Key Takeaways
- • Picton Mahoney Asset Management launched the Picton Mahoney Fortified Investment Grade Alternative Fund, offering Class A, F, I and O units plus ETF units, with Class A, F, I and O units launched November 6, 2024 and the ETF units trading on the Toronto Stock Exchange.
- • The fund follows a long/short North American strategy centered on investment-grade credit, combining outright and relative value trading with targeted hedging such as shorting.
- • Portfolio manager Jason Young, who joined Picton Mahoney in 2024, said the fund targets low correlation to major markets and is designed to mitigate interest rate, liquidity, currency and credit risks.
- • Picton Mahoney reported CAD $11.4 billion in assets under management as of October 31, 2024.
Summary
Picton Mahoney Asset Management, a Toronto-based portfolio management boutique, announced the launch of the Picton Mahoney Fortified Investment Grade Alternative Fund, according to a Business Wire release. The fund is offered in four unit classes, Class A, Class F, Class I and Class O, along with ETF units. The ETF units began trading on the Toronto Stock Exchange on the announcement date, while the Class A, F, I and O units launched on November 6, 2024 and are available to the public. The release states the offering is not for distribution in the U.S.
The fund follows a long/short North American strategy focused on investment-grade credit. According to the firm, it aims to deliver strong risk-adjusted returns by actively trading both outright and relative value opportunities while offering low correlation to major markets. To manage risks commonly associated with fixed income investing, including interest rate, liquidity, currency and credit risk, the fund incorporates targeted hedging tools such as shorting.
Jason Young, Fixed Income Portfolio Manager at Picton Mahoney, described the launch as a new fixed income strategy timed to current conditions. He cited economic uncertainty and heightened interest rate volatility, and said the long/short approach and hedging tools allow the fund to mitigate macro risks while pursuing fundamental relative value opportunities. Young joined Picton Mahoney in 2024 after roles at GWN Capital Management Ltd. and Gluskin Sheff + Associates Inc., and previously spent much of his career at TD Securities Inc., including as Managing Director, Head of Global Credit Trading.
Picton Mahoney, founded in 2004 and 100% employee owned, reported over CAD $11.4 billion in assets under management as of October 31, 2024. The release notes that alternative mutual funds can only be purchased through a registered dealer and are available only where lawfully offered.
The fund follows a long/short North American strategy focused on investment-grade credit. According to the firm, it aims to deliver strong risk-adjusted returns by actively trading both outright and relative value opportunities while offering low correlation to major markets. To manage risks commonly associated with fixed income investing, including interest rate, liquidity, currency and credit risk, the fund incorporates targeted hedging tools such as shorting.
Jason Young, Fixed Income Portfolio Manager at Picton Mahoney, described the launch as a new fixed income strategy timed to current conditions. He cited economic uncertainty and heightened interest rate volatility, and said the long/short approach and hedging tools allow the fund to mitigate macro risks while pursuing fundamental relative value opportunities. Young joined Picton Mahoney in 2024 after roles at GWN Capital Management Ltd. and Gluskin Sheff + Associates Inc., and previously spent much of his career at TD Securities Inc., including as Managing Director, Head of Global Credit Trading.
Picton Mahoney, founded in 2004 and 100% employee owned, reported over CAD $11.4 billion in assets under management as of October 31, 2024. The release notes that alternative mutual funds can only be purchased through a registered dealer and are available only where lawfully offered.
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