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PERFORMANCE SOLUTIONS TOOLS RESOURCES DOCUMENTATION ABOUT US

Overview

Daily NAV
$7.72
-0.43% ($0.03)
September 30, 2022
  • Inception Date
    July 3, 2015
  • Fund Size
    $38.98MM
  • Management Fee
    1.00%
  • Performance Fee
    17.50% ^
  • Hurdle Rate
    2.00%
  • High Water Mark
    Yes
  • 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

^ 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 Reurrn
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 August 31, 2022

Growth of $10,000

Investment value: $17,078.10 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 Special Situations Fund F 1.49% 1.84% -0.43% -0.73% -0.60% 7.91% 5.69% 7.76%
Series Picton Mahoney Special Situations Fund F
1 mth 1.49%
3 mths 1.84%
6 mths -0.43%
YTD -0.73%
1 yr -0.60%
3 yrs * 7.91%
5 yrs * 5.69%
10 yrs *
Since Inception * 7.76%

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
Picton Mahoney Special Situations Fund F 24.33% 12.06% -1.23% 5.64% 17.77% 5.54%
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%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 7.76% 1.27%
Annualized Standard Deviation 5.99% 6.18%
Sharpe Ratio 1.13 0.15
Beta 0.10
Upside Capture Ratio 66.93%
Downside Capture Ratio -19.90%
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 August 31, 2022

Sector Allocation

Geographic Allocation (Gross)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Secure Energ Se 7.25% 30Dec26 6.22%
Cushman & Wakefield Us 6.75% 15May28 4.67%
Parkland Corp 3.875% 16Jun26 4.20%
Autocanada Inc 5.75% 07Feb29 3.79%
American Airlines Inc 11.75% 15Jul25 3.72%
Bank Of Montreal Frn 31Dec49 3.70%
Toronto-Dominion Bank Frn 31Dec49 3.55%
Bank Of Nova Scotia Frn 27Jul82 3.37%
Nuvista Energy Ltd 7.875% 23Jul26 3.29%
Royal Bank Of Canada Frn 24Nov80 3.25%

Exposure Breakout ±±

Name Weight
Long 138.72%
Short -46.30%
Gross 185.02%
Net 92.42%

±± 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 2.39
Credit Rating BB
Issuers 123
Yield To Maturity 8.84%

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
2022-09-30 $7.72 0.0201
2022-09-23 $7.77
2022-09-16 $7.78
2022-09-09 $7.81
2022-09-02 $7.83
2022-08-31 $7.82
2022-08-26 $7.82 0.0201
2022-08-19 $7.81
2022-08-12 $7.78
2022-08-05 $7.74
2022-07-29 $7.73 0.0201
2022-07-22 $7.71
2022-07-15 $7.63
2022-07-08 $7.63
2022-06-30 $7.64 0.0201
2022-06-24 $7.66
2022-06-17 $7.66
2022-06-10 $7.72
2022-06-03 $7.72
2022-05-31 $7.74
2022-05-27 $7.74 0.0201
2022-05-20 $7.77
2022-05-13 $7.85
2022-05-06 $7.92
2022-04-29 $7.95 0.0201
2022-04-22 $8.00
2022-04-14 $7.98
2022-04-08 $7.98
2022-04-01 $7.94
2022-03-31 $7.95
2022-03-25 $7.93 0.0201
2022-03-18 $7.94
2022-03-11 $7.94
2022-03-04 $7.94
2022-02-28 $7.98
2022-02-25 $7.98 0.0201
2022-02-18 $8.05
2022-02-11 $8.08
2022-02-04 $8.09
2022-01-31 $8.10
2022-01-28 $8.13 0.0201
2022-01-21 $8.12
2022-01-14 $8.09
2022-01-07 $8.08
2021-12-31 $8.04 1.1573
2021-12-24 $9.21
2021-12-17 $9.18
2021-12-10 $9.19
2021-12-03 $9.20
2021-11-30 $9.22
2021-11-26 $9.25 0.0224
2021-11-19 $9.25
2021-11-12 $9.25
2021-11-05 $9.23
2021-10-29 $9.24 0.0224
2021-10-22 $9.27
2021-10-15 $9.22
2021-10-08 $9.23

Portfolio Management

Phil Mesman, CFA

Head of Fixed Income

Sam Acton, CFA

Portfolio Manager, Fixed Income