^ of performance above a 2% hurdle rate with a perpetual high water mark
Investment Objective
The investment objective of the Fund is to provide consistent long-term capital appreciation with an attractive risk-adjusted rate of return by actively investing in a portfolio comprised of long and short equity securities. The Fund invests in Canadian, U.S. and International equities, aims for less net equity market exposure than traditional long-only strategies through the use of short positions, and is designed to dampen volatility and mitigate downside risk relative to typical long-biased portfolios heavily exposed to broad market movements.
Why Invest
Equity Exposure With Less Broad Market Risk Invest in a Fund designed to increase gross exposure to generate alpha while reducing net market exposure to decrease broad market risk. Add Hedging Tools Aimed to dampen volatility and seek to mitigate downside risk associated with investing in equities. Benefit From Proven Managers With an active approach to managing Authentic Hedge® strategies for over a decade.
† 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
2021
2022
Picton Mahoney Fortified Long Short Alternative Fund A
17.23%
-0.33%
Benchmark
1
25.09%
-5.84%
Benchmark
2
27.83%
-12.42%
Series
Picton Mahoney Fortified Long Short Alternative Fund A
Benchmark
Benchmark
2021
17.23%
25.09%
27.83%
2022
-0.33%
-5.84%
-12.42%
1 S&P/TSX Composite TR Index
2 S&P 500 Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
15.20%
13.75%
Annualized Standard Deviation
10.18%
13.84%
Sharpe Ratio
1.23
0.84
Beta
0.63
—
Upside Capture Ratio
78.69%
—
Downside Capture Ratio
52.25%
—
Maximum Drawdown
-10.99%
-16.32%
Peak Value Date of Maximum Drawdown
2022-03-22
2022-04-04
Trough Value Date of Maximum Drawdown
2022-07-14
2022-07-14
**S&P/TSX Composite TR Index
Portfolio Allocations
As at April 30, 2023
Sector Allocation
Geographic Allocation (Net)
Top 10 Long Positions
Name
Weight
Royal Bank of Canada
5.10%
CANADIAN PACIFIC KANSAS CITY LTD
4.95%
Toronto-Dominion Bank Com New
4.59%
Bank of Montreal
3.82%
Element Fleet Management Corp.
2.93%
Franco-Nevada Corporation
2.42%
Sun Life Financial Inc.
2.29%
Waste Connections Inc.
2.28%
First Quantum Minerals Ltd.
2.19%
AltaGas Ltd.
2.12%
Exposure Breakout
±±
Name
Weight
Long
141.28%
Short
-80.65%
Gross
221.93%
Net
60.63%
±± 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 3200
Class F
0.95%
PIC 3201
ETF
0.95%
PFLS
Historical Net Asset Values
Start Date
End Date
Effective Date
Net Asset Value
Distributions
2023-06-01
$14.79
—
2023-05-31
$14.74
—
2023-05-30
$14.74
—
2023-05-29
$14.84
—
2023-05-26
$14.82
—
2023-05-25
$14.77
—
2023-05-24
$14.78
—
2023-05-23
$14.86
—
2023-05-19
$15.02
—
2023-05-18
$15.02
—
2023-05-17
$14.96
—
2023-05-16
$14.99
—
2023-05-15
$15.05
—
2023-05-12
$15.01
—
2023-05-11
$14.94
—
2023-05-10
$14.97
—
2023-05-09
$14.91
—
2023-05-08
$14.88
—
2023-05-05
$14.83
—
2023-05-04
$14.71
—
2023-05-03
$14.83
—
2023-05-02
$14.85
—
2023-05-01
$14.91
—
2023-04-28
$14.87
—
2023-04-27
$14.84
—
2023-04-26
$14.80
—
2023-04-25
$14.80
—
2023-04-24
$14.89
—
2023-04-21
$14.90
—
2023-04-20
$14.87
—
2023-04-19
$14.85
—
2023-04-18
$14.87
—
2023-04-17
$14.85
—
2023-04-14
$14.88
—
2023-04-13
$14.87
—
2023-04-12
$14.81
—
2023-04-11
$14.76
—
2023-04-10
$14.74
—
2023-04-06
$14.72
—
2023-04-05
$14.71
—
2023-04-04
$14.81
—
2023-04-03
$14.84
—
2023-03-31
$14.76
—
2023-03-30
$14.63
—
2023-03-29
$14.56
—
2023-03-28
$14.54
—
2023-03-27
$14.53
—
2023-03-24
$14.47
—
2023-03-23
$14.47
—
2023-03-22
$14.46
—
2023-03-21
$14.51
—
2023-03-20
$14.47
—
2023-03-17
$14.45
—
2023-03-16
$14.52
—
2023-03-15
$14.38
—
2023-03-14
$14.55
—
2023-03-13
$14.45
—
2023-03-10
$14.52
—
2023-03-09
$14.65
—
2023-03-08
$14.76
—
2023-03-07
$14.72
—
2023-03-06
$14.81
—
2023-03-03
$14.84
—
2023-03-02
$14.75
—
2023-03-01
$14.74
—
2023-02-28
$14.70
—
2023-02-27
$14.67
—
2023-02-24
$14.62
—
2023-02-23
$14.62
—
2023-02-22
$14.58
—
2023-02-21
$14.60
—
2023-02-17
$14.66
—
2023-02-16
$14.71
—
2023-02-15
$14.75
—
2023-02-14
$14.75
—
2023-02-13
$14.72
—
2023-02-10
$14.68
—
2023-02-09
$14.73
—
2023-02-08
$14.77
—
2023-02-07
$14.75
—
2023-02-06
$14.66
—
2023-02-03
$14.71
—
2023-02-02
$14.70
—
2023-02-01
$14.79
—
2023-01-31
$14.77
—
2023-01-30
$14.68
—
2023-01-27
$14.73
—
2023-01-26
$14.78
—
2023-01-25
$14.75
—
2023-01-24
$14.78
—
2023-01-23
$14.74
—
2023-01-20
$14.74
—
2023-01-19
$14.70
—
2023-01-18
$14.70
—
2023-01-17
$14.72
—
2023-01-16
$14.66
—
2023-01-13
$14.66
—
2023-01-12
$14.59
—
2023-01-11
$14.52
—
2023-01-10
$14.49
—
2023-01-09
$14.46
—
2023-01-06
$14.40
—
2023-01-05
$14.32
—
2023-01-04
$14.39
—
2023-01-03
$14.37
—
2022-12-30
$14.35
—
2022-12-29
$14.38
—
2022-12-28
$14.27
—
2022-12-23
$14.33
—
2022-12-22
$14.30
—
2022-12-21
$14.39
—
2022-12-20
$14.26
—
2022-12-19
$14.20
—
2022-12-16
$14.34
—
2022-12-15
$14.41
—
2022-12-14
$14.59
—
2022-12-13
$14.60
—
2022-12-12
$14.56
—
2022-12-09
$14.52
—
2022-12-08
$14.54
—
2022-12-07
$14.49
—
2022-12-06
$14.44
—
2022-12-05
$14.58
—
2022-12-02
$14.69
—
2022-12-01
$14.70
—
2022-11-30
$14.52
—
2022-11-29
$14.40
—
2022-11-28
$14.38
—
2022-11-25
$14.45
—
2022-11-24
$14.44
—
2022-11-23
$14.41
—
2022-11-22
$14.37
—
2022-11-21
$14.24
—
2022-11-18
$14.24
—
2022-11-17
$14.19
—
2022-11-16
$14.26
—
2022-11-15
$14.27
—
2022-11-14
$14.22
—
2022-11-11
$14.26
—
2022-11-10
$14.29
—
2022-11-09
$14.02
—
2022-11-08
$14.20
—
2022-11-07
$14.13
—
2022-11-04
$14.06
—
2022-11-03
$13.98
—
2022-11-02
$13.94
—
2022-11-01
$14.06
—
2022-10-31
$14.07
—
2022-10-28
$14.10
—
2022-10-27
$14.06
—
2022-10-26
$14.06
—
2022-10-25
$13.98
—
2022-10-24
$13.85
—
2022-10-21
$13.82
—
2022-10-20
$13.71
—
2022-10-19
$13.78
—
2022-10-18
$13.86
—
2022-10-17
$13.78
—
2022-10-14
$13.64
—
2022-10-13
$13.76
—
2022-10-12
$13.63
—
2022-10-11
$13.61
—
2022-10-07
$13.80
—
2022-10-06
$14.00
—
2022-10-05
$14.09
—
2022-10-04
$14.09
—
2022-10-03
$13.85
—
2022-09-30
$13.68
—
2022-09-29
$13.64
—
2022-09-28
$13.70
—
2022-09-27
$13.52
—
2022-09-26
$13.49
—
2022-09-23
$13.55
—
2022-09-22
$13.74
—
2022-09-21
$13.86
—
2022-09-20
$13.94
—
2022-09-19
$14.00
—
2022-09-16
$13.97
—
2022-09-15
$14.09
—
2022-09-14
$14.16
—
2022-09-13
$14.12
—
2022-09-12
$14.21
—
2022-09-09
$14.12
—
2022-09-08
$14.00
—
2022-09-07
$13.87
—
2022-09-06
$13.83
—
2022-09-02
$13.86
—
2022-09-01
$13.80
—
2022-08-31
$13.91
—
2022-08-30
$13.96
—
2022-08-29
$14.05
—
2022-08-26
$14.08
—
2022-08-25
$14.20
—
2022-08-24
$14.18
—
2022-08-23
$14.15
—
2022-08-22
$14.10
—
2022-08-19
$14.14
—
2022-08-18
$14.19
—
2022-08-17
$14.16
—
2022-08-16
$14.17
—
2022-08-15
$14.15
—
2022-08-12
$14.16
—
2022-08-11
$14.09
—
2022-08-10
$14.03
—
2022-08-09
$13.89
—
2022-08-08
$13.93
—
2022-08-05
$13.90
—
2022-08-04
$13.85
—
2022-08-03
$13.79
—
2022-08-02
$13.85
—
2022-07-29
$13.94
—
2022-07-28
$13.81
—
2022-07-27
$13.65
—
2022-07-26
$13.48
—
2022-07-25
$13.57
—
2022-07-22
$13.53
—
2022-07-21
$13.57
—
2022-07-20
$13.52
—
2022-07-19
$13.46
—
2022-07-18
$13.30
—
2022-07-15
$13.21
—
2022-07-14
$13.13
—
2022-07-13
$13.22
—
2022-07-12
$13.26
—
2022-07-11
$13.39
—
2022-07-08
$13.52
—
2022-07-07
$13.56
—
2022-07-06
$13.32
—
2022-07-05
$13.33
—
2022-07-04
$13.40
—
2022-06-30
$13.33
—
2022-06-29
$13.41
—
2022-06-28
$13.48
—
2022-06-27
$13.54
—
2022-06-24
$13.47
—
2022-06-23
$13.23
—
2022-06-22
$13.33
—
2022-06-21
$13.45
—
2022-06-20
$13.39
—
2022-06-17
$13.28
—
2022-06-16
$13.28
—
2022-06-15
$13.59
—
2022-06-14
$13.55
—
2022-06-13
$13.62
—
2022-06-10
$13.88
—
2022-06-09
$14.02
—
2022-06-08
$14.10
—
2022-06-07
$14.21
—
2022-06-06
$14.13
—
2022-06-03
$14.12
—
2022-06-02
$14.24
—
Portfolio Management
David Picton
President, CEO and Portfolio Manager, Canadian Equities