PM Fortified Income Fund Cl F
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Fund Sponsor: Picton Mahoney Asset Management
Portfolio Manager: Picton Mahoney Asset Management
Fund Type: Open-Ended

Asset Class: High Yield Fixed Income
5-Star Rating:
RRSP Eligible: Yes

Inception Date: November, 2015
Total Assets: $382.19Million  
Sales Fee Type: No Load
Mgmt Expense Ratio (MER): 1.40%
Closed: No

Min. Invest (initial):
Min. Invest (initial RRSP):
Subsequent RRSP:
Restricted: No


As of December 3, 2018

Current Price: $10.90
Daily Change $: -$0.01
1 day: -0.13%
7 day: -0.20%
Month-to-Date: -0.13%
30 day: -1.64%
Year-to-Date: -0.88%

Returns as of October 31, 2018
Fund Group Avg Index*
1 month -0.72% -1.35% -1.35%
3 month 0.47% -0.99% -0.99%
6 month 0.19% -0.55% -0.55%
1 year 1.02% -0.95% -1.04%
3 year n/a 3.77% 3.34%
5 year n/a 2.96% 2.70%
10 year n/a 6.44% 6.26%
15 year n/a 4.07% 4.19%
20 year n/a 4.24% 4.34%
Since Inception 8.36% n/a n/a
3 year risk n/a 4.88 3.54
3 year beta n/a n/a 1.00
* Index refers to Globe High Yield Fixed Income Peer Index

Top Holdings as of Jun 29, 2018
Other       14.96%
Standard Chartered PLC Frn Perp       2.52%
HCA Inc 7.500% 15-Dec-2023       2.40%
Phelps Dodge       2.37%
Royal Bank of Scotland Group PLC Perp       2.32%
Baytex Energy Corp 5.125% 01-Jun-2021       2.13%
Neptune Fin 10.875% 15-Oct-2025       2.06%
No Name Available       1.99%
Untd Rentl Nr Am 5.75% 11/15/24 Sr:       1.99%
Quebecor Media Inc 6.625% 15-Jan-2023       1.98%

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Fund Codes & Fees
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Fund Price History
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Distribution Report (18 Months Up To December 3, 2018)

Frequency of Income Distributions:  None
Frequency of Capital Gain Distributions:  None

Date Income
(Current Period)
Trailing 12-
Months Total
Jun 30, 2017 0.0761   0.0761 0.8223 11.235
Sep 29, 2017 0.1009   0.1009 0.8077 11.319
Dec 22, 2017 0.0446 0.1285 0.1731 0.4468 11.308
Mar 29, 2018 0.1246   0.1246 0.4747 11.221
Jun 29, 2018 0.0729   0.0729 0.4715 11.079
Sep 28, 2018 0.1027   0.1027 0.4733 11.151

Investment Objectives
The investment objective of the Picton Mahoney Fortified Income Fund is to maximize total return to Unitholders through income and capital appreciation by investing primarily in global income securities while mitigating capital loss by engagin gin hedging strategies for downside risk protection.

Portfolio Composition
as of Jun 29, 2018

Sector Weightings
as of Jun 29, 2018

Bond 75.20% 5-10 years maturity 40.80%
Other 13.71% 1-5 years maturity 12.93%
Cash and Short Term Securities 10.54% Unknown 8.43%
Stock 0.54% More than 20 years maturity 5.70%
10-20 years maturity 1.82%
Less than 1 year maturity 0.16%

Portfolio Manager(s)

Phil Mesman Manager
Picton Mahoney Asset Management
Start Date: November, 2015
Fund Return: 8.36%
Philip Mesman has 16 years of investment industry experience specializing in income oriented securities. Prior to joining Picton Mahoney, he was Managing Director and Portfolio Manager at HIM Monegy, a subsidiary of Harris Investments. Mr. Mesman's previous business experience includes portfolio management, quantitative and credit analytics and trading through positions at a Canadian chartered bank, Merrill Lynch and Greywolf Capital. He 58 additionally brings expertise in the long/short, special situation and structured product arenas. Mr. Mesman earned a B.A. in Economics from the University of Western Ontario and is a Chartered Financial Analyst Charterholder.
Also manages: PM Fortified Income Fund Cl A, PM Fortified Income Fund Cl FT, PM Fortified Income Fund Cl T
Team Managed Picton Mahoney Asset Management Manager
Picton Mahoney Asset Management
Start Date: November, 2015
Fund Return: 8.36%
Also manages: PM Conc Opportunistic L/S Fund A, PM Conc Opportunistic L/S Fund F, PM Fortified Equity Class A, PM Fortified Equity Class F, PM Fortified Income Fund Cl A, PM Fortified Income Fund Cl FT, PM Fortified Income Fund Cl T, PM Fortified Multi-Asset Class FT, PM Fortified Multi-Asset Class T, PM Fortified Multi-Asset Fund Cl A, PM Fortified Multi-Asset Fund Cl F, PM Global Long Short Equity Cl A, PM Long Short Equity Class A, PM Market Neutral Equity A, Picton Mahoney Divers Strategies A, Picton Mahoney Gl Mkts Neutral Eq-A, Picton Mahoney Inc Opportunities UA, Picton Mahoney Inc Opportunities UF, Picton Mahoney Income Opp A, Picton Mahoney L/S Emerging Mkts A, Picton Mahoney Lg Sh Glbl Res A, Picton Mahoney Special Sits Fund A, Picton Mahoney Special Sits Fund F