Overview
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Inception DateJanuary 10, 2020
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Fund Size$30.60MM
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Management Fee1.00%
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High Water MarkYes
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Fund StrategyMerger Arbitrage
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Fund FrameworkHedge Fund (Offering Memorandum)
Risk: Low
^ of the amount above a perpetual high watermark
Investment Objective
Why Invest
With a Fund that seeks low correlation to the overall equity market, low volatility and aims to avoid large drawdowns.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over 6 years.
Lower Interest Rate Risk
In your portfolio wit ha Fund that may benefit from rising rates, unlike most fixed income and dividend yielding securities.
Performance As at October 31, 2024
Growth of $10,000
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Arbitrage Fund V | 0.26% | 0.79% | 1.98% | 3.18% | 4.09% | 2.60% | — | — | 6.11% |
| Benchmark 1 | -0.55% | 0.27% | 4.25% | 3.21% | 7.81% | 3.86% | — | — | 5.57% |
| Benchmark 2 | -1.07% | 1.25% | 6.50% | 3.11% | 11.09% | -0.23% | — | — | 0.41% |
| Benchmark 3 | 0.85% | 5.30% | 12.95% | 18.24% | 32.06% | 8.03% | — | — | 10.63% |
| Series | Picton Mahoney Arbitrage Fund V | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 1 mth | 0.26% | -0.55% | -1.07% | 0.85% |
| 3 mths | 0.79% | 0.27% | 1.25% | 5.30% |
| 6 mths | 1.98% | 4.25% | 6.50% | 12.95% |
| YTD | 3.18% | 3.21% | 3.11% | 18.24% |
| 1 yr | 4.09% | 7.81% | 11.09% | 32.06% |
| 3 yrs * | 2.60% | 3.86% | -0.23% | 8.03% |
| 5 yrs * | — | — | — | — |
| 10 yrs * | — | — | — | — |
| Since Inception * | 6.11% | 5.57% | 0.41% | 10.63% |
† 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 HFRI ED Merger Arbitrage Index (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
3 S&P/TSX Composite TR Index
Calendar Returns
| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Picton Mahoney Arbitrage Fund V | 5.51% | 1.11% | 3.35% |
| Benchmark 1 | 10.63% | 2.84% | 5.07% |
| Benchmark 2 | -2.71% | -11.47% | 6.37% |
| Benchmark 3 | 25.09% | -5.84% | 11.75% |
| Series | Picton Mahoney Arbitrage Fund V | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 2021 | 5.51% | 10.63% | -2.71% | 25.09% |
| 2022 | 1.11% | 2.84% | -11.47% | -5.84% |
| 2023 | 3.35% | 5.07% | 6.37% | 11.75% |
1 HFRI ED Merger Arbitrage Index (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
3 S&P/TSX Composite TR Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
6.11%
5.57%
Annualized Standard Deviation
4.69%
6.95%
Sharpe Ratio
0.78
0.51
Beta
0.43
—
Upside Capture Ratio
62.67%
—
Downside Capture Ratio
19.30%
—
Maximum Drawdown
-2.59%
-10.81%
Peak Value Date of Maximum Drawdown
2020-01-31
2020-01-31
Trough Value Date of Maximum Drawdown
2020-03-31
2020-03-31
**HFRI ED Merger Arbitrage Index (Hedged to CAD)
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 6.11% | 5.57% |
| Annualized Standard Deviation | 4.69% | 6.95% |
| Sharpe Ratio | 0.78 | 0.51 |
| Beta | 0.43 | — |
| Upside Capture Ratio | 62.67% | — |
| Downside Capture Ratio | 19.30% | — |
| Maximum Drawdown | -2.59% | -10.81% |
| Peak Value Date of Maximum Drawdown | 2020-01-31 | 2020-01-31 |
| Trough Value Date of Maximum Drawdown | 2020-03-31 | 2020-03-31 |
**HFRI ED Merger Arbitrage Index (Hedged to CAD)
Portfolio Allocations As at October 31, 2024
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 60.57% |
| Short | -8.62% |
| Gross | 69.19% |
| Net | 51.96% |
±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.
Portfolio Details
| Name | Value |
|---|---|
| Average Market Cap | $12.92 Billions |
| # of Deals | 30 |
| # of SPACs | 87 |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class F | 1.00% | PIC 1801 |
| Class B | 1.50% | PIC 1808 |
| Class V | 1.00% | PIC 1805 |
Portfolio Management
Portfolio Manager, Merger Arbitrage
Portfolio Manager, Merger Arbitrage