Overview
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Inception DateJuly 8, 2020
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Fund Size$579.48MM
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Management Fee0.95%
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Performance Fee20.00% ^
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Hurdle Rate2.00%
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High Water MarkYes
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Fund StrategyLong Short Equity
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Fund FrameworkAlternative Mutual Fund (Simplified Prospectus)
Risk: Low to Medium
^ of performance above a 2% hurdle rate with a perpetual high water mark
Investment Objective
Why Invest
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.
Performance As at July 31, 2024
Growth of $10,000
Compound Returns †
1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
---|---|---|---|---|---|---|---|---|---|
Picton Mahoney Fortified Long Short Alternative Fund F | 2.04% | 4.88% | 8.72% | 11.35% | 12.73% | 7.15% | — | — | 14.75% |
Benchmark 1 | 5.87% | 7.26% | 11.67% | 12.28% | 15.73% | 7.72% | — | — | 13.51% |
Benchmark 2 | 2.20% | 10.47% | 18.32% | 22.06% | 28.11% | 13.34% | — | — | 17.02% |
Series | Picton Mahoney Fortified Long Short Alternative Fund F | Benchmark | Benchmark |
---|---|---|---|
1 mth | 2.04% | 5.87% | 2.20% |
3 mths | 4.88% | 7.26% | 10.47% |
6 mths | 8.72% | 11.67% | 18.32% |
YTD | 11.35% | 12.28% | 22.06% |
1 yr | 12.73% | 15.73% | 28.11% |
3 yrs * | 7.15% | 7.72% | 13.34% |
5 yrs * | — | — | — |
10 yrs * | — | — | — |
Since Inception * | 14.75% | 13.51% | 17.02% |
† 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 | 2023 | |
---|---|---|---|
Picton Mahoney Fortified Long Short Alternative Fund F | 18.21% | 0.72% | 6.84% |
Benchmark 1 | 25.09% | -5.84% | 11.75% |
Benchmark 2 | 27.83% | -12.42% | 23.23% |
Series | Picton Mahoney Fortified Long Short Alternative Fund F | Benchmark | Benchmark |
---|---|---|---|
2021 | 18.21% | 25.09% | 27.83% |
2022 | 0.72% | -5.84% | -12.42% |
2023 | 6.84% | 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
14.75%
13.51%
Annualized Standard Deviation
8.95%
13.38%
Sharpe Ratio
1.22
0.78
Beta
0.56
—
Upside Capture Ratio
72.56%
—
Downside Capture Ratio
41.53%
—
Maximum Drawdown
-10.69%
-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
Risk Measures
Risk And Return Statistics | Fund | Benchmark ** |
---|---|---|
Annualized Return | 14.75% | 13.51% |
Annualized Standard Deviation | 8.95% | 13.38% |
Sharpe Ratio | 1.22 | 0.78 |
Beta | 0.56 | — |
Upside Capture Ratio | 72.56% | — |
Downside Capture Ratio | 41.53% | — |
Maximum Drawdown | -10.69% | -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 July 31, 2024
Top 10 Long Positions
Name | Weight |
---|---|
Royal Bank of Canada | 6.06% |
Canadian Pacific Kansas City Limited | 5.02% |
Toronto-Dominion Bank Com New | 4.19% |
Canadian Imperial Bank ofmerce | 3.00% |
Waste Connections Inc. | 2.89% |
Element Fleet Management Corp. | 2.76% |
Suncor Energy Inc. | 2.71% |
Manulife Financial Corporation | 2.51% |
Enbridge Inc. | 2.44% |
Canadian Natural Resources Ltd. | 2.11% |
Exposure Breakout ±±
Name | Weight |
---|---|
Long | 154.59% |
Short | -89.40% |
Gross | 244.00% |
Net | 65.19% |
±± 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 |
Portfolio Management
![](/funds/img/David-Picton.jpg)
President, CEO and Portfolio Manager, Canadian Equities
![](/funds/img/Jeffrey-Bradacs.jpg)
Portfolio Manager, Canadian Equities
![](/funds/img/Michael-Kimmel.jpg)
Portfolio Manager, U.S. Equities
![](/funds/img/Michael-Kuan.jpg)
Portfolio Manager, International Equities