Overview
Daily NAV
$60.67
-3.35% ($2.10)
March 7, 2025
-
Inception DateSeptember 29, 2006
-
Fund Size$268.74MM
-
Management Fee1.00%
-
Performance Fee17.50% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
Fund StrategyLong Short Equity
-
Fund FrameworkHedge Fund (Offering Memorandum)
Risk: Low to Medium
Low
Low to Medium
Medium
Medium 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.
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 January 31, 2025
Growth of $10,000
Investment value:
$50,745.34
at
January 31, 2025
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 F | 2.94% | 6.39% | 11.51% | 2.94% | 22.99% | 11.29% | 13.96% | 9.73% | 9.26% |
| Benchmark 1 | 3.48% | 6.47% | 12.11% | 3.48% | 25.19% | 9.97% | 11.45% | 8.96% | 7.46% |
| Benchmark 2 | 2.86% | 9.87% | 14.85% | 3.39% | 35.89% | 16.68% | 17.11% | 15.16% | 12.27% |
| Series | Picton Mahoney Long Short Equity Fund F | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 2.94% | 3.48% | 2.86% |
| 3 mths | 6.39% | 6.47% | 9.87% |
| 6 mths | 11.51% | 12.11% | 14.85% |
| YTD | 2.94% | 3.48% | 3.39% |
| 1 yr | 22.99% | 25.19% | 35.89% |
| 3 yrs * | 11.29% | 9.97% | 16.68% |
| 5 yrs * | 13.96% | 11.45% | 17.11% |
| 10 yrs * | 9.73% | 8.96% | 15.16% |
| Since Inception * | 9.26% | 7.46% | 12.27% |
† 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 S&P/TSX Composite TR Index
2 S&P 500 Index
Calendar Returns
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Long Short Equity Fund F | 21.16% | -18.05% | 32.52% | 16.86% | -5.00% | 7.13% | 14.61% | 3.84% | -0.92% | 7.09% | 8.06% | -3.81% | 17.11% | 25.30% | 15.71% | -1.67% | 7.68% | 23.04% |
| Benchmark 1 | 9.83% | -33.00% | 35.05% | 17.61% | -8.71% | 7.19% | 12.99% | 10.55% | -8.32% | 21.08% | 9.10% | -8.89% | 22.88% | 5.60% | 25.09% | -5.84% | 11.75% | 21.65% |
| Benchmark 2 | -10.54% | -21.69% | 7.94% | 9.25% | 4.37% | 13.74% | 41.10% | 23.93% | 21.47% | 8.39% | 13.75% | 4.04% | 24.98% | 16.31% | 27.83% | -12.42% | 23.23% | 36.21% |
| Series | Picton Mahoney Long Short Equity Fund F | Benchmark | Benchmark |
|---|---|---|---|
| 2007 | 21.16% | 9.83% | -10.54% |
| 2008 | -18.05% | -33.00% | -21.69% |
| 2009 | 32.52% | 35.05% | 7.94% |
| 2010 | 16.86% | 17.61% | 9.25% |
| 2011 | -5.00% | -8.71% | 4.37% |
| 2012 | 7.13% | 7.19% | 13.74% |
| 2013 | 14.61% | 12.99% | 41.10% |
| 2014 | 3.84% | 10.55% | 23.93% |
| 2015 | -0.92% | -8.32% | 21.47% |
| 2016 | 7.09% | 21.08% | 8.39% |
| 2017 | 8.06% | 9.10% | 13.75% |
| 2018 | -3.81% | -8.89% | 4.04% |
| 2019 | 17.11% | 22.88% | 24.98% |
| 2020 | 25.30% | 5.60% | 16.31% |
| 2021 | 15.71% | 25.09% | 27.83% |
| 2022 | -1.67% | -5.84% | -12.42% |
| 2023 | 7.68% | 11.75% | 23.23% |
| 2024 | 23.04% | 21.65% | 36.21% |
1 S&P/TSX Composite TR Index
2 S&P 500 Index
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
9.26%
7.46%
Annualized Standard Deviation
9.38%
13.53%
Sharpe Ratio
0.81
0.48
Beta
0.59
—
Upside Capture Ratio
71.31%
—
Downside Capture Ratio
45.49%
—
Maximum Drawdown
-28.92%
-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
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 9.26% | 7.46% |
| Annualized Standard Deviation | 9.38% | 13.53% |
| Sharpe Ratio | 0.81 | 0.48 |
| Beta | 0.59 | — |
| Upside Capture Ratio | 71.31% | — |
| Downside Capture Ratio | 45.49% | — |
| Maximum Drawdown | -28.92% | -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 January 31, 2025
Top 10 Long Positions
| Name | Weight |
|---|---|
| Canadian Pacific Kansas City Limited | 4.23% |
| Royal Bank of Canada | 3.90% |
| Toronto-Dominion Bank Com New | 3.63% |
| Shopify Inc. Cl A | 3.37% |
| Waste Connections Inc. | 2.91% |
| Bank of Montreal | 2.60% |
| Suncor Energy Inc. | 2.51% |
| Enbridge Inc. | 2.37% |
| Canadian Natural Resources Ltd. | 2.27% |
| Constellation Software Inc. | 2.17% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 180.74% |
| Short | -107.79% |
| Gross | 288.54% |
| Net | 72.95% |
±± 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 |
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