Picton Mahoney Closes Hedge Fund To New Investors

Sep 7 2007 | 10:04am ET

Toronto-based Picton Mahoney Asset Management is closing its Picton Mahoney Market Neutral Equity Fund to new investments. The firm is closing the fund on or before Sept. 28 because “of the strong level of capital inflows into the fund,” and in keeping with its practice of “providing authentic, nimble hedge fund solutions with limited capacity.”
The fund launched at the end of 2005 and, since inception, has generated positive monthly performance 95% of the time with a beta of 0.17 as of the end of August, according to the firm. Through August, the fund is up 9.47% in 2007.

“In late 2005, we introduced our first hedge fund solutions to help Canadian investors strengthen their investment portfolios,” said David Picton, president and portfolio manager of Picton Mahoney. “At that time, we promised our clients we would monitor the capacity of our funds to ensure they remained nimble enough for us to meet their investment objectives. Our decision to cap the Market Neutral Fund as it nears C$150 million (US$142.4 million) in sales is evidence of our commitment to our founding principles of authenticity and limited capacity.”

Picton Mahoney currently manages over C$4.5 billion (US$4.3 billion) in assets through its hedge funds, institutional long-only mandates and retail mutual fund sub-advisory services.

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