Investment objective

To provide total returns comprised of interest income and modest capital appreciation. The fund invests primarily in high yield debt securities issued by entities domiciled in or carrying out the majority of their business activities in Europe.

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Fund details

Series
Currency
Fund code
MER * (%)
F CAD 35147 0.97%

Portfolio analysis As of Mar 31, 2025

0% 100%
Equity Fixed Income

Asset mix

Fixed Income Breakdown
Corporate Bonds84.8%
ST Investments (Cash & Other)10.9%
Asset Backed Securities4.5%
Other Bonds-0.2%
Top 10 Holdings
% Assets
Synthetic Cash CDX SWAP ITRAXX XOVER S43 JUN-30 ICE CBCITIU 2.5%
Vmed O2 UK Financing I PLC 4.500% Jul 15, 2031 1.3%
Adler Financing Sarl 8.250% Dec 31, 2028 1.1%
Public Power Corp SA 4.625% Oct 31, 2031 1.0%
Pinnacle Bidco PLC 10.000% Oct 11, 2028 1.0%
Bellis Acquisition Co PLC 8.125% May 14, 2030 1.0%
Grifols SA 3.875% Oct 15, 2028 1.0%
Banco Bilbao Vizcaya Argentaria SA 6.875% PERPETUAL 0.9%
Fressnapf Holding SE 5.250% Oct 31, 2031 0.8%
Techem Verwaltungsgesellschaft 675 mbH 6.228% Jul 16, 2029 0.8%
Total % of Top 10 Holdings 11.4%

Geographic allocation

Region

Performance analysis

Growth of $10,000 since inception

Calendar returns

Trailing return

1 Mth 3 Mth 6 Mth 1 year 3 years 5 years 10 years Since Inception
-1.5 0.1 2.4 7.6 5.6 7.4 - 5.5 Fund

Distribution ($)/unit

YTD* 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total distributions 0.13 0.44 0.36 0.45 1.16 0.66 0.49 0.76 0.38 0.18 ---
Interest --- 0.44 0.36 0.36 0.25 0.32 0.34 0.38 0.38 0.05 ---
Canadian dividends --- --- --- --- --- --- --- --- --- --- ---
Foreign dividends --- --- --- --- --- --- --- --- --- --- ---
Foreign taxes paid --- --- --- --- --- --- --- --- --- --- ---
Capital gains --- --- --- 0.09 0.91 0.34 0.15 0.39 --- 0.13 ---
Return of capital --- --- --- --- --- --- --- --- --- --- ---

* MER (%) is based on actual expenses for the preceding calendar year or most recent half-year period ended June 30 expressed on an annualized basis, depending on availability of date at the time of publication.