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 Securities117
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Yield to Maturity7.2%
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Current Yield5.4%
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Average Duration2.3 Years
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Average Credit QualityBBB
Objectives
The Fund’s objective is to achieve long term capital growth of returns consisting of income and some capital gains primarily through investments in U.S. debt and money market securities either denominated in U.S. dollars or hedged to U.S. dollars using forward currency contracts.
Investment Focus
The Fund invests primarily in U.S. debt and money market securities either denominated in U.S. dollars or hedged to U.S. dollars and is unrestricted across all credits.
Fund Facts
December 31, 2022Inception Date | December 30, 2014 |
Currency | USD |
Fund AUM | $164.8 Million |
NAVPU | $10.45 |
Management Fee | 1.25% |
MER as of June 30, 2022 (unaudited) | 1.49% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 117 |
Number of Issuers | 54 |
Average Term to Maturity (Years) | 9.8 |
Average Duration (Years) | 2.3 |
Average Coupon (%) | 4.9% |
Yield to Maturity (%) | 7.2% |
Current Yield (%) | 5.4% |
Average Credit Quality | BBB |
Credit Quality Breakdown
AA & Higher | 29.0% |
A | 6.0% |
BBB | 26.1% |
BB & Lower | 36.7% |
Not Rated | 2.2% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 6.7% | BB- |
US Treasury 0.125% Feb 15, 2024 (USD) | 6.5% | AAA |
BNS (AT1) 4.65% Perpetual (USD) | 3.6% | BBB- |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 3.5% | AA- |
Met Life Global Funding I FRN Jan 7, 2024 (SOFR+32)144A(USD) | 3.1% | AA- |
US Treasury 0.125% Oct 15, 2023 (USD) | 2.9% | AAA |
American Airlines Inc. 11.75% Jul 15, 2025 144A (USD) | 2.7% | B |
Delta Airlines SkyMiles TL Oct 20, 2027 (Q LIBOR+375) | 2.5% | BBB+ |
Scotia Capital NHA MBS FRN (98005098) Apr 1, 2027(M CDOR-12) | 2.3% | AAA |
Latam Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 2.2% | B |
Total | 36.0% |
Geographic Breakdown
Canada | 49.6% |
USA | 39.9% |
Europe | 5.8% |
Other | 4.7% |
Performance
Inception Date
December 30, 2014
As of Date
December 31, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
0.4% | 1.8% | -6.4% | -6.4% | 6.8% | 5.3% | 4.0% |
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 Five Years
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.4080 |
12-Month Trailing Distribution Yield | 6.0% |
Next Record Date | March 30, 2023 |
Next Distribution Date | March 31, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 24, 2022 | March 25, 2022 |
June 23, 2022 | June 24, 2022 |
September 29, 2022 | September 30, 2022 |
December 15, 2022 | December 16, 2022 |
Distributions ($)/Unit3 | YTD* | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|
Total Distributions | 0.6313 | 0.6724 | 0.2894 | 0.2603 | 0.2078 | 0.1758 | 0.2063 | 0.3357 |
Interest | - | 0.2405 | 0.2804 | 0.2603 | 0.2078 | 0.1760 | 0.2063 | 0.2397 |
Dividends | - | 0.0303 | 0.0090 | - | - | - | - | - |
Capital Gains | - | 0.4018 | - | - | - | - | - | 0.0960 |
Withholding Tax | - | (0.0002) | - | - | - | (0.0002) | - | - |