Rates & Performance

Overview

Daily NAV

$8.90

-0.03% ($0.00)

September 22, 2023

Inception Date

July 13, 2021
Fund Size

$139.04MM
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

$10,184.88

^{^} 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 August 31, 2023

Growth of $10,000

Investment Amount ($)

Investment value: $10,184.88 at August 31, 2023

	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	-0.00%	1.53%	1.72%	3.97%	3.03%	—	—	—	0.86%
Benchmark ¹	2.43%	1.18%	1.02%	3.71%	6.06%	—	—	—	-0.50%

Series	Picton Mahoney Fortified Special Situations Alternative Fund F	Benchmark
1 mth	-0.00%	2.43%
3 mths	1.53%	1.18%
6 mths	1.72%	1.02%
YTD	3.97%	3.71%
1 yr	3.03%	6.06%
3 yrs ^*	—	—
5 yrs ^*	—	—
10 yrs ^*	—	—
Since Inception ^*	0.86%	-0.50%

^† 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 HFRX FIXED INCOME-CREDIT INDEX (in CAD)

	2022
Picton Mahoney Fortified Special Situations Alternative Fund F	-1.34%
Benchmark ¹	-5.44%

Series	Picton Mahoney Fortified Special Situations Alternative Fund F	Benchmark
2022	-1.34%	-5.44%

¹ HFRX FIXED INCOME-CREDIT INDEX (in CAD)

Risk Measures

Risk And Return Statistics Fund Benchmark

Annualized Return 0.86% -0.50%

Annualized Standard Deviation 3.97% 5.91%

Sharpe Ratio -0.41 -0.49

Beta 0.30 —

Upside Capture Ratio 42.69% —

Downside Capture Ratio 29.96% —

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)

Risk And Return Statistics	Fund	Benchmark **
Annualized Return	0.86%	-0.50%
Annualized Standard Deviation	3.97%	5.91%
Sharpe Ratio	-0.41	-0.49
Beta	0.30	—
Upside Capture Ratio	42.69%	—
Downside Capture Ratio	29.96%	—
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

Portfolio Allocations As at August 31, 2023

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name	Weight
Horizon Therapeutics USA 5.5% 01Aug27	4.30%
Earthstone Energy Holdings 9.875% 15Jul31	4.11%
Tervita Corp 11% 01Dec25	4.08%
National Bank of Canada 7.50% 16Nov82	3.87%
Secure Energy Services 7.25% 30Dec26	3.65%
NCR Corporation 5.75% 01Sep27	3.29%
NCR Corporation 6.125% 01Sep29	3.28%
Stagwell Global LLC 5.625% 15Aug29	3.17%
Autocanada Inc 5.75% 07Feb29	3.14%
Vistra Corp Frn 31Dec49	3.09%

Exposure Breakout ^±±

Name	Weight
Long	138.56%
Short	-44.11%
Gross	182.67%
Net	94.45%

^±± 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	2.24	–
Credit Rating	BB	–
Issuers	103	–
Yield To Maturity	8.57%	–

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
2023-09-22	$8.90	—
2023-09-21	$8.91	0.0479
2023-09-20	$8.94	—
2023-09-19	$8.92	—
2023-09-18	$8.93	—
2023-09-15	$8.93	—
2023-09-14	$8.93	—
2023-09-13	$8.92	—
2023-09-12	$8.92	—
2023-09-11	$8.91	—
2023-09-08	$8.91	—
2023-09-07	$8.91	—
2023-09-06	$8.91	—
2023-09-05	$8.92	—
2023-09-01	$8.92	—
2023-08-31	$8.90	—
2023-08-30	$8.90	—
2023-08-29	$8.91	—
2023-08-28	$8.91	—
2023-08-25	$8.91	—
2023-08-24	$8.92	—
2023-08-23	$8.92	0.0451
2023-08-22	$8.96	—
2023-08-21	$8.98	—
2023-08-18	$8.99	—
2023-08-17	$8.99	—
2023-08-16	$8.98	—
2023-08-15	$8.97	—
2023-08-14	$8.97	—
2023-08-11	$8.98	—
2023-08-10	$8.97	—
2023-08-09	$8.98	—
2023-08-08	$8.98	—
2023-08-04	$8.98	—
2023-08-03	$8.96	—
2023-08-02	$8.98	—
2023-08-01	$8.96	—
2023-07-31	$8.95	—
2023-07-28	$8.94	—
2023-07-27	$8.95	—
2023-07-26	$8.96	—
2023-07-25	$8.95	—
2023-07-24	$8.95	—
2023-07-21	$8.96	0.0404
2023-07-20	$8.99	—
2023-07-19	$8.98	—
2023-07-18	$8.98	—
2023-07-17	$8.97	—
2023-07-14	$8.96	—
2023-07-13	$8.97	—
2023-07-12	$8.93	—
2023-07-11	$8.95	—
2023-07-10	$8.95	—
2023-07-07	$8.95	—
2023-07-06	$8.96	—
2023-07-05	$8.96	—
2023-07-04	$8.96	—
2023-06-30	$8.94	—
2023-06-29	$8.94	—
2023-06-28	$8.95	—
2023-06-27	$8.93	—
2023-06-26	$8.93	—
2023-06-23	$8.92	—
2023-06-22	$8.91	0.0315
2023-06-21	$8.94	—
2023-06-20	$8.94	—
2023-06-19	$8.93	—
2023-06-16	$8.91	—
2023-06-15	$8.92	—
2023-06-14	$8.91	—
2023-06-13	$8.89	—
2023-06-12	$8.90	—
2023-06-09	$8.89	—
2023-06-08	$8.87	—
2023-06-07	$8.85	—
2023-06-06	$8.87	—
2023-06-05	$8.87	—
2023-06-02	$8.85	—
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	—

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.

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PERFORMANCE	SOLUTIONS	TOOLS	RESOURCES	DOCUMENTATION	ABOUT US
	Overview Authentic Hedge® Funds Fortified Alternative Funds Fortified Mutual Funds Tactical Income Fund Institutional mandates	Portfolio construction	Insights Video Press Releases In The Media	Authentic Hedge® Funds Fortified Alternative Funds Fortified Mutual Funds PFIC	Why Picton Mahoney Portfolio Management Team Sales and service team Contact us Our process Careers
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Picton Mahoney Fortified Special Situations Alternative Fund — F

Picton Mahoney Fortified Special Situations Alternative Fund — F

Overview

Risk: Low to Medium

Investment Objective

Why Invest

Performance As at August 31, 2023

Growth of $10,000

Compound Returns ^†

Calendar Returns

Risk Measures

Portfolio Allocations As at August 31, 2023

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Exposure Breakout ^±±

Fundamental Metrics

Fees

Historical Net Asset Values

Portfolio Management

Picton Mahoney Fortified Special Situations Alternative Fund — F

Overview

Risk: Low to Medium

Investment Objective

Why Invest

Performance As at August 31, 2023

Growth of $10,000

Compound Returns †

Calendar Returns

Risk Measures

Portfolio Allocations As at August 31, 2023

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Exposure Breakout ±±

Fundamental Metrics

Fees

Historical Net Asset Values

Portfolio Management

Compound Returns ^†

Exposure Breakout ^±±