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Toronto-based GFI Investment Counsel Ltd. was recognized as having Canada’s best overall hedge fund for the second year in a row on Tuesday at the Alternative IQ 2020 Canadian Hedge Fund Awards.

The GFI Good Opportunities Fund, which focuses on 10 to 15 core holdings and uses short strategies, received the best overall award based on its combined 10-year annualized return and 10-year Sharpe ratio, which measures risk-adjusted return. The fund returned 16.04% over 10 years, with a 10-year Sharpe ratio of 1.35.

The top equity fund for the year ended June 30 was the Lynwood Opportunities Fund from Toronto-based Lynwood Capital Management Inc. The fund, which uses long/short and event-driven equity strategies, recorded a one-year return of 46.29%. It was the top equity fund in 2019, as well.

On the credit side, the top one-year performer was the Marret Diversified Opportunities Fund from Toronto-based Marret Asset Management Inc. The high-yield fund returned 14.16% in the year ended June 30.

The awards, held virtually this year, evaluated 221 hedge funds based solely on quantitative performance data from Fundata. See all the hedge fund winners at Alternative IQ.