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 31, 2014 |
Currency | CAD |
Fund AUM | $11.6 Billion |
NAVPU | $9.05 |
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 31, 2014
As of Date
December 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
1.8% | 3.4% | 8.1% | 8.1% | 4.5% | 8.0% | 5.9% |
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 | Monthly |
Most Recent Distribution per Unit | $0.1425 |
12-Month Trailing Distribution Yield | 6.6% |
Next Record Date | January 12, 2024 |
Next Distribution Date | January 15, 2024 |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate/Unit |
---|---|---|
January 12, 2024 | January 15, 2024 | $0.0417 |
February 14, 2024 | February 15, 2024 | $0.0417 |
March 14, 2024 | March 15, 2024 | $0.0417 |
April 12, 2024 | April 15, 2024 | $0.0417 |
May 14, 2024 | May 15, 2024 | $0.0417 |
June 14, 2024 | June 17, 2024 | $0.0417 |
July 12, 2024 | July 15, 2024 | $0.0417 |
August 14, 2024 | August 15, 2024 | $0.0417 |
September 13, 2024 | September 16, 2024 | $0.0417 |
October 14, 2024 | October 15, 2024 | $0.0417 |
November 14, 2024 | November 15, 2024 | $0.0417 |
December 13, 2024 | December 16, 2024 | $0.0417 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.6009 | 0.5993 | 0.9987 | 0.8821 | 0.5047 | 0.5113 | 0.7479 | 0.5088 | 0.5337 |
Interest | - | 0.3986 | 0.3320 | 0.3818 | 0.4938 | 0.4766 | 0.3332 | 0.4970 | 0.4883 |
Dividends | - | 0.0352 | 0.0461 | 0.0391 | 0.0109 | 0.0053 | 0.0022 | 0.0042 | 0.0020 |
Capital Gains | - | 0.1659 | 0.6210 | 0.4622 | - | 0.0299 | 0.4140 | 0.0090 | 0.0448 |
Withholding Tax | - | (0.0004) | (0.0004) | (0.0010) | - | (0.0005) | (0.0015) | (0.0014) | (0.0014) |