Would PFMN.TO be a good addition to a portfolio to provide shelter against a market correction?

During a market drawdown this fund would no doubt provide shelter against volatility, primarily because it is 60%+ fixed income and cash equivalents like US and Canadian treasury bills.

It is actually a very solid fund just based on past performance. Strong alpha, very solid risk-adjusted returns. Obviously if the bull market continues this fund will underperform on an absolute basis, but there is no doubt its provided strong returns relative to its risk.

As an actively managed fund though, things can change. This isn't a passive index fund that tracks the TSX or S&P 500. These are fund managers individually selecting equities and fixed income options they like.

But overall, I like it for those who want lower, albeit better risk-adjusted returns. It has done a good job in the past.