Overview

Daily NAV
$7.23
-0.14% ($0.01)
April 19, 2024
  • Inception Date
    July 3, 2015
  • Fund Size
    $69.39MM
  • Management Fee
    1.00%
  • Performance Fee
    17.50% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • Distributions
    Monthly
  • Target Distribution
    3.00%
  • Fund Strategy
    Long Short Event Driven Credit
  • Fund Framework
    Hedge Fund (Offering Memorandum)

Risk: Low

Low
Low To Moderate
Moderate
Moderate To High
High
Geographic Allocation
Growth of $10,000
$18,542.06

^ 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.

Performance As at March 31, 2024

Growth of $10,000

Investment value: $18,542.06 at March 28, 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 F 0.73% 2.48% 4.98% 2.48% 9.17% 2.68% 7.03% — 7.32%
Series Picton Mahoney Special Situations Fund F
1 mth 0.73%
3 mths 2.48%
6 mths 4.98%
YTD 2.48%
1 yr 9.17%
3 yrs * 2.68%
5 yrs * 7.03%
10 yrs * —
Since Inception * 7.32%

† 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

2016 2017 2018 2019 2020 2021 2022 2023
Picton Mahoney Special Situations Fund F 24.33% 12.06% -1.23% 5.64% 17.77% 5.54% -1.63% 6.91%
Series Picton Mahoney Special Situations Fund F
2016 24.33%
2017 12.06%
2018 -1.23%
2019 5.64%
2020 17.77%
2021 5.54%
2022 -1.63%
2023 6.91%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 7.32% 2.46%
Annualized Standard Deviation 5.68% 5.87%
Sharpe Ratio 1.01 0.10
Beta 0.10 —
Upside Capture Ratio 67.81% —
Downside Capture Ratio -16.11% —
Maximum Drawdown -12.05% -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 March 31, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Royal Bank of Canada Frn 24Nov80 3.90%
Prime Healthcare Services Inc 7.25% 01Nov25 3.59%
Toronto-Dominion Bank Frn 31Dec49 3.43%
Royal Bank of Canada Frn 31Dec49 3.39%
National Bank of Canada 7.50% 16Nov82 2.91%
Vista Outdoor Inc 4.50% 15Mar29 2.81%
Vistra Corp Frn 31Dec49 2.80%
Doman Building Material 5.25% 15May26 2.77%
APX Group Inc 5.75% 15Jul29 2.72%
Autocanada Inc 5.75% 07Feb29 2.66%

Exposure Breakout ±±

Name Weight
Long 142.03%
Short -35.13%
Gross 177.15%
Net 106.90%

±± 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 2.72 –
Credit Rating BB+ –
Issuers 114 –
Yield To Maturity 8.07% –

Fees

Series Management Fee Fund codes
Class A 2.00% PIC 550
Class F 1.00% PIC 551

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-04-19 $7.23 —
2024-04-12 $7.24 —
2024-04-05 $7.23 —
2024-03-28 $7.22 0.0178
2024-03-22 $7.23 —
2024-03-15 $7.21 —
2024-03-08 $7.21 —
2024-03-01 $7.19 —
2024-02-29 $7.19 —
2024-02-23 $7.17 0.0178
2024-02-16 $7.15 —
2024-02-09 $7.14 —
2024-02-02 $7.16 —
2024-01-31 $7.16 —
2024-01-26 $7.14 0.0178
2024-01-19 $7.13 —
2024-01-12 $7.12 —
2024-01-05 $7.13 —
2023-12-29 $7.10 0.1427
2023-12-22 $7.22 —
2023-12-15 $7.22 —
2023-12-08 $7.18 —
2023-12-01 $7.16 —
2023-11-30 $7.14 —
2023-11-24 $7.11 0.0174
2023-11-17 $7.10 —
2023-11-10 $7.09 —
2023-11-03 $7.06 —
2023-10-31 $7.02 —
2023-10-27 $7.05 0.0174
2023-10-20 $7.08 —
2023-10-13 $7.10 —
2023-10-06 $7.06 —
2023-09-29 $7.10 0.0174
2023-09-22 $7.14 —
2023-09-15 $7.12 —
2023-09-08 $7.12 —
2023-09-01 $7.12 —
2023-08-31 $7.10 —
2023-08-25 $7.11 0.0174
2023-08-18 $7.16 —
2023-08-11 $7.14 —
2023-08-04 $7.15 —
2023-07-31 $7.11 —
2023-07-28 $7.10 0.0174
2023-07-21 $7.13 —
2023-07-14 $7.11 —
2023-07-07 $7.11 —
2023-06-30 $7.09 0.0174
2023-06-23 $7.08 —
2023-06-16 $7.05 —
2023-06-09 $7.04 —
2023-06-02 $7.02 —
2023-05-31 $7.03 —
2023-05-26 $7.01 0.0174
2023-05-19 $7.03 —
2023-05-12 $7.06 —
2023-05-05 $7.07 —
2023-04-28 $7.08 0.0174

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income

    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.

    The Fund’s performance data is compared to the HFRX Fixed Income-Credit Index (in CAD), a non-investable index designed to provide a broad measure of the performance of hedge funds that invests across a broad continuum of credit substrategies, including corporate, sovereign, distressed, convertible, asset backed, capital structure arbitrage, multistrategy and other relative value and event driven sub-strategies. The composition of the Fund’s portfolio will significantly differ from the Index due to the Fund’s investment strategy. Benchmark performance is calculated in USD by the index provider and converted to CAD using a foreign exchange rate from Bloomberg.

    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.