Overview
Daily NAV
$6.67
0.15% $0.01
January 17, 2025
-
Inception DateJuly 3, 2015
-
Fund Size$78.03MM
-
Management Fee2.00%
-
Performance Fee17.50% ^
-
Hurdle Rate2.00%
-
High Water MarkYes
-
DistributionsMonthly
-
Target Distribution3.00%
-
Fund StrategyLong Short Event Driven Credit
-
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 will take concentrated positions in event driven situations by investing, long or short, in securities that are impacted by some form of catalyst such as a corporate event, capital structure reorganization or other opportunistic situations. The Fund seeks gains through income and movements in security prices that can occur over a short to long-term time horizon providing an attractive risk-adjusted return with less volatility to the traditional equity market.
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.
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 December 31, 2024
Growth of $10,000
Investment value:
$18,330.22
at
December 31, 2024
Compound Returns †
| 1 mth | 3 mths | 6 mths | YTD | 1 yr | 3 yrs * | 5 yrs * | 10 yrs * | Since Inception * | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Special Situations Fund A | 0.54% | 1.58% | 4.51% | 9.16% | 9.16% | 4.25% | 6.70% | — | 6.59% |
| Benchmark 1 | 2.20% | 6.79% | 9.21% | 14.63% | 14.63% | 4.07% | 4.39% | — | 3.35% |
| Series | Picton Mahoney Special Situations Fund A | Benchmark |
|---|---|---|
| 1 mth | 0.54% | 2.20% |
| 3 mths | 1.58% | 6.79% |
| 6 mths | 4.51% | 9.21% |
| YTD | 9.16% | 14.63% |
| 1 yr | 9.16% | 14.63% |
| 3 yrs * | 4.25% | 4.07% |
| 5 yrs * | 6.70% | 4.39% |
| 10 yrs * | — | — |
| Since Inception * | 6.59% | 3.35% |
† 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 HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Calendar Returns
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| Picton Mahoney Special Situations Fund A | 22.73% | 11.07% | -2.13% | 4.80% | 16.99% | 4.36% | -2.64% | 6.61% | 9.16% |
| Benchmark 1 | 2.10% | -3.26% | 5.99% | 1.18% | 9.51% | 0.46% | -5.44% | 3.97% | 14.63% |
| Series | Picton Mahoney Special Situations Fund A | Benchmark |
|---|---|---|
| 2016 | 22.73% | 2.10% |
| 2017 | 11.07% | -3.26% |
| 2018 | -2.13% | 5.99% |
| 2019 | 4.80% | 1.18% |
| 2020 | 16.99% | 9.51% |
| 2021 | 4.36% | 0.46% |
| 2022 | -2.64% | -5.44% |
| 2023 | 6.61% | 3.97% |
| 2024 | 9.16% | 14.63% |
1 HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Risk Measures
Risk And Return Statistics
Fund
Benchmark
**
Annualized Return
6.59%
3.35%
Annualized Standard Deviation
5.49%
5.81%
Sharpe Ratio
0.88
0.24
Beta
0.10
—
Upside Capture Ratio
59.82%
—
Downside Capture Ratio
-12.99%
—
Maximum Drawdown
-12.11%
-12.69%
Peak Value Date of Maximum Drawdown
2020-02-21
2021-08-20
Trough Value Date of Maximum Drawdown
2020-03-20
2022-06-30
**HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Risk Measures
| Risk And Return Statistics | Fund | Benchmark ** |
|---|---|---|
| Annualized Return | 6.59% | 3.35% |
| Annualized Standard Deviation | 5.49% | 5.81% |
| Sharpe Ratio | 0.88 | 0.24 |
| Beta | 0.10 | — |
| Upside Capture Ratio | 59.82% | — |
| Downside Capture Ratio | -12.99% | — |
| Maximum Drawdown | -12.11% | -12.69% |
| Peak Value Date of Maximum Drawdown | 2020-02-21 | 2021-08-20 |
| Trough Value Date of Maximum Drawdown | 2020-03-20 | 2022-06-30 |
**HFRX FIXED INCOME-CREDIT INDEX (in CAD)
Portfolio Allocations As at November 30, 2024
Top 10 Long Positions
| Name | Weight |
|---|---|
| Prime Healthcare Services Inc 9.375% 01Sep29 | 4.20% |
| NRG Energy Inc 5.75% 15Jul29 | 3.04% |
| Getty Images Inc 9.75% 01Mar27 | 3.01% |
| iA Financial Corp Inc Frn 30Sep84 | 2.95% |
| Toronto-Dominion Bank Frn 31Dec49 | 2.90% |
| AutoCanada Inc 5.75% 07Feb29 | 2.86% |
| Blue Racer Midstream LLC 7.25% 15Jul32 | 2.79% |
| Royal Bank of Canada Frn 31Dec49 | 2.75% |
| Option Care Health Inc 4.375% 31Oct29 | 2.72% |
| Capital Power Corp Frn 05Jun54 | 2.64% |
Exposure Breakout ±±
| Name | Weight |
|---|---|
| Long | 157.95% |
| Short | -58.55% |
| Gross | 216.50% |
| Net | 99.41% |
±± 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 | 2.33 | – |
| Credit Rating | BB | – |
| Issuers | 156 | – |
| Yield To Maturity | 7.32% | – |
Fees
| Series | Management Fee | Fund codes |
|---|---|---|
| Class A | 2.00% | PIC 550 |
| Class F | 1.00% | PIC 551 |
Portfolio Management
Phil Mesman, CFA
Portfolio Manager, Co-Head Fixed Income
Sam Acton, CFA
Portfolio Manager, Co-Head Fixed Income