Overview
Daily NAV
$12.65
0.31% $0.04
December 20, 2024
-
Inception DateJanuary 29, 2021
-
Fund Size$85.51MM
-
Management Fee1.00%
-
Performance Fee17.50% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
Fund StrategyMulti-Asset Strategy
-
Fund FrameworkHedge Fund (Offering Memorandum)
Risk: 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 Fund’s objective is to provide consistent long-term capital appreciation and an attractive risk-adjusted rate of return. The strategy is expected to combine the firm’s best ideas by deploying the investment expertise of the equity, fixed income, arbitrage and quantitative teams. The low correlation among these components to equity markets will aim to enhance risk-adjusted returns.
Why Invest
Access Diverse Alternative Investment Strategies in One Fund
Investor returns will likely be harder to meet moving forward using only traditional asset classes. The Fund will seek to deliver exposure to a variety of Authentic Hedge® fund strategies that have historically been uncorrelated to traditional equity and fixed-income investments.
Risk-Controlled and Liquid
The strategy will aim to source its alpha from factors that do not compound portfolio risks (such as equity and interest rate risks). The Fund will also allow for ample liquidity.
Investor returns will likely be harder to meet moving forward using only traditional asset classes. The Fund will seek to deliver exposure to a variety of Authentic Hedge® fund strategies that have historically been uncorrelated to traditional equity and fixed-income investments.
Risk-Controlled and Liquid
The strategy will aim to source its alpha from factors that do not compound portfolio risks (such as equity and interest rate risks). The Fund will also allow for ample liquidity.
Performance As at November 30, 2024
Growth of $10,000
Investment value:
$13,068.39
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 Absolute Alpha Fund F | 0.97% | 3.88% | 7.80% | 15.21% | 15.46% | 7.66% | — | — | 7.23% |
| Benchmark 1 | 6.37% | 10.66% | 16.91% | 25.77% | 30.69% | 10.90% | — | — | 14.15% |
| Benchmark 2 | 0.30% | 1.02% | 2.21% | 4.38% | 4.80% | 3.61% | — | — | 2.83% |
| Benchmark 3 | 1.50% | 2.25% | 6.22% | 4.65% | 8.21% | 0.01% | — | — | -0.77% |
| Series | Picton Mahoney Absolute Alpha Fund F | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 1 mth | 0.97% | 6.37% | 0.30% | 1.50% |
| 3 mths | 3.88% | 10.66% | 1.02% | 2.25% |
| 6 mths | 7.80% | 16.91% | 2.21% | 6.22% |
| YTD | 15.21% | 25.77% | 4.38% | 4.65% |
| 1 yr | 15.46% | 30.69% | 4.80% | 8.21% |
| 3 yrs * | 7.66% | 10.90% | 3.61% | 0.01% |
| 5 yrs * | — | — | — | — |
| 10 yrs * | — | — | — | — |
| Since Inception * | 7.23% | 14.15% | 2.83% | -0.77% |
† 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 FTSE Canada 30 Day TBill Index (TR)
3 ICE BofA Canada Broad Market Index (TR)
Calendar Returns
| 2022 | 2023 | |
|---|---|---|
| Picton Mahoney Absolute Alpha Fund F | 3.78% | 4.40% |
| Benchmark 1 | -5.84% | 11.75% |
| Benchmark 2 | 1.69% | 4.77% |
| Benchmark 3 | -11.47% | 6.37% |
| Series | Picton Mahoney Absolute Alpha Fund F | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 2022 | 3.78% | -5.84% | 1.69% | -11.47% |
| 2023 | 4.40% | 11.75% | 4.77% | 6.37% |
1 S&P/TSX Composite TR Index
2 FTSE Canada 30 Day TBill Index (TR)
3 ICE BofA Canada Broad Market Index (TR)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
7.23%
14.15%
Annualized Standard Deviation
4.46%
12.77%
Sharpe Ratio
0.93
0.87
Beta
0.08
—
Upside Capture Ratio
20.68%
—
Downside Capture Ratio
-13.11%
—
Maximum Drawdown
-5.05%
-15.62%
Peak Value Date of Maximum Drawdown
2022-04-29
2022-03-25
Trough Value Date of Maximum Drawdown
2022-06-30
2022-07-15
**S&P/TSX Composite TR Index
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 7.23% | 14.15% |
| Annualized Standard Deviation | 4.46% | 12.77% |
| Sharpe Ratio | 0.93 | 0.87 |
| Beta | 0.08 | — |
| Upside Capture Ratio | 20.68% | — |
| Downside Capture Ratio | -13.11% | — |
| Maximum Drawdown | -5.05% | -15.62% |
| Peak Value Date of Maximum Drawdown | 2022-04-29 | 2022-03-25 |
| Trough Value Date of Maximum Drawdown | 2022-06-30 | 2022-07-15 |
**S&P/TSX Composite TR Index
Portfolio Allocations As at November 30, 2024
Dollar Allocation
| Colours | Name | Weight |
|---|---|---|
| Market Neutral Strategy | 69.11% | |
| Arbitrage Strategy | 46.00% | |
| Long Short Credit Strategy | 75.44% | |
| Momentum | 14.62% | |
| Value | 8.76% | |
| Quality | 11.65% | |
| Discretionary Market Hedges | 0.10% | |
| Tail Risk Hedge | 1.21% |
Risk Allocation
| Colours | Name | Weight |
|---|---|---|
| Market Neutral Strategy | 2.33% | |
| Arbitrage Strategy | 1.12% | |
| Long Short Credit Strategy | 2.58% | |
| Momentum | 0.64% | |
| Value | 0.38% | |
| Quality | 0.51% | |
| Discretionary Market Hedges | 0.23% | |
| Tail Risk Hedge | 0.30% |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 2.00% | PIC 1350 |
| Class F | 1.00% | PIC 1351 |
Portfolio Management
Neil Simons
Portfolio Manager, Multi-Asset Strategies
David Picton
President, CEO and Portfolio Manager, Canadian Equities
Phil Mesman, CFA
Portfolio Manager, Co-Head Fixed Income
Jeffrey Bradacs, CFA
Portfolio Manager, Canadian Equities
Craig Chilton, CFA
Portfolio Manager, Merger Arbitrage
Tom Savage, CFA
Portfolio Manager, Merger Arbitrage