Overview

Daily NAV
$8.63
-0.07% ($0.01)
April 19, 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 Moderate
Moderate
Moderate To High
High
Geographic Allocation
Growth of $10,000
$14,065.31

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 March 31, 2024

Growth of $10,000

Investment value: $14,065.31 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 UA 0.60% 1.65% 4.24% 1.65% 6.96% 1.13% 3.66% — 3.83%
Series Picton Mahoney Income Opportunities Fund UA
1 mth 0.60%
3 mths 1.65%
6 mths 4.24%
YTD 1.65%
1 yr 6.96%
3 yrs * 1.13%
5 yrs * 3.66%
10 yrs * —
Since Inception * 3.83%

† 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 3.83% 4.22%
Annualized Standard Deviation 5.15% 7.04%
Sharpe Ratio 0.46 0.41
Beta 0.50 —
Upside Capture Ratio 60.50% —
Downside Capture Ratio 39.93% —
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 March 31, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Top 10 Long Positions

Name Weight
Bank of Montreal (FRN), 0.07%, 12/31/2049 2.67%
Freeport Minerals Corp., 7.13%, 11/1/2027 2.49%
MANITOULIN USD FRN 10NOV27 2.39%
Royal Bank of Canada (FRN), 0.05%, 11/24/2080 2.20%
Parkland Corp., 4.38%, 3/26/2029 2.17%
Vistra Corp. (FRN), 8%, 12/31/2049 2.10%
Toronto-Dominion Bank (FRN), 0.07%, 12/31/2049 1.95%
Bank of Montreal (FRN), 5.63%, 5/26/2082 1.93%
Earthstone Energy Holdings, LLC, 8%, 4/15/2027 1.87%
Prime Healthcare Services Inc., 7.25%, 11/1/2025 1.82%

Exposure Breakout ±±

Name Weight
Long exposure 133.10%
Short Exposure -15.86%
Gross 148.95%
Net 117.24%

±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.

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
2024-04-19 $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 —
2023-10-27 $8.42 0.0355
2023-10-20 $8.44 —
2023-10-13 $8.47 —
2023-10-06 $8.43 —
2023-09-29 $8.48 0.0355
2023-09-22 $8.54 —
2023-09-15 $8.52 —
2023-09-08 $8.52 —
2023-09-01 $8.54 —
2023-08-31 $8.52 —
2023-08-25 $8.52 0.0355
2023-08-18 $8.58 —
2023-08-11 $8.58 —
2023-08-04 $8.59 —
2023-07-31 $8.55 —
2023-07-28 $8.55 0.0355
2023-07-21 $8.60 —
2023-07-14 $8.57 —
2023-07-07 $8.56 —
2023-06-30 $8.55 0.0355
2023-06-23 $8.58 —
2023-06-16 $8.55 —
2023-06-09 $8.53 —
2023-06-02 $8.51 —
2023-05-31 $8.52 —
2023-05-26 $8.49 0.0355
2023-05-19 $8.55 —
2023-05-12 $8.59 —
2023-05-05 $8.60 —
2023-04-28 $8.62 0.0355

    This material is intended for use by Investment Advisors.

    Maximum Drawdown and Period of Maximum Drawdown are calculated using monthly data. Beta, standard deviation and Sharpe Ratio are calculated using data from each weekly valuation date. Due to the fund’s limited history, all risk/reward analysis results may not be statistically relevant. Beta measures the fund’s volatility relative to its benchmark: a rating of “1” implies the fund’s movements are identical to the index (typically you pay a manager to achieve beta of less than 1). Up/Downside Capture is a measure of an investment manager’s performance during only the up or down movements of an index (ideally you want low downside and a fairly high level of upside): the numbers shown here are the fund’s up/down capture relative to the benchmark(s). Maximum drawdown measures the largest single drop in a class’s Net Asset Value Per Unit from peak to trough before establishing a higher peak (the smaller, the better).

    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.

    The rate of return shown in the "Growth of $10,000 investment" graph 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.

    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.

    The offering of units of the Picton Mahoney Authentic Hedge® funds are made pursuant to an Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Prospective investors should consult with their investment advisor to determine suitability of investment. Please see the fund’s Confidential Offering Memorandum for more information, including investment objectives and strategies, risk factors and investor eligibility. Past performance is no guarantee of future performance. Performance for the fund shown is net of management fees, performance fees, transaction costs and expenses.

    Performance data is compared to a blended benchmark of 75% ICE BofA Global High Yield Index/25% ICE BofA Global Corporate Index (TR) (Hedged to CAD) and the ICE BofA Canada Broad Market Index (TR) (for information purposes only). The composition of the Fund’s portfolio will significantly differ from the Index due to the Fund’s investment strategy.

    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.