Overview

Daily NAV
$8.77
-0.04% ($0.00)
October 25, 2024
  • Inception Date
    January 31, 2015
  • Fund Size
    $349.54MM
  • Management Fee
    2.00%
  • Performance Fee
    17.50%
  • Hurdle Rate
    5.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Fund Strategy
    Long Short Credit
  • Fund Framework
    Hedge Fund (Offering Memorandum)

Risk: Low

Low
Low to Medium
Medium
Medium to High
High

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 September 30, 2024

Growth of $10,000

Investment value: $14,679.83 at September 30, 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 UA 0.95% 2.26% 4.37% 6.09% 8.79% 2.31% 3.97% 4.08%
Series Picton Mahoney Income Opportunities Fund UA
1 mth 0.95%
3 mths 2.26%
6 mths 4.37%
YTD 6.09%
1 yr 8.79%
3 yrs * 2.31%
5 yrs * 3.97%
10 yrs *
Since Inception * 4.08%

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

2016 2017 2018 2019 2020 2021 2022 2023
Picton Mahoney Income Opportunities Fund UA 13.61% 9.34% -1.67% 5.09% 8.92% 3.00% -4.27% 5.83%
Series Picton Mahoney Income Opportunities Fund UA
2016 13.61%
2017 9.34%
2018 -1.67%
2019 5.09%
2020 8.92%
2021 3.00%
2022 -4.27%
2023 5.83%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 4.08% 4.65%
Annualized Standard Deviation 5.03% 6.91%
Sharpe Ratio 0.48 0.45
Beta 0.50
Upside Capture Ratio 60.32%
Downside Capture Ratio 38.87%
Maximum Drawdown -15.36% -17.23%
Peak Value Date of Maximum Drawdown 2015-06-05 2021-09-10
Trough Value Date of Maximum Drawdown 2016-02-12 2022-10-21

**30% S&P/TSX COMPOSITE INDEX (TR), 40% ICE BofA CANADA BROAD MARKET INDEX (TR), AND 30% MSCI WORLD INDEX (NET RETURNS) (in CAD )

Portfolio Allocations As at September 30, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Prime Healthcare Services Inc 9.375% 01Sep29 2.68%
Chemtrade Logistics Inc 6.375% 28Aug29 2.57%
Parkland Corp 4.375% 26Mar29 2.40%
ATS Corp 6.5% 21Aug32 2.29%
Royal Bank of Canada Frn 24Nov80 2.28%
Toronto-Dominion Bank Frn 31Dec49 2.13%
Bank of Nova Scotia Frn 27Jul82 1.99%
Mattr Corp 7.25% 02Apr31 1.84%
Secure Energy Services Inc 6.75% 22Mar29 1.76%
Enbridge Inc Frn 19Jan82 1.74%

Exposure Breakout ±±

Name Weight
Long 139.16%
Short -43.91%
Gross 183.07%
Net 95.25%

±± 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 2.30 4.05
Credit Rating BB+
Issuers 166 22071
Yield To Maturity 7.45% 7.00%

Fees

Series Management Fee Fund codes
Class UA 2.00% PIC 507
Class UF 1.00% PIC 508

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-10-25 $8.77 0.0357
2024-10-18 $8.81
2024-10-11 $8.78
2024-10-04 $8.76
2024-09-30 $8.77
2024-09-27 $8.75 0.0357
2024-09-20 $8.80
2024-09-13 $8.78
2024-09-06 $8.80
2024-08-30 $8.72 0.0357
2024-08-23 $8.73
2024-08-16 $8.72
2024-08-09 $8.76
2024-08-02 $8.80
2024-07-31 $8.71
2024-07-26 $8.69 0.0357
2024-07-19 $8.71
2024-07-12 $8.69
2024-07-05 $8.69
2024-06-28 $8.68 0.0357
2024-06-21 $8.70
2024-06-14 $8.69
2024-06-07 $8.67
2024-05-31 $8.64 0.0357
2024-05-24 $8.65
2024-05-17 $8.65
2024-05-10 $8.61
2024-05-03 $8.62
2024-04-30 $8.59
2024-04-26 $8.57 0.0357
2024-04-19 $8.63
2024-04-12 $8.63
2024-04-05 $8.61
2024-03-28 $8.61 0.0357
2024-03-22 $8.64
2024-03-15 $8.62
2024-03-08 $8.61
2024-03-01 $8.61
2024-02-29 $8.59
2024-02-23 $8.57 0.0357
2024-02-16 $8.57
2024-02-09 $8.57
2024-02-02 $8.61
2024-01-31 $8.61
2024-01-26 $8.57 0.0357
2024-01-19 $8.58
2024-01-12 $8.58
2024-01-05 $8.60
2023-12-29 $8.57 0.0355
2023-12-22 $8.58 0.0108
2023-12-15 $8.59
2023-12-08 $8.57
2023-12-01 $8.55
2023-11-30 $8.53
2023-11-24 $8.47 0.0355
2023-11-17 $8.50
2023-11-10 $8.47
2023-11-03 $8.48
2023-10-31 $8.40