Overview
Daily NAV
$26.74
-0.36% ($0.10)
July 19, 2024
-
Inception DateDecember 30, 2005
-
Fund Size$218.53MM
-
Management Fee2.00%
-
Performance Fee17.50% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
Fund StrategyMarket Neutral Equity
-
Fund FrameworkHedge Fund (Offering Memorandum)
Risk: Low
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.
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.
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 June 30, 2024
Growth of $10,000
Investment value:
$27,890.89
at
June 28, 2024
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 | 1.07% | 3.69% | 9.10% | 9.10% | 8.50% | 5.18% | 6.49% | 3.62% | 5.70% |
| Benchmark 1 | -1.42% | -0.53% | 6.05% | 6.05% | 12.13% | 5.98% | 9.28% | 6.95% | 6.75% |
| Benchmark 3 | 1.18% | 0.98% | -0.32% | -0.32% | 3.71% | -1.77% | -0.10% | 1.89% | 3.33% |
| Series | Picton Mahoney Market Neutral Equity Fund A | Benchmark | Benchmark |
|---|---|---|---|
| 1 mth | 1.07% | -1.42% | 1.18% |
| 3 mths | 3.69% | -0.53% | 0.98% |
| 6 mths | 9.10% | 6.05% | -0.32% |
| YTD | 9.10% | 6.05% | -0.32% |
| 1 yr | 8.50% | 12.13% | 3.71% |
| 3 yrs * | 5.18% | 5.98% | -1.77% |
| 5 yrs * | 6.49% | 9.28% | -0.10% |
| 10 yrs * | 3.62% | 6.95% | 1.89% |
| Since Inception * | 5.70% | 6.75% | 3.33% |
† 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
3 ICE BofA Canada Broad Market Index (TR)
Calendar Returns
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | 3.32% | 1.07% |
| Benchmark 1 | 17.26% | 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% |
| Benchmark 3 | — | 3.62% | 6.11% | 5.19% | 6.92% | 10.00% | 3.71% | -1.48% | 9.10% | 3.57% | 1.54% | 2.69% | 1.31% | 6.97% | 8.61% | -2.71% | -11.47% | 6.37% |
| Series | Picton Mahoney Market Neutral Equity Fund A | Benchmark | Benchmark |
|---|---|---|---|
| 2006 | 34.41% | 17.26% | — |
| 2007 | 14.10% | 9.83% | 3.62% |
| 2008 | 1.31% | -33.00% | 6.11% |
| 2009 | 8.60% | 35.05% | 5.19% |
| 2010 | 6.81% | 17.61% | 6.92% |
| 2011 | -0.80% | -8.71% | 10.00% |
| 2012 | 2.16% | 7.19% | 3.71% |
| 2013 | 5.45% | 12.99% | -1.48% |
| 2014 | 1.49% | 10.55% | 9.10% |
| 2015 | 1.10% | -8.32% | 3.57% |
| 2016 | -4.14% | 21.08% | 1.54% |
| 2017 | 2.20% | 9.10% | 2.69% |
| 2018 | -0.33% | -8.89% | 1.31% |
| 2019 | 5.43% | 22.88% | 6.97% |
| 2020 | 14.53% | 5.60% | 8.61% |
| 2021 | 5.06% | 25.09% | -2.71% |
| 2022 | 3.32% | -5.84% | -11.47% |
| 2023 | 1.07% | 11.75% | 6.37% |
1 S&P/TSX Composite TR Index
3 ICE BofA Canada Broad Market Index (TR)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
5.70%
6.75%
Annualized Standard Deviation
4.89%
13.45%
Sharpe Ratio
0.81
0.45
Beta
0.06
—
Upside Capture Ratio
20.41%
—
Downside Capture Ratio
-9.65%
—
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
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 5.70% | 6.75% |
| Annualized Standard Deviation | 4.89% | 13.45% |
| Sharpe Ratio | 0.81 | 0.45 |
| Beta | 0.06 | — |
| Upside Capture Ratio | 20.41% | — |
| Downside Capture Ratio | -9.65% | — |
| 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 June 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Royal Bank of Canada | 3.06% |
| Canadian Pacific Kansas City Limited | 2.50% |
| Manulife Financial Corporation | 2.46% |
| Element Fleet Management Corp. | 2.36% |
| NVIDIA Corp. | 2.00% |
| Suncor Energy Inc. | 1.97% |
| Canadian Imperial Bank ofmerce | 1.97% |
| Waste Connections Inc. | 1.91% |
| George Weston Ltd. | 1.85% |
| AltaGas Ltd. | 1.67% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 139.05% |
| Short | -123.37% |
| Gross | 262.43% |
| Net | 15.68% |
±± 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 |
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