividend-paying companies that were once publicly traded but have since been privatized. There are some 80 mutual funds dedicated to the sector, but U.S. investors have stayed away up until now because only Canadian investors are able gain the full yield generated by these portfolios.

But the new Leeward hedge fund portfolio, managed by