Overview
Daily NAV
$15.95
-0.08% ($0.01)
December 17, 2024
-
Inception DateSeptember 27, 2018
-
Fund Size1.49 billion
-
Management Fee0.95%
-
Performance Fee20.00% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
Fund StrategyMarket Neutral Equity
-
Fund FrameworkAlternative Mutual Fund (Simplified Prospectus)
Risk: Low to Medium
Low
Low to Medium
Medium
Medium 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 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.
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 November 30, 2024
Growth of $10,000
Investment value:
$16,273.01
at
November 29, 2024
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 | 1.78% | 3.77% | 6.62% | 14.16% | 13.54% | 7.63% | 8.78% | — | 8.21% |
| Benchmark 1 | 6.37% | 10.66% | 16.91% | 25.77% | 30.69% | 10.90% | 11.92% | — | 11.10% |
| Benchmark 2 | 0.30% | 1.02% | 2.21% | 4.38% | 4.80% | 3.61% | 2.32% | — | 2.20% |
| Benchmark 3 | 1.50% | 2.25% | 6.22% | 4.65% | 8.21% | 0.01% | 0.56% | — | 2.05% |
| Series | Picton Mahoney Fortified Market Neutral Alternative Fund F | Benchmark | Benchmark | Benchmark |
|---|---|---|---|---|
| 1 mth | 1.78% | 6.37% | 0.30% | 1.50% |
| 3 mths | 3.77% | 10.66% | 1.02% | 2.25% |
| 6 mths | 6.62% | 16.91% | 2.21% | 6.22% |
| YTD | 14.16% | 25.77% | 4.38% | 4.65% |
| 1 yr | 13.54% | 30.69% | 4.80% | 8.21% |
| 3 yrs * | 7.63% | 10.90% | 3.61% | 0.01% |
| 5 yrs * | 8.78% | 11.92% | 2.32% | 0.56% |
| 10 yrs * | — | — | — | — |
| Since Inception * | 8.21% | 11.10% | 2.20% | 2.05% |
† 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
8.21%
11.10%
Annualized Standard Deviation
4.60%
15.33%
Sharpe Ratio
1.27
0.63
Beta
0.12
—
Upside Capture Ratio
25.79%
—
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 | 8.21% | 11.10% |
| Annualized Standard Deviation | 4.60% | 15.33% |
| Sharpe Ratio | 1.27 | 0.63 |
| Beta | 0.12 | — |
| Upside Capture Ratio | 25.79% | — |
| 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 October 31, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Royal Bank of Canada | 2.58% |
| Canadian Pacific Kansas City Limited | 2.53% |
| Toronto-Dominion Bank Com New | 2.29% |
| NVIDIA Corp. | 2.24% |
| Waste Connections Inc. | 2.23% |
| Suncor Energy Inc. | 2.13% |
| Manulife Financial Corporation | 2.02% |
| Agnico-Eagle Mines Ltd. | 2.01% |
| Element Fleet Management Corp. | 1.97% |
| Canadian Imperial Bank of Commerce | 1.97% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 122.64% |
| Short | -108.56% |
| Gross | 231.20% |
| Net | 14.08% |
±± 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
David Picton
President, CEO and Portfolio Manager, Canadian Equities
Jeffrey Bradacs, CFA
Portfolio Manager, Canadian Equities
Michael Kimmel, CFA
Portfolio Manager, U.S. Equities
Michael Kuan, CFA
Portfolio Manager, International Equities