Strategy Overview
Strategy Description
This actively managed strategy invests in physical and synthetic fixed income securities to take advantage of market anomalies on the various yield curves in North America while keeping a constant focus on long term capital preservation.
The portfolio of physical securities generates a yield to maturity superior to its benchmark through a systematic bias on the yield curve dispersion and an overweight positioning in high quality credits. The portfolio of synthetic securities consists of several duration neutral strategies with a short-to-medium term horizon showing low correlation. The portfolio is built using a bottom‑up approach based on four types of analysis with a strong emphasis on risk management.
Key Differentiators
- Superior valued added objective compared to traditional mandates
- Multiples sources of alpha aligned with the value added objective
- Consistency and robustness of returns regardless of economic, political and financial environments
- High quality portfolio and conservative approach to Corporate bonds
- Disciplined investment process focused on rigorous and on-going risk management
Highlights
- Inception Date
- December 1, 2017
- Assets Under Management ($M)
- $56 (As of March 31, 2026)
- Style
- Active management, Core plus
- Process
- Combination of top-down and bottom-up approaches, multi-strategy
- Turnover
- High
- Duration
- Benchmark: ±1.5 years
- Corporate positioning
- Underweight BBB and long term
Performance
Performance Per Period (%)
| Q1 2026 | YTD - 2026 | 1 Y | 3 Y | 5 Y | 10 Y | SI | |
|---|---|---|---|---|---|---|---|
| Relative Value Universe Composite | 0.45 | 0.45 | 1.23 | 2.84 | 0.67 | – | 2.00 |
| FTSE Canada Government Universe | 0.26 | 0.26 | 0.22 | 2.76 | 0.21 | – | 1.32 |
| Value Added | 0.19 | 0.19 | 1.01 | 0.08 | 0.46 | – | 0.68 |
| Relative Value Universe Composite | 0.45 |
|---|---|
| FTSE Canada Government Universe | 0.26 |
| Value Added | 0.19 |
| Relative Value Universe Composite | 0.45 |
|---|---|
| FTSE Canada Government Universe | 0.26 |
| Value Added | 0.19 |
| Relative Value Universe Composite | 1.23 |
|---|---|
| FTSE Canada Government Universe | 0.22 |
| Value Added | 1.01 |
| Relative Value Universe Composite | 2.84 |
|---|---|
| FTSE Canada Government Universe | 2.76 |
| Value Added | 0.08 |
| Relative Value Universe Composite | 0.67 |
|---|---|
| FTSE Canada Government Universe | 0.21 |
| Value Added | 0.46 |
| Relative Value Universe Composite | – |
|---|---|
| FTSE Canada Government Universe | – |
| Value Added | – |
| Relative Value Universe Composite | 2.00 |
|---|---|
| FTSE Canada Government Universe | 1.32 |
| Value Added | 0.68 |
Past performance is not a guarantee or indicator of future results. Inherent in any investment is the risk of loss.
Composite performance, gross of management fees.
Performance returns are annualized for periods of 1 year and up.
Investment Team
They are supported by three analysts. They also draw on the expertise of the entire fixed income team, which boasts two distinct trading desks in Montreal and Toronto. Investment decisions are made by consensus amongst the investment team.
Additional Strategies
Managed by the Team
- Active and Strategic Fixed Income – Active Universe
- Fiera Enhanced Short Term Fixed Income
- Active and Strategic Fixed Income – Strategic Universe
- Active and Strategic Fixed Income – Active Long Term
- Active and Strategic Fixed Income – Relative Value Long Term
- Active and Strategic Fixed Income – Strategic Long Term
- Active and Strategic Fixed Income – Active Short Term
- Active and Strategic Fixed Income – Core Plus
- Infrastructure Debt
Documents
Important Disclosures
Nothing on this website should be viewed as a recommendation, offer or solicitation to buy or sell any security or investment and does not constitute investment, legal, tax or accounting advice. Services are offered only to qualified investors and only in accordance with applicable laws and regulations in each relevant jurisdiction. Information is believed to be accurate as of the publication date but may change without notice; no warranty is provided, and Fiera Capital and its affiliates disclaim liability for its use.
Past performance is not a guarantee of future results. Inherent in any investment is the potential for loss. Target returns are aspirational, forward-looking and do not represent actual performance. There is no guarantee that such performance will be achieved, and actual results may vary substantially. Metrics (e.g., exposures, ratios, characteristics) are for reference only and may not capture all relevant factors. Different metrics may lead to materially different conclusions; Any specific holdings mentioned are for illustration only, and may not represent the full portfolio, past holdings, or future positions. Indices are unmanaged, not investable, and do not reflect fees or expenses. Index comparisons are provided for context and portfolio holdings may differ significantly from those of any index; All investment strategies involve risks, including market, economic, financial, operational, liquidity, valuation, and regulatory risks. Certain strategies may use leverage, derivatives, or concentrated exposures, which can increase volatility and risk of loss; No strategy, diversification approach, or risk management technique can eliminate risk, or guarantee returns in all market environments; Investors should review relevant governing documents and consult their own advisers before making investment decisions.
Environmental, social, governance (“ESG”) or impact related goals, commitments, or initiatives referenced on this website are voluntary, may not apply uniformly across strategies, and may be modified or discontinued at Fiera Capital’s discretion. ESG-related processes do not guarantee any specific investment outcome.