Rates & Performance

Overview

Daily NAV

$7.21

-0.09% ($0.01)

April 25, 2024

Inception Date

October 17, 2012
Fund Size

$22.78MM
Distributions

Monthly
Fund Strategy

Long Short Credit
Fund Framework

Closed-End Fund

Risk: Low to Medium

Low

Low To Moderate

Moderate

Moderate To High

High

Geographic Allocation

Growth of $10,000

$12,982.54

Investment Objective

The investment objective of the Fund is to provide monthly income, preserve capital and mitigate risk with less volatility and less correlation to high-yield and equity markets, and maximize total return to Unitholders through distributions and capital appreciation, through exposure to an actively managed diversified portfolio of income producing securities.

Performance As at March 31, 2024

Growth of $10,000

Investment Amount ($)

Investment value: $12,982.54 at March 28, 2024

	1 mth	3 mths	6 mths	YTD	1 yr	3 yrs ^*	5 yrs ^*	10 yrs ^*	Since Inception ^*
Picton Mahoney Tactical Income Fund A	0.70%	1.67%	4.33%	1.67%	6.31%	0.67%	2.94%	1.99%	2.31%
Benchmark ¹	1.07%	1.45%	8.03%	1.45%	9.23%	0.27%	2.53%	3.57%	4.13%
Benchmark ²	0.45%	-1.29%	6.82%	-1.29%	1.90%	-1.51%	0.22%	2.00%	1.98%

Series	Picton Mahoney Tactical Income Fund A	Benchmark	Benchmark
1 mth	0.70%	1.07%	0.45%
3 mths	1.67%	1.45%	-1.29%
6 mths	4.33%	8.03%	6.82%
YTD	1.67%	1.45%	-1.29%
1 yr	6.31%	9.23%	1.90%
3 yrs ^*	0.67%	0.27%	-1.51%
5 yrs ^*	2.94%	2.53%	0.22%
10 yrs ^*	1.99%	3.57%	2.00%
Since Inception ^*	2.31%	4.13%	1.98%

^† 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 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)

² ICE BofA Canada Broad Market Index (TR)

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Picton Mahoney Tactical Income Fund A	7.73%	-0.98%	-5.37%	11.35%	7.01%	-3.55%	4.94%	6.85%	3.37%	-5.14%	5.15%
Benchmark ¹	6.07%	4.65%	-1.36%	13.18%	6.92%	-2.46%	13.00%	5.72%	1.99%	-12.49%	10.99%
Benchmark ²	-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 Tactical Income Fund A	Benchmark	Benchmark
2013	7.73%	6.07%	-1.48%
2014	-0.98%	4.65%	9.10%
2015	-5.37%	-1.36%	3.57%
2016	11.35%	13.18%	1.54%
2017	7.01%	6.92%	2.69%
2018	-3.55%	-2.46%	1.31%
2019	4.94%	13.00%	6.97%
2020	6.85%	5.72%	8.61%
2021	3.37%	1.99%	-2.71%
2022	-5.14%	-12.49%	-11.47%
2023	5.15%	10.99%	6.37%

¹ 75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)

² ICE BofA Canada Broad Market Index (TR)

Risk Measures

Risk And Return Statistics Fund Benchmark

Annualized Return 2.31% 4.13%

Annualized Standard Deviation 4.84% 6.61%

Sharpe Ratio 0.31 0.43

Beta 0.51 —

Upside Capture Ratio 58.72% —

Downside Capture Ratio 50.44% —

Maximum Drawdown -16.50% -19.88%

Peak Value Date of Maximum Drawdown 2014-07-31 2020-02-21

Trough Value Date of Maximum Drawdown 2016-02-16 2020-03-23

75% ICE BofA Global High Yield Index / 25% ICE BofA Global Corporate Index (TR) (Hedged to CAD)

Risk And Return Statistics	Fund	Benchmark **
Annualized Return	2.31%	4.13%
Annualized Standard Deviation	4.84%	6.61%
Sharpe Ratio	0.31	0.43
Beta	0.51	—
Upside Capture Ratio	58.72%	—
Downside Capture Ratio	50.44%	—
Maximum Drawdown	-16.50%	-19.88%
Peak Value Date of Maximum Drawdown	2014-07-31	2020-02-21
Trough Value Date of Maximum Drawdown	2016-02-16	2020-03-23

Portfolio Allocations As at March 31, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name	Weight
Parkland Corp 4.375% 26Mar29	2.40%
Freeport Minerals Corp 7.125% 01Nov27	2.10%
iA Financial Corp Inc Frn 30Jun82	2.08%
Permian Resources Operating 8% 15Apr27	2.07%
Vistra Corp Frn 31Dec49	2.06%
Bank of Montreal Frn 31Dec49	2.01%
Toronto-Dominion Bank Frn 31Dec49	2.01%
Prime Healthcare Services Inc 7.25% 01Nov25	2.00%
Manitoulin USD Frn 10Nov27	1.99%
Bank of Nova Scotia Frn 27Jul82	1.98%

Exposure Breakout ^±±

Name	Weight
Long	119.07%
Short	-23.55%
Gross	142.62%
Net	95.52%

^±± 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	2.67	4.06
Credit Rating	BB+	–
Issuers	139	21812
Yield To Maturity	6.86%	6.89%

Fees

Series	Management Fee	Fund codes
Class A	—	—
Class F	—	—

Historical Net Asset Values

Start Date

End Date

Effective Date	Net Asset Value	Distributions
2024-04-25	$7.21	—
2024-04-24	$7.22	—
2024-04-23	$7.22	—
2024-04-22	$7.22	—
2024-04-19	$7.22	—
2024-04-18	$7.22	—
2024-04-17	$7.23	—
2024-04-16	$7.22	—
2024-04-15	$7.22	—
2024-04-12	$7.23	—
2024-04-11	$7.21	—
2024-04-10	$7.22	—
2024-04-09	$7.22	—
2024-04-08	$7.22	—
2024-04-05	$7.22	—
2024-04-04	$7.23	—
2024-04-03	$7.22	—
2024-04-02	$7.22	—
2024-04-01	$7.22	—
2024-03-28	$7.22	0.0300
2024-03-27	$7.25	—
2024-03-26	$7.24	—
2024-03-25	$7.24	—
2024-03-22	$7.24	—
2024-03-21	$7.23	—
2024-03-20	$7.23	—
2024-03-19	$7.23	—
2024-03-18	$7.22	—
2024-03-15	$7.22	—
2024-03-14	$7.22	—
2024-03-13	$7.22	—
2024-03-12	$7.22	—
2024-03-11	$7.22	—
2024-03-08	$7.22	—
2024-03-07	$7.22	—
2024-03-06	$7.22	—
2024-03-05	$7.21	—
2024-03-04	$7.20	—
2024-03-01	$7.21	—
2024-02-29	$7.20	0.0300
2024-02-28	$7.23	—
2024-02-27	$7.22	—
2024-02-26	$7.22	—
2024-02-23	$7.22	—
2024-02-22	$7.21	—
2024-02-21	$7.21	—
2024-02-20	$7.20	—
2024-02-16	$7.19	—
2024-02-15	$7.19	—
2024-02-14	$7.19	—
2024-02-13	$7.19	—
2024-02-12	$7.19	—
2024-02-09	$7.19	—
2024-02-08	$7.19	—
2024-02-07	$7.20	—
2024-02-06	$7.20	—
2024-02-05	$7.20	—
2024-02-02	$7.21	—
2024-02-01	$7.22	—
2024-01-31	$7.22	0.0300
2024-01-30	$7.23	—
2024-01-29	$7.22	—
2024-01-26	$7.22	—
2024-01-25	$7.21	—
2024-01-24	$7.21	—
2024-01-23	$7.21	—
2024-01-22	$7.20	—
2024-01-19	$7.20	—
2024-01-18	$7.20	—
2024-01-17	$7.19	—
2024-01-16	$7.20	—
2024-01-15	$7.20	—
2024-01-12	$7.19	—
2024-01-11	$7.19	—
2024-01-10	$7.18	—
2024-01-09	$7.19	—
2024-01-08	$7.18	—
2024-01-05	$7.20	—
2024-01-04	$7.20	—
2024-01-03	$7.20	—
2024-01-02	$7.18	—
2023-12-29	$7.19	0.0300
2023-12-28	$7.22	—
2023-12-27	$7.20	—
2023-12-22	$7.20	—
2023-12-21	$7.20	—
2023-12-20	$7.22	—
2023-12-19	$7.19	—
2023-12-18	$7.18	—
2023-12-15	$7.19	—
2023-12-14	$7.19	—
2023-12-13	$7.16	—
2023-12-12	$7.17	—
2023-12-11	$7.16	—
2023-12-08	$7.16	—
2023-12-07	$7.17	—
2023-12-06	$7.17	—
2023-12-05	$7.16	—
2023-12-04	$7.15	—
2023-12-01	$7.14	—
2023-11-30	$7.13	0.0300
2023-11-29	$7.16	—
2023-11-28	$7.15	—
2023-11-27	$7.14	—
2023-11-24	$7.13	—
2023-11-23	$7.13	—
2023-11-22	$7.13	—
2023-11-21	$7.12	—
2023-11-20	$7.11	—
2023-11-17	$7.11	—
2023-11-16	$7.12	—
2023-11-15	$7.11	—
2023-11-14	$7.11	—
2023-11-13	$7.08	—
2023-11-10	$7.09	—
2023-11-09	$7.10	—
2023-11-08	$7.10	—
2023-11-07	$7.10	—
2023-11-06	$7.09	—
2023-11-03	$7.09	—
2023-11-02	$7.06	—
2023-11-01	$7.03	—
2023-10-31	$7.01	0.0300
2023-10-30	$7.03	—
2023-10-27	$7.05	—
2023-10-26	$7.05	—
2023-10-25	$7.04	—
2023-10-24	$7.05	—
2023-10-23	$7.05	—
2023-10-20	$7.05	—
2023-10-19	$7.04	—
2023-10-18	$7.04	—
2023-10-17	$7.05	—
2023-10-16	$7.07	—
2023-10-13	$7.08	—
2023-10-12	$7.08	—
2023-10-11	$7.08	—
2023-10-10	$7.07	—
2023-10-06	$7.04	—
2023-10-05	$7.07	—
2023-10-04	$7.07	—
2023-10-03	$7.08	—
2023-10-02	$7.10	—
2023-09-29	$7.09	0.0300
2023-09-28	$7.12	—
2023-09-27	$7.12	—
2023-09-26	$7.13	—
2023-09-25	$7.14	—
2023-09-22	$7.14	—
2023-09-21	$7.14	—
2023-09-20	$7.14	—
2023-09-19	$7.13	—
2023-09-18	$7.14	—
2023-09-15	$7.14	—
2023-09-14	$7.14	—
2023-09-13	$7.14	—
2023-09-12	$7.14	—
2023-09-11	$7.14	—
2023-09-08	$7.14	—
2023-09-07	$7.14	—
2023-09-06	$7.14	—
2023-09-05	$7.15	—
2023-09-01	$7.15	—
2023-08-31	$7.15	0.0300
2023-08-30	$7.17	—
2023-08-29	$7.17	—
2023-08-28	$7.17	—
2023-08-25	$7.17	—
2023-08-24	$7.18	—
2023-08-23	$7.18	—
2023-08-22	$7.17	—
2023-08-21	$7.18	—
2023-08-18	$7.19	—
2023-08-17	$7.19	—
2023-08-16	$7.19	—
2023-08-15	$7.19	—
2023-08-14	$7.19	—
2023-08-11	$7.19	—
2023-08-10	$7.20	—
2023-08-09	$7.20	—
2023-08-08	$7.20	—
2023-08-04	$7.20	—
2023-08-03	$7.18	—
2023-08-02	$7.19	—
2023-08-01	$7.18	—
2023-07-31	$7.18	0.0300
2023-07-28	$7.21	—
2023-07-27	$7.22	—
2023-07-26	$7.21	—
2023-07-25	$7.21	—
2023-07-24	$7.22	—
2023-07-21	$7.22	—
2023-07-20	$7.22	—
2023-07-19	$7.21	—
2023-07-18	$7.21	—
2023-07-17	$7.20	—
2023-07-14	$7.20	—
2023-07-13	$7.20	—
2023-07-12	$7.18	—
2023-07-11	$7.18	—
2023-07-10	$7.18	—
2023-07-07	$7.18	—
2023-07-06	$7.18	—
2023-07-05	$7.19	—
2023-07-04	$7.19	—
2023-06-30	$7.18	0.0300
2023-06-29	$7.21	—
2023-06-28	$7.22	—
2023-06-27	$7.21	—
2023-06-26	$7.21	—
2023-06-23	$7.20	—
2023-06-22	$7.20	—
2023-06-21	$7.20	—
2023-06-20	$7.20	—
2023-06-19	$7.20	—
2023-06-16	$7.19	—
2023-06-15	$7.19	—
2023-06-14	$7.18	—
2023-06-13	$7.17	—
2023-06-12	$7.18	—
2023-06-09	$7.18	—
2023-06-08	$7.17	—
2023-06-07	$7.15	—
2023-06-06	$7.16	—
2023-06-05	$7.16	—
2023-06-02	$7.16	—
2023-06-01	$7.17	—
2023-05-31	$7.16	0.0300
2023-05-30	$7.19	—
2023-05-29	$7.17	—
2023-05-26	$7.17	—
2023-05-25	$7.18	—
2023-05-24	$7.19	—
2023-05-23	$7.19	—
2023-05-19	$7.19	—
2023-05-18	$7.20	—
2023-05-17	$7.20	—
2023-05-16	$7.22	—
2023-05-15	$7.22	—
2023-05-12	$7.23	—
2023-05-11	$7.23	—
2023-05-10	$7.23	—
2023-05-09	$7.24	—
2023-05-08	$7.24	—
2023-05-05	$7.24	—
2023-05-04	$7.27	—
2023-05-03	$7.26	—
2023-05-02	$7.26	—
2023-05-01	$7.25	—
2023-04-28	$7.25	0.0300
2023-04-27	$7.28	—
2023-04-26	$7.28	—

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Picton Mahoney Tactical Income Fund — A

Picton Mahoney Tactical Income Fund — A

Overview

Risk: Low to Medium

Investment Objective

Performance As at March 31, 2024

Growth of $10,000

Compound Returns ^†

Calendar Returns

Risk Measures

Portfolio Allocations As at March 31, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Exposure Breakout ^±±

Fundamental Metrics

Fees

Historical Net Asset Values

Picton Mahoney Tactical Income Fund — A

Overview

Risk: Low to Medium

Investment Objective

Performance As at March 31, 2024

Growth of $10,000

Compound Returns †

Calendar Returns

Risk Measures

Portfolio Allocations As at March 31, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Exposure Breakout ±±

Fundamental Metrics

Fees

Historical Net Asset Values

Compound Returns ^†

Exposure Breakout ^±±