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 Securities77
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Yield to Maturity10.4%
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Current Yield7.5%
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Average Duration1.7 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
December 31, 2022Inception Date | December 30, 2016 |
Currency | CAD |
Fund AUM | $263.5 Million |
NAVPU | $9.45 |
Management Fee | 1.35% |
MER as of June 30, 2022 (unaudited) | 1.61% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 77 |
Number of Issuers | 52 |
Average Term to Maturity (Years) | 2.1 |
Average Duration (Years) | 1.7 |
Average Coupon (%) | 6.3% |
Yield to Maturity (%) | 10.4% |
Current Yield (%) | 7.5% |
Average Credit Quality | BB |
Cash Weighting | 2.7% |
Average Bond Price | $92.61 |
Credit Quality Breakdown
AAA | 10.2% |
A | 0.7% |
BBB | 8.6% |
BB | 23.1% |
B | 26.7% |
CCC | 14.3% |
Not Rated | 16.4% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
NFICN 5% 1/15/2027 | 3.9% | NR |
Seaspan 6.5% 02/05/2024 | 3.6% | BB |
SNC Lavalin 3.235% Mar 2, 2023 | 3.6% | BB+ |
Spencer Spirit TL | 3.5% | B+ |
ENBCN 3.94 Jun/30/23 | 3.2% | BBB+ |
Kar Auction Services Inc 5.125% June 01, 2025 | 3.1% | B |
Rite Aid Corp. 7.50% July 01, 2025 | 2.6% | CCC+ |
Canada 0.25% Feb 1, 2023 | 2.6% | AAA |
Geo Group TL 1 B | 2.6% | B+ |
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR+314) | 2.5% | BB+ |
Total | 31.2% |
Geographic Breakdown
Canada | 55.8% |
USA | 34.4% |
Other | 9.8% |
Performance
Inception Date
December 30, 2016
As of Date
December 31, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
-0.4% | 0.1% | -2.1% | -2.1% | 3.9% | 3.4% | 4.2% |
Calendar Year Returns
Awards

FundGrade A+ Awards
The FundGrade A+® Award is given annually to investment funds and their managers who have shown consistent, outstanding, risk-adjusted performance through the year.
High Yield Fixed Income
Distributions
Distributions
Distribution Frequency | Quarterly |
Most Recent Distribution per Unit | $0.0350 |
12-Month Trailing Distribution Yield | 4.7% |
Next Record Date | March 30, 2023 |
Next Distribution Date | March 31, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 24, 2022 | March 25, 2022 |
June 23, 2022 | June 24, 2022 |
September 29, 2022 | September 30, 2022 |
December 15, 2022 | December 16, 2022 |
Distributions ($)/Unit3 | YTD* | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|
Total Distributions | 0.4411 | 0.6863 | 0.6943 | 0.5776 | 0.3782 | 0.2685 |
Interest | - | 0.3928 | 0.3879 | 0.3547 | 0.3445 | 0.1815 |
Dividends | - | 0.0174 | 0.0155 | 0.0327 | 0.0337 | 0.0185 |
Capital Gains | - | 0.2761 | 0.2909 | 0.1902 | - | 0.0704 |
Withholding Tax | - | - | - | - | - | (0.0020) |