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PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

Overview

Daily NAV
$9.46
-0.45% ($0.04)
September 30, 2022
  • Inception Date
    December 31, 2009
  • Fund Size
    $372.01MM
  • Management Fee
    1.00%
  • Performance Fee
    17.50% ^
  • Hurdle Rate
    5.00%
  • High Water Mark
    Yes
  • Target Distribution
    5.00%
  • Fund Strategy
    Long Short Credit
  • Fund Framework
    Hedge Fund (Offering Memorandum)

Risk: Low

Low
Low To Moderate
Moderate
Moderate To High
High

^ of performance above a 5% hurdle rate with a perpetual high water mark

Investment Objective

The Fund’s objective is to provide consistent long-term capital appreciation with an attractive risk-adjusted rate of return. The Fund aims to build a portfolio that is long the most attractive securities and short the most unattractive securities based on our multi-factor ranking system. We will buy income securities with superior credit quality and reasonable valuations and sell short income securities with inferior credit quality and expensive valuations. This portfolio will be structured to have positive but not full income market exposure.

Why Invest

Diversify Your Portfolio
With a solution that aims to provide income and capital gains with low correlation to other income assets.
Benefit From Proven Managers
Experienced running Authentic Hedge® strategies for over a decade.
Mitigate Income Investing Risks
With a fund designed with a tool kit to hedge the risks with income investing.

Performance As at August 31, 2022

Growth of $10,000

Investment value: $20,415.79 at August 31, 2022

Compound Returns

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Income Opportunities Fund F 0.24% 0.54% -1.88% -2.96% -2.93% 4.04% 3.36% 4.93% 5.80%
Series Picton Mahoney Income Opportunities Fund F
1 mth 0.24%
3 mths 0.54%
6 mths -1.88%
YTD -2.96%
1 yr -2.93%
3 yrs * 4.04%
5 yrs * 3.36%
10 yrs * 4.93%
Since Inception * 5.80%

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

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Picton Mahoney Income Opportunities Fund F 18.56% -1.54% 11.72% 9.06% 1.40% -3.07% 14.75% 10.11% -1.12% 5.56% 9.64% 4.09%
Series Picton Mahoney Income Opportunities Fund F
2010 18.56%
2011 -1.54%
2012 11.72%
2013 9.06%
2014 1.40%
2015 -3.07%
2016 14.75%
2017 10.11%
2018 -1.12%
2019 5.56%
2020 9.64%
2021 4.09%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 5.80% 5.23%
Annualized Standard Deviation 5.24% 6.56%
Sharpe Ratio 0.94 0.68
Beta 0.55
Upside Capture Ratio 74.25%
Downside Capture Ratio 41.49%
Maximum Drawdown -14.61% -18.44%
Peak Value Date of Maximum Drawdown 2015-06-26 2020-02-21
Trough Value Date of Maximum Drawdown 2016-02-12 2020-03-20

**75% ICE BofAML Global High Yield Index / 25% ICE BofAML Global Corporate Index (TR) (Hedged to CAD)

Portfolio Allocations As at August 31, 2022

Sector Allocation

Geographic Allocation (Gross)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Secure Energ Se 7.25% 30Dec26 3.15%
Horizon Therapeutics Usa 5.5% 01Aug27 2.42%
Cushman & Wakefield Us 6.75% 15May28 2.39%
Autocanada Inc 5.75% 07Feb29 2.28%
Parkland Corp 3.875% 16Jun26 2.16%
Rogers Communications Inc Frn 17Dec81 2.15%
Standard Chartered Plc Frn 31Dec49 2.05%
Freeport Minerals Corp 7.125% 01Nov27 1.99%
Barclays Bank Plc Frn 31Dec49 1.97%
Standard Chartered Plc Frn 31Dec49 1.92%

Exposure Breakout ±±

Name Weight
Long 121.32%
Short -27.16%
Gross 148.48%
Net 94.16%

±± 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 2.91 4.88
Credit Rating BB
Issuers 159 21308
Yield To Maturity 8.34% 6.35%

Fees

Series Management Fee Fund codes
Class A 2.00% PIC 500
Class F 1.00% PIC 501

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2022-09-30 $9.46 0.0428
2022-09-23 $9.54
2022-09-16 $9.57
2022-09-09 $9.62
2022-09-02 $9.62
2022-08-31 $9.62
2022-08-26 $9.64 0.0428
2022-08-19 $9.67
2022-08-12 $9.66
2022-08-05 $9.64
2022-07-29 $9.64 0.0428
2022-07-22 $9.61
2022-07-15 $9.50
2022-07-08 $9.49
2022-06-30 $9.47 0.0428
2022-06-24 $9.55
2022-06-17 $9.55
2022-06-10 $9.65
2022-06-03 $9.67
2022-05-31 $9.69
2022-05-27 $9.69 0.0428
2022-05-20 $9.70
2022-05-13 $9.78
2022-05-06 $9.86
2022-04-29 $9.91 0.0428
2022-04-22 $10.01
2022-04-14 $10.00
2022-04-08 $10.00
2022-04-01 $9.96
2022-03-31 $9.98
2022-03-25 $9.96 0.0428
2022-03-18 $10.01
2022-03-11 $10.01
2022-03-04 $10.02
2022-02-28 $10.06
2022-02-25 $10.06 0.0428
2022-02-18 $10.16
2022-02-11 $10.21
2022-02-04 $10.24
2022-01-31 $10.26
2022-01-28 $10.29 0.0428
2022-01-21 $10.32
2022-01-14 $10.30
2022-01-07 $10.29
2021-12-31 $10.26 0.0432
2021-12-24 $10.31 0.0197
2021-12-17 $10.32
2021-12-10 $10.31
2021-12-03 $10.31
2021-11-30 $10.33
2021-11-26 $10.34 0.0432
2021-11-19 $10.38
2021-11-12 $10.37
2021-11-05 $10.35
2021-10-29 $10.36 0.0432
2021-10-22 $10.41
2021-10-15 $10.39
2021-10-08 $10.40

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income