Overview
Daily NAV
$10.52
0.19% $0.02
December 20, 2024
-
Inception DateNovember 9, 2022
-
Fund Size$40.16MM
-
Management Fee0.65%
-
DistributionsMonthly
-
Fund StrategyCore Fixed Income
-
Fund FrameworkMutual Fund
Risk: Low
Low
Low to Medium
Medium
Medium to High
High
Investment Objective
The Fund aims to preserve capital while maximizing total return to unitholders predominantly through income, and supplements with capital appreciation. The Fund engages in hedging strategies for volatility management and risk mitigation.
Why Invest
CORE EXPOSURE
An emphasis on government and investment grade corporate bond exposure with an importance placed on duration, through market cycles.
ACCESS ALTERNATIVE INVESTMENT PRINCIPLES
The Fund will layer in alternative investment principles by identifying and mitigating risks with hedging tools. The Fund will also actively manage duration and target uncorrelated sources of alpha.
BENEFIT FROM PROVEN MANAGERS
With experience running Authentic Hedge® strategies for over a decade.
An emphasis on government and investment grade corporate bond exposure with an importance placed on duration, through market cycles.
ACCESS ALTERNATIVE INVESTMENT PRINCIPLES
The Fund will layer in alternative investment principles by identifying and mitigating risks with hedging tools. The Fund will also actively manage duration and target uncorrelated sources of alpha.
BENEFIT FROM PROVEN MANAGERS
With experience running Authentic Hedge® strategies for over a decade.
Performance As at November 30, 2024
Growth of $10,000
Investment value:
$11,712.96
at
November 29, 2024
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Fortified Core Bond Fund ETF | 1.13% | 1.93% | 5.57% | 6.81% | 9.45% | — | — | — | 7.99% |
| Benchmark 1 | 1.68% | 2.57% | 6.53% | 4.95% | 8.55% | — | — | — | 6.78% |
| Series | Picton Mahoney Fortified Core Bond Fund ETF | Benchmark |
|---|---|---|
| 1 mth | 1.13% | 1.68% |
| 3 mths | 1.93% | 2.57% |
| 6 mths | 5.57% | 6.53% |
| YTD | 6.81% | 4.95% |
| 1 yr | 9.45% | 8.55% |
| 3 yrs * | — | — |
| 5 yrs * | — | — |
| 10 yrs * | — | — |
| Since Inception * | 7.99% | 6.78% |
† 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 FTSE Universe Bond Index (TR)
Calendar Returns
| 2023 | |
|---|---|
| Picton Mahoney Fortified Core Bond Fund ETF | 6.73% |
| Benchmark 1 | 6.69% |
| Series | Picton Mahoney Fortified Core Bond Fund ETF | Benchmark |
|---|---|---|
| 2023 | 6.73% | 6.69% |
1 FTSE Universe Bond Index (TR)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
Annualized Return
7.99%
6.78%
Annualized Standard Deviation
4.36%
6.57%
Sharpe Ratio
0.46
0.60
Beta
0.65
—
Upside Capture Ratio
79.00%
—
Downside Capture Ratio
41.03%
—
Maximum Drawdown
-4.24%
-7.05%
Peak Value Date of Maximum Drawdown
2023-05-03
2023-05-03
Trough Value Date of Maximum Drawdown
2023-10-19
2023-10-03
Risk Measures
| Risk And Return Statistics | Fund | Benchmark |
|---|---|---|
| Annualized Return | 7.99% | 6.78% |
| Annualized Standard Deviation | 4.36% | 6.57% |
| Sharpe Ratio | 0.46 | 0.60 |
| Beta | 0.65 | — |
| Upside Capture Ratio | 79.00% | — |
| Downside Capture Ratio | 41.03% | — |
| Maximum Drawdown | -4.24% | -7.05% |
| Peak Value Date of Maximum Drawdown | 2023-05-03 | 2023-05-03 |
| Trough Value Date of Maximum Drawdown | 2023-10-19 | 2023-10-03 |
Portfolio Allocations As at November 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Canadian Government Bond 0.5% 01Dec30 | 3.66% |
| Canadian Government Bond 3% 01Jun34 | 3.10% |
| Canadian Government Bond 2.75% 01Jun33 | 2.80% |
| Province of British Columbia 1.55% 18Jun31 | 2.23% |
| Province of Quebec 2.85% 01Dec53 | 2.01% |
| Province of British Columbia 2.2% 18Jun30 | 1.89% |
| Province of Ontario 1.75% 08Sep25 | 1.85% |
| Canadian Government Bond 1.5% 01Dec31 | 1.80% |
| Canadian Government Bond 0.25% 01Mar26 | 1.68% |
| Province of Ontario 1.35% 02Dec30 | 1.56% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 97.68% |
| Short | -0.32% |
| Gross | 98.00% |
| Net | 97.36% |
±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.
Fundamental Metrics
| Fund | Benchmark | |
|---|---|---|
| Weighted Average Modified Duration | 5.77 | 7.36 |
| Credit Rating | BBB | – |
| Issuers | 134 | 1787 |
| Yield To Maturity | 4.43% | 3.53% |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 1.30% | PIC 8520 |
| Class F | 0.65% | PIC 8521 |
| ETF | 0.65% | PFCB |
Portfolio Management
Phil Mesman, CFA
Portfolio Manager, Co-Head Fixed Income
Sam Acton, CFA
Portfolio Manager, Co-Head Fixed Income