December 31, 2025
A fixed-income fund seeking to provide positive returns over a market cycle with reduced volatility.
Is this fund right for you?
- You want to protect your money from inflation while also protecting it from large swings in the market.
- You want to invest in fixed-income securities from anywhere in the world.
- You're comfortable with a low to moderate level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Foreign Bonds | 65.8 |
| Domestic Bonds | 23.1 |
| Cash and Equivalents | 9.7 |
| US Equity | 0.7 |
| Canadian Equity | 0.7 |
| International Equity | 0.2 |
| Other | -0.2 |
| Name | Percent |
|---|---|
| United States | 56.2 |
| Canada | 29.5 |
| Brazil | 2.0 |
| North America | 1.5 |
| New Zealand | 1.2 |
| Mexico | 1.2 |
| South Africa | 1.1 |
| Peru | 1.1 |
| Europe | 0.7 |
| Other | 5.5 |
| Name | Percent |
|---|---|
| Fixed Income | 88.9 |
| Cash and Cash Equivalent | 9.7 |
| Consumer Goods | 0.6 |
| Utilities | 0.5 |
| Financial Services | 0.2 |
| Telecommunications | 0.2 |
| Other | -0.1 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $11,067
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 7.1 |
| United States Treasury 4.63% 15-Feb-2055 | 3.6 |
| United States Treasury 4.25% 15-May-2035 | 3.3 |
| Canada Government 3.50% 01-Sep-2029 | 2.4 |
| United States Treasury 3.50% 15-Feb-2033 | 1.9 |
| United States Treasury 4.63% 15-Feb-2035 | 1.9 |
| Brazil Government 10.00% 01-Jan-2027 | 1.5 |
| Mackenzie High Quality Floating Rate Fund Series R | 1.5 |
| New Zealand Government 4.25% 15-May-2034 | 1.2 |
| Mexico Government 7.75% 23-Nov-2034 | 1.1 |
| Total allocation in top holdings | 25.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 3.83% |
| Dividend yield | 2.94% |
| Yield to maturity | 5.45% |
| Duration (years) | 5.84% |
| Coupon | 5.05% |
| Average credit rating | BBB+ |
| Average market cap (million) | $50,862.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.63 | 1.66 | 3.17 | 3.17 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 4.30 | 0.44 | - | 1.36 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 3.17 | 4.12 | 5.64 | -8.21 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -8.21 | -1.87 | 4.49 | 4.63 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 1.26% | Mar 2025 | -0.42% | Oct 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 0.49% | 87 | 26 | 4 |
Q3 2025 Fund Commentary
Market commentary
North American economies showed mixed signals in the third quarter. Canada’s economy remained under pressure from U.S. tariffs. U.S. growth was supported by steady consumer spending. Manufacturing activity weakened in both countries given trade uncertainty.
The Bank of Canada lowered its key interest rate to 2.50%, citing a softer labour market and fading inflation pressures. The U.S. Federal Reserve Board cut its federal funds rate to a target range of 4.00% to 4.25% given slowing job growth and mostly contained inflationary pressures. Canada’s unemployment rate ended the quarter at 7.1%, while the U.S. rate was 4.3% in August 2025.
Multi-sector fixed income rose in the third quarter. Investment-grade corporate bonds gained and outperformed government bonds, supported by strong demand and expectations for continued monetary easing. High-yield bonds also advanced, benefiting from improving risk sentiment and elevated yields. Credit spreads remained tight, reflecting low default rates and strong investor appetite.
Performance
The Fund’s relative exposure to U.S. Treasury (4.25%, 2035/05/15) contributed to performance as it benefited from lower yields. Overweight exposure to Kleopatra Finco SARL (9.0%, 2029/09/01) detracted from the Fund’s performance. The bond declined because of lower end-market demand, the withdrawal of expected sponsor equity support and a liability management exercise that weakened market confidence.
At the sector level, government bond exposure contributed to the Fund’s performance. Security selection within industrials detracted from performance.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
10.67%
Last price
$11.07 CAD
as of market close 12/31/2025
Value of $10,000 investment
$11,067.22 CAD
