ATSX
ACCELERATE CANADIAN LONG SHORT EQUITY FUND
stock TSE

So I have done some study on HEQL. Its 2025 fee structure was clean. Before 2025...not so much.
Here are the numbers in 2025:
**Annualized cost HEQT vs HEQL**
Reported MER 0.24% 1.40%
Management fee 0.18% vs 0.45%
Borrowing cost embedded in MER—0.81% (implied rate = 3.24% for 2025)
MER excluding financing 0.24% vs 0.59%
It uses cash borrowing, so volatility drag is not much of a concern. Assuming borrowing cost and cost staying the same, you would need around 5-6% equity CAGR for HEQT to start outperform....which I think is a fair estimate. Of course if your own borrowing cost is lower than HEQL's embedded borrowing cost + management fee, you can use your own margin for that excess return as well.
So I do think HEQL + CASV is a defensible way to boost long term performance. I don't know why some comments talk about covered calls which isn't relevant here.
Not that sure about what to expect from ATSX.TO. I do have some but it's not a core holding. Its past performance has been good, but past performance suggests nothing. If I have to pick a third fund, I would consider a Canadian value fund if you want home bias, because CASV excludes Canada. FXM MCSM are high cost but small in size, XCV and like are low cost bug concentrated in big banks,
or I would consider VMO (Global momentum). It should be a good fund to pair with small cap value. I really like this fund but hope it can cut some MER%.

So I have done some study on HEQL. Its 2025 fee structure was clean. Before 2025...not so much.
Here are the numbers in 2025:
**Annualized cost HEQT vs HEQL**
Reported MER 0.24% 1.40%
Management fee 0.18% vs 0.45%
Borrowing cost embedded in MER—0.81% (implied rate = 3.24% for 2025)
MER excluding financing 0.24% vs 0.59%
It uses cash borrowing, so volatility drag is not much of a concern. Assuming borrowing cost and cost staying the same, you would need around 5-6% equity CAGR for HEQT to start outperform....which I think is a fair estimate. Of course if your own borrowing cost is lower than HEQL's embedded borrowing cost + management fee, you can use your own margin for that excess return as well.
So I do think HEQL + CASV is a defensible way to boost long term performance. I don't know why some comments talk about covered calls which isn't relevant here.
Not that sure about what to expect from ATSX.TO. I do have some but it's not a core holding. Its past performance has been good, but past performance suggests nothing. If I have to pick a third fund, I would consider a Canadian value fund if you want home bias, because CASV excludes Canada. FXM MCSM are high cost but small in size, XCV and like are low cost bug concentrated in big banks,
or I would consider VMO (Global momentum). It should be a good fund to pair with small cap value. I really like this fund but hope it can cut some MER%.