Overview

Daily NAV
$8.81
0.15% $0.01
February 23, 2024
  • Inception Date
    July 13, 2021
  • Fund Size
    $169.50MM
  • Management Fee
    1.95%
  • Performance Fee
    20.00% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Fund Strategy
    Long Short Event Driven Credit
  • Fund Framework
    Alternative Mutual Fund (Simplified Prospectus)

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 investment objective of the Picton Mahoney Fortified Special Situations Alternative Fund is to maximize total return to unitholders through income and capital appreciation by investing primarily in event-driven situations in global fixed income while mitigating capital loss through shorting and other hedging strategies.

Why Invest

Unique Source of Return
Through long short event-driven investing that aims to have low correlation to major markets.
Benefit From Proven Managers
With experience running Authentic Hedge® strategies for over a decade.
Add Hedging Tools
Designed to hedge the risks associated with income investing such as capital loss.

Performance As at January 31, 2024

Growth of $10,000

Investment value: $10,360.63 at January 31, 2024

Compound Returns

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Fortified Special Situations Alternative Fund A 1.05% 5.07% 4.20% 1.05% 5.54% 1.40%
Series Picton Mahoney Fortified Special Situations Alternative Fund A
1 mth 1.05%
3 mths 5.07%
6 mths 4.20%
YTD 1.05%
1 yr 5.54%
3 yrs *
5 yrs *
10 yrs *
Since Inception * 1.40%

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

2022 2023
Picton Mahoney Fortified Special Situations Alternative Fund A -2.54% 6.53%
Series Picton Mahoney Fortified Special Situations Alternative Fund A
2022 -2.54%
2023 6.53%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 1.40% 0.11%
Annualized Standard Deviation 4.14% 5.47%
Sharpe Ratio -0.29 -0.43
Beta 0.30
Upside Capture Ratio 52.56%
Downside Capture Ratio 34.18%
Maximum Drawdown -5.54% -12.93%
Peak Value Date of Maximum Drawdown 2021-08-10 2021-09-20
Trough Value Date of Maximum Drawdown 2022-07-14 2022-07-04

**HFRX FIXED INCOME-CREDIT INDEX (in CAD)

Portfolio Allocations As at December 31, 2023

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Royal Bank of Canada Frn 24Nov80 4.38%
Toronto-Dominion Bank Frn 31Dec49 3.82%
Earthstone Energy Holdings 8% 15Apr27 3.63%
Rogers Communications Inc Frn 17Dec81 3.11%
Tervita Corp 11% 01Dec25 3.08%
Prime Healthcare Services Inc 7.25% 01Nov25 3.04%
National Bank of Canada 7.50% 16Nov82 3.00%
Earthstone Energy Holdings 9.875% 15Jul31 2.90%
Secure Energy Services 7.25% 30Dec26 2.76%
Autocanada Inc 5.75% 07Feb29 2.63%

Exposure Breakout ±±

Name Weight
Long 140.18%
Short -47.25%
Gross 187.43%
Net 92.92%

±± Exposure Breakout categories are shown as market values, except where indicated. Notional represents the total underlying notional exposure of the derivatives positions.

Fundamental Metrics

Fund Benchmark
Weighted Average Modified Duration 2.36
Credit Rating BB+
Issuers 124
Yield To Maturity 7.78%

Fees

Series Management Fee Fund codes
Class A 1.95% PIC 3550
Class F 0.95% PIC 3551
ETF 0.95% PFSS

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-02-23 $8.81
2024-02-22 $8.80
2024-02-21 $8.79 0.0145
2024-02-20 $8.81
2024-02-16 $8.78
2024-02-15 $8.78
2024-02-14 $8.77
2024-02-13 $8.77
2024-02-12 $8.77
2024-02-09 $8.77
2024-02-08 $8.77
2024-02-07 $8.78
2024-02-06 $8.79
2024-02-05 $8.78
2024-02-02 $8.79
2024-02-01 $8.81
2024-01-31 $8.80
2024-01-30 $8.79
2024-01-29 $8.78
2024-01-26 $8.77
2024-01-25 $8.77
2024-01-24 $8.76
2024-01-23 $8.76 0.0243
2024-01-22 $8.77
2024-01-19 $8.76
2024-01-18 $8.76
2024-01-17 $8.75
2024-01-16 $8.76
2024-01-15 $8.76
2024-01-12 $8.75
2024-01-11 $8.74
2024-01-10 $8.73
2024-01-09 $8.74
2024-01-08 $8.74
2024-01-05 $8.75
2024-01-04 $8.76
2024-01-03 $8.75
2024-01-02 $8.74
2023-12-29 $8.74
2023-12-28 $8.72
2023-12-27 $8.71
2023-12-22 $8.71
2023-12-21 $8.71 0.0546
2023-12-20 $8.79
2023-12-19 $8.76
2023-12-18 $8.75
2023-12-15 $8.76
2023-12-14 $8.74
2023-12-13 $8.71
2023-12-12 $8.71
2023-12-11 $8.70
2023-12-08 $8.70
2023-12-07 $8.71
2023-12-06 $8.71
2023-12-05 $8.70
2023-12-04 $8.68
2023-12-01 $8.67
2023-11-30 $8.66
2023-11-29 $8.65
2023-11-28 $8.63
2023-11-27 $8.62
2023-11-24 $8.60
2023-11-23 $8.60
2023-11-22 $8.60 0.0676
2023-11-21 $8.65
2023-11-20 $8.63
2023-11-17 $8.64
2023-11-16 $8.65
2023-11-15 $8.64
2023-11-14 $8.64
2023-11-13 $8.60
2023-11-10 $8.62
2023-11-09 $8.63
2023-11-08 $8.63
2023-11-07 $8.62
2023-11-06 $8.61
2023-11-03 $8.60
2023-11-02 $8.57
2023-11-01 $8.54
2023-10-31 $8.52
2023-10-30 $8.51
2023-10-27 $8.55
2023-10-26 $8.55
2023-10-25 $8.53
2023-10-24 $8.55
2023-10-23 $8.56 0.0513
2023-10-20 $8.62
2023-10-19 $8.59
2023-10-18 $8.61
2023-10-17 $8.61
2023-10-16 $8.63
2023-10-13 $8.64
2023-10-12 $8.65
2023-10-11 $8.64
2023-10-10 $8.64
2023-10-06 $8.59
2023-10-05 $8.64
2023-10-04 $8.65
2023-10-03 $8.66
2023-10-02 $8.68
2023-09-29 $8.66
2023-09-28 $8.67
2023-09-27 $8.66
2023-09-26 $8.67
2023-09-25 $8.69
2023-09-22 $8.69
2023-09-21 $8.69 0.0468
2023-09-20 $8.72
2023-09-19 $8.70
2023-09-18 $8.71
2023-09-15 $8.72
2023-09-14 $8.71
2023-09-13 $8.70
2023-09-12 $8.70
2023-09-11 $8.70
2023-09-08 $8.70
2023-09-07 $8.70
2023-09-06 $8.70
2023-09-05 $8.70
2023-09-01 $8.71
2023-08-31 $8.69
2023-08-30 $8.69
2023-08-29 $8.69
2023-08-28 $8.70
2023-08-25 $8.69
2023-08-24 $8.71
2023-08-23 $8.71 0.0440
2023-08-22 $8.75
2023-08-21 $8.77
2023-08-18 $8.78
2023-08-17 $8.78
2023-08-16 $8.77
2023-08-15 $8.76
2023-08-14 $8.76
2023-08-11 $8.77
2023-08-10 $8.76
2023-08-09 $8.77
2023-08-08 $8.77
2023-08-04 $8.77
2023-08-03 $8.75
2023-08-02 $8.77
2023-08-01 $8.75
2023-07-31 $8.73
2023-07-28 $8.73
2023-07-27 $8.74
2023-07-26 $8.75
2023-07-25 $8.74
2023-07-24 $8.74
2023-07-21 $8.75 0.0394
2023-07-20 $8.78
2023-07-19 $8.77
2023-07-18 $8.77
2023-07-17 $8.76
2023-07-14 $8.75
2023-07-13 $8.76
2023-07-12 $8.73
2023-07-11 $8.74
2023-07-10 $8.74
2023-07-07 $8.74
2023-07-06 $8.75
2023-07-05 $8.75
2023-07-04 $8.75
2023-06-30 $8.74
2023-06-29 $8.73
2023-06-28 $8.74
2023-06-27 $8.73
2023-06-26 $8.73
2023-06-23 $8.71
2023-06-22 $8.70 0.0308
2023-06-21 $8.74
2023-06-20 $8.74
2023-06-19 $8.73
2023-06-16 $8.71
2023-06-15 $8.72
2023-06-14 $8.71
2023-06-13 $8.69
2023-06-12 $8.70
2023-06-09 $8.69
2023-06-08 $8.67
2023-06-07 $8.65
2023-06-06 $8.67
2023-06-05 $8.67
2023-06-02 $8.66
2023-06-01 $8.68
2023-05-31 $8.69
2023-05-30 $8.68
2023-05-29 $8.66
2023-05-26 $8.66
2023-05-25 $8.67
2023-05-24 $8.69
2023-05-23 $8.68 0.0339
2023-05-19 $8.71
2023-05-18 $8.71
2023-05-17 $8.71
2023-05-16 $8.73
2023-05-15 $8.73
2023-05-12 $8.74
2023-05-11 $8.75
2023-05-10 $8.75
2023-05-09 $8.76
2023-05-08 $8.76
2023-05-05 $8.74
2023-05-04 $8.78
2023-05-03 $8.77
2023-05-02 $8.77
2023-05-01 $8.75
2023-04-28 $8.75
2023-04-27 $8.75
2023-04-26 $8.77
2023-04-25 $8.77
2023-04-24 $8.76
2023-04-21 $8.76
2023-04-20 $8.75 0.0334
2023-04-19 $8.77
2023-04-18 $8.77
2023-04-17 $8.77
2023-04-14 $8.76
2023-04-13 $8.77
2023-04-12 $8.79
2023-04-11 $8.79
2023-04-10 $8.79
2023-04-06 $8.80
2023-04-05 $8.81
2023-04-04 $8.79
2023-04-03 $8.76
2023-03-31 $8.60
2023-03-30 $8.62
2023-03-29 $8.62
2023-03-28 $8.65
2023-03-27 $8.65
2023-03-24 $8.66
2023-03-23 $8.69 0.0329
2023-03-22 $8.73
2023-03-21 $8.73
2023-03-20 $8.74
2023-03-17 $8.78
2023-03-16 $8.78
2023-03-15 $8.80
2023-03-14 $8.82
2023-03-13 $8.84
2023-03-10 $8.83
2023-03-09 $8.81
2023-03-08 $8.80
2023-03-07 $8.78
2023-03-06 $8.78
2023-03-03 $8.78
2023-03-02 $8.79
2023-03-01 $8.80
2023-02-28 $8.80
2023-02-27 $8.78

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income