Skip to main content

Commentary

Featured Insights

Recent Insights

  • Commentary Absolute Alpha Commentary: As at June 30, 2023
    Both Alpha Funds provided positive returns in Q2 with very small beta exposure to traditional stocks and bonds as measured by our analysis of daily portfolio returns. The Fund continues to provide returns independent of market direction.
    Source: Neil Simons
    Publish Date: Jul 19, 2023
    Read Time: 4 minutes
  • Commentary Fixed Income Commentary: As at June 30, 2023
    The second quarter of 2023 saw markets broadly recover from the banking sector concerns in March. As economic growth and labour markets proved resilient, rate cut expectations shifted quickly back toward further rate hikes.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Jul 13, 2023
    Read Time: 3 minutes
  • Commentary Merger Arbitrage Commentary: As at June 30, 2023
    The Picton Mahoney Fortified Arbitrage Alternative Fund Cl F returned 0.27%, and Picton Mahoney Fortified Arbitrage Plus Alternative Fund Cl F returned -0.27% in the second quarter of 2023.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jul 13, 2023
    Read Time: 6 minutes
  • Commentary Picton Mahoney's Top Summer Reads
    Nourish your brain this summer with these book recommendations from some key leaders at Picton Mahoney.
    Source: Picton Mahoney Asset Management
    Publish Date: Jul 5, 2023
    Read Time: 12 minutes
  • Commentary Multi-Asset Strategies Commentary: As at March 31, 2023
    Global asset classes were mostly positive in Q1 with diversification benefits available across asset markets. Market participants continue to focus on central bank activity as their resolve to stamp out inflation is being countered by recession risks.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Apr 18, 2023
    Read Time: 9 minutes
  • Commentary Equity Commentary: As at March 31, 2023
    The pace and magnitude of interest rate hikes globally have wreaked havoc on equity valuations. The challenges of slowing economic growth and ongoing optimistic policy responses from global central banks have been further highlighted by stress shown in the broader financial sector.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Apr 18, 2023
    Read Time: 8 minutes
  • Commentary Absolute Alpha Commentary: As at March 31, 2023
    While the returns for the fund were negative for the quarter, traditional stocks and bonds provided positive returns in Q1. The Fund continues to provide returns independent of market direction.
    Source: Neil Simons
    Publish Date: Apr 18, 2023
    Read Time: 3 minutes
  • Commentary Merger Arbitrage Commentary: As at March 31, 2023
    The Picton Mahoney Fortified Arbitrage Alternative Fund Cl F returned 0.46%, and Picton Mahoney Fortified Arbitrage Plus Alternative Fund Cl F returned 0.10% in the first quarter of 2023.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Apr 14, 2023
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at March 31, 2023
    After an extremely volatile year in 2022, fixed income markets are off to a wild start in 2023, with the first quarter seeing three distinct periods.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Apr 14, 2023
    Read Time: 7 minutes
  • Commentary Commentary Regarding Silicon Valley Bank (SVB) Failure: As at March 13, 2023
    Each of our portfolio management teams have shared insights below on how the events surrounding the collapse of Silicon Valley Bank (“SVB”) last week are impacting their asset class and portfolios.
    Source: Picton Mahoney Asset Management
    Publish Date: Mar 14, 2023
  • Commentary Equity Commentary: As at December 31, 2022
    Equities staged a strong recovery rally in the fourth quarter of 2022, with peaking inflation and falling interest rates helping drive stocks higher.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Jan 13, 2023
    Read Time: 7 minutes
  • Commentary Absolute Alpha Commentary: As at December 31, 2022
    While traditional asset markets have performed poorly in 2022, the Fund continues to provide safety and positive returns in an environment where capital preservation is important.
    Source: Neil Simons
    Publish Date: Jan 13, 2023
    Read Time: 4 minutes
  • Commentary Multi-Asset Strategies Commentary: As at December 31, 2022
    We believe that a peak in negative sentiment may be behind us, as macro risks such as China’s ongoing shutdowns and the energy crisis in Europe might be close to being fully priced in. Inflation expectations have tempered, which combined with an end to zero-COVID policy in China will likely reinvigorate the debate around a soft versus hard landing for the global economy.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Jan 13, 2023
    Read Time: 9 minutes
  • Commentary Merger Arbitrage Commentary: As at December 31, 2022
    The Picton Mahoney Fortified Arbitrage Alternative Fund Cl F returned 1.27%, and Picton Mahoney Fortified Arbitrage Plus Alternative Fund Cl F returned 1.93% in the fourth quarter of 2022.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jan 10, 2023
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at December 31, 2022
    In Q4, the Picton Mahoney Fortified Income Fund Cl F returned 0.87% and the Picton Mahoney Fortified Income Alternative Fund Cl F also returned 0.87% underperforming the blended benchmark composed of 75% ICE BofAML Global High Yield Index / 25% ICE BofAML Global Corporate Index (TR) (Hedged to CAD). Defensive positioning and portfolio hedging were the primary drivers of the underperformance in the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Jan 10, 2023
    Read Time: 4 minutes
  • Commentary Multi-Asset Strategies Commentary: As at September 30, 2022
    Q3 was a story of two halves with the first half consisting of a rebound across most risk assets. While the second half was a resumption of the 2022 theme of declining and volatile financial markets due to higher-than-expected inflation data and subsequent hawkish central banks. Recession fears caused the second half sell-off in equity and fixed income markets to spill over into other growth-related assets and inflation hedges.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Oct 12, 2022
    Read Time: 9 minutes
  • Commentary Equity Commentary: As at September 30, 2022
    We’re confident that inflation is peaking and will likely decline substantially from current levels. We are also confident in our belief that the economy is set to slow. We remain concerned that equities may hit new bear market lows before staging a meaningful rally.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Oct 12, 2022
    Read Time: 5 minutes
  • Commentary Absolute Alpha Commentary: As at September 30, 2022
    While traditional asset markets have performed poorly in 2022, the Fund continue to provide safety and positive returns in an environment where capital preservation is important.
    Source: Neil Simons
    Publish Date: Oct 12, 2022
    Read Time: 4 minutes
  • Commentary Merger Arbitrage Commentary: As at September 30, 2022
    The arbitrage funds rebounded in the third quarter, with Picton Mahoney Fortified Arbitrage Alternative Fund Cl F returning 1.05%, and Picton Mahoney Fortified Arbitrage Plus Alternative Fund Cl F returning 1.75%.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Oct 7, 2022
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at September 30, 2022
    In Q3, the Picton Mahoney Fortified Income Fund Cl F returned -1.9% and the Picton Mahoney Fortified Income Alternative Fund Cl F returned -1.3% outperforming the blended benchmark composed of 75% ICE BofAML Global High Yield Index / 25% ICE BofAML Global Corporate Index (TR) (Hedged to CAD). Defensive positioning and portfolio hedging primarily drove the outperformance in the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Oct 7, 2022
    Read Time: 3 minutes
  • Commentary Uncertainty Creates Opportunity:
    Today's Need for Long-Short Credit
    After a crushing first half of 2022, the bond market rallied this summer as investors observed early signs of inflation peaking and became hopeful for a U.S. Federal Reserve (Fed) Policy pause. The reprieve was short-lived as the Fed reinforced their hawkish stance and their commitment to do whatever it takes to bring inflation down.
    Source: Fixed Income Team
    Publish Date: Sep 9, 2022
    Run Time: 7 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at June 30, 2022
    Though our economic cycle model has seen increasing odds of recession, we believe central bank policymakers may eventually cede their hawkish stance given a likely combination of inflation readings, easing and further weakness in broader economic data.
    Source: Michael White, CFA
    Publish Date: Jul 15, 2022
    Read Time: 6 minutes
  • Commentary Multi-Asset Strategies Commentary: As at June 30, 2022
    The most notable macroeconomic theme in Q2 was the ongoing hawkishness of Central Banks around the world along with financial markets increasingly pricing in a global growth slowdown. Most asset classes were lower over the quarter with higher government bonds yields impacting equity valuations and credit spreads while the expectations of slower economic growth impacted growth sensitive commodities.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Jul 15, 2022
    Read Time: 10 minutes
  • Commentary Absolute Alpha Commentary: As at June 30, 2022
    We believe this short-term correlation and underperformance of strategies is temporary in nature and believe sourcing returns from non-directional, uncorrelated strategies is the best long-term strategy.
    Source: Neil Simons
    Publish Date: Jul 13, 2022
    Read Time: 4 minutes
  • Commentary Equity Commentary: As at June 30, 2022
    While headwind inflation is not rolling over and there are no signs that the U.S. Federal Reserve will become less aggressive, we expect this to change in the coming months ahead as economic data worsens and inflation falls, leading to the Fed moderating their rate tightening relative to expectations.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Jul 13, 2022
    Read Time: 6 minutes
  • Commentary Fixed Income Commentary: As at June 30, 2022
    In Q2, the Picton Mahoney Fortified Income Fund (Class F) returned -4.53% and the Picton Mahoney Fortified Income Alternative Fund (Class F) returned -3.66% outperforming the blended benchmark composed of 75% ICE BofAML Global High Yield Index / 25% ICE BofAML Global Corporate Index (TR) (Hedged to CAD). Defensive positioning and portfolio hedging primarily drove the outperformance in the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Jul 6, 2022
    Read Time: 3 minutes
  • Commentary Merger Arbitrage Commentary: As at June 30, 2022
    Our arbitrage funds were modestly negative for the quarter (-1.11% and -2.23%, respectively for Picton Mahoney Fortified Arbitrage Fund Cl F and Picton Mahoney Fortified Arbitrage Plus Fund Cl F) in what were very challenging markets for most asset classes. The attribution of this quarter’s performance was roughly two-thirds due to merger arbitrage and one-third due to special purpose acquisition corporations (“SPACs”).
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jul 6, 2022
    Read Time: 5 minutes
  • Commentary Inflation Outlook - Market Implications and What's Next?
    Our view on inflation following the U.S. Federal Reserve's decision to hike interest rates by 75 bps.
    Source: Shechar Dworski, PhD, CFA
    Publish Date: Jun 16, 2022
    Read Time: 6 minutes
  • Commentary From the Bond Desk: Breaking Down Bonds
    As we all know, it’s been a tough year for bonds and the market is still struggling to find its bearings as the U.S. Federal Reserve, economic indicators, and financial conditions create uncertainty for investors. So many questions! But perhaps the most important question of all is what should investors do with fixed income allocations right now amidst the uncertainties.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Jun 3, 2022
    Read Time: 8 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at April 30, 2022
    We remain firm in the view that we are in the midst of some form of mid-cycle slowdown, exacerbated by sanctions and trade impacts from the war in Ukraine and ongoing COVID issues in China.
    Source: Michael White, CFA
    Publish Date: May 20, 2022
    Read Time: 6 minutes
  • Commentary Equity Commentary: As at March 31, 2022
    The combined challenges of slowing economic growth and a shift in central bank policy response to rising inflation have been exacerbated by the war in Ukraine.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Apr 20, 2022
    Read Time: 5 minutes
  • Commentary Multi-Asset Strategies Commentary: As at March 31, 2022
    The war in Ukraine may continue to give some pause to the potential for aggressive / continued rate hikes and uncomfortable inflation continues to hold, exacerbated in many ways by the situation in Ukraine and assertive sanctions placed on Russia.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Apr 20, 2022
    Read Time: 9 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at March 31, 2022
    We continue to believe that the world is experiencing a mid-cycle slowdown, albeit exacerbated by sanctions and trade impacts from the war in Ukraine.
    Source: Michael White, CFA
    Publish Date: Apr 20, 2022
    Read Time: 6 minutes
  • Commentary Absolute Alpha Commentary: As at March 31, 2022
    Despite increased hawkishness across global central bankers along with the war in Ukraine caused a significant amount of volatility in markets, the Fund continues to provide returns independent of market direction.
    Source: Neil Simons
    Publish Date: Apr 19, 2022
    Read Time: 3 minutes
  • Commentary Merger Arbitrage Commentary: As at March 31, 2022
    Our arbitrage funds were modestly positive in Q1, protecting capital in a difficult environment for stocks and bonds. The merger arbitrage portfolio benefitted from the closing of three large marquee deals in the quarter, and we continue to be active in buying SPAC common shares with attractive yields to maturity.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Apr 18, 2022
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at March 31, 2022
    Given the Fed’s use of financial conditions as a policy transmission mechanism to the real economy, we believe the resilience of equities and credit creates an awkward setup for the Fed as they may need to be even more aggressive than current expectations to effectively combat the risk of higher inflation.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Apr 14, 2022
    Read Time: 3 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at February 28, 2022
    The war in Ukraine is certainly a new and appreciable risk dynamic, but we remain constructive that the global economic backdrop has not suffered enough to tip us into recession in the near-term.
    Source: Michael White, CFA
    Publish Date: Mar 22, 2022
    Read Time: 7 minutes
  • Commentary Ukraine/Russia Geopolitical Event -
    Investment Team Commentary
    The portfolio management teams of our major asset classes weigh in with their take on the very fluid situation in Ukraine, and the implications for our portfolios.
    Source: Investment Team
    Publish Date: Feb 25, 2022
    Run Time: 10 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at January 31, 2022
    Our house view maintains that headwinds will prevail in the first half of the year as a combination of slowing economic growth conflicts with interest rates significantly higher than when the growth slowdown began.
    Source: Michael White, CFA
    Publish Date: Feb 23, 2022
    Read Time: 6 minutes
  • Commentary Absolute Alpha Commentary: As at December 31, 2021
    Despite the emergence of the Omicron variant and the associated uncertainty around economic activity in Q4, the Fund continues to provide returns independent of market direction.
    Source: Neil Simons
    Publish Date: Jan 14, 2022
    Read Time: 4 minutes
  • Commentary Multi-Asset Strategies Commentary: As at December 31, 2021
    The emergence of the Omicron variant and the associated uncertainty around economic activity was most notable macroeconomic event in Q4 and diversification proved once again to be an effective tool.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Jan 14, 2022
    Read Time: 9 minutes
  • Commentary Equity Commentary: As at December 31, 2021
    Over the coming quarters, we believe equity markets will need to navigate headwinds from monetary tightening and fading fiscal tailwinds.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Jan 12, 2022
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at December 31, 2021
    Interest rate and credit hedging, as well as defensive credit positioning were key contributors to the outperformance of our income funds during the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Jan 12, 2022
    Read Time: 3 minutes
  • Commentary Merger Arbitrage Commentary: As at December 31, 2021
    The fourth quarter of 2021 was relatively straightforward for the arbitrage strategies as there were no deal breaks on the merger arbitrage side and special purpose acquisition corporations (“SPACs”) made a solid contribution to fund performance.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jan 12, 2022
    Read Time: 4 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at December 31, 2021
    As we start a new year, we believe tactical opportunities will present themselves with respect to both hedging and adding to risk assets, depending on the macro backdrop in the months ahead.
    Source: Michael White, CFA
    Publish Date: Jan 7, 2022
    Read Time: 6 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at November 30, 2021
    With a focus on the diversification benefits, the Fund's positioning demonstrates how our approach to garnering returns within each asset class is unique and suits our portfolio construction framework.
    Source: Michael White, CFA
    Publish Date: Dec 17, 2021
    Read Time: 6 minutes
  • Commentary Picton Mahoney Fortified Multi-Asset Fund Monthly Positioning: As at October 31, 2021
    With a focus on the diversification benefits, the Fund's positioning demonstrates how our approach to garnering returns within each asset class is unique and suits our portfolio construction framework.
    Source: Michael White, CFA
    Publish Date: Dec 1, 2021
    Read Time: 6 minutes
  • Commentary Equity Commentary: As at September 30, 2021
    As we go into the Fall, we believe we are starting the final chapter of a mid-cycle transition.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Oct 15, 2021
    Read Time: 6 minutes
  • Commentary Multi-Asset Strategies Commentary: As at September 30, 2021
    Monthly performance across risk markets was mixed through Q3, with early gains diminished somewhat by weakness in September.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Oct 15, 2021
    Read Time: 9 minutes
  • Commentary Merger Arbitrage Commentary: As at September 30, 2021
    In our last update we talked about the wide spreads we were seeing in merger arbitrage but also the greater regulatory risk that we believe was at least partially causing these wider spreads. In Q3, we saw some of this uncertainty rear its head.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Oct 15, 2021
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at September 30, 2021
    Defensive positioning and hedging gains in September were a key contributor to the outperformance in the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Oct 15, 2021
    Read Time: 3 minutes
  • Commentary Absolute Alpha Commentary: As at September 30, 2021
    Q3 was bifurcated with the upward movement in global equity markets in July and August followed by a reversal through September. The Fund was successful in providing positive returns independent of markets.
    Source: Neil Simons
    Publish Date: Oct 15, 2021
    Read Time: 4 minutes
  • Commentary Absolute Alpha Commentary: As at June 30, 2021
    In Q2, the Fund was successful in providing positive returns independent of markets. Portfolio risk remained at the lower end of our expected range. Given the uncertain outlook, diversification will continue to be the most prudent approach.
    Source: Neil Simons
    Publish Date: Jul 30, 2021
    Read Time: 4 minutes
  • Commentary Merger Arbitrage Commentary: As at June 30, 2021
    The second quarter of 2021 can be characterized as “back to business as usual” for the arbitrage strategies, with notable developments in M&A during the period.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jul 15, 2021
    Read Time: 5 minutes
  • Commentary Multi-Asset Strategies Commentary: As at June 30, 2021
    Q2 was generally positive risk market, with reopening themes adding to gains, but colling toward the end of the period. Given the increasingly uncertain outlook, we continue to uphold “diversification” as the watchword.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Jul 15, 2021
    Read Time: 9 minutes
  • Commentary Equity Commentary: As at June 30, 2021
    Equity markets continued to go higher in Q2, but rotation in the market has already started amid concerns of peak economic growth, higher inflation, and peak monetary and fiscal stimulus.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Jul 15, 2021
    Read Time: 5 minutes
  • Commentary Fixed Income Commentary: As at June 30, 2021
    We continue to be very active with new idea generation and have added several new special situation investments to our funds during the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Jul 15, 2021
    Read Time: 4 minutes
  • Commentary Multi-Asset Strategies Commentary: As at March 31, 2021
    As interest rates rose with some vigor in the quarter, thematic performance continued to shift in notable fashion. Against this backdrop, “diversification” continued to be the watchword…
    Source: Michael White, CFA | Neil Simons
    Publish Date: Apr 15, 2021
    Read Time: 8 minutes
  • Commentary Fixed Income Commentary: As at March 31, 2021
    Q1 was eventful for fixed income as global government bond yields rose rapidly during the period. Our interest rate hedges and event driven situations were primary contributors to our funds during the quarter.
    Source: Phil Mesman, CFA | Sam Acton, CFA
    Publish Date: Apr 15, 2021
    Read Time: 3 minutes
  • Commentary Merger Arbitrage Commentary: As at March 31, 2021
    Q1 was a tale of two halves, but the Merger Arb strategies ended with solid returns despite the uncharacteristic volatility for the strategies in the 2nd half of the quarter.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Apr 15, 2021
    Read Time: 4 minutes
  • Commentary Equity Commentary: As at March 31, 2021
    Q1 of 2021 provided some interesting market dynamics to for the Equity team to navigate, and opportunistically capitalize on, as we saw another market unwind occur.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Apr 15, 2021
    Read Time: 8 minutes
  • Commentary Multi-Asset Strategies Commentary: As at December 31, 2020
    With no shortage of macro headline risks (global pandemic, high-stakes U.S. Election, Brexit finality), one would wonder how risk markets have managed to stay in gear at all.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Jan 15, 2021
    Read Time: 8 minutes
  • Commentary Fixed Income Commentary: As at December 31, 2020
    Given the stretched valuations in fixed income we believe it’s a great opportunity to layer in hedges in both credit and rates to reduce potential volatility.
    Source: Phil Mesman, CFA
    Publish Date: Jan 15, 2021
    Read Time: 3 minutes
  • Commentary Equity Commentary: As at December 31, 2020
    The Canadian equity market rallied during Q4 with optimism on the arrival of a COVID-19 vaccine leading to a rotation of leadership into cyclical and COVID recovery stocks.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
    Publish Date: Jan 15, 2021
    Read Time: 9 minutes
  • Commentary Merger Arbitrage Commentary: As at December 31, 2020
    The Merger Arbitrage strategies performed well during Q4 2020 as SPACs continued to deliver strong contributions to the overall performance of the strategies.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jan 15, 2021
    Read Time: 3 minutes
  • Commentary Fixed Income Commentary: As at September 30, 2020
    With fiscal stimulus, steady economic improvement and vaccine prospects supporting risk assets, our actively managed fixed income funds outperformed their benchmarks.
    Source: Phil Mesman, CFA
    Publish Date: Oct 23, 2020
    Read Time: 2 minutes
  • Commentary Multi-Asset Strategies Commentary: As at September 30, 2020
    Rich diversification options in our multi-strategy funds helped our managers mitigate volatility, limit risks and post good-quality returns in Q3.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Oct 23, 2020
    Read Time: 5 minutes
  • Commentary Equity Commentary: As at September 30, 2020
    Q3 saw a rebound in North America, but less so internationally, with a new economic cycle still forestalled by volatility and COVID-related unknowns.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
    Publish Date: Oct 21, 2020
    Read Time: 9 minutes
  • Commentary Merger Arbitrage Commentary: As at September 30, 2020
    As COVID-19 restrictions eased in Q3, strong M&A activity and a vigorous SPAC market helped our merger arbitrage strategies deliver strong quarterly performance.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Oct 21, 2020
    Read Time: 3 minutes
  • Commentary Equity Commentary: As at June 30, 2020
    Q2 earnings will reflect recent troughs, but North America and China continue to rally, with cyclicals offering potential, and Europe showing promise.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
    Publish Date: Jul 16, 2020
    Read Time: 8 minutes
  • Commentary Merger Arbitrage Commentary: As at June 30, 2020
    The economic and financial market volatility of Q1 2020 provided us with an abundance of arbitrage opportunities that led to strong performance in Q2.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Jul 16, 2020
    Read Time: 3 minutes
  • Commentary Multi-Asset Strategies Commentary: As at May 31, 2020
    As markets recover, active positioning and strategic diversification help our multi-asset strategies perform during the period.
    Source: Michael White, CFA
    Publish Date: Jun 10, 2020
    Read Time: 5 minutes
  • Commentary Equity Commentary: As at April 30, 2020
    Although coming off historical troughs, markets remain stable and well-supported; select sectors could outperform as economies continue to reopen.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
    Publish Date: May 13, 2020
    Read Time: 8 minutes
  • Commentary Equity Commentary: As at March 31, 2020
    Q1 saw a worldwide pandemic, a full-blown global shutdown, unprecedented fiscal stimulus – and signs of a rebound and perhaps the path to a recovery.
    Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
    Publish Date: Apr 15, 2020
    Read Time: 12 minutes
  • Commentary Multi-Asset Strategies Commentary: As at March 31, 2020
    In the worst market collapse and selloff since the GFC, our multi-strategy funds performed well, and are positioned to participate as markets improve.
    Source: Michael White, CFA | Neil Simons
    Publish Date: Apr 9, 2020
    Read Time: 8 minutes
  • Commentary Merger Arbitrage Commentary: As at March 31, 2020
    Strategic de-risking and a steady hand kept our merger arbitrage strategies resilient in the face of severe declines and volatility from pandemic and oil shocks.
    Source: Craig Chilton, CFA | Tom Savage, CFA
    Publish Date: Apr 8, 2020
    Read Time: 5 minutes
  • Commentary Equity Commentary: As at March 31, 2020
    Unprecedented volatility and broad changes to business and consumer behaviour are creating a wealth of opportunities for active management.
    Source: David Picton | Jeff Bradacs
    Publish Date: Apr 1, 2020
    Read Time: 6 minutes
  • Commentary Sector Outlook: Financials
    While Canadian banks are better capitalized than they were during the GFC, the sector may not be immune from today’s real economic stresses.
    Source: Robert Poole, CFA
    Publish Date: Mar 26, 2020
    Read Time: 6 minutes
Performance
Solutions
Overview
Authentic Hedge® Funds
Fortified Alternative Funds
Fortified Mutual Funds
Tactical Income Fund
Institutional mandates
Tools
Portfolio construction
Resources
Insights
Video
Press Releases
In The Media
Documentation
Authentic Hedge® Funds
Fortified Alternative Funds
Fortified Mutual Funds
PFIC
About us
Why Picton Mahoney
Our process
Portfolio Management Team
Sales and service team
Contact us
Careers
Contact
416 955 4108
service@pictonmahoney.com
© 2023 Picton Mahoney. All Rights Reserved.
Website last updated: 2023-09-25