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 Securities120
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Yield to Maturity8.5%
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Current Yield6.9%
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Average Duration1.9 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
May 31, 2025| Inception Date | December 30, 2016 |
| Currency | CAD |
| Fund AUM | $606.2 Million |
| NAVPU | $9.65 |
| Management Fee | 1.35% |
| MER as of December 31, 2024 | 1.55% |
| Minimum Initial Investment | $500 |
| Minimum Subsequent Investment | $100 |
| Liquidity | Daily |
| RSP Eligible | Yes |
Portfolio Characteristics
| Number of Securities | 120 |
| Number of Issuers | 74 |
| Average Term to Maturity (Years) | 2.6 |
| Average Duration (Years) | 1.9 |
| Average Coupon (%) | 6.4% |
| Yield to Maturity (%) | 8.5% |
| Current Yield (%) | 6.9% |
| Average Credit Quality | BB+ |
| Cash Weighting | 0.9% |
| Average Bond Price | $95.97 |
Credit Quality Breakdown
| AAA | 11.6% |
| AA | 5.2% |
| BBB | 6.3% |
| BB | 22.3% |
| B | 21.3% |
| CCC | 6.6% |
| CC | 1.1% |
| D | 0.4% |
| Not Rated | 25.2% |
Portfolio
Top 10 Holdings
| Security | % of Fund | Rating |
|---|---|---|
| Nissan Canada Inc 2.10 09/22/25 | 4.6% | BB |
| Rogers Communications Inc 5% Dec 17, 2081 | 3.6% | BB |
| EG GLOBAL FINANCE PLC 12.0 11/30/2028 | 3.5% | B |
| DNDCN 3 ¾ 03/01/26 | 2.9% | Not Rated |
| Canadian Government 3 ¼ 11/01/26 | 2.5% | AAA |
| Canadian Government 4 ½ 11/01/25 | 2.5% | AAA |
| Videotron Ltee Sr Notes 5.625% Jun 15, 2025 | 2.4% | BBB- |
| Premium Brands 4.2% Sept 30, 2027 | 2.4% | Not Rated |
| Tamarack 7.25% May 10 2027 | 2.4% | B+ |
| NFICN 5% 1/15/2027 | 2.3% | Not Rated |
| Total | 29.1% |
Geographic Breakdown
| Canada | 58.4% |
| USA | 35.4% |
| Other | 6.2% |
Performance
Inception Date
December 30, 2016
As of Date
May 31, 2025
Compound Returns
| 1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
| 0.3% | -0.1% | 0.8% | 3.5% | 3.4% | 6.9% | 4.6% |
Calendar Year Returns
Distributions
Distributions
| Distribution Frequency | Quarterly |
| Most Recent Distribution per Unit | $0.1298 |
| 12-Month Trailing Distribution Yield | 5.1% |
| Next Record Date | June 19, 2025 |
| Next Distribution Date | June 20, 2025 |
Quarterly Distributions
| Record Date | Distribution Date |
|---|---|
| March 20, 2025 | March 21, 2025 |
| June 19, 2025 | June 20, 2025 |
| September 18, 2025 | September 19, 2025 |
| December 18, 2025 | December 19, 2025 |
| Distributions ($)/Unit1 | YTD* | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Total Distributions | 0.1298 | 0.4595 | 0.4698 | 0.4411 | 0.6863 | 0.6943 | 0.5776 | 0.3782 | 0.2685 |
| Interest | - | 0.4574 | 0.4661 | 0.4313 | 0.3928 | 0.3879 | 0.3547 | 0.3445 | 0.1815 |
| Dividends | - | 0.0022 | 0.0056 | 0.0108 | 0.0174 | 0.0155 | 0.0327 | 0.0337 | 0.0185 |
| Capital Gains | - | - | - | - | 0.2761 | 0.2909 | 0.1902 | - | 0.0704 |
| Withholding Tax | - | - | (0.0019) | (0.0009) | - | - | - | - | (0.0020) |
Documents
Fund Profile
Regulatory Documents
Final Tax Year End Distributions
Final Tax Factors
Resources
Fulcra Commentary – Q1 2025
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Fulcra Commentary – Q3 2024
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Fulcra Commentary – Q2 2024
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