Overview

Daily NAV
$9.35
0.06% $0.01
June 24, 2024
  • Inception Date
    July 10, 2019
  • Fund Size
    1.08 billion
  • Management Fee
    1.95%
  • Performance Fee
    20.00% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Fund Strategy
    Long Short Credit
  • Fund Framework
    Alternative Mutual Fund (Simplified Prospectus)

Risk: Low

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 investment objective of the Fund is to maximize total return to unit holders through income and capital appreciation by investing primarily in corporate bonds while mitigating capital loss through shorting and other hedging strategies.

Why Invest

Diversify Your Portfolio
With a solution that aims to provide income and capital gains with low correlation to other income assets.
Benefit From Proven Managers
Experienced running Authentic Hedge® strategies for over a decade.
Mitigate Income Investing Risks
With a fund designed with a tool kit to hedge the risks with income investing.

Performance As at May 31, 2024

Growth of $10,000

Investment value: $11,799.37 at May 31, 2024

Compound Returns

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Fortified Income Alternative Fund A 0.83% 1.52% 3.78% 2.45% 6.41% 1.11% 3.44%
Series Picton Mahoney Fortified Income Alternative Fund A
1 mth 0.83%
3 mths 1.52%
6 mths 3.78%
YTD 2.45%
1 yr 6.41%
3 yrs * 1.11%
5 yrs *
10 yrs *
Since Inception * 3.44%

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

2020 2021 2022 2023
Picton Mahoney Fortified Income Alternative Fund A 7.53% 2.78% -4.29% 5.69%
Series Picton Mahoney Fortified Income Alternative Fund A
2020 7.53%
2021 2.78%
2022 -4.29%
2023 5.69%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 3.44% 2.01%
Annualized Standard Deviation 4.91% 8.96%
Sharpe Ratio 0.30 0.02
Beta 0.47
Upside Capture Ratio 55.73%
Downside Capture Ratio 29.78%
Maximum Drawdown -11.65% -19.88%
Peak Value Date of Maximum Drawdown 2020-02-25 2020-02-21
Trough Value Date of Maximum Drawdown 2020-03-23 2020-03-23

**75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)

Portfolio Allocations As at May 31, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Parkland Corp 4.375% 26Mar29 2.37%
Royal Bank of Canada Frn 24Nov80 2.29%
Prime Healthcare Services Inc 7.25% 01Nov25 2.14%
Permian Resources Operating 8% 15Apr27 2.13%
Freeport Minerals Corp 7.125% 01Nov27 2.12%
Toronto-Dominion Bank Frn 31Dec49 2.03%
Northriver Midstream Finance 5.625% 15Feb26 1.83%
Acadia Healthcare Co Inc 5.50% 01Jul28 1.81%
Manitoulin USD Frn 10Nov27 1.81%
Enbridge Inc Frn 19Jan82 1.77%

Exposure Breakout ±±

Name Weight
Long 120.52%
Short -27.65%
Gross 148.17%
Net 92.86%

±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.

Fundamental Metrics

Fund Benchmark
Weighted Average Modified Duration 2.28 4.14
Credit Rating BB+
Issuers 154 22071
Yield To Maturity 7.00% 7.12%

Fees

Series Management Fee Fund codes
Class A 1.95% PIC 3500
Class F 0.95% PIC 3501
ETF 0.95% PFIA

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-06-24 $9.35
2024-06-21 $9.35
2024-06-20 $9.34 0.0286
2024-06-19 $9.35
2024-06-18 $9.35
2024-06-17 $9.35
2024-06-14 $9.36
2024-06-13 $9.36
2024-06-12 $9.35
2024-06-11 $9.35
2024-06-10 $9.34
2024-06-07 $9.35
2024-06-06 $9.35
2024-06-05 $9.35
2024-06-04 $9.34
2024-06-03 $9.33
2024-05-31 $9.32
2024-05-30 $9.31
2024-05-29 $9.31
2024-05-28 $9.31
2024-05-27 $9.30
2024-05-24 $9.30
2024-05-23 $9.31 0.0257
2024-05-22 $9.33
2024-05-21 $9.34
2024-05-17 $9.33
2024-05-16 $9.33
2024-05-15 $9.32
2024-05-14 $9.31
2024-05-13 $9.30
2024-05-10 $9.29
2024-05-09 $9.30
2024-05-08 $9.30
2024-05-07 $9.30
2024-05-06 $9.29
2024-05-03 $9.29
2024-05-02 $9.29
2024-05-01 $9.28
2024-04-30 $9.27
2024-04-29 $9.26
2024-04-26 $9.25
2024-04-25 $9.25
2024-04-24 $9.26
2024-04-23 $9.27
2024-04-22 $9.26 0.0300
2024-04-19 $9.29
2024-04-18 $9.29
2024-04-17 $9.30
2024-04-16 $9.30
2024-04-15 $9.29
2024-04-12 $9.30
2024-04-11 $9.28
2024-04-10 $9.29
2024-04-09 $9.29
2024-04-08 $9.28
2024-04-05 $9.29
2024-04-04 $9.29
2024-04-03 $9.29
2024-04-02 $9.29
2024-04-01 $9.29
2024-03-28 $9.29
2024-03-27 $9.29
2024-03-26 $9.28
2024-03-25 $9.28
2024-03-22 $9.28
2024-03-21 $9.27
2024-03-20 $9.28 0.0229
2024-03-19 $9.29
2024-03-18 $9.29
2024-03-15 $9.29
2024-03-14 $9.29
2024-03-13 $9.28
2024-03-12 $9.28
2024-03-11 $9.29
2024-03-08 $9.28
2024-03-07 $9.28
2024-03-06 $9.28
2024-03-05 $9.28
2024-03-04 $9.26
2024-03-01 $9.27
2024-02-29 $9.26
2024-02-28 $9.25
2024-02-27 $9.24
2024-02-26 $9.24
2024-02-23 $9.24
2024-02-22 $9.22
2024-02-21 $9.22 0.0238
2024-02-20 $9.25
2024-02-16 $9.23
2024-02-15 $9.23
2024-02-14 $9.22
2024-02-13 $9.22
2024-02-12 $9.23
2024-02-09 $9.22
2024-02-08 $9.22
2024-02-07 $9.24
2024-02-06 $9.24
2024-02-05 $9.23
2024-02-02 $9.25
2024-02-01 $9.27
2024-01-31 $9.26
2024-01-30 $9.25
2024-01-29 $9.24
2024-01-26 $9.23
2024-01-25 $9.23
2024-01-24 $9.23
2024-01-23 $9.22 0.0350
2024-01-22 $9.25
2024-01-19 $9.24
2024-01-18 $9.24
2024-01-17 $9.23
2024-01-16 $9.24
2024-01-15 $9.24
2024-01-12 $9.24
2024-01-11 $9.23
2024-01-10 $9.22
2024-01-09 $9.23
2024-01-08 $9.22
2024-01-05 $9.23
2024-01-04 $9.24
2024-01-03 $9.24
2024-01-02 $9.23
2023-12-29 $9.23
2023-12-28 $9.23
2023-12-27 $9.21
2023-12-22 $9.20
2023-12-21 $9.20 0.0581
2023-12-20 $9.29
2023-12-19 $9.26
2023-12-18 $9.24
2023-12-15 $9.25
2023-12-14 $9.24
2023-12-13 $9.21
2023-12-12 $9.22
2023-12-11 $9.21
2023-12-08 $9.21
2023-12-07 $9.23
2023-12-06 $9.23
2023-12-05 $9.22
2023-12-04 $9.20
2023-12-01 $9.19
2023-11-30 $9.17
2023-11-29 $9.17
2023-11-28 $9.15
2023-11-27 $9.14
2023-11-24 $9.12
2023-11-23 $9.12
2023-11-22 $9.12 0.0574
2023-11-21 $9.17
2023-11-20 $9.15
2023-11-17 $9.15
2023-11-16 $9.16
2023-11-15 $9.15
2023-11-14 $9.15
2023-11-13 $9.11
2023-11-10 $9.12
2023-11-09 $9.13
2023-11-08 $9.14
2023-11-07 $9.13
2023-11-06 $9.12
2023-11-03 $9.13
2023-11-02 $9.09
2023-11-01 $9.05
2023-10-31 $9.03
2023-10-30 $9.01
2023-10-27 $9.04
2023-10-26 $9.03
2023-10-25 $9.02
2023-10-24 $9.03
2023-10-23 $9.03 0.0472
2023-10-20 $9.08
2023-10-19 $9.06
2023-10-18 $9.07
2023-10-17 $9.08
2023-10-16 $9.10
2023-10-13 $9.11
2023-10-12 $9.12
2023-10-11 $9.12
2023-10-10 $9.11
2023-10-06 $9.06
2023-10-05 $9.10
2023-10-04 $9.11
2023-10-03 $9.11
2023-10-02 $9.14
2023-09-29 $9.13
2023-09-28 $9.13
2023-09-27 $9.13
2023-09-26 $9.15
2023-09-25 $9.16
2023-09-22 $9.16
2023-09-21 $9.16 0.0437
2023-09-20 $9.20
2023-09-19 $9.18
2023-09-18 $9.19
2023-09-15 $9.20
2023-09-14 $9.20
2023-09-13 $9.20
2023-09-12 $9.20
2023-09-11 $9.20
2023-09-08 $9.20
2023-09-07 $9.19
2023-09-06 $9.19
2023-09-05 $9.20
2023-09-01 $9.21
2023-08-31 $9.20
2023-08-30 $9.20
2023-08-29 $9.19
2023-08-28 $9.19
2023-08-25 $9.19
2023-08-24 $9.20
2023-08-23 $9.20 0.0402
2023-08-22 $9.23
2023-08-21 $9.24
2023-08-18 $9.25
2023-08-17 $9.26
2023-08-16 $9.25
2023-08-15 $9.25
2023-08-14 $9.25
2023-08-11 $9.26
2023-08-10 $9.26
2023-08-09 $9.27
2023-08-08 $9.27
2023-08-04 $9.26
2023-08-03 $9.24
2023-08-02 $9.26
2023-08-01 $9.25
2023-07-31 $9.24
2023-07-28 $9.24
2023-07-27 $9.25
2023-07-26 $9.24
2023-07-25 $9.24
2023-07-24 $9.25
2023-07-21 $9.25 0.0429
2023-07-20 $9.29
2023-07-19 $9.29
2023-07-18 $9.28
2023-07-17 $9.27
2023-07-14 $9.27
2023-07-13 $9.27
2023-07-12 $9.24
2023-07-11 $9.24
2023-07-10 $9.24
2023-07-07 $9.24
2023-07-06 $9.25
2023-07-05 $9.26
2023-07-04 $9.26
2023-06-30 $9.25
2023-06-29 $9.24
2023-06-28 $9.25
2023-06-27 $9.24
2023-06-26 $9.24

Portfolio Management

Phil Mesman, CFA

Portfolio Manager, Co-Head Fixed Income

Sam Acton, CFA

Portfolio Manager, Co-Head Fixed Income