PICTON MAHONEY ASSET MANAGEMENT — 13F Portfolio

Picton Mahoney Asset Management is a Toronto-based investment manager specializing in hedge and absolute‑return strategies for institutional and retail clients. Founded in 2004 by David Picton and colleagues, the firm is recognized in Canada as an alternatives-focused boutique, managing long/short equity, market‑neutral, multi‑asset, and credit strategies implemented through institutional mandates, mutual funds, and alternative funds. The firm’s hallmark is its emphasis on hedged and risk‑managed portfolios—positioned as “authentic hedge” solutions—designed to participate in equity and credit markets while seeking to limit downside and volatility relative to traditional long‑only approaches. Picton Mahoney combines quantitative tools with fundamental research to structure portfolios around desired factor, sector, and risk exposures. Under U.S. regulations, Picton Mahoney Asset Management appears as an institutional investment manager and SEC‑registered investment adviser, filing Form 13F with the Securities and Exchange Commission under CIK #1539041. These 13F reports disclose the firm’s reportable long positions in U.S.-listed equities and certain equity‑like instruments at quarter‑end. They capture only the long side of U.S. cash equities used within its strategies; short positions, derivatives, Canadian‑listed securities, credit instruments, and intra‑quarter trading are not reported. On an analytics platform, all filings associated with CIK #1539041 can be aggregated into a continuous 13F History for Picton Mahoney, creating a structured view of the firm’s disclosed U.S. long‑equity sleeve across time.

Picton Mahoney’s core investment process is quantitatively informed and fundamentally driven. The firm builds strategies by blending: - Multi‑factor stock‑selection models (valuation, momentum, quality, volatility, and other signals); - Fundamental security analysis and portfolio‑manager judgment; - Explicit risk budgeting around factor, sector, and single‑name exposures. Across long/short equity, market‑neutral, and multi‑asset portfolios, Picton Mahoney seeks to generate alpha while tightly controlling unintended risk exposures. Common design features include: - Long and short books constructed to manage net and gross exposure and to mitigate broad market beta; - Diversification across factors and sectors, with constraints to avoid over‑reliance on any single style or theme; - Use of derivatives and ETFs to fine‑tune hedges, implement macro views, or adjust exposures efficiently. The U.S.-listed equities that appear in Form 13F are the long cash‑equity positions that survive this portfolio‑construction and hedging process in mandates that hold U.S. stocks directly. Sector representation in the 13F book is therefore an output of systematic and fundamental signals, not a single top‑down sector view. A holdings‑based analysis of Picton Mahoney’s 13F Portfolio Composition typically shows: - A diversified list of U.S. equities across financials, industrials, technology, energy, healthcare, and consumer sectors; - Position sizes scaled to risk and liquidity, with larger weights in higher‑conviction or more liquid names; - Meaningful quarter‑to‑quarter changes consistent with active rebalancing in response to model signals and fundamental updates. Feeding the full 13F file set into a Portfolio Simulator or Backtesting Service allows investors to construct a long‑only, 13F‑based replication of the disclosed U.S. equity sleeve. This synthetic portfolio underpins a data‑driven Historical Track Record for the long side of Picton Mahoney’s U.S. ideas, separate from the short books and non‑U.S. holdings that are also integral to the firm’s strategies.

Picton Mahoney Asset Management is a Toronto‑based specialist in hedge and absolute‑return strategies whose SEC filings under CIK #1539041 provide a recurring, position‑level record of its long U.S. equity holdings. While the firm’s core capabilities extend across long/short equity, market‑neutral, multi‑asset, and credit, the 13F dataset isolates one important component: its disclosed U.S. long‑equity book. By aggregating these filings into a unified dataset, an analytics platform can construct a 13F-based Historical Track Record that mirrors a portfolio holding Picton Mahoney’s reported positions between quarter‑ends. Examining this reconstructed capital trajectory alongside changes in 13F Portfolio Composition—sector balance, issuer concentration, and implied factor tilts—helps allocators understand how the long‑equity sleeve has behaved through different market and style regimes when viewed in isolation. Overlaying diagnostics such as Max Drawdown Depth and a holdings‑derived Sharpe Ratio adds quantitative depth on the variability and risk‑adjusted characteristics of this long‑only, 13F‑implied stream. Used within a Portfolio Simulator and related Performance Backtests Online, these analytics offer a public‑data‑driven complement to due diligence on Picton Mahoney’s broader hedged and absolute‑return platform. The key analytical question for allocators is how the regime sensitivity inferred from this 13F‑based reconstruction—across equity bull and bear phases, factor rotations, and volatility spikes—compares with the behavior of Picton Mahoney’s full portfolios, where shorts, derivatives, Canadian and global holdings, and explicit risk‑targeting are central to the firm’s promise of delivering differentiated, hedge‑oriented outcomes.

The true risk profile of Picton Mahoney’s portfolios is shaped by their hedged and absolute‑return design. At the strategy level, risk management focuses on: - Controlling net equity beta and credit spread sensitivity to keep portfolios aligned with stated volatility or drawdown targets; - Managing factor exposures (value, momentum, quality, low volatility, size) so that alpha is not overly dependent on any one style factor; - Using shorts and derivatives to hedge systematic risks and isolate stock‑specific or security‑specific alpha. Through the narrower lens of Form 13F, only the firm’s long U.S.-listed equity positions can be observed. When treated as a stand‑alone portfolio, this 13F sleeve exhibits: - Equity market sensitivity that reflects the gross long exposure to U.S. stocks and ETFs—without the benefit of short and derivative hedges that reduce net risk in live portfolios; - Sector and issuer concentrations that reveal where models and research identify relative value or momentum, subject to risk constraints; - Style tilts—such as combinations of value, quality, and momentum—that are embedded in the underlying signal set. By using quarter‑end 13F snapshots in Performance Backtests Online, allocators can reconstruct a synthetic, long‑only capital path that assumes Picton Mahoney’s disclosed holdings are held between filings. From this reconstructed series, one can estimate volatility, downside capture in broad market drawdowns, and Max Drawdown Depth as a measure of peak‑to‑trough capital contraction for the unhedged long sleeve. A holdings‑derived Sharpe Ratio can be computed to summarize risk‑adjusted outcomes for this 13F‑implied, long‑only stream. These analytics are inherently partial. Form 13F does not include short positions, options or futures, Canadian or other non‑U.S. securities, credit instruments, or intra‑quarter trading—components that are central to Picton Mahoney’s authentic‑hedge and absolute‑return offerings. As such, the volatility and drawdown profile derived from 13F‑based replication describes only an unhedged U.S. long‑equity fragment of the firm’s total economic exposure.