Overview

Daily NAV
$9.25
0.06% $0.01
July 25, 2024
  • Inception Date
    July 14, 2021
  • Fund Size
    $232.19MM
  • Management Fee
    0.95%
  • Performance Fee
    20.00% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Fund Strategy
    Long Short Event Driven Credit
  • Fund Framework
    Alternative Mutual Fund (Simplified Prospectus)

Risk: Low to Medium

Low
Low to Medium
Medium
Medium to High
High
Geographic Allocation
Growth of $10,000
$10,956.53

^ 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.

Performance As at June 30, 2024

Growth of $10,000

Investment value: $10,956.53 at June 28, 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 0.63% 1.96% 4.47% 4.47% 8.17% — — — 3.14%
Series Picton Mahoney Fortified Special Situations Alternative Fund ETF
1 mth 0.63%
3 mths 1.96%
6 mths 4.47%
YTD 4.47%
1 yr 8.17%
3 yrs * —
5 yrs * —
10 yrs * —
Since Inception * 3.14%

† 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

2022 2023
Picton Mahoney Fortified Special Situations Alternative Fund ETF -1.36% 7.16%
Series Picton Mahoney Fortified Special Situations Alternative Fund ETF
2022 -1.36%
2023 7.16%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 3.14% 1.34%
Annualized Standard Deviation 3.81% 5.19%
Sharpe Ratio 0.06 -0.28
Beta 0.30 —
Upside Capture Ratio 58.01% —
Downside Capture Ratio 21.52% —
Maximum Drawdown -4.87% -12.93%
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 June 30, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Top 10 Long Positions

Name Weight
Prime Healthcare Services Inc 7.25% 01Nov25 3.92%
iA Financial Corp Inc Frn 30Sep84 3.17%
Royal Bank of Canada Frn 24Nov80 3.11%
Crownrock LP 5% 01May29 2.95%
Royal Bank of Canada Frn 31Dec49 2.88%
APX Group Inc 5.75% 15Jul29 2.80%
Permian Resources Operating 8% 15Apr27 2.74%
Toronto-Dominion Bank Frn 31Dec49 2.74%
Enbridge Inc Frn 19Jan82 2.73%
First Quantum Minerals 9.375% 01Mar29 2.65%

Exposure Breakout ±±

Name Weight
Long 140.09%
Short -55.65%
Gross 195.74%
Net 84.43%

±± 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 1.60 –
Credit Rating BB+ –
Issuers 133 –
Yield To Maturity 7.70% –

Fees

Series Management Fee Fund codes
Class A 1.95% PIC 3550
Class F 0.95% PIC 3551
ETF 0.95% PFSS

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-07-25 $9.25 —
2024-07-24 $9.25 —
2024-07-23 $9.23 0.0351
2024-07-22 $9.25 —
2024-07-19 $9.26 —
2024-07-18 $9.27 —
2024-07-17 $9.26 —
2024-07-16 $9.26 —
2024-07-15 $9.25 —
2024-07-12 $9.25 —
2024-07-11 $9.25 —
2024-07-10 $9.23 —
2024-07-09 $9.24 —
2024-07-08 $9.24 —
2024-07-05 $9.23 —
2024-07-04 $9.22 —
2024-07-03 $9.22 —
2024-07-02 $9.21 —
2024-06-28 $9.23 —
2024-06-27 $9.22 —
2024-06-26 $9.22 —
2024-06-25 $9.22 —
2024-06-24 $9.22 —
2024-06-21 $9.21 —
2024-06-20 $9.21 0.0219
2024-06-19 $9.21 —
2024-06-18 $9.21 —
2024-06-17 $9.21 —
2024-06-14 $9.23 —
2024-06-13 $9.22 —
2024-06-12 $9.22 —
2024-06-11 $9.22 —
2024-06-10 $9.21 —
2024-06-07 $9.21 —
2024-06-06 $9.21 —
2024-06-05 $9.23 —
2024-06-04 $9.22 —
2024-06-03 $9.21 —
2024-05-31 $9.20 —
2024-05-30 $9.19 —
2024-05-29 $9.19 —
2024-05-28 $9.18 —
2024-05-27 $9.17 —
2024-05-24 $9.17 —
2024-05-23 $9.17 0.0129
2024-05-22 $9.18 —
2024-05-21 $9.19 —
2024-05-17 $9.17 —
2024-05-16 $9.18 —
2024-05-15 $9.17 —
2024-05-14 $9.15 —
2024-05-13 $9.14 —
2024-05-10 $9.13 —
2024-05-09 $9.14 —
2024-05-08 $9.14 —
2024-05-07 $9.14 —
2024-05-06 $9.13 —
2024-05-03 $9.14 —
2024-05-02 $9.13 —
2024-05-01 $9.13 —
2024-04-30 $9.11 —
2024-04-29 $9.11 —
2024-04-26 $9.09 —
2024-04-25 $9.10 —
2024-04-24 $9.10 —
2024-04-23 $9.11 —
2024-04-22 $9.10 0.0129
2024-04-19 $9.11 —
2024-04-18 $9.12 —
2024-04-17 $9.12 —
2024-04-16 $9.12 —
2024-04-15 $9.12 —
2024-04-12 $9.13 —
2024-04-11 $9.11 —
2024-04-10 $9.12 —
2024-04-09 $9.12 —
2024-04-08 $9.11 —
2024-04-05 $9.11 —
2024-04-04 $9.11 —
2024-04-03 $9.11 —
2024-04-02 $9.11 —
2024-04-01 $9.10 —
2024-03-28 $9.10 —
2024-03-27 $9.10 —
2024-03-26 $9.10 —
2024-03-25 $9.09 —
2024-03-22 $9.09 —
2024-03-21 $9.07 —
2024-03-20 $9.08 0.0134
2024-03-19 $9.09 —
2024-03-18 $9.09 —
2024-03-15 $9.09 —
2024-03-14 $9.08 —
2024-03-13 $9.08 —
2024-03-12 $9.08 —
2024-03-11 $9.08 —
2024-03-08 $9.08 —
2024-03-07 $9.07 —
2024-03-06 $9.07 —
2024-03-05 $9.07 —
2024-03-04 $9.05 —
2024-03-01 $9.06 —
2024-02-29 $9.05 —
2024-02-28 $9.04 —
2024-02-27 $9.02 —
2024-02-26 $9.03 —
2024-02-23 $9.02 —
2024-02-22 $9.01 —
2024-02-21 $9.01 0.0149
2024-02-20 $9.02 —
2024-02-16 $8.99 —
2024-02-15 $8.99 —
2024-02-14 $8.99 —
2024-02-13 $8.98 —
2024-02-12 $8.98 —
2024-02-09 $8.98 —
2024-02-08 $8.98 —
2024-02-07 $8.99 —
2024-02-06 $9.00 —
2024-02-05 $8.99 —
2024-02-02 $9.00 —
2024-02-01 $9.02 —
2024-01-31 $9.01 —
2024-01-30 $8.99 —
2024-01-29 $8.98 —
2024-01-26 $8.98 —
2024-01-25 $8.97 —
2024-01-24 $8.97 —
2024-01-23 $8.96 0.0248
2024-01-22 $8.98 —
2024-01-19 $8.97 —
2024-01-18 $8.97 —
2024-01-17 $8.95 —
2024-01-16 $8.96 —
2024-01-15 $8.96 —
2024-01-12 $8.95 —
2024-01-11 $8.94 —
2024-01-10 $8.93 —
2024-01-09 $8.94 —
2024-01-08 $8.94 —
2024-01-05 $8.95 —
2024-01-04 $8.96 —
2024-01-03 $8.96 —
2024-01-02 $8.94 —
2023-12-29 $8.94 —
2023-12-28 $8.92 —
2023-12-27 $8.91 —
2023-12-22 $8.91 —
2023-12-21 $8.91 0.0559
2023-12-20 $8.99 —
2023-12-19 $8.96 —
2023-12-18 $8.95 —
2023-12-15 $8.96 —
2023-12-14 $8.95 —
2023-12-13 $8.92 —
2023-12-12 $8.92 —
2023-12-11 $8.91 —
2023-12-08 $8.91 —
2023-12-07 $8.92 —
2023-12-06 $8.92 —
2023-12-05 $8.91 —
2023-12-04 $8.89 —
2023-12-01 $8.89 —
2023-11-30 $8.88 —
2023-11-29 $8.87 —
2023-11-28 $8.86 —
2023-11-27 $8.84 —
2023-11-24 $8.83 —
2023-11-23 $8.83 —
2023-11-22 $8.82 0.0694
2023-11-21 $8.88 —
2023-11-20 $8.86 —
2023-11-17 $8.86 —
2023-11-16 $8.88 —
2023-11-15 $8.87 —
2023-11-14 $8.86 —
2023-11-13 $8.82 —
2023-11-10 $8.84 —
2023-11-09 $8.85 —
2023-11-08 $8.86 —
2023-11-07 $8.85 —
2023-11-06 $8.83 —
2023-11-03 $8.83 —
2023-11-02 $8.79 —
2023-11-01 $8.76 —
2023-10-31 $8.74 —
2023-10-30 $8.73 —
2023-10-27 $8.77 —
2023-10-26 $8.76 —
2023-10-25 $8.75 —
2023-10-24 $8.77 —
2023-10-23 $8.77 0.0525
2023-10-20 $8.83 —
2023-10-19 $8.81 —
2023-10-18 $8.83 —
2023-10-17 $8.83 —
2023-10-16 $8.84 —
2023-10-13 $8.86 —
2023-10-12 $8.87 —
2023-10-11 $8.86 —
2023-10-10 $8.85 —
2023-10-06 $8.81 —
2023-10-05 $8.85 —
2023-10-04 $8.86 —
2023-10-03 $8.87 —
2023-10-02 $8.89 —
2023-09-29 $8.88 —
2023-09-28 $8.88 —
2023-09-27 $8.87 —
2023-09-26 $8.89 —
2023-09-25 $8.90 —
2023-09-22 $8.90 —
2023-09-21 $8.90 0.0480
2023-09-20 $8.93 —
2023-09-19 $8.91 —
2023-09-18 $8.92 —
2023-09-15 $8.93 —
2023-09-14 $8.92 —
2023-09-13 $8.91 —
2023-09-12 $8.91 —
2023-09-11 $8.91 —
2023-09-08 $8.91 —
2023-09-07 $8.91 —
2023-09-06 $8.91 —
2023-09-05 $8.91 —
2023-09-01 $8.91 —
2023-08-31 $8.89 —
2023-08-30 $8.89 —
2023-08-29 $8.90 —
2023-08-28 $8.90 —
2023-08-25 $8.90 —
2023-08-24 $8.91 —
2023-08-23 $8.91 0.0451
2023-08-22 $8.96 —
2023-08-21 $8.97 —
2023-08-18 $8.98 —
2023-08-17 $8.99 —
2023-08-16 $8.97 —
2023-08-15 $8.97 —
2023-08-14 $8.96 —
2023-08-11 $8.97 —
2023-08-10 $8.97 —
2023-08-09 $8.97 —
2023-08-08 $8.97 —
2023-08-04 $8.97 —
2023-08-03 $8.95 —
2023-08-02 $8.97 —
2023-08-01 $8.95 —
2023-07-31 $8.94 —
2023-07-28 $8.93 —
2023-07-27 $8.95 —

Portfolio Management

Phil Mesman, CFA

Portfolio Manager, Co-Head Fixed Income

Sam Acton, CFA

Portfolio Manager, Co-Head Fixed Income

    This material is intended for use by Investment Advisors.

    There is no guarantee that a hedging strategy will be effective or achieve its intended effect. The use of derivatives or short selling carries several risks which may restrict a strategy in realizing its profits, limiting its losses, or, which cause a strategy to realize a loss. There may be additional costs and expenses associated with the use of derivatives and short selling in a hedging strategy.

    This is provided as a general source of information, is subject to change without notification and should not be construed as investment advice. This material should not be relied upon for any investment decision and is not a recommendation, solicitation or offering of any security in any jurisdiction.

    Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Alternative funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.

    Investment Risk Rating is the historical volatility risk as measured by the standard deviation of fund performance, which is the standard methodology outlined in Appendix F Investment Risk Classification Methodology to NI 81-102 Investment Funds.