The Marval Guru Fund Delivers Outstanding 21.9% Net Compound Annual Return Over 5 Years

TORONTO, Nov. 7, 2024 /PRNewswire/ — Marval Capital Ltd.’s (“Marval”) Marval Guru Fund (the “Fund”) proudly announces the completion of five years of performance this year, now with approximately $400 million in assets under management (“AUM”). For the first time, the Fund is sharing its performance rankings against all institutional funds offered in Canada and internationally available India-focused funds.

Over the past five years, in Canadian dollars, the Fund has delivered a net compound annual return of 21.9%, resulting in a total net return of 169%. An initial investment of $100 on September 30, 2019, would have grown to $269 by September 30, 2024. A fund with a net compound annual return of 10.4% over 10 years would yield a lower total net return than what the Marval Guru Fund has produced in just five years. Results were achieved without the use of leverage or derivatives.*

PERFORMANCE RANKINGS

Based on 5 Years of Performance (September 30, 2019 – September 30, 2024) 

Fund Database1	Number of Funds	Marvel Guru Fund Rank
Fundata Institutional Fund Database of Canada2	>3,000 Advertisement	6th
Royal Bank of Canada Pooled Fund Survey	>1,100	3rd
India Funds Available Outside of India	56	2nd

Fundata Institutional Fund Database of Canada: According to Fundata, which tracks all institutional funds in Canada, the Marval Guru Fund, based on its 5-year performance ranks sixth out of more than 3,000 funds, encompassing every major investment firm and investment strategy in the country. Marval believes the Fund is well-positioned to continue delivering strong performance over the next 20 years. Notably, over the last ten years, 93% of the funds in the Fundata database have not achieved a total return as high as the Fund’s five-year total return of 169%.

Royal Bank of Canada (“RBC”) Pooled Fund Survey: In RBC’s extensive survey of over 1,100 funds from more than 80 institutions, including most major investment firms in Canada, the Fund ranks third in five-year gross performance. This list is more selective with the top institutional-grade funds in Canada across all investment strategies. In the emerging markets category, the Fund’s compound annual five-year gross return is over 15% per year higher than the fund ranked second-place. Impressively, over ten years, 92% of the funds in this survey have not achieved a total gross return as high as the Fund’s five-year total gross return.

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Asian Fund Database of India-Focused Funds: From various Asian fund databases, Marval assessed 56 institutional-grade India-focused funds available outside of India; across Asia, Europe, and the U.S., including those from reputable international and emerging market firms, as well as Indian wealth managers with global offerings. Among these, the Fund ranks second, with the top fund only 0.4% ahead in net compound annual return performance over five years. Over ten years, 75% of these funds have not produced a total net return as high as the Fund’s five-year total net return of 169%.

INVESTMENT APPROACH

The Fund’s five-year net compound annual returns of 21.9% means that invested capital doubled approximately every three and a half years. The Fund is currently the only India-focused fund in Canada with such a strong track record. In an investment world that often focuses on short-term gains and frequent trading, Marval has demonstrated the Fund’s long-term, buy-and-hold investment strategy remains highly effective. 

LOOKING AHEAD

“After 23 years in the investment business, I feel fulfilled. Not because we’ve reached a destination, but because the path ahead has never looked clearer or brighter for our investors and for Marval,” said Ben Watsa, Founder and CEO of Marval Capital Ltd. and CIO of the Marval Guru Fund. “We hope that Marval will become known as the trusted place in North America to invest your capital safely and uniquely, benefiting from our insights and relationships cultivated over decades.”

ABOUT THE FUND

The Fund is an investment trust offered only by way of offering memorandum on a private placement basis to “accredited investors,” as defined in the applicable Canadian securities legislation. The Fund is not offered in the United States and U.S. Persons are not eligible to invest in the Fund.

ABOUT MARVAL CAPITAL LTD. 

Marval Capital Ltd. is an investment firm that focuses on the Indian market. We take pride in uncovering hidden gems in the Indian stock market, particularly within under-researched and often misunderstood small to mid-cap sectors. Guided by the principles of value investing, we diligently identify companies and invest where we have conviction that a business has potential to compound over the long-term. As an independent investment firm, we are committed to our clients’ best interests, striving to achieve greater heights together.

*Net compound annual return figures referred to in this press release are presented net of fees and all dollar amounts referred to in this press release are expressed in Canadian dollars, unless otherwise indicated. Past performance does not guarantee future results; no representation is being made that the Fund or any of its investments will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. 

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Marval Capital Ltd. is registered as an investment fund manager in Ontario, Quebec and Newfoundland and Labrador, as a portfolio manager in Ontario and as an exempt market dealer in Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan.

This press release is not intended to constitute an offering of units of the Fund. Any offer or sale of securities of the Fund will be made according to the Fund’s Offering Memorandum (“OM”) to eligible “accredited investors” under applicable Canadian securities laws. The information contained herein is qualified in its entirety by reference to the OM of the Fund. The OM contains information about the investment objectives and terms and conditions of an investment in the Fund (including fees) and will also contain tax information and risk disclosures that are important to any investment decision regarding the Fund. Please read the OM before investing.

The Fund is not registered in the United States of America under the Investment Company Act of 1940. The Fund’s units have not been registered in the United States of America under the Securities Act of 1933. Fund units made available under this offer may not be directly or indirectly offered or sold in the United States of America or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of residents thereof, unless pursuant to an exemption from registration requirements available under U.S. law, any applicable statute, rule or interpretation. The Fund is not offered in the United States and U.S. Persons are not eligible to invest in the Fund. Prospective investors shall be required to declare that they are not a U.S. Person and are not applying for units on behalf of any U.S. Person, as defined under the relevant United States securities laws.

This press release is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. Prospective investors should consult with their own professional advisors regarding the financial, legal and tax consequences of any investment. The Fund is not intended as a complete investment program.

Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the OM before investing. The indicated rates of return are the historical net compound annual and total net returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

CONTACT INFORMATION: Marval Capital Ltd., Email: [email protected] or [email protected], Website: www.marvalcapital.com 

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Dyna.Ai’s Agent Studio, VoiceGPT, AvatarGPT and its FSI (Financial Services Industry) Suite were products exhibited at its booth

SINGAPORE, Nov. 7, 2024 /PRNewswire/ — Dyna.Ai, a Singaporean AI-as-a-Service company, took center stage at the 2024 Singapore Fintech Festival with the unveiling of its newest flagship product – Agent Studio.

Agent Studio is a groundbreaking AI agent builder platform built upon Dyna.Ai’s proprietary large language model (LLM). This innovative platform marks a significant evolution from traditional chatbots, offering a highly customizable and sandbox-like environment for businesses to create AI agents tailored to their specific needs. With simple low-code or no-code setup, Agent Studio allows companies to swiftly design and deploy agents that autonomously manage customer interactions across channels, including APIs, websites, and social platforms like WhatsApp.

Agent Studio enhances Dyna.Ai’s expanding portfolio of industry-leading AI-driven solutions, which includes its own AI platform, Agentic AI featuring VoiceGPT and AvatarGPT, along with the Financial Services Industry (FSI) Suite, all launched in 2024.

“We’re thrilled to introduce Agent Studio, a valuable tool for our partners and clients globally,” shared Tomas Skoumal, Chairman and Co-founder of Dyna.Ai. “Agent Studio exemplifies our commitment to providing a comprehensive suite of AI-powered solutions. Recognizing the diverse needs of different organizations and markets, we designed Agent Studio to empower businesses with granular customization capabilities.”

Founded earlier this year, Dyna.Ai has established itself as a key player in the global AI landscape. With a focus on cutting-edge AI models, sophisticated human-AI interaction technologies, and big data analytics, the company empowers businesses across various industries to achieve success in today’s competitive market.

“While there is certainly a lot of interest in AI adoption within Singapore’s financial sector,” commented Cynthia Siantar, Dyna.Ai’s newly appointed Singapore General Manager, “actual implementation may be fairly limited. There could be several factors at play, such as the prevalence of generic solutions that do not address specific needs. Often, these solutions leave institutions unsure how to leverage them effectively. Here is where Dyna.Ai offers a distinct advantage–our deep understanding of the financial sector allows us to create solutions that go beyond mere novelty, instead, bridging the gap between technology and practical problem-solving for our clients.”

Visit Dyna.Ai’s website to learn more about the company and its suite of products.

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MIAX Sapphire Reaches 1.7% Market Share in October 2024

MIAMI and PRINCETON, N.J., Nov. 7, 2024 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported October 2024 trading results for its U.S. exchange subsidiaries – MIAX^®, MIAX Pearl^®, MIAX Emerald^® and MIAX Sapphire^TM (collectively, the MIAX Exchange Group), and MIAX Futures^TM.

October 2024 and Year-to-Date Trading Volume and Market Share Highlights

• Total multi-listed options volume for the MIAX Exchange Group reached 156.1 million contracts, a 21.7% increase year-over-year (YoY). October 2024 market share reached 15.3%, a 5.2% increase YoY. Total year-to-date (YTD) volume reached 1.4 billion contracts, a 1.8% increase from the same period in 2023.
• MIAX Sapphire reached a monthly volume of 17.2 million contracts, with October 2024 market share reaching 1.7%. On October 25, MIAX Sapphire set a daily volume record of 1.0 million contracts with a daily market share record of 2.0%. MIAX Sapphire launched trading on August 12, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, with over 3,800 classes now available for trading.
• MIAX Options reached a monthly volume of 61.4 million contracts, a 22.2% increase YoY. October 2024 market share reached 6.0%, a 5.6% increase YoY. Total YTD volume reached a record 567.4 million contracts, a 6.2% increase from the same period in 2023.
• MIAX Pearl Options reached a monthly volume of 32.7 million contracts, a 38.7% decrease YoY. October 2024 market share reached 3.2%, a 47.0% decrease YoY. Total YTD volume reached 404.7 million contracts, a 26.8% decrease from the same period in 2023.
• MIAX Emerald Options reached a monthly volume of 44.8 million contracts, an 81.4% increase YoY. October 2024 market share reached 4.4%, a 56.8% increase YoY. Total YTD volume reached a record 361.4 million contracts, a 43.9% increase from the same period in 2023.
• In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.4 billion shares, a 21.0% decrease YoY and representing a market share of 1.6%, a 31.0% decrease YoY. Total YTD volume reached a record 42.3 billion shares, an 11.4% increase from the same period in 2023. YTD market share reached 1.7%, a 3.5% increase from the same period in 2023.
• In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 237,249 contracts, a 0.5% decrease YoY.

Additional MIAX Exchange Group and MIAX Futures trading volume and market share information are included in the tables below. 

	Multi-Listed Options Trading Volume for  MIAX Exchange Group, Current Month					Year-to-Date Comparison
Multi-Listed Options Contracts	Oct-24	Oct-23	% Chg Advertisement	Sep-24	% Chg	Oct-24	Oct-23	% Chg
Trading Days	23	22		20		211 Advertisement	209
U.S. Equity Options Industry	1,019,395,795	881,187,563	15.7 %	879,099,779	16.0 %	9,155,913,905	8,441,344,665	8.5 % Advertisement
MIAX Exchange Group	156,101,259	128,285,624	21.7 %	124,601,088	25.3 %	1,361,603,000	1,337,877,239	1.8 %
MIAX Options Advertisement	61,385,978	50,250,770	22.2 %	52,557,584	16.8 %	567,415,224	534,190,112	6.2 %
MIAX Pearl	32,700,382 Advertisement	53,356,464	-38.7 %	28,765,237	13.7 %	404,711,205	552,571,597	-26.8 %
MIAX Emerald	44,769,481	24,678,390 Advertisement	81.4 %	33,473,285	33.7 %	361,374,459	251,115,530	43.9 %
MIAX Sapphire	17,245,418	0	– Advertisement	9,804,982	75.9 %	28,102,112	–	–
Multi-Listed Options ADV	Oct-24	Oct-23	% Chg	Sep-24 Advertisement	% Chg	Oct-24	Oct-23	% Chg
U.S. Equity Options Industry	44,321,556	40,053,980	10.7 %	43,954,989	0.8 % Advertisement	43,392,957	40,389,209	7.4 %
MIAX Exchange Group	6,787,011	5,831,165	16.4 %	6,230,054	8.9 %	6,453,095 Advertisement	6,401,327	0.8 %
MIAX Options	2,668,956	2,284,126	16.8 %	2,627,879	1.6 %	2,689,172	2,555,934 Advertisement	5.2 %
MIAX Pearl	1,421,756	2,425,294	-41.4 %	1,438,262	-1.1 %	1,918,063	2,643,883	-27.5 % Advertisement
MIAX Emerald	1,946,499	1,121,745	73.5 %	1,673,664	16.3 %	1,712,675	1,201,510	42.5 %
MIAX Sapphire Advertisement	749,801	–	–	490,249	52.9 %	133,185	–	–
	Multi-Listed Options Market Share for MIAX Exchange Group, Current Month Advertisement					Year-to-Date Comparison
Multi-Listed Options Market Share	Oct-24	Oct-23	% Chg	Sep-24	% Chg	Oct-24	Oct-23	% Chg Advertisement
MIAX Exchange Group	15.31 %	14.56 %	5.2 %	14.17 %	8.0 %	14.87 %	15.85 %	-6.2 %
MIAX Options Advertisement	6.02 %	5.70 %	5.6 %	5.98 %	0.7 %	6.20 %	6.33 %	-2.1 %
MIAX Pearl	3.21 % Advertisement	6.06 %	-47.0 %	3.27 %	-2.0 %	4.42 %	6.55 %	-32.5 %
MIAX Emerald	4.39 %	2.80 % Advertisement	56.8 %	3.81 %	15.3 %	3.95 %	2.97 %	32.7 %
MIAX Sapphire	1.69 %	–	– Advertisement	1.12 %	51.7 %	0.31 %	–	–

	Equities Trading Volume for MIAX Pearl Equities, Current Month					Year-to-Date Comparison Advertisement
Equities Shares (millions)	Oct-24	Oct-23	% Chg	Sep-24	% Chg	Oct-24	Oct-23	% Chg
Trading Days Advertisement	23	22		20		211	209
U.S. Equities Industry	268,304	234,073	14.6 %	237,154 Advertisement	13.1 %	2,463,194	2,288,834	7.6 %
MIAX Pearl Volume	4,397	5,562	-21.0 %	4,054	8.5 % Advertisement	42,271	37,938	11.4 %
MIAX Pearl ADV	191	253	-24.4 %	203	-5.7 %	200 Advertisement	182	10.4 %
MIAX Pearl Market Share	1.64 %	2.38 %	-31.0 %	1.71 %	-4.1 %	1.72 %	1.66 % Advertisement	3.5 %
	Futures and Options Trading Volume and Open Interest for MIAX Futures, Current Month					Year-to-Date Comparison
Futures Contracts	Oct-24	Oct-23	% Chg	Sep-24	% Chg	Oct-24 Advertisement	Oct-23	% Chg
Trading Days	23	22		20		211	209
MIAX Futures Volume	237,249 Advertisement	238,404	-0.5 %	185,195	28.1 %	2,648,874	2,429,927	9.0 %
MIAX Futures ADV	10,315	10,837 Advertisement	-4.8 %	9,260	11.4 %	12,554	11,626	8.0 %
MIAX Futures Open Interest	83,963	88,132	-4.7 % Advertisement	79,682	5.4 %

About MIAX

MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX^®), MIAX PEARL, LLC (MIAX Pearl^®), MIAX Emerald, LLC (MIAX Emerald^®), MIAX Sapphire, LLC (MIAX Sapphire™), MIAX Futures Exchange, LLC (MIAX Futures^TM), LedgerX LLC d/b/a MIAX Derivatives Exchange (MIAXdx™), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism.

MIAX Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Minneapolis Hard Red Spring Wheat Futures. MIAX Futures is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM, DCO, and Swap Execution Facility (SEF) with the CFTC.

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.

MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MIAX Futures offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.

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To learn more about MIAX visit www.miaxglobal.com.

To learn more about MIAX Futures visit www.miaxglobal.com/miax-futures.

To learn more about MIAXdx visit www.miaxdx.com.

To learn more about BSX visit www.bsx.com.

To learn more about Dorman Trading visit www.dormantrading.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Media contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
[email protected]

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