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REQUEST A PCCS PORTFOLIO REVIEW

WHAT IS
PCCS?

At Picton Mahoney Asset Management, we believe that portfolio construction is one of the great differentiators in the Canadian investment industry. Through our Portfolio Construction Consultation Service for advisors, we offer you access to data analytics, as well as stress testing and scenario analysis to help you design portfolios that aim to achieve better outcomes and help your clients stay invested in all market conditions. 

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Our experienced portfolio consulting professionals are a multi-disciplinary team with backgrounds in asset allocation, risk management, quantitative research and portfolio management.

We are committed to building a true partnership with you, centered around a disciplined, consistent and defensible approach for constructing portfolios. Our goal is to provide you with more tools to design portfolios that will meet your precise needs and the needs of your clients.

HOW CAN
WE HELP?

Through PCCS, we help advisors to clearly define their investment goals, diagnose unintended risks, and design portfolios that offer the potential to more efficiently and consistently achieve desired outcomes. Specifically, our analytics and insights are focused on providing value across four areas:

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STRATEGIC ASSET ALLOCATION

  • Helps you design strategic asset allocations that reflect your specific needs and objectives

  • Demonstrates the value of your strategic asset allocation decisions relative to a reference portfolio

  • Looks through asset classes to provide insight on the underlying risk factors that can drive portfolio returns 

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TACTICAL ASSET ALLOCATION

  • Access to stress testing and scenario analysis to better understand how your portfolios might perform across a broad range of economic and market scenarios

  • Identifies potential ways to adjust your portfolio to reflect your active views

  • Shares investment insights from Picton Mahoney’s Investment Team including current market and economic trends 

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FACTOR ANALYSIS

  • Identifies ways in which you can more efficiently diversify, mitigate or hedge unintended or unrewarded risk factor exposures
     
  • Helps you intentionally manage your exposures to the key risk factors that can drive returns in multi-asset portfolios and within specific asset classes 

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EVALUATION OF ALPHA SOURCES

  • We take a quantitative approach in helping you evaluate your portfolio by assessing strategies across multiple dimensions such as quality of return, market, risk, alpha, and portfolio diversification

GETTING STARTED

REQUEST A REVIEW

Complete the form below to schedule a review of your portfolio.

Get Started

DISCOVERY CALL

This first call is to develop an understanding of what you are seeking to achieve through the portfolio consulting process (What challenges are you looking to solve for? What is the main goal for the portfolio? Is there a specific outcome you are seeking to achieve?) and determine how the PCCS team can provide insight.

SOLUTION DESIGN

The portfolio is quantitatively analyzed using a suite of proprietary tools.

PRESENTING THE ANALYSIS

The PCCS team presents the analysis and shares insights and ideas to help fortify the portfolio, with the goal of structuring the portfolio so that it may achieve its objectives more efficiently and consistently.

ADDITIONAL REVIEWS

We are committed to building a true partnership, and the PCCS team is available to discuss our thinking on portfolio construction strategies.

THE PCCS
TEAM

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Robert
Wilson, CFA, CAIA

Head, Portfolio Construction Consultation Service

Rwilson@pictonmahoney.com

Robert joined Picton Mahoney Asset Management in December 2019. Past roles include Vice President, ETF Leader at BlackRock and Sales Associate at PIMCO. Robert has an MBA from the University of Toronto, Rotman School of Management and holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations.

Michael
White, CFA

Portfolio Manager, Multi-Asset Strategies

Michael is responsible for Picton Mahoney Asset Management’s multi-asset strategies, Diversified Strategies Fund and Fortified Multi-Asset Fund. Michael’s previous investment work experience includes AGF Investments where he was lead portfolio manager of their asset allocation mandates. Active in the industry since 1996, Michael has had many roles, including director of institutional equity sales at Scotia Capital, lead manager of the Scotia Canadian Small Cap Fund at Scotia Cassels Investment Counsel, and co-chair of the CIO Compliance Committee, as well as portfolio manager for the small-cap, mid-cap and ethical categories at StrategicNova Funds Management. Michael is a CFA charterholder and has a B.A. in history (with finance and economics) from Western University.

Neil
Simons

Portfolio Manager, Multi-Asset Strategies

Neil joined Picton Mahoney Asset Management in June of 2017 as a Portfolio Manager, specializing in multi-asset and alternative risk premia strategies. He joined us after spending more than a decade at Northwater Capital Management Inc. as Managing Director, where he led the liquid alternative strategies group and managed custom portfolios for institutional investors. Neil began his career in the industry at Royal Bank of Canada, where he was responsible for enterprise-wide market risk analysis and reporting across the bank’s global trading activities. Neil holds a PhD in Electrical Engineering from the University of Manitoba and a Masters in Mathematical Finance from the University of Toronto.

Dashmeet
Singh, CFA

Portfolio Manager & Director, Quantitative Research/Risk

Dashmeet is Director of Quantitative Research and Risk at Picton Mahoney Asset Management and has been in the industry since 2008. Prior to joining us, he was a Risk Analyst at HSBC. Other experience includes three years at Infosys as a software engineer. Dashmeet has an MBA from UBC, and a Bachelor of Mechanical Engineering (with High Distinction) from the Government College of Engineering in Pune, India.

Himanshu
Yadav, FRM

Analyst, Risk

Himanshu is a Risk Analyst at Picton Mahoney Asset Management and has been in the industry since 2008. Prior to joining us, Himanshu worked as a Quantitative Analyst at Thomas White, a Senior Quantitative Analyst at Quantmetrics and as a Structurer at the Royal Bank of Scotland. Himanshu has an MBA from the University of Toronto's Rotman School of Management, a Bachelor of Engineering degree from the Indian Institute of Technology Guwahati, and has a Financial Risk Manager certificate.

AND THE PRODUCT ANALYTICS GROUP

The product analytics group is an in-house team of specialists who conduct in-depth industry research and provide detailed product analysis and comparison reports.

INSIGHTS

Link to PIcton Mahoney Q4 2021 Investment Review & Outlook

As COVID and supply chain issues ease around the world, inflationary pressures are expected to diminish somewhat over the next few quarters. The pandemic was a once-in-a-century event, but the market cycle is proceeding as it typically does

Link to PCCS Podcast with Advisor Analyst

Robert Wilson, CFA, Head of Portfolio Construction Consultation Service at Picton Mahoney Asset Management joins us to discuss how changing capital market assumptions are creating misalignment between investors’ goals and the strategic asset allocation of their investment portfolios. Given the low interest rate environment, many investors have been seeking thoughtful ways to reduce their allocation to core bonds. Robert explains the tradeoffs involved with this decision and how investors can design portfolios with the potential for improved outcomes by thinking alternatively and taking a total portfolio approach to “fixing” fixed income.

Link to Asset TV Mike Lynds and Robert Wilson

Mike Lynds, Managing Director, Head of Retail Business and Robert Wilson, CFA, Head of Portfolio Construction Consultation Service at Picton Mahoney Asset Management join us to discuss how changing capital market assumptions are creating misalignment between investors’ goals and the strategic asset allocation of their investment portfolios. Given the low interest rate environment, many investors have been seeking thoughtful ways to reduce their allocation to core bonds. Robert explains the tradeoffs involved with this decision and how investors can design portfolios with the potential for improved outcomes by thinking alternatively and taking a total portfolio approach to “fixing” fixed income.

Link to PDF of Adjusting Your Strategic Asset Allocation to Reflect Changes in Your Capital Market Assumptions. A Total Portfolio Approach to "Fixing"Fixed Income PCCS Insight article

The importance of strategic asset allocation is widely acknowledged. We break down how to build a resilient and well-diversified portfolio by efficiently blending different asset classes and strategies to achieve investment objectives more efficiently.

Link to Picton Mahoney Insight Article: When De-Risking Portfolios, Don't Jump, Take The Stairs

Investors often respond to market volatility by raising cash, however, they may miss out on capturing returns when markets recover.

Here are four alternative ideas to consider when de-risking portfolios without going to cash.

Link to PDF of Q3 2021 Investment Review & Outlook article

While many metrics are already as good as it gets, all this pent-up demand coupled with low interest rates still sets us on approach to a nice, long runway to economic growth. Inflation, being the potential crosswind, will be the key factor to monitor. 

Link to webinar on Alternative Ideas: Special Situations

The low interest rate environment continues to challenge long-only bond investors searching for income and capital gains while mitigating downside risk.

The new Picton Mahoney Fortified Special Situations Alternative Fund uses event-driven credit investing to uncover opportunities for alpha within “special situations” such as news of a merger and acquisition, a potential early bond refinancing, or a regulatory change. The aim of the fund is to provide an uncorrelated and diversified return stream for investors seeking income and capital gains.

Phil Mesman, CFA, Head of Fixed Income, Sam Acton, CFA, Portfolio Manager, and Ashley Kay, Strategist, discuss what they’re seeing in fixed income and the type of special situations that can drive alpha in the portfolio.

Link to PDF on Getting Additional Insight into Portfolio Risk article

All investments carry some element of risk. In the last article in our three-part series, How Well Does Volatility Measure Risk, our Portfolio Construction Consultation Service (PCCS) noted that volatility had become investors’ preferred measure of risk and laid out some of the drawbacks of using volatility alone as a risk measure.

In this article, they describe additional tools investors can use to understand the risks they are taking to mitigate unintended and/or unrewarded risks, and to better understand whether the risks they are taking intentionally are scaled appropriately.

Link to PDF on How Well Does Volatility Measure Risk article

Today, mean-variance analysis has become one of the most important quantitative tools used by the financial industry, and volatility has become the widely accepted standard for measuring and expressing the level of risk in an investment portfolio. In our analysis, we scrutinize this factor measure, highlighting eight reasons why volatility is a poor gauge of risk, especially when used to analyze alternative investments.  

Link to PDF of Volatility as a Tax article

Just as effective tax planning can reduce the amount of income tax you pay, effective portfolio construction can reduce the amount of volatility impacting a portfolio.

Link to webinar on Alternative Ideas: Re-positioning your Fixed Income for 2021

In the current interest rate environment, the role of bonds in portfolios is compromised. Government bonds offer very little yield and credit is expensive, so where do advisors go from here?

In our first in a series of Alternative Ideas webinars, Re-Positioning Your Fixed Income For 2021, we discuss alternative income strategies to help advisors fortify their fixed income allocation for 2021. 

Link to webinar on Alternative Ideas: Merger Arbitrage: An Alternative to Income

In today’s near-zero interest rate environment, merger arbitrage strategies can potentially fill a void left by traditional bond holdings in portfolios. Like bonds, merger arbitrage can provide a low risk and low volatility investing experience, but with less interest rate risk if you consider the possibility of a rising rate environment.

In our second in a series of Alternative Ideas webinars, Merger Arbitrage: An Alternative to Income, we navigate merger arbitrage strategies and the world of SPACs to help advisors understand the environment moving forward in 2021.

Link to webinar on Alternative Ideas: Market Neutral: An Alternative Source of Uncorrelated Returns

In today’s investing environment where credit spreads are tight and rising yields are signaling growing inflation expectations, portfolios need diversifiers, but traditional fixed income is challenged.

A market neutral strategy by its very name aims to have no directional exposure to the equity or to the bond market. It can act as a substitute to bonds, providing a steady source of return in portfolios that is uncorrelated to equities. In our third Alternative Ideas webinar, we break down how a market neutral strategy generates returns through stock selection, where we are finding opportunities and what we see moving forward in the macro environment.

Link to webinar on Alternative Ideas: Multi-Asset Strategies

In a challenged bond environment adopting a total portfolio approach can help advisors regain balance through careful diversification.

Michael White, CFA, Portfolio Manager, Multi-Asset Strategies discusses why it’s increasingly difficult to allocate assets and why addressing only the fixed income allocation in portfolios can leave open so much opportunity to achieving a properly diversified portfolio.

Link to PDF of Q1 2021 Investment Review & Outlook article

The combination of unprecedented monetary stimulus, ongoing fiscal support and the end of COVID-related lockdowns may lead to the strongest surge in global economic growth in decades.

Link to PDF of Q2 2021 Investment Review & Outlook article

Stock markets have rallied dramatically over the past year. Given we
are still early in a new economic cycle, we expect investors will
continue to buy during any market pullbacks. However, any significant increase in inflation expectations that would suddenly drive interest rates higher would cause us to revisit this positive outlook.

Image of Bookshelf with Books Recommended by Picton Mahoney staff

Victoria Day weekend represents the unofficial start of summer, the perfect time of year to sit down with a great book outdoors.

We surveyed the team at Picton Mahoney Asset Management and have put together a list of their top recommended books.

ABOUT
PICTON MAHONEY 
ASSET MANAGEMENT

Picton Mahoney Asset Management specializes in differentiated investment solutions and rules-based volatility management. Picton Mahoney helps its clients fortify their portfolios based on experience honed over the years through different market cycles and investing environments.  

Founded in 2004 and 100% employee owned, Picton Mahoney is a portfolio management boutique entrusted with approximately C$9.9 billion (as at August 31, 2021) in assets under management. Pioneers of Authentic Hedge® investment principles and practices in Canada, the firm offers a full suite of investment solutions, including mutual and alternative funds, to institutional and retail investors across the country.  

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CONTACT
416 955 4108 / service@pictonmahoney.com

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