(As of 7/31/2025)

PICTON Balanced Fund Class A

(Tactical Balanced)

FundGrade A+^® Rating recipient
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2021

Inception Return (11/2/2015)	6.98 %
YTD Return	7.13 %

NAVPS (8/15/2025)	$18.61
Change	$0.00 / 0.01 %

Growth of $10,000 (As of July 31, 2025)

MER	2.46 %
Assets ($mil)	$212.92
Rank (1Yr)	30/317
Std Dev (3Yr)	7.88 %
Volatility Ranking (3Yr)	2/10
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 Multi-Asset Fund (the “Fund”) is to achieve long-term capital appreciation by investing primarily in global equity securities and 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

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
PICTON Global Equity Fund Class A	International Equity	Mutual Fund	Multi-National	43.16%
PICTON Income Fund Class A	Domestic Bonds	Fixed Income	Canada	15.97%
CAD Currency	Cash and Equivalents	Cash and Cash Equivalent	Canada	5.26%
PICTON Inflation Opportunities Alternative Fd Cl A	Other	Mutual Fund	Canada	4.55%
iShares S&P/TSX 60 Index ETF (XIU)	Canadian Equity	Exchange Traded Fund	Canada	4.36%
PICTON Market Neutral Equity Alternative Fund Cl A	Other	Mutual Fund	Canada	3.62%
Canada Government 13-Aug-2025	Cash and Equivalents	Cash and Cash Equivalent	Canada	3.07%
Canada Government 18-Jun-2025	Cash and Equivalents	Cash and Cash Equivalent	Canada	3.06%
Canada Government 08-Oct-2025	Cash and Equivalents	Cash and Cash Equivalent	Canada	3.05%
Canada Government 10-Sep-2025	Cash and Equivalents	Cash and Cash Equivalent	Canada	2.92%

Performance Data (As of July 31, 2025)

	Return (%)				Annualized Return (%)
Return	1 Mth	3 Mth	6 Mth	YTD	1 Yr	3 Yr	5 Yr	10 Yr
Fund	0.61	5.31	4.43	7.13	12.18	9.69	7.66	-
Benchmark	1.48	6.62	2.10	4.88	10.66	11.58	6.45	6.68
Quartile Ranking	3	2	1	1	1	1	2	-

Calendar Return (%)	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Fund	15.00	7.30	-8.24	9.62	14.48	11.00	-2.92	6.36	10.48	-
Benchmark	17.48	11.69	-11.62	6.48	11.12	12.26	2.68	8.66	2.39	17.05
Quartile Ranking	2	3	2	3	1	4	2	2	1	-

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