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 Securities246
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Yield to Maturity6.5%
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Current Yield5.2%
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Average Duration2.2 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
April 30, 2023Inception Date | December 23, 2011 |
Currency | CAD |
Fund AUM | $9.3 Billion |
NAVPU | $13.71 |
Management Fee | 0.75% |
MER as of December 31, 2022 | 0.91% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 246 |
Number of Issuers | 118 |
Average Term to Maturity (Years) | 4.3 |
Average Duration (Years) | 2.2 |
Average Coupon (%) | 4.8% |
Yield to Maturity (%) | 6.5% |
Current Yield (%) | 5.2% |
Average Credit Quality2 | A- |
Credit Quality Breakdown
AA & Higher | 34.1% |
A | 18.5% |
BBB | 17.8% |
BB & Lower | 27.5% |
Not Rated | 2.2% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 5.2% | BB |
Canada 0.5% Nov 1, 2023 | 5.1% | AAA |
TD Bank 4.477% Jan 18, 2028 | 4.2% | A+ |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 2.6% | AA- |
RBC 4.642% Jan 17, 2028 | 2.5% | A+ |
RBC CB 4.109% Dec 22, 2025 | 2.2% | AAA |
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 | 2.1% | BBB+ |
American Airlines Inc. 11.75% Jul 15, 2025 144A (USD) | 2.0% | B+ |
Latam Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 2.0% | B |
Canada 0.25% Aug 1, 2023 | 1.9% | AAA |
Total | 31.2% |
Geographic Breakdown
Canada | 68.9% |
USA | 22.3% |
South America | 2.0% |
Europe | 5.0% |
Other | 1.8% |
Performance
Inception Date
December 23, 2011
As of Date
April 30, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.5% | 1.1% | 3.4% | 1.4% | 10.0% | 7.0% | 6.2% | 6.6% |
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 | $0.0712 |
12-Month Trailing Distribution Yield | 3.9% |
Next Record Date | June 29, 2023 |
Next Distribution Date | June 30, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 14, 2023 | December 15, 2023 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
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Total Distributions | 0.0712 | 0.5572 | 1.1593 | 0.9963 | 0.3037 | 0.2335 | 0.6161 | 0.4666 | 0.4566 | 0.4079 | 0.3672 |
Interest | - | 0.3706 | 0.3854 | 0.4312 | 0.2972 | 0.2177 | 0.2745 | 0.4559 | 0.4178 | 0.4098 | 0.3672 |
Dividends | - | 0.0328 | 0.0536 | 0.0442 | 0.0065 | 0.0024 | 0.0018 | 0.0038 | 0.0017 | - | - |
Capital Gains | - | 0.1542 | 0.7209 | 0.5220 | - | 0.0136 | 0.3411 | 0.0082 | 0.0383 | - | - |
Withholding Tax | - | (0.0003) | (0.0005) | (0.0011) | - | (0.0002) | (0.0013) | (0.0013) | (0.0012) | (0.0019) | - |