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 Securities89
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Yield to Maturity8.8%
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Current Yield6.0%
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Average Duration1.3 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
October 31, 2023Inception Date | December 30, 2016 |
Currency | CAD |
Fund AUM | $408.5 Million |
NAVPU | $9.60 |
Management Fee | 1.35% |
MER as of June 30, 2023 (unaudited) | 1.59% |
Minimum Initial Investment | $500 |
Minimum Subsequent Investment | $100 |
Liquidity | Daily |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities | 89 |
Number of Issuers | 56 |
Average Term to Maturity (Years) | 1.6 |
Average Duration (Years) | 1.3 |
Average Coupon (%) | 5.6% |
Yield to Maturity (%) | 8.8% |
Current Yield (%) | 6.0% |
Average Credit Quality | BB |
Cash Weighting | -1.3% |
Average Bond Price | $94.71 |
Credit Quality Breakdown
AAA | 6.5% |
AA | 1.4% |
A | 6.8% |
BBB | 19.0% |
BB | 16.2% |
B | 18.1% |
CCC | 10.7% |
C | 3.1% |
Not Rated | 18.1% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
US Treasury 0.125% Jan 15, 2024 (USD) | 6.6% | A- |
RCICN 3.8% Nov/02/2023 | 4.6% | BBB- |
RUSCN 5.75 Oct/27/25 | 3.5% | BB |
Rite Aid Corp. 7.50% July 01, 2025 | 2.7% | C |
Rogers Communications Inc 5% Dec 17, 2081 | 2.5% | BB |
Canada 0.5% Nov 1, 2023 | 2.5% | AAA |
NFICN 5% 1/15/2027 | 2.5% | NR |
F 3.5% Nov 30 2023 | 2.5% | BBB- |
RCICN 4.35 01/31/24 | 2.5% | BBB- |
Kar Auction Services Inc 5.125% June 01, 2025 | 2.4% | B |
Total | 32.3% |
Geographic Breakdown
Canada | 59.2% |
USA | 32.4% |
Other | 8.3% |
Performance
Inception Date
December 30, 2016
As of Date
October 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
-0.1% | 1.0% | 5.8% | 6.9% | 6.6% | 4.4% | 4.5% |
Calendar Year Returns
Awards

LSEG Lipper Fund Awards
The LSEG Lipper Fund Awards Canada, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.
Best High Yield Fixed Income Fund Over 3 Years

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 | $0.1307 |
12-Month Trailing Distribution Yield | 4.5% |
Next Record Date | December 14, 2023 |
Next Distribution Date | December 15, 2023 |
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 14, 2023 | December 15, 2023 |
Distributions ($)/Unit1 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Total Distributions | 0.3947 | 0.4411 | 0.6863 | 0.6943 | 0.5776 | 0.3782 | 0.2685 |
Interest | - | 0.4313 | 0.3928 | 0.3879 | 0.3547 | 0.3445 | 0.1815 |
Dividends | - | 0.0108 | 0.0174 | 0.0155 | 0.0327 | 0.0337 | 0.0185 |
Capital Gains | - | - | 0.2761 | 0.2909 | 0.1902 | - | 0.0704 |
Withholding Tax | - | (0.0009) | - | - | - | - | (0.0020) |