Overview

Daily NAV
$9.38
0.06% $0.01
July 26, 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
Geographic Allocation
Growth of $10,000
$11,882.22

^ 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 June 30, 2024

Growth of $10,000

Investment value: $11,882.22 at June 28, 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 0.70% 1.65% 3.17% 3.17% 6.26% 1.37% — — 3.53%
Series Picton Mahoney Fortified Income Alternative Fund A
1 mth 0.70%
3 mths 1.65%
6 mths 3.17%
YTD 3.17%
1 yr 6.26%
3 yrs * 1.37%
5 yrs * —
10 yrs * —
Since Inception * 3.53%

† 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 3.53% 2.13%
Annualized Standard Deviation 4.87% 8.89%
Sharpe Ratio 0.31 0.03
Beta 0.47 —
Upside Capture Ratio 56.22% —
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 June 30, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Parkland Corp 4.375% 26Mar29 2.45%
Royal Bank of Canada Frn 24Nov80 2.29%
Prime Healthcare Services Inc 7.25% 01Nov25 2.13%
Toronto-Dominion Bank Frn 31Dec49 2.03%
Acadia Healthcare Co Inc 5.50% 01Jul28 1.83%
Manitoulin USD Frn 10Nov27 1.81%
Mattr Corp 7.25% 02Apr31 1.80%
Enbridge Inc Frn 19Jan82 1.78%
Secure Energy Services In 6.75% 22Mar29 1.73%
Rogers Communications Inc Frn 17Dec81 1.72%

Exposure Breakout ±±

Name Weight
Long 116.27%
Short -37.74%
Gross 154.00%
Net 78.53%

±± 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 1.65 4.05
Credit Rating BB+ –
Issuers 162 22071
Yield To Maturity 6.62% 7.00%

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
2024-07-26 $9.38 —
2024-07-25 $9.37 —
2024-07-24 $9.37 —
2024-07-23 $9.35 0.0314
2024-07-22 $9.37 —
2024-07-19 $9.38 —
2024-07-18 $9.39 —
2024-07-17 $9.38 —
2024-07-16 $9.38 —
2024-07-15 $9.37 —
2024-07-12 $9.37 —
2024-07-11 $9.37 —
2024-07-10 $9.36 —
2024-07-09 $9.36 —
2024-07-08 $9.36 —
2024-07-05 $9.36 —
2024-07-04 $9.35 —
2024-07-03 $9.34 —
2024-07-02 $9.34 —
2024-06-28 $9.36 —
2024-06-27 $9.35 —
2024-06-26 $9.35 —
2024-06-25 $9.35 —
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 —

Portfolio Management

Phil Mesman, CFA

Portfolio Manager, Co-Head Fixed Income

Sam Acton, CFA

Portfolio Manager, Co-Head Fixed Income

    This material is intended for use by Investment Advisors.

    Risk/Reward Analysis results are calculated based on Class A fund unit’s daily data since inception. Due to the fund’s limited history, all risk/reward analysis results may not be statistically relevant. Beta measures the fund’s volatility relative to its benchmark: a rating of “1” implies the fund’s movements are identical to the index (typically you pay a manager to achieve beta of less than 1). Up/Downside Capture is a measure of an investment manager’s performance during only the up or down movements of an index (ideally you want low downside and a fairly high level of upside): the numbers shown here are the fund’s up/down capture relative to the benchmark(s). Maximum drawdown measures the largest single drop in a class’s Net Asset Value Per Unit from peak to trough before establishing a higher peak (the smaller, the better).

    There is no guarantee that a hedging strategy will be effective or achieve its intended effect. The use of derivatives or short selling carries several risks which may restrict a strategy in realizing its profits, limiting its losses, or, which cause a strategy to realize a loss. There may be additional costs and expenses associated with the use of derivatives and short selling in a hedging strategy.

    The rate of return shown in the "Growth of $10,000 investment" graph 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.

    This is provided as a general source of information, is subject to change without notification and should not be construed as investment advice. This material should not be relied upon for any investment decision and is not a recommendation, solicitation or offering of any security in any jurisdiction.

    Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Alternative funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.

    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.