Portfolio Manager
Overview
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Asset ClassFixed Income
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CIFSC CategoryHigh Yield Fixed Income
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Risk RatingLow
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Number of Securities104
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Yield to Maturity9.3%
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Current Yield7.2%
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Average Duration2.3 Years
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Average Credit QualityBB+
Objectives
The Fund’s objective is to provide income and capital growth by investing in fixed income, floating rate, convertible, preferred equity, and common equity securities of corporations anywhere in the world.
Investment Focus
The fund invests primarily in fixed income securities of small and mid-cap companies with the tactical inclusion of equity investments. It is unconstrained both geographically and by credit quality.
Fund Facts
June 30, 2026| Inception Date | December 30, 2016 |
| Currency | CAD |
| Fund AUM | $631.9 Million |
| NAVPU | $9.45 |
| Management Fee | 0.85% |
| MER as of December 31, 20251 | 1.01% |
| Minimum Initial Investment | $500 |
| Minimum Subsequent Investment | $100 |
| Liquidity | Daily |
| RSP Eligible | Yes |
Portfolio Characteristics
| Number of Securities | 104 |
| Number of Issuers | 63 |
| Average Term to Maturity (Years) | 3.3 |
| Average Duration (Years) | 2.3 |
| Average Coupon (%) | 6.4% |
| Yield to Maturity (%) | 9.3% |
| Current Yield (%) | 7.2% |
| Average Credit Quality | BB+ |
| Cash Weighting | 1.4% |
| Average Bond Price | $91.63 |
Credit Quality Breakdown
| AAA | 5.9% |
| AA | 10.4% |
| BBB | 13.7% |
| BB | 9.7% |
| B | 22.1% |
| CCC | 10.1% |
| CC | 1.3% |
| D | 1.6% |
| Not Rated | 25.3% |
Asset Mix
| Cash & Equivalents | 1.3% |
| Common Stock | 1.5% |
| Convertible Bonds | 4.9% |
| Corporate Bonds | 67.0% |
| Government Bonds | 14.0% |
| Corporate Loans | 11.2% |
Portfolio
Top 10 Holdings
| Security | % of Fund | Rating |
|---|---|---|
| Rogers Communications Inc 5% Dec 17, 2081 | 3.4% | BB |
| Getty Images Inc 10 ½ 11/15/30 | 3.4% | B |
| NFI Group 5.00% Jan 15, 2027 | 2.4% | Not Rated |
| Canadian Government 3 ¼ 11/01/26 | 2.4% | AAA |
| Rogers Communications Inc. 3.65% Mar 31, 2027 | 2.4% | BBB- |
| Canada T-Bill 12/30/26 | 2.3% | AA+ |
| Transcanada Pipeline 3.8 04/05/27 | 2.3% | BBB+ |
| Transcanada Trust 4.65 05/18/2027 | 2.3% | BBB- |
| EG Global Finance PLC 12.0 11/30/2028 | 2.2% | B |
| Premium Brands 4.2% Sept 30, 2027 | 2.2% | Not Rated |
| Total | 25.4% |
Geographic Breakdown
| Canada | 49.0% |
| USA | 45.0% |
| Other | 6.0% |
Performance
Inception Date
December 30, 2016
As of Date
June 30, 2026
Compound Returns
| 1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
| -0.3% | 2.3% | 1.9% | 4.6% | 5.4% | 4.1% | 5.1% |
Calendar Year Returns
Distributions
Distributions
| Distribution Frequency | Quarterly |
| Most Recent Distribution per Unit | $0.1506 |
| 12-Month Trailing Distribution Yield | 6.1% |
| Next Record Date | September 17, 2026 |
| Next Distribution Date | September 18, 2026 |
Quarterly Distributions
| Record Date | Distribution Date |
|---|---|
| March 19, 2026 | March 20, 2026 |
| June 18, 2026 | June 19, 2026 |
| September 17, 2026 | September 18, 2026 |
| December 17, 2026 | December 18, 2026 |
| Distributions ($)/Unit2 | YTD* | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Distributions | 0.3104 | 0.5369 | 0.5061 | 0.5071 | 0.5521 | 0.7293 | 0.7117 | 0.6942 | 0.4010 | 0.3305 |
| Interest | - | 0.5115 | 0.5037 | 0.5031 | 0.5398 | 0.4174 | 0.3976 | 0.4263 | 0.3652 | 0.2233 |
| Dividends | - | 0.0253 | 0.0024 | 0.0060 | 0.0135 | 0.0185 | 0.0159 | 0.0393 | 0.0357 | 0.0229 |
| Capital Gains | - | - | - | - | - | 0.2934 | 0.2981 | 0.2286 | - | 0.0867 |
| Withholding Tax | - | - | - | (0.0020) | (0.0012) | - | - | - | - | (0.0025) |
Documents
Fund Profile
Regulatory Documents
Final Tax Year End Distributions
Final Tax Factors
Resources
Fulcra Commentary – Q3 2025
Opacity Emerges in Private Credit Compared to the first two quarters of 2025, Q3 was relatively benign. Credit market participants enjoyed low volatility as the Bloomberg US Corporate High Yield Bond Index spread over treasuries traded…
Fulcra Commentary – Q1 2025
Trade Wars Dear Investors, In our January and February commentaries we began to discuss the growing risk of political change impacting the financial markets. We did not know the extent to which government policy uncertainty would…
Fulcra Commentary – Q4 2024
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Fulcra Commentary – Q3 2024
Market Commentary: At least Canada is leading the US in some things. The Bank of Canada cut the overnight lending rate by 25bps in June, July and September before the US Federal Reserve (“Fed”) announced a…