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 Maturity5.5%
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Current Yield3.2%
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Average Duration2.1 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
March 31, 2024Inception Date | May 12, 2021 |
Currency | USD |
Fund AUM | $6.2 Million |
NAVPU | $9.79 |
Management Fee | 0.55% |
MER as of December 31, 2023 | 0.74% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 33 |
Number of Issuers | 25 |
Average Term to Maturity (Years) | 3.3 |
Average Duration (Years) | 2.1 |
Average Coupon (%) | 3.1% |
Yield to Maturity (%) | 5.5% |
Current Yield (%) | 3.2% |
Average Credit Quality2 | A |
Credit Quality Breakdown
AA & Higher | 37.3% |
A | 28.8% |
BBB | 20.5% |
BB & Lower | 11.9% |
Not Rated | 1.5% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
US Treasury 0.375% Sep 30, 2027 (USD) | 18.9% | AAA |
Telus Corp 2.75% Jul 8, 2026 | 5.6% | BBB |
Toyota Credit Canada Inc. 2.11% Feb 26, 2025 | 5.1% | A+ |
JP Morgan Chase & Co. FF 1.578% Apr 22, 2027 (USD) | 5.1% | AA- |
American Honda Finance 1.0% Sep 10, 2025 (USD) | 5.0% | A |
Bell Canada 2.75% Jan 29, 2025 | 4.9% | BBB+ |
TD Bank CB 4.516% Jan 29, 2027 | 4.8% | AAA |
Heathrow Funding Limited 3.25% May 21, 2025 | 4.7% | A- |
GE Capital Corp FRN May 5, 2026 (Q SOFR +64.161)(USD) | 4.4% | BBB+ |
Goldman Sachs FRN May 15, 2026 (Q LIBOR+117)(USD) | 4.4% | A+ |
Total | 62.9% |
Geographic Breakdown
Canada | 44.1% |
USA | 47.1% |
South America | 1.7% |
Europe | 7.2% |
Performance
Inception Date
May 12, 2021
As of Date
March 31, 2024
Compound Returns
1 Month | 3 Months | YTD | 1 Year | Since Inception (Annualized) |
0.7% | 1.2% | 1.2% | 6.2% | 1.8% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0635 |
12-Month Trailing Distribution Yield | 3.3% |
Next Record Date | June 20, 2024 |
Next Distribution Date | June 21, 2024 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 19, 2024 | December 20, 2024 |
Distributions ($)/Unit3 | YTD* | 2023 | 2022 | 2021 |
---|---|---|---|---|
Total Distributions | 0.0635 | 0.3692 | 0.1777 | 0.0810 |
Interest | - | 0.3692 | 0.1777 | 0.0498 |
Dividends | - | - | - | - |
Capital Gains | - | - | - | 0.0312 |
Withholding Tax | - | - | - | - |