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 Securities66
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Yield to Maturity6.7%
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Current Yield4.8%
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Average Duration1.6 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, 2023Inception Date | September 18, 2013 |
Currency | CAD |
Fund AUM | $272.0 Million |
NAVPU | $10.17 |
Management Fee | 0.55% |
MER as of June 30, 2023 (unaudited) | 0.70% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 66 |
Number of Issuers | 44 |
Average Term to Maturity (Years) | 3.4 |
Average Duration (Years) | 1.6 |
Average Coupon (%) | 4.6% |
Yield to Maturity (%) | 6.7% |
Current Yield (%) | 4.8% |
Average Credit Quality2 | A- |
Credit Quality Breakdown
AA & Higher | 23.4% |
A | 41.4% |
BBB | 18.7% |
BB & Lower | 15.4% |
Not Rated | 1.1% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 7.1% | AA- |
Morgan Stanley FRN Mar 21, 2025 (Q CDOR +33) | 4.9% | A+ |
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) | 4.8% | A |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 4.8% | A+ |
Honda Canada Finance Inc. FRN Sep 27, 2024 (Q CDOR+20) | 4.6% | A- |
Canada 0.75% Oct 1, 2024 | 4.1% | AAA |
Bell Canada 3.35% Mar 12, 2025 | 4.1% | BBB+ |
Canada RRB 4.25% Dec 1, 2026 | 4.0% | AAA |
BNS FRN Aug 4, 2026 (CORRA+54) | 3.7% | A |
Nav Canada 0.555% Feb 9, 2024 | 3.5% | A+ |
Total | 45.6% |
Geographic Breakdown
Canada | 62.7% |
USA | 33.8% |
South America | 1.0% |
Europe | 2.5% |
Performance
Inception Date
September 18, 2013
As of Date
August 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
0.2% | 1.3% | 3.9% | 4.3% | 1.6% | 2.3% | 2.3% |
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 Canadian Short Term 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.
Canadian Short Term Fixed Income
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.1054 |
12-Month Trailing Distribution Yield | 3.7% |
Next Record Date | September 28, 2023 |
Next Distribution Date | September 29, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 14, 2023 | December 15, 2023 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.2346 | 0.2370 | 0.1515 | 0.2140 | 0.2307 | 0.1787 | 0.1711 | 0.2153 | 0.2100 | 0.2200 | 0.0285 |
Interest | - | 0.2364 | 0.1181 | 0.2027 | 0.2307 | 0.1787 | 0.1552 | 0.2160 | 0.1910 | 0.2206 | 0.0285 |
Dividends | - | 0.0006 | 0.0003 | 0.0001 | - | - | - | - | - | - | - |
Capital Gains | - | - | 0.0332 | 0.0112 | - | - | 0.0167 | 0.0000 | 0.0194 | - | - |
Withholding Tax | - | - | - | - | - | - | (0.0008) | (0.0007) | (0.0004) | (0.0006) | - |