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
								$9.1415 (As of April 30, 2026)
							

								Last Distribution Paid ($)
								$0.0457 (April 30, 2026)
							

Performance (%)

Monthly Performance as at March 31, 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										1.44
Net annualized return since inception													6.12

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.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Year / YTD	1.44

Net annualized return since inception

6.12

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

Please read the simplified prospectus before investing. The amount of risk associated with any particular investment depends largely on your own personal circumstances including your time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their financial advisor before making a decision as to whether this fund is a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns.