Overview
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Inception DateOctober 29, 2015
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Fund Size$800.53MM
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Management Fee0.90%
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Performance Fee20.00% ^
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DistributionsMonthly; targeting a rate of 5% per annum
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Fund StrategyLong Short Credit
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Fund FrameworkMutual Fund
Risk: Low to Medium
^ of performance above the benchmark
Investment Objective
Why Invest
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 October 31, 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 Fund FT | 0.35% | 2.23% | 5.31% | 7.48% | 11.45% | 2.79% | 3.97% | — | 5.38% |
| Benchmark 1 | -0.66% | 2.14% | 6.15% | 6.60% | 14.70% | 1.25% | 2.59% | — | 4.17% |
| Benchmark 2 | -1.07% | 1.25% | 6.50% | 3.11% | 11.09% | -0.23% | 0.36% | — | 1.81% |
| Series | Picton Mahoney Fortified Income Fund FT | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 0.35% | -0.66% | -1.07% |
| 3 mths | 2.23% | 2.14% | 1.25% |
| 6 mths | 5.31% | 6.15% | 6.50% |
| YTD | 7.48% | 6.60% | 3.11% |
| 1 yr | 11.45% | 14.70% | 11.09% |
| 3 yrs * | 2.79% | 1.25% | -0.23% |
| 5 yrs * | 3.97% | 2.59% | 0.36% |
| 10 yrs * | — | — | — |
| Since Inception * | 5.38% | 4.17% | 1.81% |
† 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
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Fortified Income Fund FT | 17.55% | 9.21% | -1.94% | 6.55% | 7.13% | 3.71% | -5.72% | 7.06% |
| Benchmark 1 | 13.17% | 6.92% | -2.46% | 13.00% | 5.71% | 2.00% | -12.49% | 10.99% |
| Benchmark 2 | 1.54% | 2.69% | 1.31% | 6.97% | 8.61% | -2.71% | -11.47% | 6.37% |
| Series | Picton Mahoney Fortified Income Fund FT | Benchmark | Benchmark |
|---|---|---|---|
| 2016 | 17.55% | 13.17% | 1.54% |
| 2017 | 9.21% | 6.92% | 2.69% |
| 2018 | -1.94% | -2.46% | 1.31% |
| 2019 | 6.55% | 13.00% | 6.97% |
| 2020 | 7.13% | 5.71% | 8.61% |
| 2021 | 3.71% | 2.00% | -2.71% |
| 2022 | -5.72% | -12.49% | -11.47% |
| 2023 | 7.06% | 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
5.38%
4.17%
Annualized Standard Deviation
3.92%
7.13%
Sharpe Ratio
0.93
0.36
Beta
0.45
—
Upside Capture Ratio
67.85%
—
Downside Capture Ratio
27.87%
—
Maximum Drawdown
-9.34%
-19.88%
Peak Value Date of Maximum Drawdown
2020-02-25
2020-02-21
Trough Value Date of Maximum Drawdown
2020-03-24
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 | 5.38% | 4.17% |
| Annualized Standard Deviation | 3.92% | 7.13% |
| Sharpe Ratio | 0.93 | 0.36 |
| Beta | 0.45 | — |
| Upside Capture Ratio | 67.85% | — |
| Downside Capture Ratio | 27.87% | — |
| Maximum Drawdown | -9.34% | -19.88% |
| Peak Value Date of Maximum Drawdown | 2020-02-25 | 2020-02-21 |
| Trough Value Date of Maximum Drawdown | 2020-03-24 | 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, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Prime Healthcare Services Inc 9.375% 01Sep29 | 2.48% |
| Chemtrade Logistics Inc 6.375% 28Aug29 | 2.31% |
| ATS Corp 6.5% 21Aug32 | 2.08% |
| Parkland Corp 4.375% 26Mar29 | 1.75% |
| Toronto-Dominion Bank Frn 31Dec49 | 1.60% |
| Mattr Corp 7.25% 02Apr31 | 1.56% |
| Secure Energy Services Inc 6.75% 22Mar29 | 1.50% |
| Manitoulin USD Frn 10Nov27 | 1.47% |
| Enbridge Inc Frn 19Jan82 | 1.41% |
| goeasy Ltd 6.0% 15May30 | 1.38% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 95.09% |
| Short | -4.65% |
| Gross | 99.74% |
| Net | 90.44% |
±± 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 | 2.63 | 4.05 |
| Credit Rating | BB | – |
| Issuers | 156 | 22435 |
| Yield To Maturity | 6.32% | 6.47% |
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 |
Portfolio Management
Portfolio Manager, Co-Head Fixed Income
Portfolio Manager, Co-Head Fixed Income