Overview
Daily NAV
$9.75
0.50% $0.05
November 15, 2024
-
Inception DateJanuary 31, 2015
-
Fund Size$349.54MM
-
Management Fee1.00%
-
Performance Fee17.50%
-
Hurdle Rate5.00%
-
High Water MarkYes
-
DistributionsMonthly
-
Fund StrategyLong Short Credit
-
Fund FrameworkHedge 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.
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 October 31, 2024
Growth of $10,000
Investment value:
$16,323.52
at
October 31, 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 UF | 0.80% | 2.47% | 5.38% | 7.66% | 11.11% | 3.69% | 5.03% | — | 5.19% |
| Benchmark 1 | -0.57% | 2.46% | 6.65% | 7.30% | 15.78% | 1.97% | 3.30% | — | 4.55% |
| Benchmark 2 | -0.97% | 1.56% | 7.00% | 3.82% | 12.18% | 0.35% | 0.77% | — | 1.76% |
| Series | Picton Mahoney Income Opportunities Fund UF | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 0.80% | -0.57% | -0.97% |
| 3 mths | 2.47% | 2.46% | 1.56% |
| 6 mths | 5.38% | 6.65% | 7.00% |
| YTD | 7.66% | 7.30% | 3.82% |
| 1 yr | 11.11% | 15.78% | 12.18% |
| 3 yrs * | 3.69% | 1.97% | 0.35% |
| 5 yrs * | 5.03% | 3.30% | 0.77% |
| 10 yrs * | — | — | — |
| Since Inception * | 5.19% | 4.55% | 1.76% |
† 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)
2 ICE BofA Canada Broad Market Index (TR) (Hedged to USD)
Calendar Returns
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Income Opportunities Fund UF | 14.89% | 10.40% | -0.45% | 6.26% | 9.68% | 4.09% | -3.28% | 6.96% |
| Benchmark 1 | 13.64% | 7.43% | -1.62% | 14.05% | 7.06% | 2.09% | -12.03% | 11.94% |
| Benchmark 2 | 1.72% | 2.91% | 1.93% | 7.72% | 8.94% | -2.71% | -11.29% | 7.22% |
| Series | Picton Mahoney Income Opportunities Fund UF | Benchmark | Benchmark |
|---|---|---|---|
| 2016 | 14.89% | 13.64% | 1.72% |
| 2017 | 10.40% | 7.43% | 2.91% |
| 2018 | -0.45% | -1.62% | 1.93% |
| 2019 | 6.26% | 14.05% | 7.72% |
| 2020 | 9.68% | 7.06% | 8.94% |
| 2021 | 4.09% | 2.09% | -2.71% |
| 2022 | -3.28% | -12.03% | -11.29% |
| 2023 | 6.96% | 11.94% | 7.22% |
1 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR)
2 ICE BofA Canada Broad Market Index (TR) (Hedged to USD)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
5.19%
4.55%
Annualized Standard Deviation
5.04%
6.89%
Sharpe Ratio
0.70
0.44
Beta
0.50
—
Upside Capture Ratio
66.55%
—
Downside Capture Ratio
30.88%
—
Maximum Drawdown
-14.72%
-17.23%
Peak Value Date of Maximum Drawdown
2015-06-26
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 )
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 5.19% | 4.55% |
| Annualized Standard Deviation | 5.04% | 6.89% |
| Sharpe Ratio | 0.70 | 0.44 |
| Beta | 0.50 | — |
| Upside Capture Ratio | 66.55% | — |
| Downside Capture Ratio | 30.88% | — |
| Maximum Drawdown | -14.72% | -17.23% |
| Peak Value Date of Maximum Drawdown | 2015-06-26 | 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 October 31, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Prime Healthcare Services Inc 9.375% 01Sep29 | 2.72% |
| Chemtrade Logistics Inc 6.375% 28Aug29 | 2.56% |
| Parkland Corp 4.375% 26Mar29 | 2.38% |
| ATS Corp 6.5% 21Aug32 | 2.30% |
| Royal Bank of Canada Frn 24Nov80 | 2.29% |
| Toronto-Dominion Bank Frn 31Dec49 | 2.13% |
| Bank of Nova Scotia Frn 27Jul82 | 1.99% |
| goeasy Ltd 6.0% 15May30 | 1.96% |
| Mattr Corp 7.25% 02Apr31 | 1.84% |
| goeasy Ltd 4.375% 01May26 | 1.83% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 145.91% |
| Short | -45.76% |
| Gross | 191.67% |
| Net | 100.15% |
±± 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 | 2.43 | 4.05 |
| Credit Rating | BB | – |
| Issuers | 173 | 22071 |
| Yield To Maturity | 7.49% | 7.00% |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class UA | 2.00% | PIC 507 |
| Class UF | 1.00% | PIC 508 |