Overview

Daily NAV
$60.11
1.45% $0.86
October 11, 2024
  • Inception Date
    September 29, 2006
  • Fund Size
    $246.54MM
  • Management Fee
    1.00%
  • 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 Medium
Medium
Medium to High
High
Geographic Allocation
Growth of $10,000
$47,195.59

^ 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 September 30, 2024

Growth of $10,000

Investment value: $47,195.59 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 Long Short Equity Fund F 1.83% 5.82% 9.03% 17.80% 21.31% 8.96% 12.92% 8.87% 9.00%
Series Picton Mahoney Long Short Equity Fund F
1 mth 1.83%
3 mths 5.82%
6 mths 9.03%
YTD 17.80%
1 yr 21.31%
3 yrs * 8.96%
5 yrs * 12.92%
10 yrs * 8.87%
Since Inception * 9.00%

† 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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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%
Series Picton Mahoney Long Short Equity Fund F
2007 21.16%
2008 -18.05%
2009 32.52%
2010 16.86%
2011 -5.00%
2012 7.13%
2013 14.61%
2014 3.84%
2015 -0.92%
2016 7.09%
2017 8.06%
2018 -3.81%
2019 17.11%
2020 25.30%
2021 15.71%
2022 -1.67%
2023 7.68%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 9.00% 7.18%
Annualized Standard Deviation 9.38% 13.54%
Sharpe Ratio 0.79 0.46
Beta 0.59 —
Upside Capture Ratio 70.92% —
Downside Capture Ratio 45.41% —
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 August 31, 2024

Sector Allocation

Geographic Allocation (Net)

Top 10 Long Positions

Name Weight
Royal Bank of Canada 5.54%
Canadian Pacific Kansas City Limited 4.45%
Toronto-Dominion Bank 3.75%
Waste Connections Inc. 2.96%
Canadian Imperial Bank of Commerce 2.57%
Suncor Energy Inc. 2.44%
Element Fleet Management Corp. 2.39%
Constellation Software Inc. 2.25%
Enbridge Inc. 2.19%
Shopify Inc. Cl A 2.09%

Exposure Breakout ±±

Name Weight
Long 169.98%
Short -98.99%
Gross 268.97%
Net 70.99%

±± 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
2024-10-11 $60.11 —
2024-10-04 $59.25 —
2024-09-30 $58.85 —
2024-09-27 $58.69 —
2024-09-20 $58.69 —
2024-09-13 $58.25 —
2024-09-06 $56.75 —
2024-08-30 $57.79 —
2024-08-23 $57.61 —
2024-08-16 $57.39 —
2024-08-09 $55.98 —
2024-08-02 $55.26 —
2024-07-31 $56.74 —
2024-07-26 $56.34 —
2024-07-19 $56.16 —
2024-07-12 $56.53 —
2024-07-05 $55.87 —
2024-06-28 $55.61 —
2024-06-21 $55.15 —
2024-06-14 $55.26 —
2024-06-07 $55.30 —
2024-05-31 $55.22 —
2024-05-24 $55.37 —
2024-05-17 $55.36 —
2024-05-10 $55.11 —
2024-05-03 $54.51 —
2024-04-30 $53.91 —
2024-04-26 $54.37 —
2024-04-19 $53.38 —
2024-04-12 $53.85 —
2024-04-05 $54.44 —
2024-03-28 $53.98 —
2024-03-22 $53.82 —
2024-03-15 $53.34 —
2024-03-08 $53.29 —
2024-03-01 $53.12 —
2024-02-29 $52.70 —
2024-02-23 $52.64 —
2024-02-16 $52.24 —
2024-02-09 $51.75 —
2024-02-02 $51.89 —
2024-01-31 $51.45 —
2024-01-26 $51.38 —
2024-01-19 $50.93 —
2024-01-12 $50.50 —
2024-01-05 $49.80 —
2023-12-29 $49.95 —
2023-12-22 $49.67 0.4349
2023-12-15 $49.63 —
2023-12-08 $49.88 —
2023-12-01 $50.05 —
2023-11-30 $49.89 —
2023-11-24 $49.82 —
2023-11-17 $49.78 —
2023-11-10 $49.26 —
2023-11-03 $48.89 —
2023-10-31 $47.56 —
2023-10-27 $47.59 —
2023-10-20 $48.19 —
2023-10-13 $48.78 —

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

    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 the S&P/TSX Composite Index (TR), the standard benchmark for equity strategies in Canada. 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.