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 Securities224
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Yield to Maturity6.1%
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Current Yield4.7%
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Average Duration2.4 Years
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Average Credit QualityA+
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
March 31, 2024Inception Date | December 28, 2011 |
Currency | CAD |
Fund AUM | $13.2 Billion |
NAVPU | $12.59 |
Management Fee | 1.25% |
MER as of December 31, 2023 | 1.45% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 224 |
Number of Issuers | 121 |
Average Term to Maturity (Years) | 4.0 |
Average Duration (Years) | 2.4 |
Average Coupon (%) | 4.5% |
Yield to Maturity (%) | 6.1% |
Current Yield (%) | 4.7% |
Average Credit Quality2 | A+ |
Credit Quality Breakdown
AA & Higher | 49.3% |
A | 16.1% |
BBB | 14.1% |
BB & Lower | 19.1% |
Not Rated | 1.4% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada 0.5% Dec 01, 2030 | 8.4% | AAA |
Air Canada 4.625% Aug 15, 2029 | 4.2% | BB+ |
RBC CB 4.256% Dec 21, 2026 | 3.0% | AAA |
TD Bank 4.477% Jan 18, 2028 | 2.9% | A+ |
Scotia Capital Inc. NHA MBS (97528147) 3.7% Mar 1, 2029 | 2.6% | AAA |
TD Bank CB FRN Jun 8, 2026 (CORRA+65) | 2.5% | AAA |
BNS CB FRN Sept 8, 2026 (CORRA +60) | 2.4% | AAA |
TD Bank CB 4.232% Apr 2, 2029 | 2.3% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 2.0% | AA- |
Canada 0.25% Mar 01, 2026 | 2.0% | AAA |
Total | 32.3% |
Geographic Breakdown
Canada | 74.9% |
USA | 20.5% |
South America | 1.6% |
Europe | 1.9% |
Other | 1.0% |
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) |
0.8% | 1.6% | 1.6% | 6.3% | 2.8% | 7.3% | 5.3% | 6.0% |
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 Global Corporate Fixed Income Fund Over 3 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 | $0.1064 |
12-Month Trailing Distribution Yield | 4.7% |
Next Record Date | June 20, 2024 |
Next Distribution Date | June 21, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
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Total Distributions | 0.1064 | 0.5339 | 0.4032 | 0.9682 | 0.8185 | 0.1939 | 0.1361 | 0.4670 | 0.3126 | 0.3205 | 0.2777 |
Interest | - | 0.4150 | 0.2681 | 0.3218 | 0.3543 | 0.1897 | 0.1269 | 0.2080 | 0.3054 | 0.2932 | 0.2790 |
Dividends | - | 0.0168 | 0.0237 | 0.0447 | 0.0363 | 0.0042 | 0.0014 | 0.0014 | 0.0026 | 0.0012 | - |
Capital Gains | - | 0.1024 | 0.1116 | 0.6020 | 0.4289 | - | 0.0080 | 0.2586 | 0.0055 | 0.0269 | - |
Withholding Tax | - | (0.0002) | (0.0003) | (0.0004) | (0.0009) | - | (0.0001) | (0.0010) | (0.0009) | (0.0008) | (0.0013) |