SUBSCRIBE FR
PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

Overview

Daily NAV
$24.87
0.84% $0.21
September 30, 2022
  • Inception Date
    December 30, 2005
  • Fund Size
    $232.48MM
  • Management Fee
    2.00%
  • Performance Fee
    17.50% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Fund Strategy
    Market Neutral Equity
  • Fund Framework
    Hedge Fund (Offering Memorandum)

Risk: Low

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.

Why Invest

Manage Risk
By investing in a Fund designed to mitigate equity market volatility and, most importantly, reduce the severe impacts of deep drawdowns.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over a decade.
Lower Correlation
To the overall equity market with a Fund that seeks a low correlation target.

Performance As at August 31, 2022

Growth of $10,000

Investment value: $24,661.40 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 Market Neutral Equity Fund A 0.61% 1.09% 1.00% 0.74% 1.48% 5.71% 5.14% 3.17% 5.57%
Series Picton Mahoney Market Neutral Equity Fund A
1 mth 0.61%
3 mths 1.09%
6 mths 1.00%
YTD 0.74%
1 yr 1.48%
3 yrs * 5.71%
5 yrs * 5.14%
10 yrs * 3.17%
Since Inception * 5.57%

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 Market Neutral Equity Fund A 34.41% 14.10% 1.31% 8.60% 6.81% -0.80% 2.16% 5.45% 1.49% 1.10% -4.14% 2.20% -0.33% 5.43% 14.53% 5.06%
Series Picton Mahoney Market Neutral Equity Fund A
2006 34.41%
2007 14.10%
2008 1.31%
2009 8.60%
2010 6.81%
2011 -0.80%
2012 2.16%
2013 5.45%
2014 1.49%
2015 1.10%
2016 -4.14%
2017 2.20%
2018 -0.33%
2019 5.43%
2020 14.53%
2021 5.06%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 5.57% 6.34%
Annualized Standard Deviation 5.04% 13.46%
Sharpe Ratio 0.82 0.45
Beta 0.08
Upside Capture Ratio 22.08%
Downside Capture Ratio -7.14%
Maximum Drawdown -6.73% -47.94%
Peak Value Date of Maximum Drawdown 2019-08-30 2008-06-06
Trough Value Date of Maximum Drawdown 2020-03-20 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
Element Fleet Management Corp. 2.46%
Toronto-Dominion Bank Com New 2.36%
Canadian Pacific Railway Ltd. 1.82%
Trisura Group Ltd. Com New 1.72%
AltaGas Ltd. 1.59%
George Weston Ltd. 1.40%
Tourmaline Oil Corp. 1.39%
LOGICA ABSOLUTE RETURN OFFSHORE LTD 1.37%
WSP Global Inc. 1.36%
Waste Connections Inc. 1.34%

Exposure Breakout ±±

Name Weight
Long 96.57%
Short -86.76%
Gross 183.33%
Net 9.81%

±± 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 100
Class F 1.00% PIC 101

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2022-09-30 $24.87
2022-09-23 $24.66
2022-09-16 $24.73
2022-09-09 $24.72
2022-09-02 $24.62
2022-08-31 $24.64
2022-08-26 $24.64
2022-08-19 $24.56
2022-08-12 $24.47
2022-08-05 $24.43
2022-07-29 $24.49
2022-07-22 $24.28
2022-07-15 $24.13
2022-07-08 $24.26
2022-06-30 $24.20
2022-06-24 $24.26
2022-06-17 $24.20
2022-06-10 $24.43
2022-06-03 $24.45
2022-05-31 $24.37
2022-05-27 $24.32
2022-05-20 $24.44
2022-05-13 $24.28
2022-05-06 $24.31
2022-04-29 $24.59
2022-04-22 $24.47
2022-04-14 $24.58
2022-04-08 $24.59
2022-04-01 $24.66
2022-03-31 $24.70
2022-03-25 $24.65
2022-03-18 $24.79
2022-03-11 $24.60
2022-03-04 $24.38
2022-02-28 $24.39
2022-02-25 $24.39
2022-02-18 $24.29
2022-02-11 $24.45
2022-02-04 $24.43
2022-01-31 $24.21
2022-01-28 $24.16
2022-01-21 $24.13
2022-01-14 $24.17
2022-01-07 $24.16
2021-12-31 $24.46
2021-12-24 $24.35
2021-12-17 $24.01
2021-12-10 $24.03
2021-12-03 $24.11
2021-11-30 $24.22
2021-11-26 $24.32
2021-11-19 $24.52
2021-11-12 $24.54
2021-11-05 $24.50
2021-10-29 $24.66
2021-10-22 $24.64
2021-10-15 $24.46
2021-10-08 $24.30

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