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 31, 2014 |
Currency | CAD |
Fund AUM | $9.3 Billion |
NAVPU | $9.08 |
Management Fee | 0.75% |
MER as of December 31, 2022 | 0.88% |
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 31, 2014
As of Date
April 30, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
0.5% | 1.1% | 3.4% | 1.5% | 10.0% | 7.0% | 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 | Monthly |
Most Recent Distribution per Unit | $0.0417 |
12-Month Trailing Distribution Yield | 6.6% |
Next Record Date | May 12, 2023 |
Next Distribution Date | May 15, 2023 |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate/Unit |
---|---|---|
January 13, 2023 | January 16, 2023 | $0.0417 |
February 14, 2023 | February 15, 2023 | $0.0417 |
March 14, 2023 | March 15, 2023 | $0.0417 |
April 14, 2023 | April 17, 2023 | $0.0417 |
May 12, 2023 | May 15, 2023 | $0.0417 |
June 14, 2023 | June 15, 2023 | $0.0417 |
July 14, 2023 | July 17, 2023 | $0.0417 |
August 14, 2023 | August 15, 2023 | $0.0417 |
September 14, 2023 | September 15, 2023 | $0.0417 |
October 13, 2023 | October 16, 2023 | $0.0417 |
November 14, 2023 | November 15, 2023 | $0.0417 |
December 14, 2023 | December 15, 2023 | TBD |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.1667 | 0.5993 | 0.9987 | 0.8821 | 0.5047 | 0.5113 | 0.7479 | 0.5088 | 0.5337 |
Interest | - | 0.3986 | 0.3320 | 0.3818 | 0.4938 | 0.4766 | 0.3332 | 0.4970 | 0.4883 |
Dividends | - | 0.0352 | 0.0461 | 0.0391 | 0.0109 | 0.0053 | 0.0022 | 0.0042 | 0.0020 |
Capital Gains | - | 0.1659 | 0.6210 | 0.4622 | - | 0.0299 | 0.4140 | 0.0090 | 0.0448 |
Withholding Tax | - | (0.0004) | (0.0004) | (0.0010) | - | (0.0005) | (0.0015) | (0.0014) | (0.0014) |