Picton Mahoney Asset Management is the “most defensive” in a decade as the $5.5 billion Canadian hedge fund bets on a looming sell-off in credit. Trade tensions and a slowing global economy at a time when “complacency” in the bond market is running high are prompting the 15-year-old fund to hold its fire power in the fixed-income space. “We are not buying anything, we are just being patient trading in the secondary market,” said Phil Mesman, partner and head of fixed income at the Toronto-based fund.