Overview

Quick Facts

Daily Price

$9.49
0.11% ($0.01)
January 18, 2019
7-Day Performance 0.36%
Inception date December 14, 2012
CIFSC category Global Corporate Fixed Income
AUM1 $140.04 million
MER 1.31% (as at 2017/12/31, includes HST)

Investment Highlights

The Canadian fixed income team believes there are 'pockets of value' in the fixed income market. Thorough credit and curve analysis enables them to identify and exploit these pockets of value in the pursuit of long-term returns in the Canadian corporate and U.S. high yield bond markets.

Why Invest

This pool offers investors a portfolio with a general compositon of 50% investment grade corporates and 50% high yield fixed income. The fund seeks to provide an enhanced yield profile in a time of low interest rates, and strives to insulate investors in times of rising interest rates.

Fund Details

Distribution frequency2 Monthly
Distribution Yield3 3.87%
Management fee 1.01%
Positions 333
Risk Low
Min. investment $100,000.00 initial; $25.00 PAC
Sub-advisor Manulife Asset Management Limited
Fund Status Open

Fund Characteristics as of November 30, 2018

Valuation/Growth Portfolio
Avg Credit Quality4 BB
Current Yield 5.16%
Duration (years) 4.05

Fund Codes (MMF)

Series FE LL DSC
Advisor Series 1940
Series T6 1546

Performance5

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
-1.01 -3.01 -2.14 -2.29 -2.29 3.22 2.66 2.82
1 month -1.01
3 months -3.01
6 months -2.14
YTD -2.29
1 year -2.29
3 years 3.22
5 years 2.66
10 years
Inception 2.82

Calendar Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
3.60 3.34 0.31 8.25 3.99 -2.29
2009
2010
2011
2012
2013 3.60
2014 3.34
2015 0.31
2016 8.25
2017 3.99
2018 -2.29

Portfolio Allocation as of November 30, 2018

Asset Allocation (%)

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

Fixed income 95.02
Cash and equivalents 3.21
Equities 1.77

Geographic Allocation (%)

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

United States 50.30
Canada 42.81
Luxembourg 1.34
Bermuda 1.27
France 1.07
United Kingdom 0.72
Cayman Islands 0.57
Ireland 0.43
Italy 0.38
Netherlands 0.36
Other 0.75

Credit Quality (%)

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

High (AAA,AA-) 3.72
Med (A+, BBB-) 41.40
Low (BB+ and under) 54.89

Fixed Income Allocation (%)

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

U.S. high yield bonds 26.98
Canadian investment grade bonds 22.59
Bank loans 12.91
U.S. investment grade bonds 7.57
Canadian corporate bonds 7.12
Floating rate bank loans 7.02
International corporate bonds 6.51
Canadian high yield bonds 4.92
U.S. corporate bonds 2.70
Canadian government bonds 0.60
U.S. federal bonds 0.38
Preferred stocks 0.24
Convertibles 0.21
International government bonds 0.18
Mortgage-backed securities 0.07

Top 10 Holdings6 (%)

Name Weight %
407 International Inc., 2.47%, 9/8/2022 1.17
The Bank of Nova Scotia, 4.5%, 12/16/2025 1.12
TD Capital Trust IV (FRN), 0.06631%, 6/30/2108 1.09
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 144A 0.95
Marriott Ownership Resorts Inc., 4.552%, 8/31/2025 0.92
Merit Trust, 12/3/2018 0.87
United Rentals (North America) Inc., 4.875%, 1/15/2028 0.83
West Corp., 6.52663%, 10/10/2024 0.83
Superior Plus LP, 5.25%, 2/27/2024 0.83
Intelsat (Luxembourg) S.A., 8.125%, 6/1/2023 0.74

Distributions

Effective Date Net Asset Value Income Capital Gain Total Distribution Reinvestment Price
2019/01/18 $9.49
2019/01/17 $9.48
2019/01/16 $9.47
2019/01/15 $9.46
2019/01/14 $9.46
2019/01/11 $9.47
2019/01/10 $9.46
2019/01/09 $9.46
2019/01/08 $9.43
2019/01/07 $9.39
2019/01/04 $9.35
2019/01/03 $9.32
2019/01/02 $9.31
2018/12/31 $9.31
2018/12/28 $9.29
2018/12/27 $9.27
2018/12/24 $9.27
2018/12/21 $9.27 0.0175 0.0175
2018/12/20 $9.31
2018/12/19 $9.37
2018/12/18 $9.39
2018/12/17 $9.40
2018/12/14 $9.41
2018/12/13 $9.41
2018/12/12 $9.40
2018/12/11 $9.40
2018/12/10 $9.40
2018/12/07 $9.41
2018/12/06 $9.42
2018/12/05 $9.45
2018/12/04 $9.43
2018/12/03 $9.44
2018/11/30 $9.42 0.0394 0.0394
2018/11/29 $9.46
2018/11/28 $9.46
2018/11/27 $9.44
2018/11/26 $9.44
2018/11/23 $9.45
2018/11/22 $9.45
2018/11/21 $9.46
2018/11/20 $9.44
2018/11/19 $9.47
2018/11/16 $9.48
2018/11/15 $9.49
2018/11/14 $9.52
2018/11/13 $9.53
2018/11/12 $9.55
2018/11/09 $9.55
2018/11/08 $9.56
2018/11/07 $9.56
2018/11/06 $9.55
2018/11/05 $9.55
2018/11/02 $9.54
2018/11/01 $9.55
2018/10/31 $9.55
2018/10/30 $9.54
2018/10/29 $9.56
2018/10/26 $9.57 0.0229 0.0229
2018/10/25 $9.60
2018/10/24 $9.60
2018/10/23 $9.61
2018/10/22 $9.62
2018/10/19 $9.62
2018/10/18 $9.62
2018/10/17 $9.63
2018/10/16 $9.63
2018/10/15 $9.62
2018/10/12 $9.63
2018/10/11 $9.62
2018/10/10 $9.61
2018/10/09 $9.63
2018/10/05 $9.63
2018/10/04 $9.64
2018/10/03 $9.67
2018/10/02 $9.67
2018/10/01 $9.67
2018/09/28 $9.68 0.0308 0.0308
2018/09/27 $9.72
2018/09/26 $9.70
2018/09/25 $9.69
2018/09/24 $9.69
2018/09/21 $9.69
2018/09/20 $9.69
2018/09/19 $9.70
2018/09/18 $9.70
2018/09/17 $9.71
2018/09/14 $9.71
2018/09/13 $9.71
2018/09/12 $9.70
2018/09/11 $9.70
2018/09/10 $9.71
2018/09/07 $9.70
2018/09/06 $9.72
2018/09/05 $9.72
2018/09/04 $9.72
2018/08/31 $9.72 0.0358 0.0358
2018/08/30 $9.74
2018/08/29 $9.73
2018/08/28 $9.73
2018/08/27 $9.74
2018/08/24 $9.74
2018/08/23 $9.74
2018/08/22 $9.74
2018/08/21 $9.73
2018/08/20 $9.74
2018/08/17 $9.73
2018/08/16 $9.73
2018/08/15 $9.73
2018/08/14 $9.72
2018/08/13 $9.72
2018/08/10 $9.72
2018/08/09 $9.72
2018/08/08 $9.71
2018/08/07 $9.71
2018/08/03 $9.69
2018/08/02 $9.69
2018/08/01 $9.69
2018/07/31 $9.69
2018/07/30 $9.68
2018/07/27 $9.69 0.0279 0.0279
2018/07/26 $9.72
2018/07/25 $9.71
2018/07/24 $9.72
2018/07/23 $9.72
2018/07/20 $9.72

Management

Terry Carr
Richard Kos

Management Fee Reduction7

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