(Bloomberg) -- Waratah Capital Advisors’ biggest hedge fund posted its first-ever annual loss in 2022, but the Canadian firm still delivered positive returns on most of its products, including its flagship equity funds. The investment manager’s Waratah Performance fund declined 1% last year, breaking an unbeaten streak of gains since the firm was founded in 2010, according to an investor letter seen by Bloomberg. The fund, which follows a long-short strategy that’s focused on North American stocks, has returned 220% since inception.