Overview
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Inception DateJuly 12, 2019
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Fund Size1.16 billion
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Management Fee0.95%
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Performance Fee20.00% ^
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Hurdle Rate2.00%
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High Water MarkYes
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DistributionsMonthly
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Fund StrategyLong Short Credit
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Fund FrameworkAlternative Mutual Fund (Simplified Prospectus)
Risk: Low
^ of performance above a 2% hurdle rate with a perpetual high water mark
Investment Objective
Why Invest
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 September 30, 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 Income Alternative Fund ETF | 0.84% | 2.23% | 4.12% | 5.88% | 9.19% | 2.96% | 4.61% | — | 4.84% |
| Benchmark 1 | 1.50% | 4.73% | 5.77% | 7.30% | 14.26% | 1.29% | 2.82% | — | 2.95% |
| Benchmark 2 | 1.83% | 4.56% | 5.59% | 4.22% | 12.79% | -0.07% | 0.55% | — | 0.91% |
| Series | Picton Mahoney Fortified Income Alternative Fund ETF | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 0.84% | 1.50% | 1.83% |
| 3 mths | 2.23% | 4.73% | 4.56% |
| 6 mths | 4.12% | 5.77% | 5.59% |
| YTD | 5.88% | 7.30% | 4.22% |
| 1 yr | 9.19% | 14.26% | 12.79% |
| 3 yrs * | 2.96% | 1.29% | -0.07% |
| 5 yrs * | 4.61% | 2.82% | 0.55% |
| 10 yrs * | — | — | — |
| Since Inception * | 4.84% | 2.95% | 0.91% |
† 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 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
Calendar Returns
| 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Picton Mahoney Fortified Income Alternative Fund ETF | 8.72% | 3.74% | -3.30% | 6.79% |
| Benchmark 1 | 5.71% | 2.00% | -12.49% | 10.99% |
| Benchmark 2 | 8.61% | -2.71% | -11.47% | 6.37% |
| Series | Picton Mahoney Fortified Income Alternative Fund ETF | Benchmark | Benchmark |
|---|---|---|---|
| 2020 | 8.72% | 5.71% | 8.61% |
| 2021 | 3.74% | 2.00% | -2.71% |
| 2022 | -3.30% | -12.49% | -11.47% |
| 2023 | 6.79% | 10.99% | 6.37% |
1 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
4.84%
2.95%
Annualized Standard Deviation
4.75%
8.73%
Sharpe Ratio
0.54
0.10
Beta
0.46
—
Upside Capture Ratio
60.22%
—
Downside Capture Ratio
25.04%
—
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)
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 4.84% | 2.95% |
| Annualized Standard Deviation | 4.75% | 8.73% |
| Sharpe Ratio | 0.54 | 0.10 |
| Beta | 0.46 | — |
| Upside Capture Ratio | 60.22% | — |
| Downside Capture Ratio | 25.04% | — |
| 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 September 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Prime Healthcare Services Inc 9.375% 01Sep29 | 2.86% |
| Chemtrade Logistics Inc 6.375% 28Aug29 | 2.70% |
| ATS Corp 6.5% 21Aug32 | 2.39% |
| Parkland Corp 4.375% 26Mar29 | 2.36% |
| Royal Bank of Canada Frn 24Nov80 | 2.26% |
| Toronto-Dominion Bank Frn 31Dec49 | 1.99% |
| Mattr Corp 7.25% 02Apr31 | 1.93% |
| Enbridge Inc Frn 19Jan82 | 1.78% |
| Secure Energy Services Inc 6.75% 22Mar29 | 1.77% |
| Goeasy Ltd 4.375% 01May26 | 1.72% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 120.24% |
| Short | -28.96% |
| Gross | 149.20% |
| Net | 91.28% |
±± 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 | 2.30 | 4.04 |
| Credit Rating | BB+ | – |
| Issuers | 171 | 22366 |
| Yield To Maturity | 6.85% | 6.19% |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 1.95% | PIC 3500 |
| Class F | 0.95% | PIC 3501 |
| ETF | 0.95% | PFIA |
Portfolio Management
Portfolio Manager, Co-Head Fixed Income
Portfolio Manager, Co-Head Fixed Income