Fiera Diversified Lending

Strategy Overview

Strategy Description

The investment objective of the Fund is to generate optimized, stable returns through a diversified, global, multi-credit portfolio, primarily by leveraging various investment teams, track records and strategies that exist under the Fiera Capital Private Alternatives investment platform. The strategy seeks to capture the dislocation in traditional banking dynamics via investments across geographies and multiple sectors of activity, including residential and commercial real estate lending, lower and middle market corporate lending, other asset based and specialty lending.

Key Differentiators

A One-Stop Multi-Manager Solution: To gain exposure to a well-diversified multi-credit portfolio of in-house investment teams
Portfolio Management Benefits: Optimization of multiple strategies to create a portfolio solution that generates the most favorable risk‑adjusted returns
Disciplined Investment Process: Robust governance, risk management and portfolio monitoring discipline
Access to Investment Specialists: Ability to leverage the vast expertise of Fiera Capital Private Alternative professionals
Extensive Research and Due Diligence: Monitoring the quality of the underlying strategy teams, process, and investments
Macroeconomic Expertise: A key factor in identifying asset classes, regions, and sectors where long term opportunities exist
Diversification Benefits: Low correlation to traditional asset classes creates diversification benefits and reduces portfolio risk
Compelling Income Generation: Strong and stable income stream; added benefit of the illiquidity premium achieved in private markets

Highlights

								Inception Date
								April 1, 2008
							

								Price
								$9.1444 (As of May 29, 2026)
							

								Last Distribution Paid ($)
								$0.0550 (May 29, 2026)
							

Performance

Monthly Performance as at April 30, 2026

Year	Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	Year / YTD
2008				-0.05	0.23	0.42	0.38	0.36	0.61	-1.21	0.34	0.56	1.63
2009	0.35	0.30	0.33	0.31	0.35	0.43	0.41	0.45	0.44	0.05	0.79	0.46	4.76
2010	0.49	0.46	0.62	0.50	0.48	0.53	0.46	0.50	0.48	0.53	0.50	0.61	6.31
2011	0.61	0.54	0.63	0.60	0.63	0.64	0.68	0.69	0.70	0.63	0.66	0.76	8.05
2012	0.68	0.76	0.86	0.86	0.78	0.67	0.67	0.67	0.67	0.69	0.69	0.77	9.13
2013	0.65	0.56	0.61	0.59	0.61	0.63	0.53	0.68	0.51	0.54	0.52	0.66	7.34
2014	0.60	0.35	0.59	0.47	0.50	0.45	0.48	0.43	0.46	0.48	0.48	0.56	6.02
2015	0.49	0.39	0.41	0.50	0.47	0.45	0.49	0.50	0.46	0.44	0.51	0.67	5.93
2016	0.49	0.57	0.60	0.49	0.58	0.51	0.51	0.50	0.39	0.42	0.42	0.37	6.03
2017	0.55	0.69	0.59	0.45	0.57	0.42	0.29	0.08	0.32	0.67	0.47	0.57	5.82
2018	0.60	0.48	0.80	0.74	0.49	0.58	0.57	0.51	1.35	0.54	0.57	0.61	8.12
2019	0.67	0.58	0.82	0.56	0.64	0.62	0.65	0.70	0.69	0.57	0.63	0.47	7.86
2020	0.65	0.70	0.33	0.23	0.39	0.20	0.45	0.28	0.50	0.23	0.42	0.52	5.02
2021	0.49	0.43	0.43	0.44	0.47	0.52	0.50	0.67	0.36	0.19	0.25	0.48	5.36
2022	0.32	0.03	0.76	0.70	-0.03	-0.24	-0.35	0.62	-0.17	0.40	0.50	0.56	3.15
2023	0.65	0.68	0.65	0.08	0.58	0.68	0.71	0.68	0.37	0.65	0.15	0.58	6.65
2024	0.55	0.79	0.61	0.11	0.43	0.11	0.63	-0.13	0.60	0.71	0.57	0.59	5.72
2025	0.67	0.50	0.63	-0.09	0.82	0.31	0.56	0.49	0.51	0.57	0.42	0.39	5.92
2026	0.50	0.53	0.41	0.42									1.87
Net annualized return since inception													6.11

2008
Month	(%)
Jan.
Feb.
Mar.
Apr.	-0.05
May	0.23
Jun.	0.42
Jul.	0.38
Aug.	0.36
Sep.	0.61
Oct.	-1.21
Nov.	0.34
Dec.	0.56
Year / YTD	1.63

2009
Month	(%)
Jan.	0.35
Feb.	0.30
Mar.	0.33
Apr.	0.31
May	0.35
Jun.	0.43
Jul.	0.41
Aug.	0.45
Sep.	0.44
Oct.	0.05
Nov.	0.79
Dec.	0.46
Year / YTD	4.76

2010
Month	(%)
Jan.	0.49
Feb.	0.46
Mar.	0.62
Apr.	0.50
May	0.48
Jun.	0.53
Jul.	0.46
Aug.	0.50
Sep.	0.48
Oct.	0.53
Nov.	0.50
Dec.	0.61
Year / YTD	6.31

2011
Month	(%)
Jan.	0.61
Feb.	0.54
Mar.	0.63
Apr.	0.60
May	0.63
Jun.	0.64
Jul.	0.68
Aug.	0.69
Sep.	0.70
Oct.	0.63
Nov.	0.66
Dec.	0.76
Year / YTD	8.05

2012
Month	(%)
Jan.	0.68
Feb.	0.76
Mar.	0.86
Apr.	0.86
May	0.78
Jun.	0.67
Jul.	0.67
Aug.	0.67
Sep.	0.67
Oct.	0.69
Nov.	0.69
Dec.	0.77
Year / YTD	9.13

2013
Month	(%)
Jan.	0.65
Feb.	0.56
Mar.	0.61
Apr.	0.59
May	0.61
Jun.	0.63
Jul.	0.53
Aug.	0.68
Sep.	0.51
Oct.	0.54
Nov.	0.52
Dec.	0.66
Year / YTD	7.34

2014
Month	(%)
Jan.	0.60
Feb.	0.35
Mar.	0.59
Apr.	0.47
May	0.50
Jun.	0.45
Jul.	0.48
Aug.	0.43
Sep.	0.46
Oct.	0.48
Nov.	0.48
Dec.	0.56
Year / YTD	6.02

2015
Month	(%)
Jan.	0.49
Feb.	0.39
Mar.	0.41
Apr.	0.50
May	0.47
Jun.	0.45
Jul.	0.49
Aug.	0.50
Sep.	0.46
Oct.	0.44
Nov.	0.51
Dec.	0.67
Year / YTD	5.93

2016
Month	(%)
Jan.	0.49
Feb.	0.57
Mar.	0.60
Apr.	0.49
May	0.58
Jun.	0.51
Jul.	0.51
Aug.	0.50
Sep.	0.39
Oct.	0.42
Nov.	0.42
Dec.	0.37
Year / YTD	6.03

2017
Month	(%)
Jan.	0.55
Feb.	0.69
Mar.	0.59
Apr.	0.45
May	0.57
Jun.	0.42
Jul.	0.29
Aug.	0.08
Sep.	0.32
Oct.	0.67
Nov.	0.47
Dec.	0.57
Year / YTD	5.82

2018
Month	(%)
Jan.	0.60
Feb.	0.48
Mar.	0.80
Apr.	0.74
May	0.49
Jun.	0.58
Jul.	0.57
Aug.	0.51
Sep.	1.35
Oct.	0.54
Nov.	0.57
Dec.	0.61
Year / YTD	8.12

2019
Month	(%)
Jan.	0.67
Feb.	0.58
Mar.	0.82
Apr.	0.56
May	0.64
Jun.	0.62
Jul.	0.65
Aug.	0.70
Sep.	0.69
Oct.	0.57
Nov.	0.63
Dec.	0.47
Year / YTD	7.86

2020
Month	(%)
Jan.	0.65
Feb.	0.70
Mar.	0.33
Apr.	0.23
May	0.39
Jun.	0.20
Jul.	0.45
Aug.	0.28
Sep.	0.50
Oct.	0.23
Nov.	0.42
Dec.	0.52
Year / YTD	5.02

2021
Month	(%)
Jan.	0.49
Feb.	0.43
Mar.	0.43
Apr.	0.44
May	0.47
Jun.	0.52
Jul.	0.50
Aug.	0.67
Sep.	0.36
Oct.	0.19
Nov.	0.25
Dec.	0.48
Year / YTD	5.36

2022
Month	(%)
Jan.	0.32
Feb.	0.03
Mar.	0.76
Apr.	0.70
May	-0.03
Jun.	-0.24
Jul.	-0.35
Aug.	0.62
Sep.	-0.17
Oct.	0.40
Nov.	0.50
Dec.	0.56
Year / YTD	3.15

2023
Month	(%)
Jan.	0.65
Feb.	0.68
Mar.	0.65
Apr.	0.08
May	0.58
Jun.	0.68
Jul.	0.71
Aug.	0.68
Sep.	0.37
Oct.	0.65
Nov.	0.15
Dec.	0.58
Year / YTD	6.65

2024
Month	(%)
Jan.	0.55
Feb.	0.79
Mar.	0.61
Apr.	0.11
May	0.43
Jun.	0.11
Jul.	0.63
Aug.	-0.13
Sep.	0.60
Oct.	0.71
Nov.	0.57
Dec.	0.59
Year / YTD	5.72

2025
Month	(%)
Jan.	0.67
Feb.	0.50
Mar.	0.63
Apr.	-0.09
May	0.82
Jun.	0.31
Jul.	0.56
Aug.	0.49
Sep.	0.51
Oct.	0.57
Nov.	0.42
Dec.	0.39
Year / YTD	5.92

2026
Month	(%)
Jan.	0.50
Feb.	0.53
Mar.	0.41
Apr.	0.42
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Year / YTD	1.87

Net annualized return since inception

6.11

Past performance is not a guarantee or indicator of future results. Inherent in any investment is the risk of loss.

Returns are net of fees payable to underlying strategy.

Investment Team

Marc-André Desjardins EMBA

Senior Managing Director, Global Investment Office

Montreal

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Candice Bangsund CFA

Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions

Montreal

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Majlinda Kamberi CAIA

Senior Principal, Private Markets

New York

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Documents

Strategy Profile

Disclaimer

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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.