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PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

Overview

Daily NAV
$39.77
0.63% $0.25
September 30, 2022
  • Inception Date
    December 30, 2005
  • Fund Size
    $211.90MM
  • Management Fee
    2.00%
  • Performance Fee
    17.50% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Fund Strategy
    Long Short Equity
  • Fund Framework
    Hedge Fund (Offering Memorandum)

Risk: Low to Medium

Low
Low To Moderate
Moderate
Moderate To High
High

^ of performance above a 2% 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 stocks and short the most unattractive stocks based on our multi-factor ranking system. We will buy quality companies in the midst of fundamental positive change with reasonable valuations and sell short lower quality companies in the midst of negative fundamental change that have high valuations. This portfolio will be structured so that it generally has positive but not full equity market exposure. On average, the fund will possess a 50% net long exposure to the equity market.

Why Invest

Equity Exposure With Less Broad Market Risk
Invest in a Fund designed to increase gross exposure to generate alpha while reducing net market exposure to decrease broad market risk.
Add Hedging Tools
Aimed to dampen volatility and seek to mitigate downside risk associated with investing in equities.
Benefit From Proven Managers
With an active approach to managing Authentic Hedge® strategies for over a decade.

Performance As at August 31, 2022

Growth of $10,000

Investment value: $40,572.30 at August 31, 2022

Compound Returns

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Long Short Equity Fund A -0.31% -1.45% -3.17% -5.47% -4.22% 10.55% 9.26% 7.38% 8.77%
Series Picton Mahoney Long Short Equity Fund A
1 mth -0.31%
3 mths -1.45%
6 mths -3.17%
YTD -5.47%
1 yr -4.22%
3 yrs * 10.55%
5 yrs * 9.26%
10 yrs * 7.38%
Since Inception * 8.77%

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Picton Mahoney Long Short Equity Fund A 39.62% 20.35% -19.17% 31.89% 15.98% -6.03% 6.00% 14.18% 2.89% -1.83% 6.31% 7.19% -4.72% 16.20% 24.24% 14.72%
Series Picton Mahoney Long Short Equity Fund A
2006 39.62%
2007 20.35%
2008 -19.17%
2009 31.89%
2010 15.98%
2011 -6.03%
2012 6.00%
2013 14.18%
2014 2.89%
2015 -1.83%
2016 6.31%
2017 7.19%
2018 -4.72%
2019 16.20%
2020 24.24%
2021 14.72%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 8.77% 6.34%
Annualized Standard Deviation 9.84% 13.46%
Sharpe Ratio 0.76 0.45
Beta 0.60
Upside Capture Ratio 71.58%
Downside Capture Ratio 43.41%
Maximum Drawdown -29.54% -47.94%
Peak Value Date of Maximum Drawdown 2008-06-13 2008-06-06
Trough Value Date of Maximum Drawdown 2008-10-10 2009-03-06

**S&P/TSX Composite TR Index

Portfolio Allocations As at August 31, 2022

Sector Allocation

Geographic Allocation (Gross)

Top 10 Long Positions

Name Weight
Toronto-Dominion Bank Com New 4.37%
Canadian Pacific Railway Ltd. 3.06%
Royal Bank of Canada 3.00%
Element Fleet Management Corp. 2.78%
Brookfield Asset Management Inc. Voting Shs Cl A 2.08%
Trisura Group Ltd. Com New 2.08%
AltaGas Ltd. 2.01%
Tourmaline Oil Corp. 1.97%
Waste Connections Inc. 1.91%
National Bank of Canada 1.64%

Exposure Breakout ±±

Name Weight
Long 132.34%
Short -74.48%
Gross 206.82%
Net 57.86%

±± 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 A 2.00% PIC 200
Class F 1.00% PIC 201

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2022-09-30 $39.77
2022-09-23 $39.52
2022-09-16 $40.65
2022-09-09 $41.14
2022-09-02 $40.39
2022-08-31 $40.57
2022-08-26 $41.07
2022-08-19 $41.29
2022-08-12 $41.34
2022-08-05 $40.64
2022-07-29 $40.70
2022-07-22 $39.44
2022-07-15 $38.52
2022-07-08 $39.32
2022-06-30 $38.86
2022-06-24 $39.34
2022-06-17 $38.77
2022-06-10 $40.56
2022-06-03 $41.34
2022-05-31 $41.17
2022-05-27 $41.12
2022-05-20 $40.54
2022-05-13 $40.23
2022-05-06 $40.77
2022-04-29 $41.59
2022-04-22 $41.84
2022-04-14 $42.73
2022-04-08 $42.78
2022-04-01 $43.20
2022-03-31 $43.22
2022-03-25 $43.19
2022-03-18 $43.30
2022-03-11 $42.14
2022-03-04 $41.86
2022-02-28 $41.90
2022-02-25 $41.89
2022-02-18 $41.59
2022-02-11 $42.40
2022-02-04 $42.17
2022-01-31 $41.72
2022-01-28 $41.21
2022-01-21 $41.18
2022-01-14 $42.19
2022-01-07 $42.05
2021-12-31 $42.92
2021-12-24 $42.63
2021-12-17 $41.44
2021-12-10 $41.74
2021-12-03 $41.47
2021-11-30 $41.83
2021-11-26 $42.44
2021-11-19 $43.40
2021-11-12 $43.71
2021-11-05 $43.48
2021-10-29 $43.35
2021-10-22 $43.38
2021-10-15 $42.83
2021-10-08 $42.00

Portfolio Management

David Picton

President, CEO and Portfolio Manager, Canadian Equities

Jeffrey Bradacs, CFA

Portfolio Manager, Canadian Equities

Michael Kimmel, CFA

Portfolio Manager, U.S. Equities

Michael Kuan, CFA

Portfolio Manager, International Equities