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PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

Overview

Daily NAV
$9.76
0.02% $0.00
February 3, 2023
  • Inception Date
    July 10, 2019
  • Fund Size
    1.01 billion
  • Management Fee
    0.95%
  • 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 to Medium

Low
Low To Moderate
Moderate
Moderate 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 December 31, 2022

Growth of $10,000

Investment value: $11,302.55 at December 30, 2022

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 F 0.53% 0.87% 1.82% -3.30% -3.30% 2.95% 3.59%
Series Picton Mahoney Fortified Income Alternative Fund F
1 mth 0.53%
3 mths 0.87%
6 mths 1.82%
YTD -3.30%
1 yr -3.30%
3 yrs * 2.95%
5 yrs *
10 yrs *
Since Inception * 3.59%

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
Picton Mahoney Fortified Income Alternative Fund F 8.74% 3.77% -3.30%
Series Picton Mahoney Fortified Income Alternative Fund F
2020 8.74%
2021 3.77%
2022 -3.30%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 3.59% -0.67%
Annualized Standard Deviation 5.46% 9.95%
Sharpe Ratio 0.53 -0.13
Beta 0.47
Upside Capture Ratio 61.08%
Downside Capture Ratio 24.92%
Maximum Drawdown -11.58% -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 BofAML Global High Yield Index / 25% ICE BofAML Global Corporate Index (TR) (Hedged to CAD)

Portfolio Allocations As at December 31, 2022

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Secure Energ Se 7.25% 30Dec26 3.50%
Parkland Corp 3.875% 16Jun26 2.67%
National Bank of Canada 7.50% 16Nov82 2.58%
Acadia Healthcare Co Inc 5.50% 01Jul28 2.38%
Cushman & Wakefield US 6.75% 15May28 2.33%
Nuvista Energy Ltd 7.875% 23Jul26 2.30%
Freeport Minerals Corp 7.125% 01Nov27 2.27%
Northriver Midstream Finance 5.625% 15Feb26 2.19%
American Airlines Inc 11.75% 15Jul25 2.09%
Toronto-Dominion Bank/The Frn 31Oct82 2.08%

Exposure Breakout ±±

Name Weight
Long 117.53%
Short -23.67%
Gross 141.20%
Net 93.86%

±± 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 2.83 4.50
Credit Rating BB
Issuers 152 21251
Yield To Maturity 7.81% 7.99%

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
2023-02-03 $9.76
2023-02-02 $9.75
2023-02-01 $9.74
2023-01-31 $9.73
2023-01-30 $9.73
2023-01-27 $9.72
2023-01-26 $9.69
2023-01-25 $9.69
2023-01-24 $9.68
2023-01-23 $9.69 0.0406
2023-01-20 $9.72
2023-01-19 $9.71
2023-01-18 $9.72
2023-01-17 $9.70
2023-01-16 $9.69
2023-01-13 $9.69
2023-01-12 $9.68
2023-01-11 $9.65
2023-01-10 $9.64
2023-01-09 $9.64
2023-01-06 $9.62
2023-01-05 $9.61
2023-01-04 $9.62
2023-01-03 $9.62
2022-12-30 $9.59
2022-12-29 $9.59
2022-12-28 $9.60
2022-12-23 $9.60
2022-12-22 $9.61 0.0615
2022-12-21 $9.68
2022-12-20 $9.68
2022-12-19 $9.68
2022-12-16 $9.69
2022-12-15 $9.69
2022-12-14 $9.68
2022-12-13 $9.68
2022-12-12 $9.67
2022-12-09 $9.66
2022-12-08 $9.66
2022-12-07 $9.66
2022-12-06 $9.67
2022-12-05 $9.64
2022-12-02 $9.64
2022-12-01 $9.63
2022-11-30 $9.60
2022-11-29 $9.60
2022-11-28 $9.59
2022-11-25 $9.59
2022-11-24 $9.59
2022-11-23 $9.59
2022-11-22 $9.57 0.0419
2022-11-21 $9.61
2022-11-18 $9.59
2022-11-17 $9.58
2022-11-16 $9.59
2022-11-15 $9.58
2022-11-14 $9.57
2022-11-11 $9.55
2022-11-10 $9.55
2022-11-09 $9.52
2022-11-08 $9.51
2022-11-07 $9.50
2022-11-04 $9.49
2022-11-03 $9.51
2022-11-02 $9.53
2022-11-01 $9.54
2022-10-31 $9.55
2022-10-28 $9.55
2022-10-27 $9.54
2022-10-26 $9.53
2022-10-25 $9.51
2022-10-24 $9.50
2022-10-21 $9.49 0.0403
2022-10-20 $9.55
2022-10-19 $9.55
2022-10-18 $9.58
2022-10-17 $9.59
2022-10-14 $9.58
2022-10-13 $9.58
2022-10-12 $9.60
2022-10-11 $9.60
2022-10-07 $9.62
2022-10-06 $9.63
2022-10-05 $9.65
2022-10-04 $9.66
2022-10-03 $9.63
2022-09-30 $9.65
2022-09-29 $9.65
2022-09-28 $9.68
2022-09-27 $9.68
2022-09-26 $9.70
2022-09-23 $9.69
2022-09-22 $9.72 0.0343
2022-09-21 $9.76
2022-09-20 $9.76
2022-09-19 $9.75
2022-09-16 $9.76
2022-09-15 $9.78
2022-09-14 $9.79
2022-09-13 $9.80
2022-09-12 $9.81
2022-09-09 $9.82
2022-09-08 $9.80
2022-09-07 $9.80
2022-09-06 $9.79
2022-09-02 $9.81
2022-09-01 $9.80
2022-08-31 $9.81
2022-08-30 $9.82
2022-08-29 $9.82
2022-08-26 $9.84
2022-08-25 $9.84
2022-08-24 $9.83
2022-08-23 $9.82 0.0372
2022-08-22 $9.86
2022-08-19 $9.87
2022-08-18 $9.88
2022-08-17 $9.87
2022-08-16 $9.87
2022-08-15 $9.87
2022-08-12 $9.86
2022-08-11 $9.87
2022-08-10 $9.85
2022-08-09 $9.84
2022-08-08 $9.84
2022-08-05 $9.84
2022-08-04 $9.85
2022-08-03 $9.84
2022-08-02 $9.84
2022-07-29 $9.84
2022-07-28 $9.81
2022-07-27 $9.78
2022-07-26 $9.77
2022-07-25 $9.77
2022-07-22 $9.77
2022-07-21 $9.73 0.0360
2022-07-20 $9.75
2022-07-19 $9.72
2022-07-18 $9.71
2022-07-15 $9.70
2022-07-14 $9.68
2022-07-13 $9.68
2022-07-12 $9.70
2022-07-11 $9.69
2022-07-08 $9.68
2022-07-07 $9.69
2022-07-06 $9.68
2022-07-05 $9.68
2022-07-04 $9.67
2022-06-30 $9.66
2022-06-29 $9.66
2022-06-28 $9.70
2022-06-27 $9.70
2022-06-24 $9.70
2022-06-23 $9.69
2022-06-22 $9.69 0.0325
2022-06-21 $9.74
2022-06-20 $9.73
2022-06-17 $9.73
2022-06-16 $9.75
2022-06-15 $9.79
2022-06-14 $9.77
2022-06-13 $9.80
2022-06-10 $9.83
2022-06-09 $9.83
2022-06-08 $9.83
2022-06-07 $9.83
2022-06-06 $9.84
2022-06-03 $9.86
2022-06-02 $9.87
2022-06-01 $9.88
2022-05-31 $9.89
2022-05-30 $9.88
2022-05-27 $9.88
2022-05-26 $9.87
2022-05-25 $9.83
2022-05-24 $9.83
2022-05-20 $9.83 0.0334
2022-05-19 $9.88
2022-05-18 $9.90
2022-05-17 $9.94
2022-05-16 $9.94
2022-05-13 $9.94
2022-05-12 $9.94
2022-05-11 $9.97
2022-05-10 $9.98
2022-05-09 $9.98
2022-05-06 $10.03
2022-05-05 $10.05
2022-05-04 $10.05
2022-05-03 $10.05
2022-05-02 $10.05
2022-04-29 $10.07
2022-04-28 $10.06
2022-04-27 $10.07
2022-04-26 $10.08
2022-04-25 $10.08
2022-04-22 $10.12
2022-04-21 $10.12 0.0326
2022-04-20 $10.14
2022-04-19 $10.15
2022-04-18 $10.15
2022-04-14 $10.15
2022-04-13 $10.14
2022-04-12 $10.15
2022-04-11 $10.16
2022-04-08 $10.15
2022-04-07 $10.15
2022-04-06 $10.15
2022-04-05 $10.16
2022-04-04 $10.13
2022-04-01 $10.12
2022-03-31 $10.13
2022-03-30 $10.13
2022-03-29 $10.13
2022-03-28 $10.11
2022-03-25 $10.12
2022-03-24 $10.12
2022-03-23 $10.12 0.0333
2022-03-22 $10.16
2022-03-21 $10.17
2022-03-18 $10.15
2022-03-17 $10.15
2022-03-16 $10.14
2022-03-15 $10.14
2022-03-14 $10.14
2022-03-11 $10.14
2022-03-10 $10.14
2022-03-09 $10.16
2022-03-08 $10.15
2022-03-07 $10.16
2022-03-04 $10.16
2022-03-03 $10.18
2022-03-02 $10.19
2022-03-01 $10.20
2022-02-28 $10.20
2022-02-25 $10.19
2022-02-24 $10.17
2022-02-23 $10.21
2022-02-22 $10.22
2022-02-18 $10.24
2022-02-17 $10.25 0.0240
2022-02-16 $10.28
2022-02-15 $10.29
2022-02-14 $10.29
2022-02-11 $10.32
2022-02-10 $10.33
2022-02-09 $10.33
2022-02-08 $10.34
2022-02-07 $10.34
2022-02-04 $10.34

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income