Overview
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Asset ClassFixed Income
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CategoryGlobal Fixed Income
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Risk RatingLow
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Number of Securities60
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Yield to Maturity (%)3.5%
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Current Yield2.3%
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Average Duration0.9 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
June 30, 2022Inception Date | May 12, 2021 |
Currency | USD |
Fund AUM | $19.2 Million |
NAVPU | $9.42 |
Management Fee | 0.55% |
MER as of December 31, 2021 | N/A |
Minimum Initial Investment | $1,000 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 60 |
Number of Issuers | 35 |
Average Term to Maturity (Years) | 4.7 |
Average Duration (Years) | 0.9 |
Average Coupon (%) | 1.7% |
Yield to Maturity (%) | 3.5% |
Current Yield (%) | 2.3% |
Average Credit Quality | A+ |
Credit Quality Breakdown
AA & Higher | 49.7% |
A | 29.1% |
BBB | 12.2% |
BB & Lower | 8.8% |
Not Rated | 0.3% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Us Treasury 0.125% Aug 31, 2022 (USD) | 26.1% | AAA |
US Treasury 0.125% Apr 30, 2023 (USD) | 5.8% | AAA |
Verizon Communications Inc. FRN May 15, 2025(Q LIB+110)(USD) | 4.4% | A- |
Honda Canada Finance Inc. FRN Sep 27, 2024 (Q CDOR+20) | 3.9% | A+ |
BNS FRN Aug 4, 2026 (CORRA+54) | 3.8% | AA- |
Goldman Sachs FRN May 15, 2026 (Q LIBOR+117)(USD) | 3.8% | A+ |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 3.7% | AA- |
Peoples Trust NHA MBS FRN (98004248) Nov 1, 2025 (M CDOR+0) | 3.6% | AAA |
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29) | 3.6% | A- |
GE Capital Corp FRN May 5, 2026 (Q LIBOR+38)(USD) | 3.1% | BBB+ |
Total | 61.8% |
Geographic Breakdown
Canada | 35.7% |
USA | 61.7% |
Europe | 2.6% |
Performance
Inception Date
May 12, 2021
As of Date
June 30, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | Since Inception (Annualized) |
-1.2% | -2.5% | -4.4% | -4.6% | -3.8% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0347 |
12-Month Trailing Distribution Yield | 1.5% |
Next Record Date | September 29, 2022 |
Next Distribution Date | September 30, 2022 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 24, 2022 | March 25, 2022 |
June 23, 2022 | June 24, 2022 |
September 29, 2022 | September 30, 2022 |
December 15, 2022 | December 16, 2022 |
Distributions ($)/Unit3 | YTD* | 2021 |
---|---|---|
Total Distributions | 0.0667 | 0.0810 |
Interest | - | 0.0498 |
Dividends | - | 0.0000 |
Capital Gains | - | 0.0312 |
Withholding Tax | - | 0.0000 |