At the time of writing, the Aventine Stable Income Fund is just shy of two months old and is meeting all our expectations for performance and risk control. Early days no doubt, but initial successes include the Fund’s NAV rising in 7 of its first 8 weeks, paying out our first monthly distribution of $0.40 to unitholders on February 27th, and solid performance despite having a significant cash drag from new money inflows. At the end of the month we were 85% invested, with the 15% cash position being a result of having some difficulty in finding attractively priced credits in an expensive bond market. We anticipate that US interest rate expectations will continue to rise and that expectations for a Canadian rate hike in 2017 are too low. As such, the portfolio is positioned to moderately benefit from rising interest rates over this horizon.