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 Securities118
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Yield to Maturity7.1%
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Current Yield5.1%
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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
April 30, 2023Inception Date | December 30, 2014 |
Currency | USD |
Fund AUM | $174.1 Million |
NAVPU | $10.68 |
Management Fee | 0.75% |
MER as of December 31, 2022 | 0.93% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 118 |
Number of Issuers | 58 |
Average Term to Maturity (Years) | 4.2 |
Average Duration (Years) | 2.3 |
Average Coupon (%) | 4.6% |
Yield to Maturity (%) | 7.1% |
Current Yield (%) | 5.1% |
Average Credit Quality2 | BBB+ |
Credit Quality Breakdown
AA & Higher | 30.9% |
A | 8.3% |
BBB | 25.0% |
BB & Lower | 33.8% |
Not Rated | 2.1% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
US Treasury 0.125% Feb 15, 2024 (USD) | 10.4% | AAA |
Air Canada 4.625% Aug 15, 2029 | 6.3% | BB- |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 3.3% | AA- |
Met Life Global Funding I FRN Jan 7, 2024 (SOFR+32)144A(USD) | 2.9% | AA- |
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) | 2.4% | A |
Delta Airlines SkyMiles TL Oct 20, 2027 (Q LIBOR+375) | 2.1% | BBB+ |
Latam Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 2.1% | B |
Scotia Capital NHA MBS FRN (98005098) Apr 1, 2027(M CDOR-12) | 2.1% | AAA |
Great West Life Co Inc. (AT1) 3.6% Dec 31, 2026/2081 | 2.0% | A- |
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) | 2.0% | B- |
Total | 35.6% |
Geographic Breakdown
Canada | 48.2% |
USA | 40.7% |
South America | 2.1% |
Europe | 6.8% |
Other | 2.1% |
Performance
Inception Date
December 30, 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) |
0.4% | 1.1% | 3.7% | 2.3% | 9.0% | 6.5% | 4.8% |
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 Five Years
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.1355 |
12-Month Trailing Distribution Yield | 7.1% |
Next Record Date | June 29, 2023 |
Next Distribution Date | June 30, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 14, 2023 | December 15, 2023 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.1355 | 0.7138 | 0.7042 | 0.3369 | 0.2665 | 0.2215 | 0.2287 | 0.4170 | 0.3464 |
Interest | - | 0.3473 | 0.2519 | 0.3264 | 0.2665 | 0.2215 | 0.2290 | 0.4170 | 0.2474 |
Dividends | - | 0.0237 | 0.0318 | 0.0105 | - | - | - | - | - |
Capital Gains | - | 0.3428 | 0.4208 | - | - | - | - | - | 0.0990 |
Withholding Tax | - | - | (0.0002) | - | - | - | (0.0003) | - | - |