December 31, 2025
The Fund aims to generate income by investing primarily in a diversified portfolio of fixed-income securities issued by companies or governments of any size, anywhere in the world.
Is this fund right for you?
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Foreign Bonds | 85.1 |
| Domestic Bonds | 13.7 |
| Cash and Equivalents | 1.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| United States | 50.1 |
| Canada | 14.5 |
| Germany | 10.1 |
| Brazil | 5.2 |
| United Kingdom | 4.4 |
| Belgium | 4.3 |
| South Africa | 2.4 |
| Japan | 1.7 |
| Mexico | 1.6 |
| Other | 5.7 |
| Name | Percent |
|---|---|
| Fixed Income | 98.8 |
| Cash and Cash Equivalent | 1.1 |
| Other | 0.1 |
Growth of $10,000 (since inception)
For the period 10/22/2018 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $11,030
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Germany Government 2.30% 15-Feb-2033 | 6.9 |
| United States Treasury 3.88% 15-Aug-2034 | 6.5 |
| United States Treasury 3.50% 15-Feb-2033 | 6.0 |
| United States Treasury 4.63% 15-Feb-2035 | 5.6 |
| United States Treasury 4.25% 15-May-2035 | 5.2 |
| United States Treasury 4.25% 15-Nov-2034 | 4.7 |
| United States Treasury 3.88% 15-Aug-2033 | 3.9 |
| Brazil Government 10.00% 01-Jan-2027 | 3.8 |
| United States Treasury 4.63% 15-Feb-2055 | 3.6 |
| Belgium Government 2.85% 22-Oct-2034 | 3.5 |
| Total allocation in top holdings | 49.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 4.5% |
| Dividend yield | 5.4% |
| Yield to maturity | 4.6% |
| Duration (years) | 7.2% |
| Coupon | 4.2% |
| Average credit rating | AA- |
| Average market cap (million) | $20,055.1 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.9 | 2.1 | 3.6 | 3.6 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 3.6 | 0.0 | - | 1.4 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 3.6 | 2.0 | 5.2 | -8.7 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -8.7 | -1.5 | 5.7 | 3.4 |
Range of returns over five years (November 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 1.0% | Sep 2024 | -0.4% | Jul 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 0.2% | 67 | 18 | 9 |
Q3 2025 Fund Commentary
Market commentary
The global economy was resilient in the third quarter despite trade uncertainty and geopolitical issues. U.S. tariffs weighed on sentiment, but monetary easing in key regions supported growth. Developed markets underperformed, while emerging markets, particularly in Asia, benefited from a weaker U.S. dollar.
Inflation moderated in most regions. Central banks in Canada and the U.K. cut interest rates, while the U.S. Federal Reserve Board lowered its policy rate to 4.00%–4.25%. Trade tensions continued to hamper investment and industrial activity, which government spending in Europe and China helped offset.
Global fixed income markets edged higher over the third quarter. Government bonds in developed markets benefited from moderating inflation and interest rate cuts, particularly in the U.S. The Bloomberg Global Aggregate Bond Index gained 0.6%, supported by strong demand for high-quality assets. Investment-grade corporate bonds outperformed government bonds in several regions.
High-yield bonds also gained, supported by improving risk sentiment and elevated coupon income. Credit spreads remained tight, reflecting low default rates and strong fundamentals.
Performance
The Fund’s relative exposure to U.S. Treasury (3.5%, 2033/02/15) contributed to performance as yields fell. Relative exposure to U.K. Government (0.875%, 2033/07/31) detracted from the Fund’s performance. U.K. gilts declined amid inflationary concerns, fiscal policy uncertainty and shifting expectations around Bank of England interest rate cuts.
At a sector level, U.S. government bond exposure contributed to the Fund’s performance. Exposure to U.K. government bonds detracted from performance.
Portfolio activity
The sub-advisor added Pembina Pipeline Corp. (4.8%, 2081/01/25) to add to the Fund’s overweight exposure to the utility and pipeline midstream segment. The sector is supported by the regulatory environment. U.S. Treasury (4.25%, 2035/05/15) was increased to align to the Fund’s duration (sensitivity to interest rates changes) positioning and asset allocation objectives.
Government of New Zealand (4.5%, 2035/05/15) was sold after the Reserve Bank of New Zealand lowered its interest rate in August.
Summary
For the period 10/22/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
10.30%
Last price
$8.92 CAD
as of market close 12/31/2025
Value of $10,000 investment
$11,029.64 CAD
