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 Securities209
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Yield to Maturity6.3%
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Current Yield4.8%
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Average Duration2.0 Years
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Average Credit QualityA
Objectives
The Fund’s objective is to provide above average, long-term total returns consisting of interest income and some capital gains by investing primarily in fixed income securities.
Investment Focus
The fund employs a deep value investment strategy with an unrestricted mandate both geographically and by credit quality. It invests primarily in fixed income securities, but can occasionally invest in equities.
Fund Facts
December 31, 2023Inception Date | December 23, 2011 |
Currency | CAD |
Fund AUM | $11.6 Billion |
NAVPU | $13.76 |
Management Fee | 0.75% |
MER as of June 30, 2023 (unaudited) | 0.90% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 209 |
Number of Issuers | 113 |
Average Term to Maturity (Years) | 3.7 |
Average Duration (Years) | 2.0 |
Average Coupon (%) | 4.6% |
Yield to Maturity (%) | 6.3% |
Current Yield (%) | 4.8% |
Average Credit Quality2 | A |
Credit Quality Breakdown
AA & Higher | 47.0% |
A | 17.1% |
BBB | 14.2% |
BB & Lower | 20.0% |
Not Rated | 1.8% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 4.6% | BB+ |
Canada 0.5% Dec 01, 2030 | 4.2% | AAA |
RBC CB 4.256% Dec 21, 2026 | 3.4% | AAA |
TD Bank 4.477% Jan 18, 2028 | 3.4% | A+ |
Canada 0.75% Feb 1, 2024 | 3.3% | AAA |
Canada 0.25% Mar 01, 2026 | 2.9% | AAA |
TD Bank CB FRN Jun 8, 2026 (CORRA+65) | 2.8% | AAA |
BNS CB FRN Sept 8, 2026 (CORRA +60) | 2.7% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 2.2% | AA- |
Canada RRB 4.25% Dec 1, 2026 | 2.2% | AAA |
Total | 31.7% |
Geographic Breakdown
Canada | 74.9% |
USA | 19.3% |
South America | 1.7% |
Europe | 2.9% |
Other | 1.2% |
Performance
Inception Date
December 23, 2011
As of Date
December 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
1.8% | 3.4% | 8.1% | 8.1% | 4.5% | 7.9% | 6.1% | 6.6% |
Calendar Year Returns
Awards
LSEG Lipper Fund Awards
The LSEG Lipper Fund Awards Canada, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.
Best Global Corporate Fixed Income Fund Over 3 Years
FundGrade A+® Awards
The FundGrade A+® Award is given annually to investment funds and their managers who have shown consistent, outstanding, risk-adjusted performance through the year.
Global Corporate Fixed Income
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.3329 |
12-Month Trailing Distribution Yield | 4.7% |
Next Record Date | March 21, 2024 |
Next Distribution Date | March 22, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.6447 | 0.5572 | 1.1593 | 0.9963 | 0.3037 | 0.2335 | 0.6161 | 0.4666 | 0.4566 | 0.4079 | 0.3672 |
Interest | - | 0.3706 | 0.3854 | 0.4312 | 0.2972 | 0.2177 | 0.2745 | 0.4559 | 0.4178 | 0.4098 | 0.3672 |
Dividends | - | 0.0328 | 0.0536 | 0.0442 | 0.0065 | 0.0024 | 0.0018 | 0.0038 | 0.0017 | - | - |
Capital Gains | - | 0.1542 | 0.7209 | 0.5220 | - | 0.0136 | 0.3411 | 0.0082 | 0.0383 | - | - |
Withholding Tax | - | (0.0003) | (0.0005) | (0.0011) | - | (0.0002) | (0.0013) | (0.0013) | (0.0012) | (0.0019) | - |