Portfolio Manager
Overview
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Asset ClassFixed Income
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CIFSC CategoryHigh Yield Fixed Income
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Risk RatingLow
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Number of Securities106
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Yield to Maturity10.0%
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Current Yield7.5%
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Average Duration2.2 Years
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Average Credit QualityBB+
Objectives
The Fund’s objective is to provide income and capital growth by investing in fixed income, floating rate, convertible, preferred equity, and common equity securities of corporations anywhere in the world.
Investment Focus
The fund invests primarily in fixed income securities of small and mid-cap companies with the tactical inclusion of equity investments. It is unconstrained both geographically and by credit quality.
Fund Facts
March 31, 2026| Inception Date | December 30, 2016 |
| Currency | CAD |
| Fund AUM | $619.0 Million |
| NAVPU | $9.39 |
| Management Fee | 0.85% |
| MER as of December 31, 20251 | 1.01% |
| Minimum Initial Investment | $500 |
| Minimum Subsequent Investment | $100 |
| Liquidity | Daily |
| RSP Eligible | Yes |
Portfolio Characteristics
| Number of Securities | 106 |
| Number of Issuers | 63 |
| Average Term to Maturity (Years) | 3.3 |
| Average Duration (Years) | 2.2 |
| Average Coupon (%) | 6.6% |
| Yield to Maturity (%) | 10.0% |
| Current Yield (%) | 7.5% |
| Average Credit Quality | BB+ |
| Cash Weighting | 3.4% |
| Average Bond Price | $92.41 |
Credit Quality Breakdown
| AAA | 13.1% |
| AA | 4.0% |
| BBB | 7.5% |
| BB | 16.1% |
| B | 25.2% |
| CCC | 9.3% |
| CC | 1.2% |
| D | 1.7% |
| Not Rated | 22.0% |
Asset Mix
| Cash & Equivalents | 3.2% |
| Common Stock | 1.6% |
| Convertible Bonds | 5.9% |
| Corporate Bonds | 64.7% |
| Government Bonds | 14.3% |
| Corporate Loans | 10.1% |
| Preferred Shares | 0.2% |
Portfolio
Top 10 Holdings
| Security | % of Fund | Rating |
|---|---|---|
| Rogers Communications Inc 5% Dec 17, 2081 | 3.6% | BB |
| EG Global Finance PLC 12.0 11/30/2028 | 3.3% | B |
| Getty Images Inc 10 ½ 11/15/30 | 3.2% | B+ |
| Sunoco Lp 3.875 06/16/26 | 3.0% | BB+ |
| Canadian Government 3 ¼ 11/01/26 | 2.5% | AAA |
| Canadian Government 4 05/01/26 | 2.5% | AAA |
| Canadian Government 3 04/01/26 | 2.5% | AAA |
| NFI Group 5.00% Jan 15, 2027 | 2.4% | Not Rated |
| Premium Brands 4.2% Sept 30, 2027 | 2.4% | Not Rated |
| Transcanada Trust 4.65 05/18/2027 | 2.4% | BBB- |
| Total | 27.7% |
Geographic Breakdown
| Canada | 47.5% |
| USA | 43.4% |
| Other | 9.1% |
Performance
Inception Date
December 30, 2016
As of Date
March 31, 2026
Compound Returns
| 1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
| -0.3% | -0.4% | -0.4% | 3.5% | 5.3% | 4.1% | 5.0% |
Calendar Year Returns
Distributions
Distributions
| Distribution Frequency | Quarterly |
| Most Recent Distribution per Unit | $0.1599 |
| 12-Month Trailing Distribution Yield | 5.9% |
| Next Record Date | June 18, 2026 |
| Next Distribution Date | June 19, 2026 |
Quarterly Distributions
| Record Date | Distribution Date |
|---|---|
| March 19, 2026 | March 20, 2026 |
| June 18, 2026 | June 19, 2026 |
| September 17, 2026 | September 18, 2026 |
| December 17, 2026 | December 18, 2026 |
| Distributions ($)/Unit2 | YTD* | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Distributions | 0.1599 | 0.5369 | 0.5061 | 0.5071 | 0.5521 | 0.7293 | 0.7117 | 0.6942 | 0.4010 | 0.3305 |
| Interest | - | 0.5115 | 0.5037 | 0.5031 | 0.5398 | 0.4174 | 0.3976 | 0.4263 | 0.3652 | 0.2233 |
| Dividends | - | 0.0253 | 0.0024 | 0.0060 | 0.0135 | 0.0185 | 0.0159 | 0.0393 | 0.0357 | 0.0229 |
| Capital Gains | - | - | - | - | - | 0.2934 | 0.2981 | 0.2286 | - | 0.0867 |
| Withholding Tax | - | - | - | (0.0020) | (0.0012) | - | - | - | - | (0.0025) |
Documents
Fund Profile
Regulatory Documents
Final Tax Year End Distributions
Final Tax Factors
Resources
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Fulcra Commentary – Q1 2025
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Fulcra Commentary – Q4 2024
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Fulcra Commentary – Q3 2024
Market Commentary: At least Canada is leading the US in some things. The Bank of Canada cut the overnight lending rate by 25bps in June, July and September before the US Federal Reserve (“Fed”) announced a…