Picton Mahoney Fortified Long Short Alternative Fund

The fund invests in a portfolio of global long/short equities to provide consistent long-term capital appreciation with an attractive risk-adjusted rate of return. The portfolio aims less net equity market exposure than traditional long-only strategies. The Portfolio Advisors investment process identifies attractive investments and includes it in the funds long portfolio, while short selling unattractive investments. Up to 100% of the aggregate market value of the fund may be sold short. The portfolio Advisor will also short securities to hedge the market exposure of the funds long positions. PFLS will be structured so that it usually has 80 moderate equity market exposure.