Overview

Daily NAV
$17.44
-0.82% ($0.14)
April 19, 2024
  • Inception Date
    March 30, 2007
  • Fund Size
    --
  • Fund Strategy
    130/30 Alpha Extension Equity
  • Fund Framework
    Hedge Fund (Offering Memorandum)

Risk: Medium

Low
Low To Moderate
Moderate
Moderate To High
High
Geographic Allocation
Growth of $10,000
$67,599.33

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.

Performance As at March 31, 2024

Growth of $10,000

Investment value: $67,599.33 at March 28, 2024

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 4.15% 10.90% 17.23% 10.90% 18.67% 12.13% 16.41% 11.12% 11.90%
Series Picton Mahoney 130/30 Alpha Extension Canadian Equity Fund I
1 mth 4.15%
3 mths 10.90%
6 mths 17.23%
YTD 10.90%
1 yr 18.67%
3 yrs * 12.13%
5 yrs * 16.41%
10 yrs * 11.12%
Since Inception * 11.90%

† 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

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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%
Series Picton Mahoney 130/30 Alpha Extension Canadian Equity Fund I
2008 -26.23%
2009 44.68%
2010 27.00%
2011 -3.49%
2012 9.33%
2013 23.58%
2014 8.55%
2015 -6.15%
2016 17.27%
2017 13.04%
2018 -7.30%
2019 26.20%
2020 27.52%
2021 27.53%
2022 -4.66%
2023 11.70%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 11.90% 6.24%
Annualized Standard Deviation 14.67% 13.77%
Sharpe Ratio 0.74 0.40
Beta 1.01 —
Upside Capture Ratio 113.84% —
Downside Capture Ratio 83.18% —
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, 2024

Sector Allocation

Geographic Allocation (Net)

Top 10 Long Positions

Name Weight
Royal Bank of Canada 7.35%
Bank of Montreal 4.89%
Canadian Pacific Kansas City Limited 4.89%
Canadian Natural Resources Ltd. 3.12%
Sun Life Financial Inc. 3.07%
Waste Connections Inc. 2.75%
Shopify Inc. Cl A 2.69%
Element Fleet Management Corp. 2.60%
Enbridge Inc. 2.49%
Manulife Financial Corporation 2.47%

Exposure Breakout ±±

Name Weight
Long 139.07%
Short -39.86%
Gross 178.93%
Net 99.21%

±± 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

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-04-19 $17.44 —
2024-04-12 $17.58 —
2024-04-05 $17.91 —
2024-03-28 $17.77 —
2024-03-22 $17.64 —
2024-03-15 $17.45 —
2024-03-08 $17.39 —
2024-03-01 $17.26 —
2024-02-29 $17.06 —
2024-02-23 $17.04 —
2024-02-16 $16.86 —
2024-02-09 $16.65 —
2024-02-02 $16.68 —
2024-01-31 $16.52 —
2024-01-26 $16.56 —
2024-01-19 $16.33 —
2024-01-12 $16.20 —
2024-01-05 $16.00 —
2023-12-29 $16.02 0.8885
2023-12-22 $16.82 —
2023-12-15 $16.59 —
2023-12-08 $16.48 —
2023-12-01 $16.54 —
2023-11-30 $16.40 —
2023-11-24 $16.33 —
2023-11-17 $16.36 —
2023-11-10 $16.04 —
2023-11-03 $16.04 —
2023-10-31 $15.34 —
2023-10-27 $15.30 —
2023-10-20 $15.59 —
2023-10-13 $15.90 —
2023-10-06 $15.88 —
2023-09-29 $16.00 —
2023-09-22 $16.08 —
2023-09-15 $16.59 —
2023-09-08 $16.30 —
2023-09-01 $16.66 —
2023-08-31 $16.44 —
2023-08-25 $16.01 —
2023-08-18 $15.96 —
2023-08-11 $16.36 —
2023-08-04 $16.31 —
2023-07-31 $16.55 —
2023-07-28 $16.50 —
2023-07-21 $16.46 —
2023-07-14 $16.34 —
2023-07-07 $15.98 —
2023-06-30 $16.23 —
2023-06-23 $15.70 —
2023-06-16 $16.00 —
2023-06-09 $15.85 —
2023-06-02 $15.97 —
2023-05-31 $15.64 —
2023-05-26 $15.84 —
2023-05-19 $16.14 —
2023-05-12 $16.09 —
2023-05-05 $15.92 —
2023-04-28 $16.06 —

    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.