^ 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 in any market condition. The investment strategy of the Fund is to employ a true market neutral equity strategy by investing in long and short positions (typically 100% long equity exposure and 100% short equity and derivatives exposure), aiming for an average equity market beta of 0, while offering diversification and serving as a complement to typical long-biased portfolios heavily exposed to the equity market.
Why Invest
Manage Risk 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.
† 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
Picton Mahoney Fortified Market Neutral Alternative Fund F
6.07%
17.06%
5.91%
5.64%
Benchmark
1
22.88%
5.60%
25.09%
-5.84%
Benchmark
2
1.68%
0.61%
0.09%
1.69%
Benchmark
3
6.97%
8.61%
-2.71%
-11.47%
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%
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
7.54%
7.94%
Annualized Standard Deviation
4.90%
16.10%
Sharpe Ratio
1.21
0.47
Beta
0.14
—
Upside Capture Ratio
24.96%
—
Downside Capture Ratio
-5.83%
—
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 August 31, 2023
Sector Allocation
Geographic Allocation (Net)
Top 10 Long Positions
Name
Weight
Element Fleet Management Corp.
3.04%
Canadian Pacific Kansas City Limited
2.52%
Sun Life Financial Inc.
2.29%
Bank of Montreal
2.03%
First Quantum Minerals Ltd.
1.93%
Royal Bank of Canada
1.93%
AltaGas Ltd.
1.92%
Waste Connections Inc.
1.80%
Canadian Natural Resources Ltd.
1.79%
TORONTO-DOMINION BK
1.73%
Exposure Breakout
±±
Name
Weight
Long
116.88%
Short
-100.41%
Gross
217.30%
Net
16.47%
±± 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
Historical Net Asset Values
Start Date
End Date
Effective Date
Net Asset Value
Distributions
2023-09-22
$14.23
—
2023-09-21
$14.19
—
2023-09-20
$14.20
—
2023-09-19
$14.16
—
2023-09-18
$14.22
—
2023-09-15
$14.21
—
2023-09-14
$14.19
—
2023-09-13
$14.20
—
2023-09-12
$14.18
—
2023-09-11
$14.19
—
2023-09-08
$14.18
—
2023-09-07
$14.23
—
2023-09-06
$14.20
—
2023-09-05
$14.18
—
2023-09-01
$14.18
—
2023-08-31
$14.13
—
2023-08-30
$14.09
—
2023-08-29
$14.07
—
2023-08-28
$14.05
—
2023-08-25
$14.05
—
2023-08-24
$14.04
—
2023-08-23
$14.06
—
2023-08-22
$14.04
—
2023-08-21
$14.02
—
2023-08-18
$14.00
—
2023-08-17
$13.98
—
2023-08-16
$14.02
—
2023-08-15
$14.01
—
2023-08-14
$14.02
—
2023-08-11
$14.00
—
2023-08-10
$13.98
—
2023-08-09
$13.96
—
2023-08-08
$13.95
—
2023-08-04
$13.98
—
2023-08-03
$13.92
—
2023-08-02
$13.91
—
2023-08-01
$13.96
—
2023-07-31
$13.93
—
2023-07-28
$13.94
—
2023-07-27
$13.93
—
2023-07-26
$13.90
—
2023-07-25
$13.91
—
2023-07-24
$13.89
—
2023-07-21
$13.93
—
2023-07-20
$13.91
—
2023-07-19
$13.93
—
2023-07-18
$13.97
—
2023-07-17
$13.98
—
2023-07-14
$13.99
—
2023-07-13
$13.93
—
2023-07-12
$13.96
—
2023-07-11
$13.93
—
2023-07-10
$13.98
—
2023-07-07
$13.96
—
2023-07-06
$13.98
—
2023-07-05
$13.98
—
2023-07-04
$14.00
—
2023-06-30
$14.03
—
2023-06-29
$13.97
—
2023-06-28
$13.97
—
2023-06-27
$13.95
—
2023-06-26
$13.97
—
2023-06-23
$14.00
—
2023-06-22
$14.01
—
2023-06-21
$13.99
—
2023-06-20
$13.96
—
2023-06-19
$13.93
—
2023-06-16
$13.92
—
2023-06-15
$13.91
—
2023-06-14
$13.94
—
2023-06-13
$13.93
—
2023-06-12
$13.95
—
2023-06-09
$13.93
—
2023-06-08
$13.94
—
2023-06-07
$13.91
—
2023-06-06
$13.99
—
2023-06-05
$14.02
—
2023-06-02
$14.00
—
2023-06-01
$14.03
—
2023-05-31
$14.03
—
2023-05-30
$13.99
—
2023-05-29
$14.02
—
2023-05-26
$14.02
—
2023-05-25
$14.03
—
2023-05-24
$14.00
—
2023-05-23
$14.01
—
2023-05-19
$14.09
—
2023-05-18
$14.08
—
2023-05-17
$14.06
—
2023-05-16
$14.12
—
2023-05-15
$14.09
—
2023-05-12
$14.09
—
2023-05-11
$14.04
—
2023-05-10
$14.04
—
2023-05-09
$13.98
—
2023-05-08
$13.95
—
2023-05-05
$13.92
—
2023-05-04
$13.91
—
2023-05-03
$13.96
—
2023-05-02
$13.96
—
2023-05-01
$13.94
—
2023-04-28
$13.89
—
2023-04-27
$13.90
—
2023-04-26
$13.93
—
2023-04-25
$13.91
—
2023-04-24
$13.90
—
2023-04-21
$13.91
—
2023-04-20
$13.88
—
2023-04-19
$13.85
—
2023-04-18
$13.87
—
2023-04-17
$13.86
—
2023-04-14
$13.90
—
2023-04-13
$13.88
—
2023-04-12
$13.88
—
2023-04-11
$13.83
—
2023-04-10
$13.85
—
2023-04-06
$13.85
—
2023-04-05
$13.86
—
2023-04-04
$13.90
—
2023-04-03
$13.90
—
2023-03-31
$13.88
—
2023-03-30
$13.84
—
2023-03-29
$13.81
—
2023-03-28
$13.84
—
2023-03-27
$13.84
—
2023-03-24
$13.82
—
2023-03-23
$13.84
—
2023-03-22
$13.81
—
2023-03-21
$13.79
—
2023-03-20
$13.81
—
2023-03-17
$13.84
—
2023-03-16
$13.83
—
2023-03-15
$13.78
—
2023-03-14
$13.83
—
2023-03-13
$13.80
—
2023-03-10
$13.81
—
2023-03-09
$13.82
—
2023-03-08
$13.81
—
2023-03-07
$13.80
—
2023-03-06
$13.80
—
2023-03-03
$13.79
—
2023-03-02
$13.79
—
2023-03-01
$13.79
—
2023-02-28
$13.76
—
2023-02-27
$13.73
—
2023-02-24
$13.71
—
2023-02-23
$13.69
—
2023-02-22
$13.66
—
2023-02-21
$13.67
—
2023-02-17
$13.63
—
2023-02-16
$13.65
—
2023-02-15
$13.63
—
2023-02-14
$13.64
—
2023-02-13
$13.63
—
2023-02-10
$13.63
—
2023-02-09
$13.67
—
2023-02-08
$13.67
—
2023-02-07
$13.63
—
2023-02-06
$13.60
—
2023-02-03
$13.58
—
2023-02-02
$13.56
—
2023-02-01
$13.66
—
2023-01-31
$13.66
—
2023-01-30
$13.66
—
2023-01-27
$13.65
—
2023-01-26
$13.70
—
2023-01-25
$13.71
—
2023-01-24
$13.74
—
2023-01-23
$13.70
—
2023-01-20
$13.74
—
2023-01-19
$13.77
—
2023-01-18
$13.75
—
2023-01-17
$13.73
—
2023-01-16
$13.69
—
2023-01-13
$13.69
—
2023-01-12
$13.67
—
2023-01-11
$13.66
—
2023-01-10
$13.68
—
2023-01-09
$13.68
—
2023-01-06
$13.64
—
2023-01-05
$13.66
—
2023-01-04
$13.69
—
2023-01-03
$13.71
—
2022-12-30
$13.69
—
2022-12-29
$13.69
—
2022-12-28
$13.68
—
2022-12-23
$13.65
—
2022-12-22
$13.67
—
2022-12-21
$13.68
—
2022-12-20
$13.65
—
2022-12-19
$13.63
—
2022-12-16
$13.68
—
2022-12-15
$13.69
—
2022-12-14
$13.73
—
2022-12-13
$13.71
—
2022-12-12
$13.69
—
2022-12-09
$13.70
—
2022-12-08
$13.69
—
2022-12-07
$13.67
—
2022-12-06
$13.63
—
2022-12-05
$13.66
—
2022-12-02
$13.66
—
2022-12-01
$13.66
—
2022-11-30
$13.55
—
2022-11-29
$13.53
—
2022-11-28
$13.53
—
2022-11-25
$13.53
—
2022-11-24
$13.53
—
2022-11-23
$13.51
—
2022-11-22
$13.50
—
2022-11-21
$13.47
—
2022-11-18
$13.46
—
2022-11-17
$13.44
—
2022-11-16
$13.47
—
2022-11-15
$13.44
—
2022-11-14
$13.43
—
2022-11-11
$13.42
—
2022-11-10
$13.49
—
2022-11-09
$13.49
—
2022-11-08
$13.53
—
2022-11-07
$13.51
—
2022-11-04
$13.48
—
2022-11-03
$13.47
—
2022-11-02
$13.42
—
2022-11-01
$13.43
—
2022-10-31
$13.44
—
2022-10-28
$13.46
—
2022-10-27
$13.48
—
2022-10-26
$13.49
—
2022-10-25
$13.45
—
2022-10-24
$13.41
—
2022-10-21
$13.41
—
2022-10-20
$13.41
—
2022-10-19
$13.43
—
2022-10-18
$13.45
—
2022-10-17
$13.44
—
2022-10-14
$13.42
—
2022-10-13
$13.42
—
2022-10-12
$13.42
—
2022-10-11
$13.40
—
2022-10-07
$13.46
—
2022-10-06
$13.51
—
2022-10-05
$13.51
—
2022-10-04
$13.49
—
2022-10-03
$13.46
—
2022-09-30
$13.44
—
2022-09-29
$13.39
—
2022-09-28
$13.37
—
2022-09-27
$13.32
—
2022-09-26
$13.30
—
Portfolio Management
David Picton
President, CEO and Portfolio Manager, Canadian Equities