Overview
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Inception DateJanuary 3, 2019
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Fund Size$142.52MM
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Management Fee2.00%
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Performance Fee15.00% ^
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High Water MarkYes
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Fund StrategyMerger Arbitrage
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Fund FrameworkAlternative Mutual Fund (Simplified Prospectus)
Risk: Low
^ of the amount above a perpetual high watermark
Investment Objective
Why Invest
With a Fund that seeks low correlation to the overall equity market, low volatility and aims to avoid large drawdowns.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over 6 years.
Lower Interest Rate Risk
In your portfolio with a Fund that may benefit from rising rates, unlike most fixed income and dividend yielding securities.
Performance As at October 31, 2024
Growth of $10,000
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Fortified Arbitrage Alternative Fund A | 0.16% | 0.48% | 1.39% | 2.30% | 3.13% | 1.76% | 4.76% | — | 4.32% |
| Benchmark 1 | -0.55% | 0.27% | 4.25% | 3.21% | 7.81% | 3.86% | 5.76% | — | 5.77% |
| Benchmark 2 | -1.07% | 1.25% | 6.50% | 3.11% | 11.09% | -0.23% | 0.36% | — | 1.45% |
| Benchmark 3 | 0.85% | 5.30% | 12.95% | 18.24% | 32.06% | 8.03% | 11.33% | — | 12.97% |
| Series | Picton Mahoney Fortified Arbitrage Alternative Fund A | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 1 mth | 0.16% | -0.55% | -1.07% | 0.85% |
| 3 mths | 0.48% | 0.27% | 1.25% | 5.30% |
| 6 mths | 1.39% | 4.25% | 6.50% | 12.95% |
| YTD | 2.30% | 3.21% | 3.11% | 18.24% |
| 1 yr | 3.13% | 7.81% | 11.09% | 32.06% |
| 3 yrs * | 1.76% | 3.86% | -0.23% | 8.03% |
| 5 yrs * | 4.76% | 5.76% | 0.36% | 11.33% |
| 10 yrs * | — | — | — | — |
| Since Inception * | 4.32% | 5.77% | 1.45% | 12.97% |
† The rate of return shown above is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund, or returns on investment in the investment fund.
* refers to average annualized performance.
1 HFRI ED Merger Arbitrage Index (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
3 S&P/TSX Composite TR Index
Calendar Returns
| 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Picton Mahoney Fortified Arbitrage Alternative Fund A | 15.59% | 2.72% | 0.22% | 2.76% |
| Benchmark 1 | 5.20% | 10.63% | 2.84% | 5.07% |
| Benchmark 2 | 8.61% | -2.71% | -11.47% | 6.37% |
| Benchmark 3 | 5.60% | 25.09% | -5.84% | 11.75% |
| Series | Picton Mahoney Fortified Arbitrage Alternative Fund A | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 2020 | 15.59% | 5.20% | 8.61% | 5.60% |
| 2021 | 2.72% | 10.63% | -2.71% | 25.09% |
| 2022 | 0.22% | 2.84% | -11.47% | -5.84% |
| 2023 | 2.76% | 5.07% | 6.37% | 11.75% |
1 HFRI ED Merger Arbitrage Index (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
3 S&P/TSX Composite TR Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
4.32%
5.77%
Annualized Standard Deviation
4.20%
6.34%
Sharpe Ratio
0.51
0.56
Beta
0.43
—
Upside Capture Ratio
52.32%
—
Downside Capture Ratio
22.87%
—
Maximum Drawdown
***
-6.26%
-10.89%
Peak Value Date of Maximum Drawdown
***
2020-02-19
2019-12-31
Trough Value Date of Maximum Drawdown
***
2020-03-18
2020-03-31
**HFRI ED Merger Arbitrage Index (Hedged to CAD)
***Note that the frequency of data varies between the Fund and the benchmark for these drawdown calculations. Daily data points used for the Fund since the Fund is priced daily. Monthly data points used for the benchmark since the benchmark is a composite that is calculated on a monthly basis.
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 4.32% | 5.77% |
| Annualized Standard Deviation | 4.20% | 6.34% |
| Sharpe Ratio | 0.51 | 0.56 |
| Beta | 0.43 | — |
| Upside Capture Ratio | 52.32% | — |
| Downside Capture Ratio | 22.87% | — |
| Maximum Drawdown *** | -6.26% | -10.89% |
| Peak Value Date of Maximum Drawdown *** | 2020-02-19 | 2019-12-31 |
| Trough Value Date of Maximum Drawdown *** | 2020-03-18 | 2020-03-31 |
**HFRI ED Merger Arbitrage Index (Hedged to CAD)
***Note that the frequency of data varies between the Fund and the benchmark for these drawdown calculations. Daily data points used for the Fund since the Fund is priced daily. Monthly data points used for the benchmark since the benchmark is a composite that is calculated on a monthly basis.
Portfolio Allocations As at October 31, 2024
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 61.89% |
| Short | -9.21% |
| Gross | 71.09% |
| Net | 52.68% |
±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.
Portfolio Details
| Name | Value |
|---|---|
| Average Market Cap | $12.92 Billions |
| # of Deals | 30 |
| # of SPACs | 87 |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 2.00% | PIC 3800 |
| Class F | 1.00% | PIC 3801 |
Portfolio Management
Portfolio Manager, Merger Arbitrage
Portfolio Manager, Merger Arbitrage