Overview

Quick Facts

Daily Price

$9.35
-0.02% (-$0.00)
March 25, 2019
7-Day Performance 0.62%
Inception date June 16, 2011
CIFSC category High Yield Fixed Income
AUM3 $926.16 million
MER 2.02% (as at 2017/12/31, includes HST)

Investment Highlights

The portfolio management team believes competitive total returns can be sought by using a contrarian approach to identify out-of-favor, undervalued companies that have attractive long-term outlooks. As part of the research process, they identify the most attractive part of the capital structure to invest in, from bank loans and senior notes down to subordinated notes, convertible notes and equity.

Why Invest

  • The portfolio managers utilize a fundamental, bottom-up approach to security selection and portfolio construction. The analysis focuses on the assessment of an issuer’s financial position, operations, competitive advantage, and depth of management
  • Fully unconstrained which allows the managers to explore all asset classes and credit qualities of the global fixed income universe to uncover and deploy their "best ideas" for investors
  • Active currency management

Fund Details

Distribution frequency4 Monthly
Distribution Yield5 4.60%
Management fee 1.30%
Positions 325
Risk Low to Medium
Min. investment $500.00 initial; $25.00 PAC
Sub-advisor Manulife Asset Management (US) LLC
Fund Status Open

Fund Characteristics as of January 31, 2019

Valuation/Growth Portfolio
Avg Credit Quality6 BB
Current Yield 5.72%
Duration (years) 3.84

Fund Codes (MMF)

Series FE LL DSC
Advisor Series 4532 4732 4432
Series T6 9312 9313 9311

Performance7

Growth of $10,000 since inception

Jump to Range Total return for this timeframe

Compound Returns (%)

1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Inception
1.48 4.38 2.02 4.52 1.47 6.61 5.47 6.72
1 month 1.48
3 months 4.38
6 months 2.02
YTD 4.52
1 year 1.47
3 years 6.61
5 years 5.47
10 years
Inception 6.72

Calendar Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
12.01 7.88 8.00 6.76 11.53 5.01 -2.24
2009
2010
2011
2012 12.01
2013 7.88
2014 8.00
2015 6.76
2016 11.53
2017 5.01
2018 -2.24

Portfolio Allocation as of January 31, 2019

Asset Allocation (%)

See following table for detailed information. The pie slices display the relative value of each table entry.

Fixed income 93.21
Cash and equivalents 5.43
Preferred Shares 1.37

Geographic Allocation (%)

See following table for detailed information. The pie slices display the relative value of each table entry.

United States 39.64
China 6.76
Netherlands 5.83
Cayman Islands 5.50
Mexico 5.43
Hong Kong 5.22
United Kingdom 3.20
Luxembourg 3.02
British Virgin Islands 2.97
Singapore 2.34
Other 20.08

Credit Quality (%)

See following table for detailed information. The pie slices display the relative value of each table entry.

High (AAA,AA-) 5.91
Med (A+, BBB-) 21.07
Low (BB+ and under) 73.02

Fixed Income Allocation (%)

See following table for detailed information. The pie slices display the relative value of each table entry.

International corporate bonds 50.16
U.S. high yield bonds 17.31
Floating rate bank loans 9.44
Bank loans 6.30
U.S. investment grade bonds 6.11
U.S. corporate bonds 3.16
Mortgage-backed securities 2.51
Convertibles 1.80
International government bonds 1.62
Canadian high yield bonds 1.59

Top 10 Holdings8 (%)

Name Weight %
Microsoft Corp., 3.3%, 2/6/2027 1.33
Walmart Inc., 3.7%, 6/26/2028 1.31
Apple Inc., 3%, 11/13/2027 1.31
Uber Technologies, Inc., 8%, 11/1/2026 144A 1.08
China Aoyuan Property Group Ltd., 7.95%, 9/7/2021 0.94
CMB Wing Lung Bank Limited (FRN), 6.5%, 1/24/2024 0.86
Mexico City Airport Trust, 5.5%, 10/31/2046 144A 0.81
Weichai International Hong Kong Energy Group 12/31/2049 0.80
Press Metal (Labuan) Ltd., 4.8%, 10/30/2022 0.73
Country Garden Holdings Company Limited, 5.625%, 12/15/2026 0.72

Distributions

Effective Date Net Asset Value Income Capital Gain Total Distribution Reinvestment Price
2019/03/25 $9.35
2019/03/22 $9.35
2019/03/21 $9.34
2019/03/20 $9.31
2019/03/19 $9.30
2019/03/18 $9.30
2019/03/15 $9.29
2019/03/14 $9.27
2019/03/13 $9.26
2019/03/12 $9.26
2019/03/11 $9.25
2019/03/08 $9.24
2019/03/07 $9.26
2019/03/06 $9.26
2019/03/05 $9.25
2019/03/04 $9.24
2019/03/01 $9.22
2019/02/28 $9.21
2019/02/27 $9.19
2019/02/26 $9.19
2019/02/25 $9.18
2019/02/22 $9.17 0.0239 0.0239
2019/02/21 $9.18
2019/02/20 $9.18
2019/02/19 $9.19
2019/02/15 $9.18
2019/02/14 $9.18
2019/02/13 $9.16
2019/02/12 $9.16
2019/02/11 $9.15
2019/02/08 $9.14
2019/02/07 $9.14
2019/02/06 $9.14
2019/02/05 $9.12
2019/02/04 $9.10
2019/02/01 $9.09
2019/01/31 $9.09
2019/01/30 $9.07
2019/01/29 $9.07
2019/01/28 $9.07
2019/01/25 $9.06 0.0405 0.0405
2019/01/24 $9.09
2019/01/23 $9.08
2019/01/22 $9.07
2019/01/21 $9.06
2019/01/18 $9.05
2019/01/17 $9.04
2019/01/16 $9.03
2019/01/15 $9.01
2019/01/14 $9.00
2019/01/11 $9.01
2019/01/10 $8.99
2019/01/09 $8.99
2019/01/08 $8.96
2019/01/07 $8.94
2019/01/04 $8.90
2019/01/03 $8.87
2019/01/02 $8.87
2018/12/31 $8.87
2018/12/28 $8.86
2018/12/27 $8.85
2018/12/24 $8.85
2018/12/21 $8.86 0.0124 0.0124
2018/12/20 $8.89
2018/12/19 $8.92
2018/12/18 $8.93
2018/12/17 $8.94
2018/12/14 $8.95
2018/12/13 $8.94
2018/12/12 $8.93
2018/12/11 $8.92
2018/12/10 $8.92
2018/12/07 $8.92
2018/12/06 $8.92
2018/12/05 $8.94
2018/12/04 $8.93
2018/12/03 $8.94
2018/11/30 $8.89 0.0339 0.0339
2018/11/29 $8.93
2018/11/28 $8.92
2018/11/27 $8.91
2018/11/26 $8.92
2018/11/23 $8.92
2018/11/22 $8.92
2018/11/21 $8.92
2018/11/20 $8.91
2018/11/19 $8.93
2018/11/16 $8.94
2018/11/15 $8.96
2018/11/14 $8.97
2018/11/13 $9.00
2018/11/12 $9.02
2018/11/09 $9.02
2018/11/08 $9.03
2018/11/07 $9.03
2018/11/06 $9.01
2018/11/05 $9.01
2018/11/02 $9.00
2018/11/01 $9.00
2018/10/31 $9.00
2018/10/30 $9.00
2018/10/29 $9.02
2018/10/26 $9.03 0.0224 0.0224
2018/10/25 $9.06
2018/10/24 $9.07
2018/10/23 $9.08
2018/10/22 $9.10
2018/10/19 $9.11
2018/10/18 $9.11
2018/10/17 $9.13
2018/10/16 $9.13
2018/10/15 $9.12
2018/10/12 $9.12
2018/10/11 $9.12
2018/10/10 $9.12
2018/10/09 $9.15
2018/10/05 $9.15
2018/10/04 $9.17
2018/10/03 $9.19
2018/10/02 $9.20
2018/10/01 $9.19
2018/09/28 $9.19 0.0252 0.0252
2018/09/27 $9.22
2018/09/26 $9.20
2018/09/25 $9.19

Management

John F. Addeo
Dennis F. McCafferty
Endre Pedersen
Daniel S. Janis III

Management Fee Reduction9

Account/Household Value Tiers All Qualifying Investments
$250K+ to $499K 2.5 basis points
$500K+ to $999K 5 basis points
$1M+ to $4.9M 7.5 basis points
$5M+ to $9.9M 10 basis points
$10M+ 12.5 basis points