Overview
Daily NAV
$21.41
0.23% $0.05
October 28, 2024
-
Inception DateSeptember 27, 2018
-
Fund Size$157.62MM
-
Management Fee0.95%
-
Performance Fee20.00% ^
-
Fund Strategy130/30 Alpha Extension Equity
-
Fund FrameworkAlternative Mutual Fund (Simplified Prospectus)
Risk: Medium
Low
Low to Medium
Medium
Medium to High
High
^ of performance above the benchmark
Investment Objective
The investment objective of the Fund is to offer investors consistent long-term capital appreciation with an attractive risk-adjusted rate of return with similar volatility to the traditional equity market. The investment strategy of the Fund is to employ a long/short equity strategy that targets a net long equity exposure of 100% of Fund assets, investing 130% of assets long while selling 30% of assets short. This approach aims to achieve, over time, 160% gross equity exposure, increasing the opportunity set to generate alpha while maintaining a market exposure similar to the traditional equity market.
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 September 30, 2024
Growth of $10,000
Investment value:
$21,446.28
at
September 30, 2024
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Fortified Active Extension Alternative Fund F | 3.08% | 10.10% | 11.55% | 22.53% | 29.64% | 10.48% | 14.84% | — | 13.54% |
| Benchmark 1 | 3.15% | 10.54% | 9.96% | 17.24% | 26.74% | 9.52% | 10.95% | — | 10.12% |
| Benchmark 2 | 2.17% | 4.59% | 10.18% | 24.88% | 35.97% | 14.26% | 16.42% | — | 14.61% |
| Series | Picton Mahoney Fortified Active Extension Alternative Fund F | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 3.08% | 3.15% | 2.17% |
| 3 mths | 10.10% | 10.54% | 4.59% |
| 6 mths | 11.55% | 9.96% | 10.18% |
| YTD | 22.53% | 17.24% | 24.88% |
| 1 yr | 29.64% | 26.74% | 35.97% |
| 3 yrs * | 10.48% | 9.52% | 14.26% |
| 5 yrs * | 14.84% | 10.95% | 16.42% |
| 10 yrs * | — | — | — |
| Since Inception * | 13.54% | 10.12% | 14.61% |
† 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
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Picton Mahoney Fortified Active Extension Alternative Fund F | 25.15% | 21.50% | 25.75% | -6.37% | 10.99% |
| Benchmark 1 | 22.88% | 5.60% | 25.09% | -5.84% | 11.75% |
| Benchmark 2 | 24.98% | 16.31% | 27.83% | -12.42% | 23.23% |
| Series | Picton Mahoney Fortified Active Extension Alternative Fund F | Benchmark | Benchmark |
|---|---|---|---|
| 2019 | 25.15% | 22.88% | 24.98% |
| 2020 | 21.50% | 5.60% | 16.31% |
| 2021 | 25.75% | 25.09% | 27.83% |
| 2022 | -6.37% | -5.84% | -12.42% |
| 2023 | 10.99% | 11.75% | 23.23% |
1 S&P/TSX Composite TR Index
2 S&P 500 Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
13.54%
10.12%
Annualized Standard Deviation
16.81%
15.38%
Sharpe Ratio
0.72
0.57
Beta
1.05
—
Upside Capture Ratio
110.86%
—
Downside Capture Ratio
96.92%
—
Maximum Drawdown
-39.42%
-37.20%
Peak Value Date of Maximum Drawdown
2020-02-14
2020-02-20
Trough Value Date of Maximum Drawdown
2020-03-23
2020-03-23
**S&P/TSX Composite TR Index
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 13.54% | 10.12% |
| Annualized Standard Deviation | 16.81% | 15.38% |
| Sharpe Ratio | 0.72 | 0.57 |
| Beta | 1.05 | — |
| Upside Capture Ratio | 110.86% | — |
| Downside Capture Ratio | 96.92% | — |
| Maximum Drawdown | -39.42% | -37.20% |
| Peak Value Date of Maximum Drawdown | 2020-02-14 | 2020-02-20 |
| Trough Value Date of Maximum Drawdown | 2020-03-23 | 2020-03-23 |
**S&P/TSX Composite TR Index
Portfolio Allocations As at September 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Royal Bank of Canada | 7.63% |
| Toronto-Dominion Bank Com New | 5.45% |
| Canadian Pacific Kansas City Limited | 4.63% |
| Canadian Imperial Bank of Commerce | 2.97% |
| Shopify Inc. Cl A | 2.83% |
| Enbridge Inc. | 2.57% |
| Manulife Financial Corporation | 2.53% |
| Waste Connections Inc. | 2.50% |
| Element Fleet Management Corp. | 2.50% |
| Suncor Energy Inc. | 2.48% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 136.44% |
| Short | -37.61% |
| Gross | 174.05% |
| Net | 98.83% |
±± 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 A | 1.95% | PIC 3000 |
| Class F | 0.95% | PIC 3001 |
| ETF | 0.95% | PFAE |
Portfolio Management
David Picton
President, CEO and Portfolio Manager, Canadian Equities
Jeffrey Bradacs, CFA
Portfolio Manager, Canadian Equities