Overview
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Asset ClassFixed Income
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CIFSC CategoryCanadian Short-Term Fixed Income
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Risk RatingLow
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Number of Securities53
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Yield to Maturity5.6%
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Current Yield3.3%
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Average Duration2.0 Years
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Average Credit QualityA+
Objectives
The Fund’s objective is to provide total returns consisting principally of interest income by investing primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers.
Investment Focus
The fund invests primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers with a minimum of 75% of the portfolio in BBB or higher.
Fund Facts
December 31, 2023Inception Date | September 18, 2013 |
Currency | CAD |
Fund AUM | $257.4 Million |
NAVPU | $10.31 |
Management Fee | 0.55% |
MER as of June 30, 2023 (unaudited) | 0.70% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 53 |
Number of Issuers | 37 |
Average Term to Maturity (Years) | 3.3 |
Average Duration (Years) | 2.0 |
Average Coupon (%) | 3.2% |
Yield to Maturity (%) | 5.6% |
Current Yield (%) | 3.3% |
Average Credit Quality2 | A+ |
Credit Quality Breakdown
AA & Higher | 49.3% |
A | 21.9% |
BBB | 15.4% |
BB & Lower | 12.4% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada 0.25% Mar 01, 2026 | 25.2% | AAA |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 5.0% | A+ |
Bell Canada 3.35% Mar 12, 2025 | 4.9% | BBB+ |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 4.3% | AA- |
Canada RRB 4.25% Dec 1, 2026 | 4.2% | AAA |
Nav Canada 0.555% Feb 9, 2024 | 3.7% | AA- |
TD Bank 4.477% Jan 18, 2028 | 3.7% | A+ |
RBC 4.642% Jan 17, 2028 | 3.4% | A+ |
Canada 0.75% Oct 1, 2024 | 3.2% | AAA |
Great West Life Co Inc. (AT1) 3.6% Dec 31, 2026/2081 | 3.1% | A- |
Total | 60.7% |
Geographic Breakdown
Canada | 79.2% |
USA | 17.0% |
South America | 1.1% |
Europe | 2.7% |
Performance
Inception Date
September 18, 2013
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% | 7.1% | 7.1% | 1.5% | 2.9% | 2.5% | 2.5% |
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 Canadian Short Term Fixed Income Fund Over 5 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.
Canadian Short Term Fixed Income
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0720 |
12-Month Trailing Distribution Yield | 3.9% |
Next Record Date | March 21, 2024 |
Next Distribution Date | March 22, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.4056 | 0.2370 | 0.1515 | 0.2140 | 0.2307 | 0.1787 | 0.1711 | 0.2153 | 0.2100 | 0.2200 | 0.0285 |
Interest | - | 0.2364 | 0.1181 | 0.2027 | 0.2307 | 0.1787 | 0.1552 | 0.2160 | 0.1910 | 0.2206 | 0.0285 |
Dividends | - | 0.0006 | 0.0003 | 0.0001 | - | - | - | - | - | - | - |
Capital Gains | - | - | 0.0332 | 0.0112 | - | - | 0.0167 | 0.0000 | 0.0194 | - | - |
Withholding Tax | - | - | - | - | - | - | (0.0008) | (0.0007) | (0.0004) | (0.0006) | - |