Toronto-based hedge fund Anson Funds Management saw strong returns in 2025, with its flagship fund doubling gains from 10.1% in 2024 to 21.2%, pushing total assets under management to $2.4 billion as of 31 December, according to a report by Bloomberg.

The performance was driven in part by housing-related investments, including stakes in Canadian apartment owners InterRent REIT and Minto Apartment REIT. Both firms are set to be taken private, with InterRent acquired by CLV Group and GIC at a 35% premium. Anson’s Arch Anson Tactical Real Estate Fund, which led the real estate strategy alongside the main fund, delivered a 12.5% return.

Chief Investment Officer Moez Kassam highlighted ongoing opportunities in Canadian REITs, noting that limited new construction could create a future supply shortage and support market recovery. Outside Canada, Anson holds a 7.3% position in UK homebuilder Vistry Group, its largest-ever investment at $175 million, benefiting from government-backed affordable housing initiatives.

The firm is also active in SPACs, with 10% stakes in Eric Trump’s New America Acquisition I Corp. and Yorkville Acquisition Corp. However, not all positions performed, with an 8.3% stake in ProCap Financial delayed by the US government shutdown.

Anson’s long-short strategy faced challenges last year, particularly in speculative sectors such as quantum computing and nuclear energy, where short positions on Rigetti Computing and Oklo Inc. did not pay off due to rapid price surges.

The firm’s activist arm, led by Sagar Gupta, continues to pursue positions in companies including Lionsgate Studios, Match Group, and Clear Channel Outdoor. Kassam expects potential upside from upcoming Lionsgate releases and the possibility of a sale.

Anson’s long-biased North Star Tactical Equity Fund, managed by Salman Malik, delivered a 48% return in 2025, with commodity bets on Osisko Development and Osisko Metals doubling in value. The fund works alongside the main long-short strategy to co-invest in positions across markets.