Overview
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Inception DateDecember 31, 2009
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Fund Size$280.33MM
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Management Fee1.00%
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Performance Fee17.50% ^
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Hurdle Rate5.00%
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High Water MarkYes
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DistributionsMonthly
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Target Distribution5.00%
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Fund StrategyLong Short Credit
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Fund FrameworkHedge Fund (Offering Memorandum)
Risk: Low
^ of performance above a 5% hurdle rate with a perpetual high water mark
Investment Objective
Why Invest
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 July 31, 2024
Growth of $10,000
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 | 0.79% | 2.73% | 3.90% | 4.83% | 7.71% | 2.50% | 4.80% | 4.06% | 5.78% |
Benchmark 1 | 1.86% | 3.92% | 4.02% | 4.36% | 9.99% | 0.33% | 2.40% | 3.62% | 5.58% |
Benchmark 2 | 2.16% | 5.18% | 3.21% | 1.83% | 7.10% | -1.41% | 0.29% | 2.04% | 3.07% |
Series | Picton Mahoney Income Opportunities Fund F | Benchmark | Benchmark |
---|---|---|---|
1 mth | 0.79% | 1.86% | 2.16% |
3 mths | 2.73% | 3.92% | 5.18% |
6 mths | 3.90% | 4.02% | 3.21% |
YTD | 4.83% | 4.36% | 1.83% |
1 yr | 7.71% | 9.99% | 7.10% |
3 yrs * | 2.50% | 0.33% | -1.41% |
5 yrs * | 4.80% | 2.40% | 0.29% |
10 yrs * | 4.06% | 3.62% | 2.04% |
Since Inception * | 5.78% | 5.58% | 3.07% |
† 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
5.78%
5.58%
Annualized Standard Deviation
5.01%
6.56%
Sharpe Ratio
0.88
0.65
Beta
0.52
—
Upside Capture Ratio
70.42%
—
Downside Capture Ratio
38.43%
—
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 | 5.78% | 5.58% |
Annualized Standard Deviation | 5.01% | 6.56% |
Sharpe Ratio | 0.88 | 0.65 |
Beta | 0.52 | — |
Upside Capture Ratio | 70.42% | — |
Downside Capture Ratio | 38.43% | — |
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 July 31, 2024
Top 10 Long Positions
Name | Weight |
---|---|
Royal Bank of Canada Frn 24Nov80 | 2.24% |
Parkland Corp 4.375% 26Mar29 | 2.23% |
Toronto-Dominion Bank Frn 31Dec49 | 1.98% |
Bank of Montreal Frn 26May82 | 1.98% |
Prime Healthcare Services Inc 7.25% 01Nov25 | 1.92% |
Bank of Nova Scotia Frn 27Jul82 | 1.86% |
Bank of Montreal Frn 31Dec49 | 1.75% |
Mattr Corp 7.25% 02Apr31 | 1.74% |
Enbridge Inc Frn 19Jan82 | 1.68% |
Secure Energy Services In 6.75% 22Mar29 | 1.67% |
Exposure Breakout ±±
Name | Weight |
---|---|
Long | 129.87% |
Short | -41.99% |
Gross | 171.86% |
Net | 87.88% |
±± 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 | 1.95 | 4.10 |
Credit Rating | BB+ | – |
Issuers | 157 | 22133 |
Yield To Maturity | 6.97% | 6.73% |
Fees
Series | Management Fee | Fund codes |
---|---|---|
Class A | 2.00% | PIC 500 |
Class F | 1.00% | PIC 501 |
Portfolio Management
![](/funds/img/Philip-Mesman.jpg)
Portfolio Manager, Co-Head Fixed Income
![](/funds/img/Sam-Acton.jpg)
Portfolio Manager, Co-Head Fixed Income