Overview

Daily NAV
$9.77
0.06% $0.01
March 27, 2024
  • Inception Date
    July 12, 2019
  • Fund Size
    1.05 billion
  • Management Fee
    0.95%
  • Performance Fee
    20.00% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Fund Strategy
    Long Short Credit
  • Fund Framework
    Alternative Mutual Fund (Simplified Prospectus)

Risk: Low

Low
Low To Moderate
Moderate
Moderate To High
High

^ of performance above a 2% hurdle rate with a perpetual high water mark

Investment Objective

The investment objective of the Fund is to maximize total return to unit holders through income and capital appreciation by investing primarily in corporate bonds while mitigating capital loss through shorting and other hedging strategies.

Why Invest

Diversify Your Portfolio
With a solution that aims to provide income and capital gains with low correlation to other income assets.
Benefit From Proven Managers
Experienced running Authentic Hedge® strategies for over a decade.
Mitigate Income Investing Risks
With a fund designed with a tool kit to hedge the risks with income investing.

Performance As at February 29, 2024

Growth of $10,000

Investment value: $12,213.84 at February 29, 2024

Compound Returns

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Fortified Income Alternative Fund ETF 0.27% 2.42% 4.05% 1.04% 6.19% 1.96% 4.41%
Series Picton Mahoney Fortified Income Alternative Fund ETF
1 mth 0.27%
3 mths 2.42%
6 mths 4.05%
YTD 1.04%
1 yr 6.19%
3 yrs * 1.96%
5 yrs *
10 yrs *
Since Inception * 4.41%

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.

Calendar Returns

2020 2021 2022 2023
Picton Mahoney Fortified Income Alternative Fund ETF 8.72% 3.74% -3.30% 6.79%
Series Picton Mahoney Fortified Income Alternative Fund ETF
2020 8.72%
2021 3.74%
2022 -3.30%
2023 6.79%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 4.41% 1.85%
Annualized Standard Deviation 5.03% 9.17%
Sharpe Ratio 0.50 0.02
Beta 0.47
Upside Capture Ratio 60.53%
Downside Capture Ratio 26.10%
Maximum Drawdown -11.57% -19.88%
Peak Value Date of Maximum Drawdown 2020-02-25 2020-02-21
Trough Value Date of Maximum Drawdown 2020-03-23 2020-03-23

**75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)

Portfolio Allocations As at February 29, 2024

Sector Allocation

Geographic Allocation (Net)

Top 10 Long Positions

Name Weight
Secure Energy Services 7.25% 30Dec26 2.69%
Parkland Corp 4.375% 26Mar29 2.40%
Royal Bank of Canada Frn 24Nov80 2.33%
Freeport Minerals Corp 7.125% 01Nov27 2.19%
Permian Resources Operating 8% 15Apr27 2.09%
Toronto-Dominion Bank Frn 31Dec49 2.08%
Prime Healthcare Serv Inc 7.25% 01Nov25 1.91%
Northriver Midstream Fin 5.625% 15Feb26 1.87%
Manitoulin USD Frn 10Nov27 1.85%
Acadia Healthcare Co Inc 5.50% 01Jul28 1.85%

Exposure Breakout ±±

Name Weight
Long 123.18%
Short -27.37%
Gross 150.55%
Net 95.81%

±± 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 2.48 4.15
Credit Rating BB+
Issuers 159 21812
Yield To Maturity 7.31% 7.06%

Fees

Series Management Fee Fund codes
Class A 1.95% PIC 3500
Class F 0.95% PIC 3501
ETF 0.95% PFIA

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-03-27 $9.77
2024-03-26 $9.76
2024-03-25 $9.76
2024-03-22 $9.76
2024-03-21 $9.75
2024-03-20 $9.75 0.0241
2024-03-19 $9.77
2024-03-18 $9.76
2024-03-15 $9.76
2024-03-14 $9.76
2024-03-13 $9.76
2024-03-12 $9.76
2024-03-11 $9.76
2024-03-08 $9.76
2024-03-07 $9.75
2024-03-06 $9.75
2024-03-05 $9.75
2024-03-04 $9.74
2024-03-01 $9.74
2024-02-29 $9.73
2024-02-28 $9.72
2024-02-27 $9.71
2024-02-26 $9.71
2024-02-23 $9.71
2024-02-22 $9.69
2024-02-21 $9.69 0.0250
2024-02-20 $9.72
2024-02-16 $9.69
2024-02-15 $9.69
2024-02-14 $9.69
2024-02-13 $9.69
2024-02-12 $9.69
2024-02-09 $9.69
2024-02-08 $9.69
2024-02-07 $9.70
2024-02-06 $9.70
2024-02-05 $9.70
2024-02-02 $9.72
2024-02-01 $9.73
2024-01-31 $9.73
2024-01-30 $9.71
2024-01-29 $9.70
2024-01-26 $9.70
2024-01-25 $9.69
2024-01-24 $9.69
2024-01-23 $9.68 0.0368
2024-01-22 $9.71
2024-01-19 $9.70
2024-01-18 $9.70
2024-01-17 $9.70
2024-01-16 $9.71
2024-01-15 $9.70
2024-01-12 $9.70
2024-01-11 $9.69
2024-01-10 $9.68
2024-01-09 $9.69
2024-01-08 $9.68
2024-01-05 $9.69
2024-01-04 $9.70
2024-01-03 $9.70
2024-01-02 $9.69
2023-12-29 $9.69
2023-12-28 $9.69
2023-12-27 $9.67
2023-12-22 $9.66
2023-12-21 $9.66 0.0610
2023-12-20 $9.74
2023-12-19 $9.71
2023-12-18 $9.70
2023-12-15 $9.71
2023-12-14 $9.70
2023-12-13 $9.66
2023-12-12 $9.67
2023-12-11 $9.66
2023-12-08 $9.66
2023-12-07 $9.68
2023-12-06 $9.68
2023-12-05 $9.67
2023-12-04 $9.65
2023-12-01 $9.64
2023-11-30 $9.62
2023-11-29 $9.62
2023-11-28 $9.60
2023-11-27 $9.58
2023-11-24 $9.56
2023-11-23 $9.56
2023-11-22 $9.56 0.0602
2023-11-21 $9.61
2023-11-20 $9.60
2023-11-17 $9.60
2023-11-16 $9.61
2023-11-15 $9.59
2023-11-14 $9.60
2023-11-13 $9.55
2023-11-10 $9.56
2023-11-09 $9.57
2023-11-08 $9.58
2023-11-07 $9.57
2023-11-06 $9.56
2023-11-03 $9.57
2023-11-02 $9.52
2023-11-01 $9.48
2023-10-31 $9.46
2023-10-30 $9.45
2023-10-27 $9.47
2023-10-26 $9.46
2023-10-25 $9.45
2023-10-24 $9.46
2023-10-23 $9.46 0.0494
2023-10-20 $9.51
2023-10-19 $9.49
2023-10-18 $9.51
2023-10-17 $9.51
2023-10-16 $9.53
2023-10-13 $9.55
2023-10-12 $9.55
2023-10-11 $9.55
2023-10-10 $9.54
2023-10-06 $9.49
2023-10-05 $9.53
2023-10-04 $9.54
2023-10-03 $9.54
2023-10-02 $9.57
2023-09-29 $9.57
2023-09-28 $9.56
2023-09-27 $9.56
2023-09-26 $9.58
2023-09-25 $9.59
2023-09-22 $9.59
2023-09-21 $9.59 0.0457
2023-09-20 $9.63
2023-09-19 $9.61
2023-09-18 $9.62
2023-09-15 $9.63
2023-09-14 $9.62
2023-09-13 $9.63
2023-09-12 $9.63
2023-09-11 $9.62
2023-09-08 $9.62
2023-09-07 $9.62
2023-09-06 $9.62
2023-09-05 $9.63
2023-09-01 $9.63
2023-08-31 $9.63
2023-08-30 $9.62
2023-08-29 $9.62
2023-08-28 $9.62
2023-08-25 $9.61
2023-08-24 $9.62
2023-08-23 $9.62 0.0420
2023-08-22 $9.66
2023-08-21 $9.67
2023-08-18 $9.68
2023-08-17 $9.69
2023-08-16 $9.67
2023-08-15 $9.67
2023-08-14 $9.67
2023-08-11 $9.68
2023-08-10 $9.68
2023-08-09 $9.69
2023-08-08 $9.69
2023-08-04 $9.68
2023-08-03 $9.66
2023-08-02 $9.68
2023-08-01 $9.67
2023-07-31 $9.66
2023-07-28 $9.66
2023-07-27 $9.66
2023-07-26 $9.66
2023-07-25 $9.66
2023-07-24 $9.67
2023-07-21 $9.67 0.0448
2023-07-20 $9.71
2023-07-19 $9.70
2023-07-18 $9.70
2023-07-17 $9.69
2023-07-14 $9.69
2023-07-13 $9.69
2023-07-12 $9.66
2023-07-11 $9.66
2023-07-10 $9.66
2023-07-07 $9.66
2023-07-06 $9.66
2023-07-05 $9.67
2023-07-04 $9.67
2023-06-30 $9.66
2023-06-29 $9.65
2023-06-28 $9.66
2023-06-27 $9.65
2023-06-26 $9.65
2023-06-23 $9.64
2023-06-22 $9.63 0.0405
2023-06-21 $9.68
2023-06-20 $9.68
2023-06-19 $9.68
2023-06-16 $9.66
2023-06-15 $9.66
2023-06-14 $9.65
2023-06-13 $9.63
2023-06-12 $9.64
2023-06-09 $9.63
2023-06-08 $9.61
2023-06-07 $9.58
2023-06-06 $9.61
2023-06-05 $9.61
2023-06-02 $9.60
2023-06-01 $9.61
2023-05-31 $9.61
2023-05-30 $9.60
2023-05-29 $9.58
2023-05-26 $9.58
2023-05-25 $9.59
2023-05-24 $9.61
2023-05-23 $9.61 0.0432
2023-05-19 $9.65
2023-05-18 $9.65
2023-05-17 $9.66
2023-05-16 $9.68
2023-05-15 $9.68
2023-05-12 $9.69
2023-05-11 $9.69
2023-05-10 $9.69
2023-05-09 $9.70
2023-05-08 $9.70
2023-05-05 $9.70
2023-05-04 $9.73
2023-05-03 $9.74
2023-05-02 $9.73
2023-05-01 $9.72
2023-04-28 $9.71
2023-04-27 $9.71
2023-04-26 $9.72
2023-04-25 $9.73
2023-04-24 $9.72
2023-04-21 $9.71
2023-04-20 $9.70 0.0417
2023-04-19 $9.74
2023-04-18 $9.74
2023-04-17 $9.74
2023-04-14 $9.73
2023-04-13 $9.74
2023-04-12 $9.76
2023-04-11 $9.74
2023-04-10 $9.74
2023-04-06 $9.75
2023-04-05 $9.76
2023-04-04 $9.74
2023-04-03 $9.71
2023-03-31 $9.56
2023-03-30 $9.57
2023-03-29 $9.57

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income