Overview
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Asset ClassFixed Income
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CIFSC CategoryCanadian Short-Term Fixed Income
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Risk RatingLow
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Number of Securities62
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Yield to Maturity4.6%
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Current Yield4.0%
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Average Duration2.5 Years
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Average Credit QualityA+
Objectives
The Fund’s objective is to provide total returns consisting principally of interest income by investing primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers.
Investment Focus
The fund invests primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers with a minimum of 75% of the portfolio in BBB or higher.
Fund Facts
August 31, 2024Inception Date | September 18, 2013 |
Currency | CAD |
Fund AUM | $222.8 Million |
NAVPU | $10.44 |
Management Fee | 1.05% |
MER as of June 30, 2024 (unaudited) | 1.26% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 62 |
Number of Issuers | 39 |
Average Term to Maturity (Years) | 3.3 |
Average Duration (Years) | 2.5 |
Average Coupon (%) | 3.9% |
Yield to Maturity (%) | 4.6% |
Current Yield (%) | 4.0% |
Average Credit Quality2 | A+ |
Credit Quality Breakdown
AA & Higher | 47.5% |
A | 27.5% |
BBB | 12.3% |
BB & Lower | 11.6% |
Not Rated | 1.1% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada 2% Jun 1, 2028 | 6.3% | AAA |
New York Life Global FDG 2% Apr 17, 2028 | 5.5% | AAA |
TD Bank 4.477% Jan 18, 2028 | 4.3% | A+ |
TD Bank CB 4.516% Jan 29, 2027 | 4.1% | AAA |
MetLife Global Funding l 1.95% Mar 20, 2028 | 4.0% | AA- |
RBC 4.642% Jan 17, 2028 | 4.0% | A+ |
Air Canada 4.625% Aug 15, 2029 | 3.6% | BB+ |
Bell Canada 3.35% Mar 12, 2025 | 3.5% | BBB+ |
CIBC Sr. Unsec. 4.9% Apr 2, 2027 | 3.5% | A |
WTH Car Rental ULC (AVIS) 5.145% Aug 20, 2027 | 3.2% | AAA |
Total | 42.0% |
Geographic Breakdown
Canada | 67.5% |
USA | 23.3% |
South America | 1.3% |
Europe | 7.9% |
Performance
Inception Date
September 18, 2013
As of Date
August 31, 2024
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.4% | 2.1% | 4.0% | 6.9% | 2.0% | 2.8% | 2.2% | 2.2% |
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 Canadian Short Term Fixed Income Fund Over 5 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.
Canadian Short Term Fixed Income
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0730 |
12-Month Trailing Distribution Yield | 2.7% |
Next Record Date | September 19, 2024 |
Next Distribution Date | September 20, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.1372 | 0.3476 | 0.1738 | 0.0757 | 0.2066 | 0.2104 | 0.1337 | 0.0875 | 0.1604 | 0.1555 | 0.2092 |
Interest | - | 0.3473 | 0.1734 | 0.0590 | 0.1957 | 0.2104 | 0.1337 | 0.0794 | 0.1609 | 0.1414 | 0.2098 |
Dividends | - | 0.0003 | 0.0004 | 0.0001 | 0.0001 | - | - | - | - | - | - |
Capital Gains | - | - | - | 0.0166 | 0.0108 | - | - | 0.0085 | 0.0000 | 0.0144 | - |
Withholding Tax | - | - | - | - | - | - | - | (0.0004) | (0.0005) | (0.0003) | (0.0006) |