Overview

Daily NAV
$9.92
0.12% $0.01
February 23, 2024
  • Inception Date
    October 29, 2015
  • Fund Size
    $744.47MM
  • Management Fee
    1.90%
  • Performance Fee
    20.00% ^
  • Distributions
    Quarterly
  • Fund Strategy
    Long Short Credit
  • Fund Framework
    Mutual Fund

Risk: Low to Medium

Low
Low To Moderate
Moderate
Moderate To High
High

^ of performance above the benchmark

Investment Objective

The investment objective of the Fund is to maximize total return to unitholders through income and capital appreciation by investing primarily in global income securities while mitigating capital loss by engaging in hedging strategies for downside risk protection.

Why Invest

Generate Sustainable Income
Through a portfolio that invests primarily in medium-grade fixed income securities (rated B-BBB) issued in developed markets.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for almost a decade.
Diversify Your Portfolio
With a high yield income portfolio designed to complement long-only income and equity investments while reducing downside risk.

Performance As at January 31, 2024

Growth of $10,000

Investment value: $13,902.15 at January 31, 2024

Compound Returns

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Fortified Income Fund A 0.69% 4.21% 3.32% 0.69% 4.75% 0.54% 2.66% 4.07%
Series Picton Mahoney Fortified Income Fund A
1 mth 0.69%
3 mths 4.21%
6 mths 3.32%
YTD 0.69%
1 yr 4.75%
3 yrs * 0.54%
5 yrs * 2.66%
10 yrs *
Since Inception * 4.07%

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

2016 2017 2018 2019 2020 2021 2022 2023
Picton Mahoney Fortified Income Fund A 16.28% 8.12% -2.72% 5.37% 6.71% 2.18% -6.03% 5.88%
Series Picton Mahoney Fortified Income Fund A
2016 16.28%
2017 8.12%
2018 -2.72%
2019 5.37%
2020 6.71%
2021 2.18%
2022 -6.03%
2023 5.88%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 4.07% 3.80%
Annualized Standard Deviation 3.89% 7.38%
Sharpe Ratio 0.68 0.35
Beta 0.42
Upside Capture Ratio 60.32%
Downside Capture Ratio 34.01%
Maximum Drawdown -9.39% -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 December 31, 2023

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Secure Energy Services 7.25% 30Dec26 2.17%
Parkland Corp 3.875% 16Jun26 2.03%
Royal Bank of Canada Frn 24Nov80 1.92%
Acadia Healthcare Co Inc 5.50% 01Jul28 1.75%
Tervita Corp 11% 01Dec25 1.75%
Toronto-Dominion Bank Frn 31Dec49 1.65%
National Bank of Canada 7.50% 16Nov82 1.61%
Autocanada Inc 5.75% 07Feb29 1.56%
Earthstone Energy Holdings 8% 15Apr27 1.54%
Rogers Communications Inc Frn 17Dec81 1.51%

Exposure Breakout ±±

Name Weight
Long 89.06%
Short -5.25%
Gross 94.30%
Net 83.81%

±± 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 2.44 4.13
Credit Rating BB+
Issuers 147 21657
Yield To Maturity 6.17% 6.91%

Fees

Series Management Fee Fund codes
Class A 1.90% PIC 8500
Class F 0.90% PIC 8501
Class FT 0.90% PIC 8503
Class T 1.90% PIC 8502

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-02-23 $9.92
2024-02-22 $9.91
2024-02-21 $9.91
2024-02-20 $9.91
2024-02-16 $9.89
2024-02-15 $9.90
2024-02-14 $9.89
2024-02-13 $9.89
2024-02-12 $9.90
2024-02-09 $9.89
2024-02-08 $9.90
2024-02-07 $9.91
2024-02-06 $9.91
2024-02-05 $9.89
2024-02-02 $9.91
2024-02-01 $9.93
2024-01-31 $9.92
2024-01-30 $9.90
2024-01-29 $9.89
2024-01-26 $9.89
2024-01-25 $9.88
2024-01-24 $9.88
2024-01-23 $9.87
2024-01-22 $9.87
2024-01-19 $9.85
2024-01-18 $9.86
2024-01-17 $9.85
2024-01-16 $9.86
2024-01-15 $9.86
2024-01-12 $9.86
2024-01-11 $9.85
2024-01-10 $9.84
2024-01-09 $9.84
2024-01-08 $9.84
2024-01-05 $9.85
2024-01-04 $9.85
2024-01-03 $9.85
2024-01-02 $9.84
2023-12-29 $9.85
2023-12-28 $9.85
2023-12-27 $9.83
2023-12-22 $9.82 0.1506
2023-12-21 $9.97
2023-12-20 $9.98
2023-12-19 $9.96
2023-12-18 $9.95
2023-12-15 $9.96
2023-12-14 $9.96
2023-12-13 $9.92
2023-12-12 $9.92
2023-12-11 $9.91
2023-12-08 $9.92
2023-12-07 $9.93
2023-12-06 $9.93
2023-12-05 $9.92
2023-12-04 $9.89
2023-12-01 $9.90
2023-11-30 $9.89
2023-11-29 $9.88
2023-11-28 $9.87
2023-11-27 $9.85
2023-11-24 $9.83
2023-11-23 $9.84
2023-11-22 $9.84
2023-11-21 $9.83
2023-11-20 $9.81
2023-11-17 $9.81
2023-11-16 $9.82
2023-11-15 $9.81
2023-11-14 $9.82
2023-11-13 $9.78
2023-11-10 $9.77
2023-11-09 $9.78
2023-11-08 $9.79
2023-11-07 $9.79
2023-11-06 $9.78
2023-11-03 $9.78
2023-11-02 $9.73
2023-11-01 $9.69
2023-10-31 $9.66
2023-10-30 $9.65
2023-10-27 $9.67
2023-10-26 $9.66
2023-10-25 $9.65
2023-10-24 $9.66
2023-10-23 $9.66
2023-10-20 $9.66
2023-10-19 $9.64
2023-10-18 $9.66
2023-10-17 $9.66
2023-10-16 $9.69
2023-10-13 $9.70
2023-10-12 $9.71
2023-10-11 $9.71
2023-10-10 $9.71
2023-10-06 $9.66
2023-10-05 $9.69
2023-10-04 $9.69
2023-10-03 $9.69
2023-10-02 $9.72
2023-09-29 $9.72 0.1214
2023-09-28 $9.84
2023-09-27 $9.84
2023-09-26 $9.86
2023-09-25 $9.86
2023-09-22 $9.87
2023-09-21 $9.87
2023-09-20 $9.87
2023-09-19 $9.85
2023-09-18 $9.87
2023-09-15 $9.87
2023-09-14 $9.87
2023-09-13 $9.87
2023-09-12 $9.87
2023-09-11 $9.87
2023-09-08 $9.87
2023-09-07 $9.87
2023-09-06 $9.87
2023-09-05 $9.88
2023-09-01 $9.88
2023-08-31 $9.87
2023-08-30 $9.87
2023-08-29 $9.87
2023-08-28 $9.86
2023-08-25 $9.86
2023-08-24 $9.86
2023-08-23 $9.86
2023-08-22 $9.86
2023-08-21 $9.87
2023-08-18 $9.87
2023-08-17 $9.88
2023-08-16 $9.87
2023-08-15 $9.87
2023-08-14 $9.88
2023-08-11 $9.88
2023-08-10 $9.89
2023-08-09 $9.89
2023-08-08 $9.89
2023-08-04 $9.89
2023-08-03 $9.86
2023-08-02 $9.88
2023-08-01 $9.87
2023-07-31 $9.87
2023-07-28 $9.86
2023-07-27 $9.87
2023-07-26 $9.87
2023-07-25 $9.87
2023-07-24 $9.88
2023-07-21 $9.88
2023-07-20 $9.87
2023-07-19 $9.87
2023-07-18 $9.87
2023-07-17 $9.86
2023-07-14 $9.86
2023-07-13 $9.87
2023-07-12 $9.83
2023-07-11 $9.82
2023-07-10 $9.82
2023-07-07 $9.81
2023-07-06 $9.81
2023-07-05 $9.83
2023-07-04 $9.83
2023-06-30 $9.83 0.0975
2023-06-29 $9.91
2023-06-28 $9.93
2023-06-27 $9.92
2023-06-26 $9.92
2023-06-23 $9.91
2023-06-22 $9.90
2023-06-21 $9.91
2023-06-20 $9.92
2023-06-19 $9.92
2023-06-16 $9.90
2023-06-15 $9.90
2023-06-14 $9.89
2023-06-13 $9.88
2023-06-12 $9.89
2023-06-09 $9.88
2023-06-08 $9.86
2023-06-07 $9.83
2023-06-06 $9.85
2023-06-05 $9.85
2023-06-02 $9.85
2023-06-01 $9.85
2023-05-31 $9.85
2023-05-30 $9.84
2023-05-29 $9.81
2023-05-26 $9.81
2023-05-25 $9.83
2023-05-24 $9.85
2023-05-23 $9.85
2023-05-19 $9.84
2023-05-18 $9.85
2023-05-17 $9.86
2023-05-16 $9.88
2023-05-15 $9.88
2023-05-12 $9.89
2023-05-11 $9.90
2023-05-10 $9.90
2023-05-09 $9.89
2023-05-08 $9.90
2023-05-05 $9.90
2023-05-04 $9.93
2023-05-03 $9.93
2023-05-02 $9.92
2023-05-01 $9.91
2023-04-28 $9.91
2023-04-27 $9.91
2023-04-26 $9.92
2023-04-25 $9.92
2023-04-24 $9.91
2023-04-21 $9.91
2023-04-20 $9.90
2023-04-19 $9.89
2023-04-18 $9.90
2023-04-17 $9.90
2023-04-14 $9.89
2023-04-13 $9.90
2023-04-12 $9.92
2023-04-11 $9.90
2023-04-10 $9.90
2023-04-06 $9.91
2023-04-05 $9.92
2023-04-04 $9.90
2023-04-03 $9.88
2023-03-31 $9.73 0.1667
2023-03-30 $9.90
2023-03-29 $9.89
2023-03-28 $9.89
2023-03-27 $9.90
2023-03-24 $9.91
2023-03-23 $9.94
2023-03-22 $9.93
2023-03-21 $9.92
2023-03-20 $9.91
2023-03-17 $9.95
2023-03-16 $9.95
2023-03-15 $9.97
2023-03-14 $10.00
2023-03-13 $10.02
2023-03-10 $10.01
2023-03-09 $9.99
2023-03-08 $9.97
2023-03-07 $9.96
2023-03-06 $9.97
2023-03-03 $9.96
2023-03-02 $9.94
2023-03-01 $9.96
2023-02-28 $9.96
2023-02-27 $9.95

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income