Q1 2026 - All-Weather Monthly Fund Commentary
In Q1 2026, the WaveFront All-Weather Fund returned +1.66%, outperforming the S&P 500 Total Return Index by +599 basis points - the S&P 500 returned -4.33% over the same period.
WAAV
A Purpose-Built All-Weather ETF for Canadian Investors
The WaveFront All-Weather Alternative Fund ETF (WAAV) is designed to generate meaningful cash yield while remaining resilient in challenging market environments. By combining multiple independent strategies across asset classes, WAAV helps investors stay invested through volatility without depending on traditional stock-and-bond performance.
WaveFront All-Weather ETF
WAAV
Growth of $10,000
$17,095
+70.95%
Cumulative
Dec 1, 2019 – Mar 31, 2026
1M
3M
YTD
1Y
3Y
5Y
S.I.
WAAV:TSX
Symbol
WAAV
Strategy
Multi-Asset
Inception
Dec 1, 2019
Available on all platforms
Built for changing market conditions
Why an all-weather design matters
Traditional portfolios often rely on favorable market conditions to succeed. WAAV is designed differently. By combining multiple strategies across asset classes, the fund seeks to generate yield and remain resilient across volatile, sideways, and challenging markets — helping investors stay invested through changing conditions.
Performance highlights
Since inception on Dec 1, 2019 through Mar 31, 2026
WAAV
8.83%
0.31
1.25
8.05%
*Disclaimer: All performance highlights are since inception on 12/1/2019. Effective January 2, 2025, WaveFront All-Weather Fund, LP merged into WaveFront All-Weather Alternative Fund. The ETF’s performance track record is ported from the LP and reflects historical annual compounded returns net of fees except for figures of one year or less, which are simple returns. Past performance is not indicative of future results. Investment risks, fees, and charges may reduce returns. Correlation to equities refers to the correlation of the fund’s returns to the returns of the S&P 500 Index. TTM trailing 12-month yield is a historical measure based on past distributions and is not indicative of future results. Distributions may include return of capital and should not be confused with total return.
Why WAAV
Why invest in WAAV?
The WaveFront All-Weather Alternative Fund ETF is designed for investors seeking attractive yield in a strategy built to deliver balanced, long-term returns without depending entirely on strong equity markets or traditional stock-and-bond performance.
Designed to generate cash yield across market cycles
Rather than relying on a single market outcome, WAAV is built to seek meaningful income through a diversified all-weather framework.
Built for resilience in volatile and challenging markets
The strategy is designed to remain useful when conditions are uncomfortable — helping investors stay invested through drawdowns and uncertainty.
Diversified across multiple asset classes and strategies
Exposure spans gold, real estate, commodities, equities, fixed income, and special situations rather than concentrating risk in one sleeve.
Driven by a systematic, data-informed process
WaveFront dynamically adjusts risk using a disciplined process designed to respond as market conditions evolve.
Investment philosophy
“All-weather doesn’t mean we win every month. It means a portfolio built to remain useful across different market environments — especially the ones investors like least.”
Robert Koloshuk
Chief Investment Officer, WaveFront
What this means for investors
- A portfolio built to stay relevant even when traditional allocations struggle.
- A more diversified source of yield than relying on one narrow sleeve or market outcome.
- A structure designed to help investors stay invested through difficult periods.
In Front of the Wave
Your weekly guide to unique insights and highlights across the investing landscape.
Portfolio Construction
How we invest
Unlike many liquid alternatives that still behave like traditional equity or fixed income, the WaveFront All-Weather Alternative Fund ETF allocates dynamically across multiple asset classes and strategies designed to work together through changing market environments.
Multi-asset. Multi-strategy.
Tap a card to see how each sleeve contributes to the whole.
6 core allocation sleeves
How we invest in Global Equities
Advanced quantitative models to systematically identify high-potential global equities, dynamically adjusting exposure while managing risk.
TSX: WAAV
Performance Highlights
Fund Facts
Key product details
| Inception Date* | Dec 1, 2019 |
| ETF Ticker | WAAV:TSX |
| Series AD | AHP3205 |
| Series FD | AHP3215 |
| RRSP Eligibility | Yes |
| Distributions | Quarterly |
| Yield (TTM)* | 8.05% |
| Management Fee | 0.95% |
| Performance Fee | 15% |
| Hurdle Rate | 3% |
| IFM | Arrow Capital |
Trailing Returns
Updated through March 31, 2026
ITD
WAAV
8.83%
Benchmark
7.41%
1 Year
WAAV
11.90%
Benchmark
19.05%
YTD
WAAV
1.66%
Benchmark
2.48%
1mo
WAAV-3.49%
Benchmark-6.13%
3mo
WAAV1.66%
Benchmark2.48%
YTD
WAAV1.66%
Benchmark2.48%
1yr
WAAV11.90%
Benchmark19.05%
3yr
WAAV8.80%
Benchmark11.17%
5yr
WAAV6.33%
Benchmark7.06%
ITD
WAAV8.83%
Benchmark7.41%
| Period | WAAV | Benchmark |
|---|---|---|
| 1mo | -3.49% | -6.13% |
| 3mo | 1.66% | 2.48% |
| YTD | 1.66% | 2.48% |
| 1yr | 11.90% | 19.05% |
| 3yr | 8.80% | 11.17% |
| 5yr | 6.33% | 7.06% |
| ITD | 8.83% | 7.41% |
Growth of $10k
Since inception
Mar 31, 2026
$17,095+70.9%
Benchmark
$15,724+57.2%
WAAV
Benchmark
Asset Allocation
As of Mar 31, 2026
Equities14.64%
Macro & Trend26.65%
Alt. Defensive20.03%
Real Estate19.19%
Fixed Income19.35%
Special Situations0.13%
*Disclaimer: Effective January 2, 2025, WaveFront All-Weather Fund, LP merged into WaveFront All-Weather Alternative Fund. The ETF’s performance track record is ported from the LP and reflects historical annual compounded returns net of fees (except for figures of one year or less, which are simple returns). Past performance is not indicative of future results. Investment risks, fees, and charges may reduce returns.
*TTM -Trailing 12-month yield is a historical measure based on past distributions and is not indicative of future results. Distributions may include return of capital and should not be confused with total return.
*Composite Benchmark: 20% allocation each in the SG CTA PR USD Index, iShares MSCI ACWI ETF, S&P GSCI Precious Metals TR, BMO Equal Weight REIT ETF, and iShares 20_yr Treasury Bond ETF.
About the firm
About WaveFront
Founded in 2003, WaveFront Global Asset Management Corp. is a privately owned global asset management firm based in Toronto, Canada. Today, the firm manages assets for individual and institutional investors across Canada, the United States, and South Korea through a range of investment strategies and portfolio solutions.
At WaveFront, success is measured by the quantifiable success of clients. That orientation is supported by a team with significant prior trading and investment management experience, and by a research-driven process designed to adapt across changing market environments.
Founded in 2003
More than two decades focused on building and managing differentiated investment strategies.
Global client base
Serving individual and institutional investors across Canada, the United States, and South Korea.
Institutional experience
Built by professionals with significant prior trading and investment management experience.
Research-driven process
A disciplined, systematic approach focused on identifying opportunities and managing risk through changing markets.
WaveFront Global Asset Management Corp.
WaveFront GAM
Toronto, Canada
What defines the firm
- Independent, privately owned asset manager
- Global investment perspective with institutional discipline
- Focused on differentiated strategies and client outcomes
Learn more
Visit the corporate site for more information on the firm, investment philosophy, and broader platform.
Visit Corporate Site
Markets don’t move in straight lines. We built this strategy to stay functional when conditions change, not just when everything is working in your favor.
Roland Austrup
Chairman of WaveFront
Latest News & Content
May 2025 - All-Weather Monthly Fund Commentary
Markets experienced a broad-based rebound in May, driven by easing recession fears, temporary tariff rollbacks, and strong U.S. earnings data. Risk assets rallied, with U.S. equities leading the way and cyclical sectors regaining momentum.
Investment Executive: How one CIO build’s crisis-ready portfolios
As markets stretch between fear and euphoria, one of Canada’s longest-standing liquid-alt managers shares how Alternatives add true diversification.
FAQ
Frequently asked questions
Straightforward answers to common questions about WAAV, how it works, and where it may fit within a modern portfolio.
WAAV is a multi-asset, multi-strategy ETF designed to deliver stable, superior risk-adjusted returns across changing market conditions. It systematically allocates capital across equities, fixed income, real estate, gold, commodities, and special situations, applying a research-driven approach to identify opportunities, manage risk, and enhance performance.
Unlike traditional equity or bond funds, WAAV dynamically allocates capital across multiple asset classes and investment strategies, seeking diversification and resilience during market volatility. Its systematic approach is designed to help mitigate risks while capitalizing on market inefficiencies.
WAAV is distributed by Arrow Capital Management Inc. WaveFront Global Asset Management acts as Portfolio Manager and Commodity Trading Manager to the fund. WaveFront is an independent Canadian-based firm specializing in quantitative, multi-strategy investing, with a research-driven approach and strong focus on risk management. WaveFront’s founders and employees invest alongside clients, helping align interests.
WAAV is designed to remain useful across market cycles. By diversifying across asset classes and employing dynamic portfolio tilts, it seeks to capture opportunities in rising markets while helping protect capital during downturns.
WAAV is available on major trading platforms and through financial advisors. Investors can purchase shares just like any other ETF through their brokerage accounts.
WAAV is actively managed using a systematic, data-driven approach. The fund’s asset allocation and risk management processes are continuously adjusted based on macroeconomic factors, market trends, and proprietary quantitative models.
WAAV may appeal to investors looking for a diversified, all-weather investment solution that can complement traditional portfolios across different market conditions. It is well suited to those seeking risk-adjusted returns, broader diversification, and institutional-quality portfolio construction.
WAAV has a management fee and performance fee structure intended to align WaveFront’s goals with those of clients. Full details on fees and expenses can be found in the fund’s prospectus and official fund documents.