Overview

Daily NAV
$9.66
-0.22% ($0.02)
December 8, 2023
  • Inception Date
    July 12, 2019
  • Fund Size
    1.02 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 November 30, 2023

Growth of $10,000

Investment value: $11,925.14 at November 30, 2023

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 2.29% 1.59% 3.08% 5.35% 5.91% 2.11% 4.10%
Series Picton Mahoney Fortified Income Alternative Fund ETF
1 mth 2.29%
3 mths 1.59%
6 mths 3.08%
YTD 5.35%
1 yr 5.91%
3 yrs * 2.11%
5 yrs *
10 yrs *
Since Inception * 4.10%

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

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 4.10% 1.11%
Annualized Standard Deviation 5.15% 9.30%
Sharpe Ratio 0.46 -0.04
Beta 0.47
Upside Capture Ratio 60.24%
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 October 31, 2023

Sector Allocation

Geographic Allocation (Net)

Top 10 Long Positions

Name Weight
Secure Energy Services 7.25% 30Dec26 2.65%
Parkland Corp 3.875% 16Jun26 2.53%
Tervita Corp 11% 01Dec25 2.43%
Acadia Healthcare Co Inc 5.50% 01Jul28 2.43%
Freeport Minerals Corp 7.125% 01Nov27 2.28%
Earthstone Energy Holding 9.875% 15Jul31 2.12%
Royal Bank of Canada Frn 24Nov80 2.03%
Manitoulin USD Frn 10Nov27 1.94%
National Bank of Canada 7.50% 16Nov82 1.92%
Earthstone Energy Holding 8% 15Apr27 1.91%

Exposure Breakout ±±

Name Weight
Long 127.28%
Short -32.83%
Gross 160.11%
Net 94.44%

±± 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 2.70 4.55
Credit Rating BB
Issuers 171 21358
Yield To Maturity 8.45% 7.32%

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
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
2023-03-28 $9.58
2023-03-27 $9.59
2023-03-24 $9.59
2023-03-23 $9.62 0.0399
2023-03-22 $9.66
2023-03-21 $9.65
2023-03-20 $9.65
2023-03-17 $9.69
2023-03-16 $9.68
2023-03-15 $9.70
2023-03-14 $9.73
2023-03-13 $9.75
2023-03-10 $9.73
2023-03-09 $9.71
2023-03-08 $9.69
2023-03-07 $9.68
2023-03-06 $9.68
2023-03-03 $9.68
2023-03-02 $9.67
2023-03-01 $9.68
2023-02-28 $9.68
2023-02-27 $9.67
2023-02-24 $9.67
2023-02-23 $9.68
2023-02-22 $9.68
2023-02-21 $9.69
2023-02-17 $9.69 0.0365
2023-02-16 $9.75
2023-02-15 $9.74
2023-02-14 $9.74
2023-02-13 $9.76
2023-02-10 $9.76
2023-02-09 $9.77
2023-02-08 $9.77
2023-02-07 $9.76
2023-02-06 $9.76
2023-02-03 $9.77
2023-02-02 $9.77
2023-02-01 $9.75
2023-01-31 $9.75
2023-01-30 $9.74
2023-01-27 $9.73
2023-01-26 $9.71
2023-01-25 $9.70
2023-01-24 $9.70
2023-01-23 $9.70 0.0406
2023-01-20 $9.73
2023-01-19 $9.73
2023-01-18 $9.73
2023-01-17 $9.71
2023-01-16 $9.71
2023-01-13 $9.70
2023-01-12 $9.70
2023-01-11 $9.66
2023-01-10 $9.66
2023-01-09 $9.65
2023-01-06 $9.64
2023-01-05 $9.63
2023-01-04 $9.64
2023-01-03 $9.63
2022-12-30 $9.60
2022-12-29 $9.60
2022-12-28 $9.61
2022-12-23 $9.62
2022-12-22 $9.63 0.0616
2022-12-21 $9.69
2022-12-20 $9.69
2022-12-19 $9.70
2022-12-16 $9.70
2022-12-15 $9.71
2022-12-14 $9.70
2022-12-13 $9.70
2022-12-12 $9.69

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income