Overview
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Asset ClassFixed Income
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CIFSC CategoryGlobal Fixed Income
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Risk RatingLow
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Number of Securities33
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Yield to Maturity7.1%
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Current Yield3.5%
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Average Duration2.0 Years
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Average Credit QualityA
Objectives
The Fund’s objective is to provide total return by investing primarily in investments in U.S. dollar denominated 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 either denominated in U.S. dollars or hedged to U.S. dollars with a minimum of 75% of the portfolio in BBB or higher.
Fund Facts
October 31, 2023Inception Date | May 12, 2021 |
Currency | USD |
Fund AUM | $6.0 Million |
NAVPU | $9.38 |
Management Fee | 1.05% |
MER as of June 30, 2023 (unaudited) | 1.42% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 33 |
Number of Issuers | 23 |
Average Term to Maturity (Years) | 3.4 |
Average Duration (Years) | 2.0 |
Average Coupon (%) | 3.2% |
Yield to Maturity (%) | 7.1% |
Current Yield (%) | 3.5% |
Average Credit Quality2 | A |
Credit Quality Breakdown
AA & Higher | 29.8% |
A | 33.7% |
BBB | 18.6% |
BB & Lower | 16.4% |
Not Rated | 1.4% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
US Treasury 0.25% Jun 30, 2025 (USD) | 14.1% | AAA |
US Treasury 0.375% Sep 30, 2027 (USD) | 12.8% | AAA |
Goldman Sachs FRN May 15, 2026 (Q LIBOR+117)(USD) | 6.2% | A+ |
GE Capital Corp FRN May 5, 2026 (Q LIBOR+38)(USD) | 6.2% | BBB+ |
Telus Corp 2.75% Jul 8, 2026 | 5.9% | BBB |
Toyota Credit Canada Inc. 2.11% Feb 26, 2025 | 5.6% | A+ |
American Honda Finance 1.0% Sep 10, 2025 (USD) | 5.0% | A |
Heathrow Funding Limited 3.25% May 21, 2025 | 4.7% | A- |
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 | 4.0% | A- |
Air Canada 4.625% Aug 15, 2029 | 3.4% | BB |
Total | 67.9% |
Geographic Breakdown
Canada | 35.3% |
USA | 55.8% |
South America | 1.6% |
Europe | 7.2% |
Performance
Inception Date
May 12, 2021
As of Date
October 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | Since Inception (Annualized) |
-0.2% | -0.3% | 3.0% | 4.0% | -0.4% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0730 |
12-Month Trailing Distribution Yield | 3.8% |
Next Record Date | December 14, 2023 |
Next Distribution Date | December 15, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 14, 2023 | December 15, 2023 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 |
---|---|---|---|
Total Distributions | 0.3525 | 0.0772 | 0.0727 |
Interest | - | 0.0772 | 0.0447 |
Dividends | - | - | - |
Capital Gains | - | - | 0.0280 |
Withholding Tax | - | - | - |