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PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

Overview

Daily NAV
$8.88
-0.08% ($0.01)
June 1, 2023
  • Inception Date
    July 13, 2021
  • Fund Size
    $128.26MM
  • Management Fee
    0.95%
  • Performance Fee
    20.00% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Fund Strategy
    Long Short Event Driven Credit
  • Fund Framework
    Alternative Mutual Fund (Simplified Prospectus)

Risk: Low to Medium

Low
Low To Moderate
Moderate
Moderate To High
High
Geographic Allocation
Growth of $10,000
$10,055.16

^ of performance above a 2% hurdle rate with a perpetual high water mark

Investment Objective

The investment objective of the Picton Mahoney Fortified Special Situations Alternative Fund is to maximize total return to unitholders through income and capital appreciation by investing primarily in event-driven situations in global fixed income while mitigating capital loss through shorting and other hedging strategies.

Why Invest

Unique Source of Return
Through long short event-driven investing that aims to have low correlation to major markets.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over a decade.
Add Hedging Tools
Designed to hedge the risks associated with income investing such as capital loss.

Performance As at April 30, 2023

Growth of $10,000

Investment value: $10,055.16 at April 28, 2023

Compound Returns †

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Fortified Special Situations Alternative Fund F 2.21% 0.53% 4.11% 2.65% 1.52% — — — 0.31%
Series Picton Mahoney Fortified Special Situations Alternative Fund F
1 mth 2.21%
3 mths 0.53%
6 mths 4.11%
YTD 2.65%
1 yr 1.52%
3 yrs * —
5 yrs * —
10 yrs * —
Since Inception * 0.31%

† 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.

Calendar Returns

2022
Picton Mahoney Fortified Special Situations Alternative Fund F -1.34%
Series Picton Mahoney Fortified Special Situations Alternative Fund F
2022 -1.34%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 0.31% -5.09%
Annualized Standard Deviation 4.26% 6.00%
Sharpe Ratio -0.33 -0.57
Beta 0.36 —
Upside Capture Ratio 36.66% —
Downside Capture Ratio 39.78% —
Maximum Drawdown -4.83% -12.69%
Peak Value Date of Maximum Drawdown 2022-01-27 2021-08-20
Trough Value Date of Maximum Drawdown 2022-06-29 2022-06-30

**HFRX FIXED INCOME-CREDIT INDEX (in CAD)

Portfolio Allocations As at April 30, 2023

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
National Bank of Canada 7.50% 16Nov82 4.30%
American Airlines Inc 11.75% 15Jul25 4.01%
Secure Energy Services 7.25% 30Dec26 3.92%
Autocanada Inc 5.75% 07Feb29 3.42%
MileagePlus Holdings LLC 6.5% 20Jun27 3.41%
Cushman & Wakefield US 6.75% 15May28 3.23%
Tervita Corp 11% 01Dec25 3.17%
Toronto-Dominion Bank Frn 31Dec49 3.04%
Brookfield Property Reit Inc 4.50% 01Apr27 3.00%
Bank of Montreal Frn 31Dec49 2.97%

Exposure Breakout ±±

Name Weight
Long 122.04%
Short -43.21%
Gross 165.25%
Net 78.83%

±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.

Fundamental Metrics

Fund Benchmark
Weighted Average Modified Duration 1.77 –
Credit Rating BB+ –
Issuers 104 –
Yield To Maturity 7.10% –

Fees

Series Management Fee Fund codes
Class A 1.95% PIC 3550
Class F 0.95% PIC 3551
ETF 0.95% PFSS

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2023-06-01 $8.88 —
2023-05-31 $8.88 —
2023-05-30 $8.87 —
2023-05-29 $8.86 —
2023-05-26 $8.86 —
2023-05-25 $8.87 —
2023-05-24 $8.89 —
2023-05-23 $8.88 0.0346
2023-05-19 $8.90 —
2023-05-18 $8.90 —
2023-05-17 $8.91 —
2023-05-16 $8.93 —
2023-05-15 $8.93 —
2023-05-12 $8.93 —
2023-05-11 $8.94 —
2023-05-10 $8.94 —
2023-05-09 $8.95 —
2023-05-08 $8.95 —
2023-05-05 $8.93 —
2023-05-04 $8.97 —
2023-05-03 $8.97 —
2023-05-02 $8.96 —
2023-05-01 $8.94 —
2023-04-28 $8.94 —
2023-04-27 $8.94 —
2023-04-26 $8.96 —
2023-04-25 $8.96 —
2023-04-24 $8.95 —
2023-04-21 $8.94 —
2023-04-20 $8.93 0.0341
2023-04-19 $8.96 —
2023-04-18 $8.96 —
2023-04-17 $8.96 —
2023-04-14 $8.95 —
2023-04-13 $8.95 —
2023-04-12 $8.98 —
2023-04-11 $8.97 —
2023-04-10 $8.97 —
2023-04-06 $8.99 —
2023-04-05 $9.00 —
2023-04-04 $8.97 —
2023-04-03 $8.94 —
2023-03-31 $8.78 —
2023-03-30 $8.80 —
2023-03-29 $8.80 —
2023-03-28 $8.82 —
2023-03-27 $8.83 —
2023-03-24 $8.83 —
2023-03-23 $8.87 0.0335
2023-03-22 $8.91 —
2023-03-21 $8.91 —
2023-03-20 $8.91 —
2023-03-17 $8.96 —
2023-03-16 $8.95 —
2023-03-15 $8.98 —
2023-03-14 $9.00 —
2023-03-13 $9.02 —
2023-03-10 $9.01 —
2023-03-09 $8.99 —
2023-03-08 $8.97 —
2023-03-07 $8.95 —
2023-03-06 $8.95 —
2023-03-03 $8.96 —
2023-03-02 $8.96 —
2023-03-01 $8.97 —
2023-02-28 $8.97 —
2023-02-27 $8.95 —
2023-02-24 $8.95 —
2023-02-23 $8.96 —
2023-02-22 $8.98 —
2023-02-21 $8.99 —
2023-02-17 $8.99 0.0300
2023-02-16 $9.03 —
2023-02-15 $9.02 —
2023-02-14 $9.02 —
2023-02-13 $9.03 —
2023-02-10 $9.02 —
2023-02-09 $9.02 —
2023-02-08 $9.02 —
2023-02-07 $9.01 —
2023-02-06 $9.01 —
2023-02-03 $9.01 —
2023-02-02 $9.00 —
2023-02-01 $8.99 —
2023-01-31 $8.99 —
2023-01-30 $8.98 —
2023-01-27 $8.97 —
2023-01-26 $8.94 —
2023-01-25 $8.93 —
2023-01-24 $8.93 —
2023-01-23 $8.93 0.0330
2023-01-20 $8.96 —
2023-01-19 $8.95 —
2023-01-18 $8.96 —
2023-01-17 $8.94 —
2023-01-16 $8.92 —
2023-01-13 $8.92 —
2023-01-12 $8.92 —
2023-01-11 $8.87 —
2023-01-10 $8.88 —
2023-01-09 $8.87 —
2023-01-06 $8.86 —
2023-01-05 $8.85 —
2023-01-04 $8.86 —
2023-01-03 $8.85 —
2022-12-30 $8.84 —
2022-12-29 $8.83 —
2022-12-28 $8.85 —
2022-12-23 $8.84 —
2022-12-22 $8.85 0.0709
2022-12-21 $8.92 —
2022-12-20 $8.93 —
2022-12-19 $8.93 —
2022-12-16 $8.93 —
2022-12-15 $8.93 —
2022-12-14 $8.92 —
2022-12-13 $8.92 —
2022-12-12 $8.92 —
2022-12-09 $8.92 —
2022-12-08 $8.92 —
2022-12-07 $8.92 —
2022-12-06 $8.93 —
2022-12-05 $8.91 —
2022-12-02 $8.90 —
2022-12-01 $8.88 —
2022-11-30 $8.87 —
2022-11-29 $8.87 —
2022-11-28 $8.88 —
2022-11-25 $8.88 —
2022-11-24 $8.88 —
2022-11-23 $8.88 —
2022-11-22 $8.85 0.0614
2022-11-21 $8.92 —
2022-11-18 $8.91 —
2022-11-17 $8.89 —
2022-11-16 $8.90 —
2022-11-15 $8.89 —
2022-11-14 $8.88 —
2022-11-11 $8.87 —
2022-11-10 $8.86 —
2022-11-09 $8.83 —
2022-11-08 $8.83 —
2022-11-07 $8.81 —
2022-11-04 $8.80 —
2022-11-03 $8.81 —
2022-11-02 $8.83 —
2022-11-01 $8.84 —
2022-10-31 $8.84 —
2022-10-28 $8.84 —
2022-10-27 $8.84 —
2022-10-26 $8.84 —
2022-10-25 $8.82 —
2022-10-24 $8.81 —
2022-10-21 $8.80 0.0601
2022-10-20 $8.87 —
2022-10-19 $8.88 —
2022-10-18 $8.90 —
2022-10-17 $8.93 —
2022-10-14 $8.92 —
2022-10-13 $8.93 —
2022-10-12 $8.94 —
2022-10-11 $8.93 —
2022-10-07 $8.94 —
2022-10-06 $8.95 —
2022-10-05 $8.98 —
2022-10-04 $8.99 —
2022-10-03 $8.97 —
2022-09-30 $9.01 —
2022-09-29 $9.03 —
2022-09-28 $9.05 —
2022-09-27 $9.05 —
2022-09-26 $9.06 —
2022-09-23 $9.05 —
2022-09-22 $9.06 0.0646
2022-09-21 $9.13 —
2022-09-20 $9.12 —
2022-09-19 $9.12 —
2022-09-16 $9.13 —
2022-09-15 $9.15 —
2022-09-14 $9.15 —
2022-09-13 $9.15 —
2022-09-12 $9.15 —
2022-09-09 $9.17 —
2022-09-08 $9.16 —
2022-09-07 $9.16 —
2022-09-06 $9.15 —
2022-09-02 $9.18 —
2022-09-01 $9.17 —
2022-08-31 $9.18 —
2022-08-30 $9.18 —
2022-08-29 $9.17 —
2022-08-26 $9.18 —
2022-08-25 $9.18 —
2022-08-24 $9.18 —
2022-08-23 $9.16 0.0637
2022-08-22 $9.22 —
2022-08-19 $9.21 —
2022-08-18 $9.21 —
2022-08-17 $9.20 —
2022-08-16 $9.19 —
2022-08-15 $9.18 —
2022-08-12 $9.18 —
2022-08-11 $9.17 —
2022-08-10 $9.16 —
2022-08-09 $9.15 —
2022-08-08 $9.14 —
2022-08-05 $9.13 —
2022-08-04 $9.13 —
2022-08-03 $9.12 —
2022-08-02 $9.10 —
2022-07-29 $9.11 —
2022-07-28 $9.09 —
2022-07-27 $9.07 —
2022-07-26 $9.05 —
2022-07-25 $9.05 —
2022-07-22 $9.05 —
2022-07-21 $9.03 0.0662
2022-07-20 $9.08 —
2022-07-19 $9.05 —
2022-07-18 $9.04 —
2022-07-15 $9.02 —
2022-07-14 $9.01 —
2022-07-13 $9.01 —
2022-07-12 $9.03 —
2022-07-11 $9.02 —
2022-07-08 $9.01 —
2022-07-07 $9.02 —
2022-07-06 $9.03 —
2022-07-05 $9.02 —
2022-07-04 $9.02 —
2022-06-30 $9.02 —
2022-06-29 $9.01 —
2022-06-28 $9.03 —
2022-06-27 $9.04 —
2022-06-24 $9.04 —
2022-06-23 $9.03 —
2022-06-22 $9.03 0.0624
2022-06-21 $9.11 —
2022-06-20 $9.10 —
2022-06-17 $9.10 —
2022-06-16 $9.12 —
2022-06-15 $9.15 —
2022-06-14 $9.15 —
2022-06-13 $9.16 —
2022-06-10 $9.17 —
2022-06-09 $9.16 —
2022-06-08 $9.15 —
2022-06-07 $9.15 —
2022-06-06 $9.16 —
2022-06-03 $9.18 —
2022-06-02 $9.18 —

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income

    This material is intended for use by Investment Advisors.

    There is no guarantee that a hedging strategy will be effective or achieve its intended effect. The use of derivatives or short selling carries several risks which may restrict a strategy in realizing its profits, limiting its losses, or, which cause a strategy to realize a loss. There may be additional costs and expenses associated with the use of derivatives and short selling in a hedging strategy.

    This is provided as a general source of information, is subject to change without notification and should not be construed as investment advice. This material should not be relied upon for any investment decision and is not a recommendation, solicitation or offering of any security in any jurisdiction.

    Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Alternative funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.

    Investment Risk Rating is the historical volatility risk as measured by the standard deviation of fund performance, which is the standard methodology outlined in Appendix F Investment Risk Classification Methodology to NI 81-102 Investment Funds.

    PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

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