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 Securities40
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Yield to Maturity6.7%
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Current Yield4.6%
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Average Duration1.8 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
August 31, 2023Inception Date | May 12, 2021 |
Currency | USD |
Fund AUM | $6.9 Million |
NAVPU | $9.58 |
Management Fee | 0.55% |
MER as of June 30, 2023 (unaudited) | 0.87% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 40 |
Number of Issuers | 27 |
Average Term to Maturity (Years) | 3.5 |
Average Duration (Years) | 1.8 |
Average Coupon (%) | 4.3% |
Yield to Maturity (%) | 6.7% |
Current Yield (%) | 4.6% |
Average Credit Quality2 | A- |
Credit Quality Breakdown
AA & Higher | 27.4% |
A | 29.6% |
BBB | 21.9% |
BB & Lower | 19.6% |
Not Rated | 1.5% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
US Treasury 0.375% Sep 30, 2027 (USD) | 9.6% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 7.3% | AA- |
New York Life Global FDG FRN Jun 30, 2026 (CORRA+91) | 5.4% | AAA |
GE Capital Corp FRN May 5, 2026 (Q LIBOR+38)(USD) | 5.4% | BBB+ |
Goldman Sachs FRN May 15, 2026 (Q LIBOR+117)(USD) | 5.3% | A+ |
Bell Canada 3.35% Mar 12, 2025 | 5.3% | BBB+ |
Telus Corp 2.75% Jul 8, 2026 | 5.3% | BBB |
Toyota Credit Canada Inc. 2.11% Feb 26, 2025 | 5.0% | A+ |
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR+314) | 4.6% | BB+ |
American Honda Finance 1.0% Sep 10, 2025 (USD) | 4.4% | A |
Total | 57.6% |
Geographic Breakdown
Canada | 41.7% |
USA | 50.4% |
South America | 1.5% |
Europe | 6.4% |
Performance
Inception Date
May 12, 2021
As of Date
August 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | Since Inception (Annualized) |
0.0% | 0.9% | 3.6% | 4.1% | 0.2% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0931 |
12-Month Trailing Distribution Yield | 3.3% |
Next Record Date | September 28, 2023 |
Next Distribution Date | September 29, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 14, 2023 | December 15, 2023 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 |
---|---|---|---|
Total Distributions | 0.2010 | 0.1777 | 0.0810 |
Interest | - | 0.1777 | 0.0498 |
Dividends | - | - | - |
Capital Gains | - | - | 0.0312 |
Withholding Tax | - | - | - |