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 Securities219
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Yield to Maturity6.8%
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Current Yield5.2%
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Average Duration2.2 Years
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Average Credit QualityBBB+
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, 2022Inception Date | December 28, 2011 |
Currency | CAD |
Fund AUM | $7.9 Billion |
NAVPU | $12.13 |
Management Fee | 1.25% |
MER as of June 30, 2022 (unaudited) | 1.48% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 219 |
Number of Issuers | 103 |
Average Term to Maturity (Years) | 4.8 |
Average Duration (Years) | 2.2 |
Average Coupon (%) | 4.8% |
Yield to Maturity (%) | 6.8% |
Current Yield (%) | 5.2% |
Average Credit Quality2 | BBB+ |
Credit Quality Breakdown
AA & Higher | 35.7% |
A | 10.1% |
BBB | 19.0% |
BB & Lower | 32.3% |
Not Rated | 2.9% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 6.1% | BB |
Canada 0.25% Apr 1, 2024 | 4.9% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 2.9% | AA- |
Canada 0.5% Nov 1, 2023 | 2.6% | AAA |
RBC CB 4.109% Dec 22, 2025 | 2.5% | AAA |
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 | 2.5% | BBB+ |
American Airlines Inc. 11.75% Jul 15, 2025 144A (USD) | 2.4% | B |
Delta Airlines SkyMiles TL Oct 20, 2027 (Q LIBOR+375) | 2.3% | BBB |
BNS FRN Aug 4, 2026 (CORRA+54) | 2.1% | A |
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 | 2.1% | BBB+ |
Total | 31.2% |
Geographic Breakdown
Canada | 68.9% |
USA | 22.3% |
South America | 0.1% |
Europe | 4.3% |
Other | 4.3% |
Performance
Inception Date
December 28, 2011
As of Date
December 31, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
-0.1% | 1.3% | -6.9% | -6.9% | 8.2% | 5.8% | 5.5% | 5.8% |
Calendar Year Returns
Awards

Refinitiv Lipper Fund Awards
The Refinitiv Lipper Fund Awards, 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 Three 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 | Quarterly |
Most Recent Distribution per Unit | $0.1864 |
12-Month Trailing Distribution Yield | 3.3% |
Next Record Date | March 30, 2023 |
Next Distribution Date | March 31, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 24, 2022 | March 25, 2022 |
June 23, 2022 | June 24, 2022 |
September 29, 2022 | September 30, 2022 |
December 15, 2022 | December 16, 2022 |
Distributions ($)/Unit3 | YTD* | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.4032 | 0.9682 | 0.8185 | 0.1939 | 0.1361 | 0.4670 | 0.3126 | 0.3205 | 0.2777 | 0.2695 | 0.2047 |
Interest | - | 0.3218 | 0.3543 | 0.1897 | 0.1269 | 0.2080 | 0.3054 | 0.2932 | 0.2790 | 0.2695 | 0.1897 |
Dividends | - | 0.0447 | 0.0363 | 0.0042 | 0.0014 | 0.0014 | 0.0026 | 0.0012 | - | - | - |
Capital Gains | - | 0.6020 | 0.4289 | - | 0.0080 | 0.2586 | 0.0055 | 0.0269 | - | - | 0.0150 |
Withholding Tax | - | (0.0004) | (0.0009) | - | (0.0001) | (0.0010) | (0.0009) | (0.0008) | (0.0013) | - | - |