(As of 9/30/2025)

PICTON Income Fund Class A

(High Yield Fixed Income)

FundGrade A+^® Rating recipient
For more information about FundGrade click here

Inception Return (11/2/2015)	4.57 %
YTD Return	5.01 %

NAVPS (10/29/2025)	$10.20
Change	($0.01) / -0.06 %

Growth of $10,000 (As of September 30, 2025)

MER	2.29 %
Assets ($mil)	$1,021.10
Rank (1Yr)	94/239
Std Dev (3Yr)	3.96 %
Volatility Ranking (3Yr)	1/10
RRSP Eligibility	Yes
Load	Back Fee Only
Max Front End	5.00 %
Max Back End	-
Sales Status	Open

Objective

The investment objective of the Picton Mahoney Fortified Income Fund (the “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 engaging in hedging strategies for downside risk protection. The fundamental investment objective of the Fund will not change without the consent of a majority of the voting unitholders of the Fund.

Fund Manager

Picton Mahoney Asset Management

Portfolio Manager

Phil Mesman, Picton Mahoney Asset Management

Sam Acton, Picton Mahoney Asset Management

Sub-Advisor

Asset Allocation
(As of May 31, 2025)

Sector Allocation
(As of May 31, 2025)

Geographic Allocation
(As of May 31, 2025)

Top 10 Holdings

Name	Asset	Sector	Geographic	Percent
CAD Currency	Cash and Equivalents	Cash and Cash Equivalent	Canada	5.03%
USD Currency	Cash and Equivalents	Cash and Cash Equivalent	United States	3.77%
Prime Healthcare Services Inc 9.38% 01-Sep-2029	Foreign Bonds	Fixed Income	United States	2.14%
Chemtrade Logistics Inc 6.38% 28-Aug-2029	Domestic Bonds	Fixed Income	Canada	2.04%
ATS Corp 6.50% 21-Aug-2032	Domestic Bonds	Fixed Income	Canada	1.81%
Sleep Country Canada Hldgs Inc 6.63% 28-Nov-2032	Domestic Bonds	Fixed Income	Canada	1.75%
Parkland Corp 4.38% 26-Mar-2029	Domestic Bonds	Fixed Income	Canada	1.72%
Nationstar Mortgage Holdgs Inc 7.13% 01-Feb-2032	Foreign Bonds	Fixed Income	United States	1.33%
Toronto-Dominion Bank/The 7.23% 31-Dec-2049	Domestic Bonds	Fixed Income	Canada	1.29%
MANITOULIN USD 13.29% 10-Nov-2027	Domestic Bonds	Fixed Income	Canada	1.27%

Performance Data (As of September 30, 2025)

	Return (%)				Annualized Return (%)
Return	1 Mth	3 Mth	6 Mth	YTD	1 Yr	3 Yr	5 Yr	10 Yr
Fund	0.60	2.03	3.86	5.01	6.13	6.28	3.40	-
Benchmark	2.13	4.50	3.81	5.95	11.51	13.09	5.63	6.10
Quartile Ranking	4	3	3	2	2	4	3	-

Calendar Return (%)	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Fund	7.35	5.88	-6.03	2.18	6.71	5.37	-2.72	8.12	16.28	-
Benchmark	17.23	10.36	-6.92	0.50	6.14	7.98	5.36	2.96	10.80	14.93
Quartile Ranking	3	4	1	4	1	4	3	1	1	-

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