PICTON Income Fund
Ten years ago, we launched the PICTON Income Fund with a clear and ambitious goal: to deliver Quality Income with Less Risk. And through a challenging decade of rate shocks, liquidity crises, and shifting credit cycles, our process has held true: turning volatility into opportunity and stability into strength.
Meet our teamA decade successfully navigating over market crisis
The PICTON Income Fund (F) achieved:
SMARTER INCOME FOR AN UNCERTAIN WORLD
What differentiates the PICTON Income Fund is how it blends institutional-grade alternative management techniques into a traditional fixed-income fund framework. With the ability to hedge risk, short credit, capitalize on event-driven opportunities, the Fund goes beyond conventional bond strategies to generate attractive returns with lower volatility. Today’s markets are defined by inflationary pressures, rising deficits, and rapid sentiment shifts, thus demanding a credit solution designed to adapt, not react. By balancing patient capital, seeking credit opportunities, and employing portfolio hedges, the Fund continues to deliver on its founding promise: income that works harder, with protection that works smarter. Explore how the PICTON Income Fund can enhance your portfolio:
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The Morningstar Risk Adjusted Return (MRARs), commonly referred to as the Star Rating, relate the risk-adjusted performance of a fund to its peers with the same CIFSC Fund category for the period ended as noted and are subject to change monthly. Morningstar calculates ratings for categories with at least 5 funds. To determine a fund’s rating, the fund and its peer are ranked by their MRARs. If a fund scores in the top 10% of its category, it receives five stars (High); if it falls in the next 22.5% , it receives four stars (Above Average); the next 35% earns a fund three stars(Neutral or Average); those in the next 22.5% received two stars (Below Average); and the lowest 10% received one star (Low). The overall rating is a weighted combination of the 3, 5 and 10 year ratings. The Morningstar ratings are class specific as performance and fee characteristics vary by each class. For greater detail, see morningstar.ca. https://global.morningstar.com/en-ca/personal-finance/the-morningstar-rating-for-funds
© 2025 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not a guarantee of future results. Source: Morningstar Direct and PICTON Investments Research, as at January 31, 2026.
*Source: PICTON Investments, Morningstar Inc. AUM data is as of January 31, 2026. Return and risk stats are calculated using monthly data, from Oct 31, 2015 to Oct 31, 2025, using class F of the PICTON Income Fund. Upside/Downside Capture Ratios are calculated based on the fund’s benchmark. Distribution consists of mostly interest income, and capital gain and/or return of capital in some of the years.
** Canada Fund High Yield Fixed Income Category
This material has been published by PICTON Investments on January 31, 2026. It is provided as a general source of information, is subject to change without notification and should not be construed as investment advice. This material should not be relied upon for any investment decision and is not a recommendation, solicitation or offering of any security in any jurisdiction. The information contained in this material has been obtained from sources believed reliable, however, the accuracy and/or completeness of the information is not guaranteed by PICTON Investments, nor does PICTON Investments assume any responsibility or liability whatsoever. All investments involve risk and may lose value. This information is not intended to provide financial, investment, tax, legal or accounting advice specific to any person, and should not be relied upon in that regard. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.
Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. 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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
There is no guarantee that a hedging strategy will be effective or achieve its intended effect. The use of derivatives or short selling carries several risks which may restrict a strategy in realizing its profits, limiting its losses, or, which cause a strategy to realize or magnify losses. There may be additional costs and expenses associated with the use of derivatives and short selling in a hedging strategy.
Any review, re-transmission, dissemination or other use of this information by persons or entities other than the intended recipient is prohibited.
