Picton Mahoney Fortified Equity Fund (FT)

Monthly Returns

PMAM FORTIFIED EQUITY FUND (FT)	25% S&P/TSX COMPOSITE INDEX (TR), 50% MSCI WORLD INDEX (NET RETURNS) (IN CAD ‡), 25% FTSE TMX CANADA 30 DAY TBILL INDEX (TR)

2023

June	2.67	2.50
May	-0.17	-1.46
April	1.47	1.80
March	1.23	1.25
February	0.19	-0.65
January	4.28	4.64

2022

December	-3.21	-3.29
November	5.50	4.53
October	5.61	4.50
September	-3.67	-3.26
August	-1.41	-1.37
July	6.71	4.89
June	-6.41	-5.63
May	-1.12	-0.60
April	-5.17	-4.16
March	0.66	1.56
February	-2.00	-1.21
January	-5.30	-2.57

2021

December	2.75	2.22
November	0.32	0.18
October	3.46	2.87
September	-3.24	-2.40
August	3.09	2.27
July	1.35	1.38
June	2.88	2.79
May	-0.20	0.68
April	2.49	1.74
March	1.85	2.08
February	4.76	2.01
January	-1.04	-0.43

2020

December	4.96	1.72
November	9.28	7.43
October	-3.44	-2.20
September	-0.25	-1.22
August	2.82	2.45
July	4.75	2.74
June	1.45	1.27
May	4.90	2.73
April	7.09	7.18
March	-8.42	-8.08
February	-4.91	-5.00
January	1.93	1.15

2019

December	0.21	0.47
November	3.13	2.78
October	1.13	0.79
September	-0.03	1.29
August	0.70	-0.30
July	1.51	0.59
June	0.55	2.26
May	-1.26	-3.23
April	3.31	2.78
March	2.13	1.74
February	2.62	2.37
January	2.33	4.19

2018

December	-2.82	-4.01
November	-0.35	1.52
October	-5.46	-4.43
September	-0.70	-0.38
August	1.22	0.65
July	1.03	1.34
June	0.00	1.16
May	1.57	1.63
April	0.27	0.79
March	-1.00	-0.78
February	0.58	-0.86
January	1.77	1.41

2017

December	-0.56	-0.48
November	0.85	1.24
October	3.74	3.32
September	1.66	1.73
August	0.60	0.41
July	-1.38	-0.79
June	-2.38	-1.93
May	0.57	0.22
April	2.72	2.19
March	1.57	0.98
February	1.39	2.38
January	0.46	-0.13

2016

December	1.50	1.78
November	0.42	1.30
October	-0.93	0.28
September	0.52	0.56
August	0.32	0.34
July	3.49	3.45
June	-1.21	-0.89
May	1.38	2.70
April	0.55	0.07
March	3.87	2.53
February	-1.31	-2.00
January	-4.16	-2.55

2015

December	0.69	0.12
November	0.05	0.77

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The inception date of the Class FT Units of the Picton Mahoney Fortified Equity Fund is October 29, 2015. Performance data is presented since inception for Class FT Units of the Fund. Performance data is compared to the S&P/TSX Composite Total Return Index (25%), the MSCI World Index net total return CAD (50%), and the FTSE TMX Canada 30 Day T-Bill Index (25%). The composition of the Fund’s portfolio will significantly differ from the Index due to the investment strategy employed by the Fund. Please read the Prospectus before investing in our mutual funds. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Commissions, trailing commissions, management and performance fees and expenses all may be associated with fund investments. The Fund is not guaranteed, its value changes frequently and past performance may not be repeated.