Overview
Daily NAV
$9.40
0.11% $0.01
October 28, 2024
-
Inception DateJuly 14, 2021
-
Fund Size$262.38MM
-
Management Fee0.95%
-
Performance Fee20.00% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
DistributionsMonthly
-
Fund StrategyLong Short Event Driven Credit
-
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 Picton Mahoney Fortified Special Situations Alternative Fund is to maximize total return to unitholders through income and capital appreciation by investing primarily in event-driven situations in global fixed income while mitigating capital loss through shorting and other hedging strategies.
Why Invest
Unique Source of Return
Through long short event-driven investing that aims to have low correlation to major markets.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over a decade.
Add Hedging Tools
Designed to hedge the risks associated with income investing such as capital loss.
Through long short event-driven investing that aims to have low correlation to major markets.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over a decade.
Add Hedging Tools
Designed to hedge the risks associated with income investing such as capital loss.
Performance As at September 30, 2024
Growth of $10,000
Investment value:
$11,247.06
at
September 30, 2024
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Fortified Special Situations Alternative Fund ETF | 1.02% | 2.65% | 4.66% | 7.24% | 10.15% | 4.12% | — | — | 3.72% |
| Benchmark 1 | 1.38% | 2.27% | 3.53% | 7.35% | 8.35% | 1.69% | — | — | 1.95% |
| Series | Picton Mahoney Fortified Special Situations Alternative Fund ETF | Benchmark |
|---|---|---|
| 1 mth | 1.02% | 1.38% |
| 3 mths | 2.65% | 2.27% |
| 6 mths | 4.66% | 3.53% |
| YTD | 7.24% | 7.35% |
| 1 yr | 10.15% | 8.35% |
| 3 yrs * | 4.12% | 1.69% |
| 5 yrs * | — | — |
| 10 yrs * | — | — |
| Since Inception * | 3.72% | 1.95% |
† 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 HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Calendar Returns
| 2022 | 2023 | |
|---|---|---|
| Picton Mahoney Fortified Special Situations Alternative Fund ETF | -1.36% | 7.16% |
| Benchmark 1 | -5.44% | 3.97% |
| Series | Picton Mahoney Fortified Special Situations Alternative Fund ETF | Benchmark |
|---|---|---|
| 2022 | -1.36% | -5.44% |
| 2023 | 7.16% | 3.97% |
1 HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
3.72%
1.95%
Annualized Standard Deviation
3.70%
5.19%
Sharpe Ratio
0.18
-0.18
Beta
0.29
—
Upside Capture Ratio
57.33%
—
Downside Capture Ratio
16.11%
—
Maximum Drawdown
-4.87%
-12.69%
Peak Value Date of Maximum Drawdown
2022-01-27
2021-09-20
Trough Value Date of Maximum Drawdown
2022-06-29
2022-07-04
**HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 3.72% | 1.95% |
| Annualized Standard Deviation | 3.70% | 5.19% |
| Sharpe Ratio | 0.18 | -0.18 |
| Beta | 0.29 | — |
| Upside Capture Ratio | 57.33% | — |
| Downside Capture Ratio | 16.11% | — |
| Maximum Drawdown | -4.87% | -12.69% |
| Peak Value Date of Maximum Drawdown | 2022-01-27 | 2021-09-20 |
| Trough Value Date of Maximum Drawdown | 2022-06-29 | 2022-07-04 |
**HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Portfolio Allocations As at September 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Prime Healthcare Services Inc 9.375% 01Sep29 | 4.57% |
| First Quantum Minerals 9.375% 01Mar29 | 3.55% |
| Goeasy Ltd 4.375% 01May26 | 3.52% |
| iA Financial Corp Inc Frn 30Sep84 | 3.39% |
| Getty Images Inc 9.75% 01Mar27 | 3.04% |
| Royal Bank of Canada Frn 24Nov80 | 2.79% |
| Enbridge Inc Frn 19Jan82 | 2.78% |
| Royal Bank of Canada Frn 31Dec49 | 2.75% |
| Royal Bank of Canada Frn 31Dec49 | 2.75% |
| APX Group Inc 5.75% 15Jul29 | 2.63% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 147.63% |
| Short | -44.57% |
| Gross | 192.19% |
| Net | 103.06% |
±± 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 | 2.40 | – |
| Credit Rating | BB | – |
| Issuers | 134 | – |
| Yield To Maturity | 8.20% | – |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 1.95% | PIC 3550 |
| Class F | 0.95% | PIC 3551 |
| ETF | 0.95% | PFSS |
Portfolio Management
Phil Mesman, CFA
Portfolio Manager, Co-Head Fixed Income
Sam Acton, CFA
Portfolio Manager, Co-Head Fixed Income