Overview
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Asset ClassFixed Income
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CategoryCanadian Short-Term Fixed Income
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Risk RatingLow
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Number of Securities84
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Yield to Maturity (%)3.8%
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Current Yield2.5%
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Average Duration1.2 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
May 31, 2022Inception Date | September 18, 2013 |
Currency | CAD |
Fund AUM | $492.7 Million |
NAVPU | $10.09 |
Management Fee | 1.05% |
MER as of December 31, 2021 | 1.26% |
Minimum Initial Investment | $1,000 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 84 |
Number of Issuers | 54 |
Average Term to Maturity (Years) | 3.2 |
Average Duration (Years) | 1.2 |
Average Coupon (%) | 2.0% |
Yield to Maturity (%) | 3.8% |
Current Yield (%) | 2.5% |
Average Credit Quality | A |
Credit Quality Breakdown
AA & Higher | 34.5% |
A | 31.8% |
BBB | 17.6% |
BB & Lower | 15.7% |
Not Rated | 0.5% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Canada 0.25% Aug 1, 2022 | 9.7% | AAA |
Canada 0.25% Feb 1, 2023 | 7.9% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 5.6% | AA- |
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) | 5.4% | A |
BNS FRN Aug 4, 2026 (CORRA+54) | 4.5% | A |
CIBC Frn Mar 4, 2025 (CORRA+46) | 3.6% | A |
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29) | 3.1% | BBB+ |
Morgan Stanley FRN Mar 21, 2025 (Q CDOR+33) | 3.0% | A |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 3.0% | A |
Honda Canada Finance Inc. FRN Sep 27, 2024 (Q CDOR+20) | 2.5% | A- |
Total | 48.3% |
Geographic Breakdown
Canada | 66.8% |
USA | 31.0% |
Australia | 0.0% |
South America | 0.0% |
Europe | 2.2% |
Asia | 0.0% |
Other | 0.0% |
Performance
Inception Date
September 18, 2013
As of Date
May 31, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
-0.5% | -2.2% | -3.4% | -3.4% | 1.5% | 1.3% | 1.6% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency: Quarterly |
Most Recent Distributions per Unit: $0.0224 |
12-Month Trailing Distribution Yield: 0.7% |
Next Record Date: June 23, 2022 |
Next Distribution Date: June 24, 2022 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 24, 2022 | March 25, 2022 |
June 23, 2022 | June 24, 2022 |
September 29, 2022 | September 30, 2022 |
December 15, 2022 | December 16, 2022 |
Distributions ($)/Unit3 | YTD* | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.0224 | 0.0757 | 0.2066 | 0.2104 | 0.1337 | 0.0875 | 0.1604 | 0.1555 | 0.2092 | 0.0171 |
Interest | 0.0590 | 0.1957 | 0.2104 | 0.1337 | 0.0794 | 0.1609 | 0.1414 | 0.2098 | 0.0171 | |
Dividends | 0.0001 | 0.0001 | ||||||||
Capital Gains | 0.0166 | 0.0108 | 0.0085 | 0.0000 | 0.0144 | |||||
Withholding Tax | 0.0000 | 0.0000 | (0.0004) | (0.0005) | (0.0003) | (0.0006) |