Overview
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Asset ClassFixed Income
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CIFSC CategoryAlternative Credit Focused
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Risk RatingLow to Medium
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Number of Securities (Long/Short)86/5
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Yield to Maturity4.8%
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Current Yield4.4%
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Average Duration3.1 Years
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Average Credit Quality2A-
Objectives
The Fund’s objective is to achieve long term capital growth by investing in, or gaining exposure to, a diversified portfolio composed primarily of debt and money market securities. The Fund will use alternative investment strategies such as engaging in short sales and purchasing securities on margin or with borrowed funds.
Investment Focus
The Fund is an alternative mutual fund that primarily invests in a diversified portfolio of corporate debt. The Fund may also sell securities short and deploy leverage to achieve its investment objectives. There are no limits on the percentage of the Fund that can be invested in securities rated below BBB. From time to time the Fund may also invest up to 20% in other securities such as convertible bonds, equities, or income trusts.
Fund Facts
November 30, 2024Inception Date | May 11, 2020 (offered on a private placement basis since March 31, 2014) |
Currency | CAD |
NAVPU | $10.94 |
Management Fee | 0.75% |
MER as of June 30, 2024 (unaudited) | 2.53% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Monthly |
RSP Eligible | Yes |
Performance Fee | 20.00% |
Fund Net AUM | $39.1 Million |
Total Long AUM | $43.0 Million |
Total Short AUM | -$3.9 Million |
Next Subscription Deadline6 | December 31, 2024 |
Next Redemption Deadline7 | December 13, 2024 |
Subsequent Redemption Deadline7 | January 15, 2025 |
Portfolio Characteristics
Number of Securities (Long) | 86 |
Number of Securities (Short) | 5 |
Number of Issuers | 53 |
Average Term to Maturity (Years) | 5.0 |
Average Duration (Years) | 3.1 |
Average Coupon (%) | 4.0% |
Yield to Maturity (%) | 4.8% |
Current Yield (%) | 4.4% |
Average Credit Quality (long only)4 | A- |
Cash Weighting | 0.2% |
Credit Quality Breakdown (Long only)
AAA | 37.5% |
AA | 4.2% |
A | 11.4% |
BBB | 20.3% |
BB | 10.1% |
B & Lower | 13.9% |
Not Rated | 2.6% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada 1.5% Dec 1, 2031 | 19.9% | AAA |
Canada RRB 4.25% Dec 1, 2026 | 11.1% | AAA |
Hertz 5% Dec 1, 2029 144A (USD) | 5.9% | CCC+ |
Air Canada 4.625% Aug 15, 2029 | 5.5% | BB+ |
TD Bank 4.477% Jan 18, 2028 | 4.3% | A |
Equitable Bank NHA MBS (97527023) 3.79% Nov 1, 2028 | 3.9% | AAA |
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 | 3.7% | BBB+ |
Spirit Aerosystems Inc. 4.6% Jun 15, 2028 (USD) | 2.7% | CCC+ |
Pembina Pipeline Corp 4.49% Dec 10, 2051 | 2.4% | BBB |
TransCanada Pipelines FRN May 15, 2067 (Q LIBOR+221)(USD) | 2.4% | BBB- |
Total | 61.8% |
Geographic Breakdown
Canada | 74.8% |
USA | 21.6% |
South America | 1.4% |
Europe | 2.2% |
Performance
Inception Date
May 11, 2020
As of Date
November 30, 2024
Compound Returns7
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
15 Year (Annualized) |
Since Inception (Annualized)3 |
2.0% | 4.0% | 9.2% | 10.8% | 4.9% | 8.3% | 6.0% | 8.4% | 10.7% |
Calendar Year Returns7
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0869 |
12-Month Trailing Distribution Yield | 2.3% |
Next Record Date | December 19, 2024 |
Next Distribution Date | December 20, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 20, 2025 | March 21, 2025 |
June 19, 2025 | June 20, 2025 |
September 18, 2025 | September 19, 2025 |
December 18, 2025 | December 19, 2025 |
Distributions ($)/Unit5 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.0869 | 0.5093 | 0.7532 | 0.3959 | 0.6825 | 0.5177 | 0.1896 | 0.4794 | 0.4795 | 0.4539 | 0.3941 |
Interest | - | 0.4790 | 0.1476 | 0.1705 | 0.2892 | 0.0755 | 0.1729 | 0.1889 | 0.3287 | 0.3831 | 0.2718 |
Dividends | - | 0.0303 | 0.0316 | 0.0285 | 0.0249 | 0.0217 | 0.0167 | 0.0138 | 0.0170 | 0.0111 | 0.0007 |
Capital Gains | - | - | 0.5740 | 0.1971 | 0.3684 | 0.4205 | - | 0.2768 | 0.1338 | 0.0596 | 0.1219 |
Withholding Tax | - | - | - | (0.0002) | 0.0000 | - | - | (0.0001) | - | - | (0.0004) |