Overview
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Asset ClassFixed Income
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CIFSC CategoryGlobal Corporate Fixed Income
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Risk RatingLow
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Number of Securities136
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Yield to Maturity5.8%
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Current Yield4.1%
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Average Duration5.2 Years
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Average Credit QualityA
Objectives
The Fund’s objective is to earn income and some capital gains by investing primarily in fixed income securities anywhere in the world.
Investment Focus
The Fund invests primarily in fixed income securities with a minimum of 75% of the portfolio in bonds rated BBB- or higher. It is unconstrained from geographic considerations.
Fund Facts
May 31, 2023Inception Date | December 30, 2016 |
Currency | CAD |
Fund AUM | $333.6 Million |
NAVPU | $10.46 |
Management Fee | 1.20% |
MER as of June 30, 2023 (unaudited) | 1.45% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 136 |
Number of Issuers | 70 |
Average Term to Maturity (Years) | 7.7 |
Average Duration (Years) | 5.2 |
Average Coupon (%) | 3.2% |
Yield to Maturity (%) | 5.8% |
Current Yield (%) | 4.1% |
Average Credit Quality2 | A |
Credit Quality Breakdown
AA & Higher | 31.1% |
A | 28.1% |
BBB | 27.5% |
BB & Lower | 12.6% |
Not Rated | 0.7% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada 0.5% Dec 1, 2030 | 6.2% | AAA |
Nestle Holdings Inc. 2.192% Jan 26, 2029 | 6.1% | AA- |
TD Bank 4.477% Jan 18, 2028 | 4.7% | A+ |
First National NHA MBS (97511981) 2.39% Jul 1, 2023 | 4.2% | AAA |
Enbridge Inc. 6.51% Nov 9, 2052 | 3.6% | BBB+ |
Air Canada 4.625% Aug 15, 2029 | 3.2% | BB |
Cogeco Cable Inc. 2.991% Sep 22, 2031 | 2.7% | BBB- |
Lloyds Banking Group PLC 3.5% Feb 3, 2025 | 2.2% | A- |
Canada RRB 0.5% Dec 1, 2050 | 2.2% | AAA |
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) | 2.2% | A |
Total | 37.3% |
Geographic Breakdown
Canada | 72.6% |
USA | 15.7% |
South America | 0.7% |
Europe | 11.1% |
Performance
Inception Date
December 30, 2016
As of Date
May 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
-0.9% | 0.8% | 0.1% | 0.1% | 1.8% | 3.2% | 2.6% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0812 |
12-Month Trailing Distribution Yield | 1.4% |
Next Record Date | June 29, 2023 |
Next Distribution Date | June 30, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Total Distributions | 0.0812 | 0.0852 | 0.3865 | 0.4888 | 0.0531 | 0.1040 | 0.1296 |
Interest | - | 0.0850 | 0.1450 | 0.2401 | 0.0531 | 0.1040 | 0.0943 |
Dividends | - | 0.0002 | 0.0002 | 0.0001 | - | - | - |
Capital Gains | - | - | 0.2413 | 0.2486 | - | - | 0.0355 |
Withholding Tax | - | - | - | - | - | - | (0.0002) |