Overview
Daily NAV
$9.41
-0.06% ($0.01)
April 19, 2024
-
Inception DateDecember 31, 2009
-
Fund Size$280.84MM
-
Management Fee1.00%
-
Performance Fee17.50% ^
-
Hurdle Rate5.00%
-
High Water MarkYes
-
DistributionsMonthly
-
Target Distribution5.00%
-
Fund StrategyLong Short Credit
-
Fund FrameworkHedge 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.
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 March 31, 2024
Growth of $10,000
Investment value:
$22,022.99
at
March 28, 2024
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 | 0.61% | 1.79% | 4.45% | 1.79% | 7.43% | 1.95% | 4.44% | 4.09% | 5.70% |
| Benchmark 1 | 1.07% | 1.45% | 8.03% | 1.45% | 9.23% | 0.27% | 2.53% | 3.57% | 5.50% |
| Benchmark 2 | 0.45% | -1.29% | 6.82% | -1.29% | 1.90% | -1.51% | 0.22% | 2.00% | 2.92% |
| Series | Picton Mahoney Income Opportunities Fund F | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 0.61% | 1.07% | 0.45% |
| 3 mths | 1.79% | 1.45% | -1.29% |
| 6 mths | 4.45% | 8.03% | 6.82% |
| YTD | 1.79% | 1.45% | -1.29% |
| 1 yr | 7.43% | 9.23% | 1.90% |
| 3 yrs * | 1.95% | 0.27% | -1.51% |
| 5 yrs * | 4.44% | 2.53% | 0.22% |
| 10 yrs * | 4.09% | 3.57% | 2.00% |
| Since Inception * | 5.70% | 5.50% | 2.92% |
† 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 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
Calendar Returns
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | -3.34% | 6.39% |
| Benchmark 1 | 13.27% | 3.91% | 17.48% | 6.07% | 4.65% | -1.36% | 13.18% | 6.92% | -2.46% | 13.00% | 5.72% | 1.99% | -12.49% | 10.99% |
| Benchmark 2 | 6.92% | 10.00% | 3.71% | -1.48% | 9.10% | 3.57% | 1.54% | 2.69% | 1.31% | 6.97% | 8.61% | -2.71% | -11.47% | 6.37% |
| Series | Picton Mahoney Income Opportunities Fund F | Benchmark | Benchmark |
|---|---|---|---|
| 2010 | 18.56% | 13.27% | 6.92% |
| 2011 | -1.54% | 3.91% | 10.00% |
| 2012 | 11.72% | 17.48% | 3.71% |
| 2013 | 9.06% | 6.07% | -1.48% |
| 2014 | 1.40% | 4.65% | 9.10% |
| 2015 | -3.07% | -1.36% | 3.57% |
| 2016 | 14.75% | 13.18% | 1.54% |
| 2017 | 10.11% | 6.92% | 2.69% |
| 2018 | -1.12% | -2.46% | 1.31% |
| 2019 | 5.56% | 13.00% | 6.97% |
| 2020 | 9.64% | 5.72% | 8.61% |
| 2021 | 4.09% | 1.99% | -2.71% |
| 2022 | -3.34% | -12.49% | -11.47% |
| 2023 | 6.39% | 10.99% | 6.37% |
1 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)
2 ICE BofA Canada Broad Market Index (TR)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
5.70%
5.50%
Annualized Standard Deviation
5.07%
6.61%
Sharpe Ratio
0.87
0.65
Beta
0.52
—
Upside Capture Ratio
70.43%
—
Downside Capture Ratio
39.24%
—
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 BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 5.70% | 5.50% |
| Annualized Standard Deviation | 5.07% | 6.61% |
| Sharpe Ratio | 0.87 | 0.65 |
| Beta | 0.52 | — |
| Upside Capture Ratio | 70.43% | — |
| Downside Capture Ratio | 39.24% | — |
| 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 BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)
Portfolio Allocations As at March 31, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Freeport Minerals Corp 7.125% 01Nov27 | 2.49% |
| Manitoulin USD Frn 10Nov27 | 2.39% |
| Royal Bank of Canada Frn 24Nov80 | 2.20% |
| Parkland Corp 4.375% 26Mar29 | 2.18% |
| Vistra Corp Frn 31Dec49 | 2.10% |
| Toronto-Dominion Bank Frn 31Dec49 | 1.95% |
| Bank of Montreal Frn 26May82 | 1.93% |
| Permian Resources Operating 8% 15Apr27 | 1.87% |
| Prime Healthcare Services Inc 7.25% 01Nov25 | 1.82% |
| Bank of Nova Scotia Frn 27Jul82 | 1.81% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 136.79% |
| Short | -37.20% |
| Gross | 174.00% |
| Net | 99.59% |
±± 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 | 2.46 | 4.06 |
| Credit Rating | BB+ | – |
| Issuers | 152 | 21812 |
| Yield To Maturity | 7.75% | 6.89% |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 2.00% | PIC 500 |
| Class F | 1.00% | PIC 501 |
Portfolio Management
Phil Mesman, CFA
Head of Fixed Income
Sam Acton, CFA
Portfolio Manager, Fixed Income