Overview
Daily NAV
$18.64
0.26% $0.05
December 24, 2024
-
Inception DateJuly 15, 2020
-
Fund Size$706.57MM
-
Management Fee0.95%
-
Performance Fee20.00% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
Fund StrategyLong Short Equity
-
Fund FrameworkAlternative Mutual Fund (Simplified Prospectus)
Risk: Low to Medium
Low
Low to Medium
Medium
Medium 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 provide consistent long-term capital appreciation with an attractive risk-adjusted rate of return by actively investing in a portfolio comprised of long and short equity securities. The Fund invests in Canadian, U.S. and International equities, aims for less net equity market exposure than traditional long-only strategies through the use of short positions, and is designed to dampen volatility and mitigate downside risk relative to typical long-biased portfolios heavily exposed to broad market movements.
Why Invest
Equity Exposure With Less Broad Market Risk
Invest in a Fund designed to increase gross exposure to generate alpha while reducing net market exposure to decrease broad market risk.
Add Hedging Tools
Aimed to dampen volatility and seek to mitigate downside risk associated with investing in equities.
Benefit From Proven Managers
With an active approach to managing Authentic Hedge® strategies for over a decade.
Invest in a Fund designed to increase gross exposure to generate alpha while reducing net market exposure to decrease broad market risk.
Add Hedging Tools
Aimed to dampen volatility and seek to mitigate downside risk associated with investing in equities.
Benefit From Proven Managers
With an active approach to managing Authentic Hedge® strategies for over a decade.
Performance As at November 30, 2024
Growth of $10,000
Investment value:
$18,881.15
at
November 29, 2024
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Fortified Long Short Alternative Fund ETF | 4.52% | 7.24% | 11.92% | 21.22% | 23.01% | 9.99% | — | — | 15.64% |
| Benchmark 1 | 6.37% | 10.66% | 16.91% | 25.77% | 30.69% | 10.90% | — | — | 14.71% |
| Benchmark 2 | 6.45% | 11.09% | 18.07% | 35.87% | 37.97% | 14.76% | — | — | 18.12% |
| Series | Picton Mahoney Fortified Long Short Alternative Fund ETF | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 4.52% | 6.37% | 6.45% |
| 3 mths | 7.24% | 10.66% | 11.09% |
| 6 mths | 11.92% | 16.91% | 18.07% |
| YTD | 21.22% | 25.77% | 35.87% |
| 1 yr | 23.01% | 30.69% | 37.97% |
| 3 yrs * | 9.99% | 10.90% | 14.76% |
| 5 yrs * | — | — | — |
| 10 yrs * | — | — | — |
| Since Inception * | 15.64% | 14.71% | 18.12% |
† 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 S&P/TSX Composite TR Index
2 S&P 500 Index
Calendar Returns
| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Picton Mahoney Fortified Long Short Alternative Fund ETF | 18.33% | 0.69% | 6.79% |
| Benchmark 1 | 25.09% | -5.84% | 11.75% |
| Benchmark 2 | 27.83% | -12.42% | 23.23% |
| Series | Picton Mahoney Fortified Long Short Alternative Fund ETF | Benchmark | Benchmark |
|---|---|---|---|
| 2021 | 18.33% | 25.09% | 27.83% |
| 2022 | 0.69% | -5.84% | -12.42% |
| 2023 | 6.79% | 11.75% | 23.23% |
1 S&P/TSX Composite TR Index
2 S&P 500 Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
15.64%
14.71%
Annualized Standard Deviation
8.76%
13.13%
Sharpe Ratio
1.36
0.92
Beta
0.56
—
Upside Capture Ratio
72.79%
—
Downside Capture Ratio
41.60%
—
Maximum Drawdown
-10.71%
-16.32%
Peak Value Date of Maximum Drawdown
2022-03-22
2022-04-04
Trough Value Date of Maximum Drawdown
2022-07-14
2022-07-14
**S&P/TSX Composite TR Index
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 15.64% | 14.71% |
| Annualized Standard Deviation | 8.76% | 13.13% |
| Sharpe Ratio | 1.36 | 0.92 |
| Beta | 0.56 | — |
| Upside Capture Ratio | 72.79% | — |
| Downside Capture Ratio | 41.60% | — |
| Maximum Drawdown | -10.71% | -16.32% |
| Peak Value Date of Maximum Drawdown | 2022-03-22 | 2022-04-04 |
| Trough Value Date of Maximum Drawdown | 2022-07-14 | 2022-07-14 |
**S&P/TSX Composite TR Index
Portfolio Allocations As at November 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Royal Bank of Canada | 4.55% |
| Canadian Pacific Kansas City Limited | 4.08% |
| Shopify Inc. Cl A | 3.65% |
| Toronto-Dominion Bank Com New | 3.65% |
| Waste Connections Inc. | 2.92% |
| Enbridge Inc. | 2.61% |
| Suncor Energy Inc. | 2.58% |
| Canadian Natural Resources Ltd. | 2.37% |
| Bank of Nova Scotia (The) | 2.32% |
| Canadian Imperial Bank of Commerce | 2.31% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 151.90% |
| Short | -91.59% |
| Gross | 243.50% |
| Net | 60.31% |
±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 1.95% | PIC 3200 |
| Class F | 0.95% | PIC 3201 |
| ETF | 0.95% | PFLS |
Portfolio Management
David Picton
President, CEO and Portfolio Manager, Canadian Equities
Jeffrey Bradacs, CFA
Portfolio Manager, Canadian Equities
Michael Kimmel, CFA
Portfolio Manager, U.S. Equities
Michael Kuan, CFA
Portfolio Manager, International Equities