Overview
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Inception DateSeptember 27, 2018
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Fund Size1.30 billion
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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 StrategyMarket Neutral 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
By investing in a Fund designed to mitigate equity market volatility and, most importantly, reduce the severe impacts of deep drawdowns.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over a decade.
Lower Correlation
To the overall equity market with a Fund that seeks a low correlation target.
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 Market Neutral Alternative Fund F | 0.24% | 2.23% | 5.49% | 8.45% | 9.67% | 5.92% | 7.99% | — | 7.74% |
Benchmark 1 | 5.87% | 7.26% | 11.67% | 12.28% | 15.73% | 7.72% | 10.46% | — | 9.62% |
Benchmark 2 | 0.43% | 1.23% | 2.47% | 2.94% | 5.10% | 3.14% | 2.15% | — | 2.08% |
Benchmark 3 | 2.16% | 5.18% | 3.21% | 1.83% | 7.10% | -1.41% | 0.29% | — | 1.69% |
Series | Picton Mahoney Fortified Market Neutral Alternative Fund F | Benchmark | Benchmark | Benchmark |
---|---|---|---|---|
1 mth | 0.24% | 5.87% | 0.43% | 2.16% |
3 mths | 2.23% | 7.26% | 1.23% | 5.18% |
6 mths | 5.49% | 11.67% | 2.47% | 3.21% |
YTD | 8.45% | 12.28% | 2.94% | 1.83% |
1 yr | 9.67% | 15.73% | 5.10% | 7.10% |
3 yrs * | 5.92% | 7.72% | 3.14% | -1.41% |
5 yrs * | 7.99% | 10.46% | 2.15% | 0.29% |
10 yrs * | — | — | — | — |
Since Inception * | 7.74% | 9.62% | 2.08% | 1.69% |
† 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 FTSE Canada 30 Day TBill Index (TR)
3 ICE BofA Canada Broad Market Index (TR)
Calendar Returns
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Picton Mahoney Fortified Market Neutral Alternative Fund F | 6.07% | 17.06% | 5.91% | 5.64% | 2.83% |
Benchmark 1 | 22.88% | 5.60% | 25.09% | -5.84% | 11.75% |
Benchmark 2 | 1.68% | 0.61% | 0.09% | 1.69% | 4.77% |
Benchmark 3 | 6.97% | 8.61% | -2.71% | -11.47% | 6.37% |
Series | Picton Mahoney Fortified Market Neutral Alternative Fund F | Benchmark | Benchmark | Benchmark |
---|---|---|---|---|
2019 | 6.07% | 22.88% | 1.68% | 6.97% |
2020 | 17.06% | 5.60% | 0.61% | 8.61% |
2021 | 5.91% | 25.09% | 0.09% | -2.71% |
2022 | 5.64% | -5.84% | 1.69% | -11.47% |
2023 | 2.83% | 11.75% | 4.77% | 6.37% |
1 S&P/TSX Composite TR Index
2 FTSE Canada 30 Day TBill Index (TR)
3 ICE BofA Canada Broad Market Index (TR)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
7.74%
9.62%
Annualized Standard Deviation
4.69%
15.57%
Sharpe Ratio
1.18
0.54
Beta
0.12
—
Upside Capture Ratio
24.37%
—
Downside Capture Ratio
-7.50%
—
Maximum Drawdown
-8.70%
-37.20%
Peak Value Date of Maximum Drawdown
2020-02-14
2020-02-20
Trough Value Date of Maximum Drawdown
2020-03-18
2020-03-23
**S&P/TSX Composite TR Index
Risk Measures
Risk And Return Statistics | Fund | Benchmark ** |
---|---|---|
Annualized Return | 7.74% | 9.62% |
Annualized Standard Deviation | 4.69% | 15.57% |
Sharpe Ratio | 1.18 | 0.54 |
Beta | 0.12 | — |
Upside Capture Ratio | 24.37% | — |
Downside Capture Ratio | -7.50% | — |
Maximum Drawdown | -8.70% | -37.20% |
Peak Value Date of Maximum Drawdown | 2020-02-14 | 2020-02-20 |
Trough Value Date of Maximum Drawdown | 2020-03-18 | 2020-03-23 |
**S&P/TSX Composite TR Index
Portfolio Allocations As at July 31, 2024
Top 10 Long Positions
Name | Weight |
---|---|
Canadian Pacific Kansas City Limited | 3.20% |
Royal Bank of Canada | 2.94% |
Toronto-Dominion Bank Com New | 2.58% |
Canadian Imperial Bank ofmerce | 2.46% |
Suncor Energy Inc. | 2.24% |
Element Fleet Management Corp. | 2.24% |
Waste Connections Inc. | 2.21% |
NVIDIA Corp. | 2.19% |
Manulife Financial Corporation | 2.19% |
AltaGas Ltd. | 1.94% |
Exposure Breakout ±±
Name | Weight |
---|---|
Long | 130.16% |
Short | -113.00% |
Gross | 243.16% |
Net | 17.15% |
±± 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 |
---|---|---|
ETF | 0.95% | PFMN |
Class A | 1.95% | PIC 3100 |
Class F | 0.95% | PIC 3101 |
Class FT | 0.95% | PIC 3103 |
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