Overview
Daily NAV
$17.94
2.60% $0.46
April 17, 2025
-
Inception DateMarch 30, 2007
-
Fund Size--
-
Fund Strategy130/30 Alpha Extension Equity
-
Fund FrameworkHedge Fund (Offering Memorandum)
Risk: Medium
Low
Low to Medium
Medium
Medium to High
High
Investment Objective
The Fund’s objective is to provide consistent long-term capital appreciation with an attractive risk-adjusted rate of return. Based on current market conditions, our target return for this portfolio is approximately 4%-5% in excess of the S&P/TSX Index with similar volatility.
The strategy builds a portfolio that is long the most attractive stocks and short the most unattractive stocks based on our multifactor ranking system. We will buy quality companies in the midst of positive fundamental change with reasonable valuations and sell short lower quality companies in the midst of negative fundamental change that have high valuations. Sophisticated risk control tools are used to construct the portfolio in order to minimize risks within it.
On average, over time, it is expected that, for every $100 invested, the portfolio shall be constructed as $130 in long security positions and ($30) in short security positions. The result is a portfolio structured so that it generally has 100% net equity market exposure with a forecasted market risk, or market beta, of approximately 1.0.
Why Invest
Extend the Opportunity for Alpha
With a Fund that seeks to increase return potential while experiencing similar volatility to the traditional equity market.
Benefit From Proven Management
With experience running Authentic Hedge® strategies for over a decade.
Add Hedging Tools
To enhance traditional long only equity portfolios.
With a Fund that seeks to increase return potential while experiencing similar volatility to the traditional equity market.
Benefit From Proven Management
With experience running Authentic Hedge® strategies for over a decade.
Add Hedging Tools
To enhance traditional long only equity portfolios.
Performance As at March 31, 2025
Growth of $10,000
Investment value:
$80,208.56
at
March 31, 2025
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney 130/30 Alpha Extension Canadian Equity Fund I | -3.55% | -0.91% | 5.24% | -0.91% | 18.65% | 11.74% | 24.58% | 12.41% | 12.26% |
| Benchmark 1 | -1.51% | 1.51% | 5.33% | 1.51% | 15.81% | 7.77% | 16.76% | 8.54% | 6.75% |
| Benchmark 2 | -6.05% | -4.37% | 4.34% | -4.37% | 14.96% | 14.31% | 18.90% | 13.91% | 11.42% |
| Series | Picton Mahoney 130/30 Alpha Extension Canadian Equity Fund I | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | -3.55% | -1.51% | -6.05% |
| 3 mths | -0.91% | 1.51% | -4.37% |
| 6 mths | 5.24% | 5.33% | 4.34% |
| YTD | -0.91% | 1.51% | -4.37% |
| 1 yr | 18.65% | 15.81% | 14.96% |
| 3 yrs * | 11.74% | 7.77% | 14.31% |
| 5 yrs * | 24.58% | 16.76% | 18.90% |
| 10 yrs * | 12.41% | 8.54% | 13.91% |
| Since Inception * | 12.26% | 6.75% | 11.42% |
† 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
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney 130/30 Alpha Extension Canadian Equity Fund I | -26.23% | 44.68% | 27.00% | -3.49% | 9.33% | 23.58% | 8.55% | -6.15% | 17.27% | 13.04% | -7.30% | 26.20% | 27.52% | 27.53% | -4.66% | 11.70% | 32.80% |
| Benchmark 1 | -33.00% | 35.05% | 17.61% | -8.71% | 7.19% | 12.99% | 10.55% | -8.32% | 21.08% | 9.10% | -8.89% | 22.88% | 5.60% | 25.09% | -5.84% | 11.75% | 21.65% |
| Benchmark 2 | -21.69% | 7.94% | 9.25% | 4.37% | 13.74% | 41.10% | 23.93% | 21.47% | 8.39% | 13.75% | 4.04% | 24.98% | 16.31% | 27.83% | -12.42% | 23.23% | 36.21% |
| Series | Picton Mahoney 130/30 Alpha Extension Canadian Equity Fund I | Benchmark | Benchmark |
|---|---|---|---|
| 2008 | -26.23% | -33.00% | -21.69% |
| 2009 | 44.68% | 35.05% | 7.94% |
| 2010 | 27.00% | 17.61% | 9.25% |
| 2011 | -3.49% | -8.71% | 4.37% |
| 2012 | 9.33% | 7.19% | 13.74% |
| 2013 | 23.58% | 12.99% | 41.10% |
| 2014 | 8.55% | 10.55% | 23.93% |
| 2015 | -6.15% | -8.32% | 21.47% |
| 2016 | 17.27% | 21.08% | 8.39% |
| 2017 | 13.04% | 9.10% | 13.75% |
| 2018 | -7.30% | -8.89% | 4.04% |
| 2019 | 26.20% | 22.88% | 24.98% |
| 2020 | 27.52% | 5.60% | 16.31% |
| 2021 | 27.53% | 25.09% | 27.83% |
| 2022 | -4.66% | -5.84% | -12.42% |
| 2023 | 11.70% | 11.75% | 23.23% |
| 2024 | 32.80% | 21.65% | 36.21% |
1 S&P/TSX Composite TR Index
2 S&P 500 Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
12.26%
6.75%
Annualized Standard Deviation
14.51%
13.61%
Sharpe Ratio
0.76
0.43
Beta
1.01
—
Upside Capture Ratio
113.76%
—
Downside Capture Ratio
83.90%
—
Maximum Drawdown
-40.86%
-47.94%
Peak Value Date of Maximum Drawdown
2008-06-13
2008-06-06
Trough Value Date of Maximum Drawdown
2009-03-06
2009-03-06
**S&P/TSX Composite TR Index
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 12.26% | 6.75% |
| Annualized Standard Deviation | 14.51% | 13.61% |
| Sharpe Ratio | 0.76 | 0.43 |
| Beta | 1.01 | — |
| Upside Capture Ratio | 113.76% | — |
| Downside Capture Ratio | 83.90% | — |
| Maximum Drawdown | -40.86% | -47.94% |
| Peak Value Date of Maximum Drawdown | 2008-06-13 | 2008-06-06 |
| Trough Value Date of Maximum Drawdown | 2009-03-06 | 2009-03-06 |
**S&P/TSX Composite TR Index
Portfolio Allocations As at March 31, 2025
Top 10 Long Positions
| Name | Weight |
|---|---|
| Royal Bank of Canada | 6.23% |
| Toronto-Dominion Bank Com New | 5.09% |
| Shopify Inc. Cl A | 3.83% |
| Canadian Pacific Kansas City Limited | 3.75% |
| Canadian Natural Resources Ltd. | 3.40% |
| Bank of Montreal | 3.02% |
| Waste Connections Inc. | 2.83% |
| Enbridge Inc. | 2.77% |
| Agnico-Eagle Mines Ltd. | 2.68% |
| Brookfield Corporation Vtg Shs Cl A | 2.19% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 139.58% |
| Short | -40.80% |
| Gross | 180.38% |
| Net | 98.78% |
±± 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 I | — | PIC 130 |