Overview

Daily NAV
$8.12
0.05% $0.00
July 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 Medium
Medium
Medium to High
High
Geographic Allocation
Growth of $10,000
$14,553.83

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 June 30, 2024

Growth of $10,000

Investment value: $14,553.83 at June 28, 2024

Compound Returns †

1 mth 3 mths 6 mths YTD 1 yr 3 yrs * 5 yrs * 10 yrs * Since Inception *
Picton Mahoney Tactical Income Fund F 0.61% 1.75% 3.59% 3.59% 6.61% 1.55% 3.57% 2.52% 3.26%
Series Picton Mahoney Tactical Income Fund F
1 mth 0.61%
3 mths 1.75%
6 mths 3.59%
YTD 3.59%
1 yr 6.61%
3 yrs * 1.55%
5 yrs * 3.57%
10 yrs * 2.52%
Since Inception * 3.26%

† 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

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Picton Mahoney Tactical Income Fund F 8.35% -0.43% -4.82% 11.92% 7.58% -2.95% 5.99% 6.96% 3.98% -4.55% 5.80%
Series Picton Mahoney Tactical Income Fund F
2013 8.35%
2014 -0.43%
2015 -4.82%
2016 11.92%
2017 7.58%
2018 -2.95%
2019 5.99%
2020 6.96%
2021 3.98%
2022 -4.55%
2023 5.80%

Risk Measures

Risk And Return Statistics Fund Benchmark **
Annualized Return 3.26% 4.12%
Annualized Standard Deviation 4.81% 6.56%
Sharpe Ratio 0.43 0.41
Beta 0.51 —
Upside Capture Ratio 62.44% —
Downside Capture Ratio 45.40% —
Maximum Drawdown -15.76% -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)

Portfolio Allocations As at June 30, 2024

Sector Allocation

Geographic Allocation (Net)

Credit Ratings

Security Type Allocation

Top 10 Long Positions

Name Weight
Parkland Corp 4.375% 26Mar29 3.02%
iA Financial Corp Inc Frn 30Jun82 2.58%
Prime Healthcare Services Inc 7.25% 01Nov25 2.52%
Bank of Montreal Frn 31Dec49 2.52%
Manitoulin USD Frn 10Nov27 2.51%
Toronto-Dominion Bank Frn 31Dec49 2.50%
Bank of Nova Scotia Frn 27Jul82 2.48%
Royal Bank of Canada Frn 24Nov80 2.40%
Acadia Healthcare Co Inc 5.50% 01Jul28 2.28%
Rogers Communications Inc Frn 17Dec81 2.24%

Exposure Breakout ±±

Name Weight
Long 118.85%
Short -31.30%
Gross 150.15%
Net 87.54%

±± 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 2.14 4.05
Credit Rating BB+ –
Issuers 135 22071
Yield To Maturity 6.57% 7.00%

Fees

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

Historical Net Asset Values

Start Date

End Date

Effective Date Net Asset Value Distributions
2024-07-25 $8.12 —
2024-07-24 $8.12 —
2024-07-23 $8.10 —
2024-07-22 $8.10 —
2024-07-19 $8.10 —
2024-07-18 $8.11 —
2024-07-17 $8.10 —
2024-07-16 $8.10 —
2024-07-15 $8.09 —
2024-07-12 $8.09 —
2024-07-11 $8.09 —
2024-07-10 $8.07 —
2024-07-09 $8.08 —
2024-07-08 $8.08 —
2024-07-05 $8.08 —
2024-07-04 $8.06 —
2024-07-03 $8.06 —
2024-07-02 $8.05 —
2024-06-28 $8.06 0.0333
2024-06-27 $8.09 —
2024-06-26 $8.10 —
2024-06-25 $8.10 —
2024-06-24 $8.10 —
2024-06-21 $8.10 —
2024-06-20 $8.10 —
2024-06-19 $8.07 —
2024-06-18 $8.08 —
2024-06-17 $8.07 —
2024-06-14 $8.08 —
2024-06-13 $8.08 —
2024-06-12 $8.08 —
2024-06-11 $8.07 —
2024-06-10 $8.07 —
2024-06-07 $8.07 —
2024-06-06 $8.08 —
2024-06-05 $8.08 —
2024-06-04 $8.06 —
2024-06-03 $8.05 —
2024-05-31 $8.05 0.0333
2024-05-30 $8.07 —
2024-05-29 $8.07 —
2024-05-28 $8.08 —
2024-05-27 $8.07 —
2024-05-24 $8.07 —
2024-05-23 $8.07 —
2024-05-22 $8.07 —
2024-05-21 $8.08 —
2024-05-17 $8.06 —
2024-05-16 $8.06 —
2024-05-15 $8.06 —
2024-05-14 $8.04 —
2024-05-13 $8.03 —
2024-05-10 $8.03 —
2024-05-09 $8.04 —
2024-05-08 $8.04 —
2024-05-07 $8.03 —
2024-05-06 $8.03 —
2024-05-03 $8.03 —
2024-05-02 $8.02 —
2024-05-01 $8.01 —
2024-04-30 $8.00 0.0333
2024-04-29 $8.03 —
2024-04-26 $8.02 —
2024-04-25 $8.02 —
2024-04-24 $8.03 —
2024-04-23 $8.03 —
2024-04-22 $8.02 —
2024-04-19 $8.03 —
2024-04-18 $8.03 —
2024-04-17 $8.03 —
2024-04-16 $8.03 —
2024-04-15 $8.03 —
2024-04-12 $8.04 —
2024-04-11 $8.02 —
2024-04-10 $8.03 —
2024-04-09 $8.03 —
2024-04-08 $8.02 —
2024-04-05 $8.02 —
2024-04-04 $8.03 —
2024-04-03 $8.02 —
2024-04-02 $8.02 —
2024-04-01 $8.02 —
2024-03-28 $8.02 0.0333
2024-03-27 $8.06 —
2024-03-26 $8.05 —
2024-03-25 $8.05 —
2024-03-22 $8.05 —
2024-03-21 $8.04 —
2024-03-20 $8.04 —
2024-03-19 $8.03 —
2024-03-18 $8.03 —
2024-03-15 $8.03 —
2024-03-14 $8.03 —
2024-03-13 $8.02 —
2024-03-12 $8.02 —
2024-03-11 $8.03 —
2024-03-08 $8.02 —
2024-03-07 $8.02 —
2024-03-06 $8.02 —
2024-03-05 $8.02 —
2024-03-04 $8.00 —
2024-03-01 $8.01 —
2024-02-29 $8.00 0.0333
2024-02-28 $8.03 —
2024-02-27 $8.02 —
2024-02-26 $8.02 —
2024-02-23 $8.02 —
2024-02-22 $8.01 —
2024-02-21 $8.01 —
2024-02-20 $8.00 —
2024-02-16 $7.99 —
2024-02-15 $7.99 —
2024-02-14 $7.99 —
2024-02-13 $7.99 —
2024-02-12 $7.99 —
2024-02-09 $7.98 —
2024-02-08 $7.99 —
2024-02-07 $8.00 —
2024-02-06 $8.00 —
2024-02-05 $7.99 —
2024-02-02 $8.01 —
2024-02-01 $8.02 —
2024-01-31 $8.01 0.0333
2024-01-30 $8.03 —
2024-01-29 $8.02 —
2024-01-26 $8.02 —
2024-01-25 $8.01 —
2024-01-24 $8.01 —
2024-01-23 $8.01 —
2024-01-22 $8.00 —
2024-01-19 $7.99 —
2024-01-18 $7.99 —
2024-01-17 $7.99 —
2024-01-16 $7.99 —
2024-01-15 $7.99 —
2024-01-12 $7.99 —
2024-01-11 $7.98 —
2024-01-10 $7.97 —
2024-01-09 $7.98 —
2024-01-08 $7.98 —
2024-01-05 $7.99 —
2024-01-04 $7.99 —
2024-01-03 $7.99 —
2024-01-02 $7.98 —
2023-12-29 $7.98 0.0330
2023-12-28 $8.01 —
2023-12-27 $8.00 —
2023-12-22 $7.99 —
2023-12-21 $7.99 —
2023-12-20 $8.01 —
2023-12-19 $7.98 —
2023-12-18 $7.97 —
2023-12-15 $7.98 —
2023-12-14 $7.97 —
2023-12-13 $7.95 —
2023-12-12 $7.95 —
2023-12-11 $7.94 —
2023-12-08 $7.94 —
2023-12-07 $7.96 —
2023-12-06 $7.96 —
2023-12-05 $7.95 —
2023-12-04 $7.93 —
2023-12-01 $7.92 —
2023-11-30 $7.91 0.0330
2023-11-29 $7.94 —
2023-11-28 $7.93 —
2023-11-27 $7.92 —
2023-11-24 $7.91 —
2023-11-23 $7.91 —
2023-11-22 $7.91 —
2023-11-21 $7.90 —
2023-11-20 $7.89 —
2023-11-17 $7.89 —
2023-11-16 $7.89 —
2023-11-15 $7.88 —
2023-11-14 $7.89 —
2023-11-13 $7.85 —
2023-11-10 $7.86 —
2023-11-09 $7.87 —
2023-11-08 $7.87 —
2023-11-07 $7.87 —
2023-11-06 $7.86 —
2023-11-03 $7.86 —
2023-11-02 $7.83 —
2023-11-01 $7.79 —
2023-10-31 $7.78 0.0330
2023-10-30 $7.80 —
2023-10-27 $7.82 —
2023-10-26 $7.81 —
2023-10-25 $7.80 —
2023-10-24 $7.81 —
2023-10-23 $7.81 —
2023-10-20 $7.81 —
2023-10-19 $7.80 —
2023-10-18 $7.81 —
2023-10-17 $7.81 —
2023-10-16 $7.83 —
2023-10-13 $7.85 —
2023-10-12 $7.85 —
2023-10-11 $7.85 —
2023-10-10 $7.84 —
2023-10-06 $7.81 —
2023-10-05 $7.83 —
2023-10-04 $7.84 —
2023-10-03 $7.84 —
2023-10-02 $7.86 —
2023-09-29 $7.86 0.0330
2023-09-28 $7.89 —
2023-09-27 $7.89 —
2023-09-26 $7.91 —
2023-09-25 $7.91 —
2023-09-22 $7.92 —
2023-09-21 $7.92 —
2023-09-20 $7.91 —
2023-09-19 $7.90 —
2023-09-18 $7.91 —
2023-09-15 $7.91 —
2023-09-14 $7.91 —
2023-09-13 $7.91 —
2023-09-12 $7.92 —
2023-09-11 $7.91 —
2023-09-08 $7.91 —
2023-09-07 $7.92 —
2023-09-06 $7.91 —
2023-09-05 $7.92 —
2023-09-01 $7.92 —
2023-08-31 $7.92 0.0330
2023-08-30 $7.94 —
2023-08-29 $7.94 —
2023-08-28 $7.94 —
2023-08-25 $7.94 —
2023-08-24 $7.95 —
2023-08-23 $7.95 —
2023-08-22 $7.94 —
2023-08-21 $7.95 —
2023-08-18 $7.96 —
2023-08-17 $7.97 —
2023-08-16 $7.96 —
2023-08-15 $7.96 —
2023-08-14 $7.96 —
2023-08-11 $7.96 —
2023-08-10 $7.97 —
2023-08-09 $7.97 —
2023-08-08 $7.97 —
2023-08-04 $7.97 —
2023-08-03 $7.95 —
2023-08-02 $7.96 —
2023-08-01 $7.95 —
2023-07-31 $7.95 0.0330
2023-07-28 $7.98 —
2023-07-27 $7.99 —

Portfolio Management

Phil Mesman, CFA

Portfolio Manager, Co-Head Fixed Income

Sam Acton, CFA

Portfolio Manager, Co-Head Fixed Income

    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.