The fund will aim for total returns while mitigating capital loss through hedging strategies. The fund invests mainly in global fixed income securities. PFIA primarily holds North American corporate debt securities but it can invest up to 100% in international securities. It can also hold long/short positions in high yield bonds, government, emerging market, and convertible bonds, loans, convertible debentures, preferred shares, derivatives, distressed debts, collateral loan obligations (CLOs), mortgage-backed securities (MBS), cash equivalents, equities, ETFs and other mutual funds. In selecting the portfolio, the manager focuses on securities that will maximize risk-adjusted returns. As an actively managed fund, PFIA can have increased trading costs. The possibility of taxable distributions is also imminent if you hold the fund in a non-registered account.