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 Securities55
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Yield to Maturity4.8%
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Current Yield3.2%
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Average Duration6.7 Years
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Average Credit QualityA+
Objectives
The Fund’s objective is to provide above average, long-term total returns consisting principally of interest income by investing primarily in high-quality Canadian dollar denominated fixed income securities of Canadian and foreign issuers.
Investment Focus
The Fund invests in high-quality Canadian dollar denominated fixed income securities of Canadian issuers and up to 60% in foreign issuers. Portfolio is unable to purchase fixed income securities rated below BBB-.
Fund Facts
March 31, 2024Inception Date | December 28, 2011 |
Currency | CAD |
Fund AUM | $86.5 Million |
NAVPU | $10.22 |
Management Fee | 0.65% |
MER as of December 31, 2023 | 0.80% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 55 |
Number of Issuers | 35 |
Average Term to Maturity (Years) | 9.3 |
Average Duration (Years) | 6.7 |
Average Coupon (%) | 3.1% |
Yield to Maturity (%) | 4.8% |
Current Yield (%) | 3.2% |
Average Credit Quality2 | A+ |
Credit Quality Breakdown
AA & Higher | 51.1% |
A | 20.6% |
BBB | 28.3% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada RRB 0.5% Dec 1, 2050 | 13.5% | AAA |
Canada RRB 4.25% Dec 1, 2026 | 8.9% | AAA |
Canada 0.25% Mar 01, 2026 | 7.1% | AAA |
MetLife Global Funding l 1.95% Mar 20, 2028 | 6.1% | AA- |
Enbridge Inc. 6.51% Nov 9, 2052 | 4.4% | BBB+ |
Honda Canada Finance Inc 1.646% Feb 25, 2028 | 4.3% | A- |
Pembina Pipeline Corp 5.67% Jan 12, 2054 | 4.2% | BBB |
Nestle Holdings Inc. 2.192% Jan 26, 2029 | 3.9% | AA- |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 3.5% | AA- |
Toyota Credit Canada Inc. 1.66% Jul 20, 2026 | 2.9% | A+ |
Total | 58.8% |
Geographic Breakdown
Canada | 76.0% |
USA | 14.1% |
Europe | 9.9% |
Performance
Inception Date
December 28, 2011
As of Date
March 31, 2024
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.9% | 0.2% | 0.2% | 4.7% | 0.3% | 2.3% | 2.2% | 2.5% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0689 |
12-Month Trailing Distribution Yield | 3.4% |
Next Record Date | June 20, 2024 |
Next Distribution Date | June 21, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.0689 | 0.3551 | 0.1718 | 0.2384 | 0.2391 | 0.2339 | 0.2233 | 0.1914 | 0.1707 | 0.2885 | 0.2723 |
Interest | - | 0.3551 | 0.1718 | 0.0954 | 0.2391 | 0.2339 | 0.2233 | 0.1930 | 0.1721 | 0.1895 | 0.2736 |
Dividends | - | - | - | - | - | - | - | - | - | - | - |
Capital Gains | - | - | - | 0.1430 | - | - | - | - | - | 0.1000 | - |
Withholding Tax | - | - | - | - | - | - | - | (0.0016) | (0.0014) | (0.0010) | (0.0013) |