Overview
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Asset ClassFixed Income
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CategoryGlobal Corporate Fixed Income
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Risk RatingLow
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Number of Securities214
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Yield to Maturity (%)4.7%
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Current Yield3.6%
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Average Duration2.0 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
May 31, 2022Inception Date | December 31, 2014 |
Currency | CAD |
Fund AUM | $7.7 Billion |
NAVPU | $9.42 |
Management Fee | 0.75% |
MER as of December 31, 2021 | 0.90% |
Minimum Initial Investment | $1,000 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 214 |
Number of Issuers | 93 |
Average Term to Maturity (Years) | 4.5 |
Average Duration (Years) | 2.0 |
Average Coupon (%) | 3.09% |
Yield to Maturity (%) | 4.7% |
Current Yield (%) | 3.6% |
Average Credit Quality | BBB+ |
Credit Quality Breakdown
AA & Higher | 35.2% |
A | 10.9% |
BBB | 18.7% |
BB & Lower | 32.9% |
Not Rated | 2.4% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 5.4% | BB |
Canada 0.25% Aug 1, 2022 | 5.3% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 3.0% | AA- |
Canada 0.25% May 1, 2023 | 2.8% | AAA |
Canada 0.25% Feb 1, 2023 | 2.5% | AAA |
American Airlines Inc. 11.75% Jul 15, 2025 144A (USD) | 2.4% | B |
BNS FRN Aug 4, 2026 (CORRA+54) | 2.4% | A |
First National NHA MBS FRN (98004973) Feb 1, 2027(M CDOR-15) | 2.2% | AAA |
First National NHA MBS FRN (98004947) Jan 1, 2027(M CDOR-11) | 2.2% | AAA |
Delta Airlines SkyMiles TL Oct 20, 2027 (Q LIBOR+375) | 2.2% | BBB |
Total | 30.4% |
Geographic Breakdown
Canada | 71.2% |
USA | 26.6% |
Australia | 0.0% |
South America | 0.1% |
Europe | 0.0% |
Asia | 0.0% |
Other | 2.2% |
Performance
Inception Date
December 31, 2014
As of Date
May 31, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
-1.0% | -3.1% | -5.6% | -0.9% | 10.0% | 6.8% | 6.2% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency: Monthly |
Most Recent Distributions per Unit: $0.0417 |
12-Month Trailing Distribution Yield: 10.6% |
Next Record Date: June 14, 2022 |
Next Distribution Date: June 15, 2022 |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate / Unit |
---|---|---|
January 17, 2022 | January 18, 2022 | $0.04166 |
February 14, 2022 | February 15, 2022 | $0.04166 |
March 14, 2022 | March 15, 2022 | $0.04166 |
April 14, 2022 | April 18, 2022 | $0.04166 |
May 13, 2022 | May 16, 2022 | $0.04166 |
June 14, 2022 | June 15, 2022 | $0.04166 |
July 14, 2022 | July 15, 2022 | $0.04166 |
August 12, 2022 | August 15, 2022 | $0.04166 |
September 14, 2022 | September 15, 2022 | $0.04166 |
October 14, 2022 | October 17, 2022 | $0.04166 |
November 14, 2022 | November 15, 2022 | $0.04166 |
December 14, 2022 | December 15, 2022 | $0.04166 |
Distributions ($)/Unit3 | YTD* | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|
Total Distributions | 0.2083 | 0.9987 | 0.8821 | 0.5047 | 0.5113 | 0.7479 | 0.5088 | 0.5337 |
Interest | 0.3320 | 0.3818 | 0.4938 | 0.4766 | 0.3332 | 0.4970 | 0.4883 | |
Dividends | 0.0461 | 0.0391 | 0.0109 | 0.0053 | 0.0022 | 0.0042 | 0.0020 | |
Capital Gains | 0.6210 | 0.4622 | 0.0299 | 0.4140 | 0.0090 | 0.0448 | ||
Withholding Tax | (0.0004) | (0.0010) | (0.0005) | (0.0015) | (0.0014) | (0.0014) |