Integrated Fixed Income – Short and Mid Term Bond Ethical

Strategy Overview

Strategy Description

The Integrated Fixed Income Short-Mid Bond Ethical strategy combines top-down macroeconomic analysis and bottom-up credit research, with an emphasis on security selection, with the goal of generating consistent outperformance across all market environments. This strategy prioritizes capital preservation, liquidity, and diversification while benefitting from the Integrated Fixed Income team’s extensive credit research experience.

The strategy applies an exclusionary ethical filter for companies with material revenues derived from specified prohibited products and services and seeks to improve the risk/return profile relative to the overall Canadian universe by structuring a lower duration portfolio with comparable yield through a focus on corporate and provincial securities.

Key Differentiators

Experienced fixed income team working together for over 20 years with specialized credit sector responsibilities
Proven ability to consistently outperform across market cycles
Flexible multi-discipline approach with an emphasis on credit research and issuer selection
Core fixed income strategy focused on capital preservation, liquidity, and targeting superior risk-adjusted returns
Portfolio structured to have lower interest rate risk than universe portfolios without sacrificing yield
Applies an exclusionary ethical filter to companies deriving material from prohibited products and services

Highlights

								Inception Date
								July 1, 2015
							

								Assets Under Management ($M)
								$1,155 (As of December 31, 2025)
							

								Price
								$9.7685 (As of May 20, 2026)
							

								Last Distribution Paid ($)
								$0.0323 (April 30, 2026)
							

								Style
								Active, multi-strategy, emphasis on credit
							

								Process
								Integration of bottom-up and top-down analysis
							

								Expected sources of added value
								80% Credit and sector, 10% Duration, 10% Yield Curve
							

								Turnover
								Low
							

								Duration
								Typically benchmark ± 0.5 year
							

Performance

Annual Performance

	Q1 2026	YTD - 0	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IFI Short/Mid Term Composite	0.34	0.34	4.93	6.73	7.08	-6.91	-1.38	8.59	5.67	1.87	1.58	2.47
Customized benchmark	0.29	0.29	4.61	6.05	6.38	-7.08	-1.71	8.05	5.18	1.84	1.25	1.96
Value Added	0.05	0.05	0.32	0.68	0.70	0.17	0.33	0.54	0.49	0.03	0.33	0.51

Q1 2026
	%
IFI Short/Mid Term Composite	0.34
Customized benchmark	0.29
Value Added	0.05

YTD - 0
	%
IFI Short/Mid Term Composite	0.34
Customized benchmark	0.29
Value Added	0.05

2025
	%
IFI Short/Mid Term Composite	4.93
Customized benchmark	4.61
Value Added	0.32

2024
	%
IFI Short/Mid Term Composite	6.73
Customized benchmark	6.05
Value Added	0.68

2023
	%
IFI Short/Mid Term Composite	7.08
Customized benchmark	6.38
Value Added	0.70

2022
	%
IFI Short/Mid Term Composite	-6.91
Customized benchmark	-7.08
Value Added	0.17

2021
	%
IFI Short/Mid Term Composite	-1.38
Customized benchmark	-1.71
Value Added	0.33

2020
	%
IFI Short/Mid Term Composite	8.59
Customized benchmark	8.05
Value Added	0.54

2019
	%
IFI Short/Mid Term Composite	5.67
Customized benchmark	5.18
Value Added	0.49

2018
	%
IFI Short/Mid Term Composite	1.87
Customized benchmark	1.84
Value Added	0.03

2017
	%
IFI Short/Mid Term Composite	1.58
Customized benchmark	1.25
Value Added	0.33

2016
	%
IFI Short/Mid Term Composite	2.47
Customized benchmark	1.96
Value Added	0.51

Annualized as at March 31, 2026

	1 Y	2 Y	3 Y	4 Y	5 Y	6 Y	7 Y	8 Y	9 Y	10 Y	SI
IFI Short/Mid Term Composite	3.01	5.95	5.34	4.22	2.47	2.92	2.99	3.22	2.89	2.89	2.87
Customized benchmark	2.69	5.56	4.81	3.73	2.08	2.38	2.55	2.82	2.51	2.49	2.50
Value Added	0.32	0.39	0.53	0.49	0.39	0.54	0.44	0.40	0.38	0.40	0.37

1 Y
	%
IFI Short/Mid Term Composite	3.01
Customized benchmark	2.69
Value Added	0.32

2 Y
	%
IFI Short/Mid Term Composite	5.95
Customized benchmark	5.56
Value Added	0.39

3 Y
	%
IFI Short/Mid Term Composite	5.34
Customized benchmark	4.81
Value Added	0.53

4 Y
	%
IFI Short/Mid Term Composite	4.22
Customized benchmark	3.73
Value Added	0.49

5 Y
	%
IFI Short/Mid Term Composite	2.47
Customized benchmark	2.08
Value Added	0.39

6 Y
	%
IFI Short/Mid Term Composite	2.92
Customized benchmark	2.38
Value Added	0.54

7 Y
	%
IFI Short/Mid Term Composite	2.99
Customized benchmark	2.55
Value Added	0.44

8 Y
	%
IFI Short/Mid Term Composite	3.22
Customized benchmark	2.82
Value Added	0.40

9 Y
	%
IFI Short/Mid Term Composite	2.89
Customized benchmark	2.51
Value Added	0.38

10 Y
	%
IFI Short/Mid Term Composite	2.89
Customized benchmark	2.49
Value Added	0.40

SI
	%
IFI Short/Mid Term Composite	2.87
Customized benchmark	2.50
Value Added	0.37

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

Composite returns, presented gross of management fees

Customized benchmark is composed of 22.5% FTSE Canada Corporate Short Term, 20% FTSE Canada Provincial Short Term, 7.5% FTSE Canada Municipal Short Term, 22.5% FTSE Canada Corporate Mid Term ex BBB, 20% FTSE Canada Provincial Mid Term and 7.5% FTSE Canada Municipal Mid Term

Investment Team

Philippe Ouellette MSc, CFA

Senior Portfolio Manager, Integrated Fixed Income

Montreal

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Jeff Seaver BA, CFA

Portfolio Manager, Fixed Income

Toronto

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Nicolas Normandeau MSc, CFA

Portfolio Manager, Fixed Income

Montreal

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Jasper Beerepoot MBA, MSc

Portfolio Manager, Credit Research

MONTREAL

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The team is supported by four analysts and benefits from the expertise of our entire fixed income team, which boasts two distinct trading desks in Montreal and Toronto.

Documents

Strategy Profile