Strategy Overview
Strategy Description
The Fiera Preferred Shares Opportunistic strategy combines thorough assessment of macroeconomic factors, extensive credit research, and relative value analysis with the goal of delivering superior returns vs the benchmark.
This actively managed strategy seeks to add substantial value through security selection and duration management while benefiting from the team’s deep understanding of the technical preferred share market, resulting in a well-diversified portfolio with a focus on high quality issuers.
Key Differentiators
- High yield asset class offering a significant source of dividend income
- Average dividend yield benefits in rising rate environments as fixed reset issues reset at higher 5yr Government of Canada yields
- Opportunistic approach allowing Fiera to find relative value within the capital structure, particularly in Hybrids, LRCNs and preferred shares.
- Enhanced portfolio diversification when combined with other fixed income asset class
- Significant tax efficiency benefits for taxable clients
- Managed by Fiera’s Integrated Fixed Income team, one of Canada’s largest preferred share managers, within their broader fixed income platform
Highlights
- Inception Date
- August 1, 2015
- Assets Under Management ($M)
- $75 (As of March 31, 2026)
- Style
- Active management, focused on valuation to identify mispriced opportunities
- Process
- Combination of top-down and bottom-up
- Expected sources of added value
- Mainly security selection
- Turnover
- Low
- Investment Horizon
- 3-5 years
- Holdings (number of issuers)
- 35-45
Performance
Performance Per Period (%)
| Q1 2026 | YTD - 2026 | 1 Y | 3 Y | 5 Y | 10 Y | SI | |
|---|---|---|---|---|---|---|---|
| Preferred Shares Opportunistic Composite | 1.66 | 1.66 | 18.60 | 19.12 | 10.03 | 9.13 | 7.63 |
| SOLACTIVE Preferred Share Laddered Index | 2.11 | 2.11 | 18.96 | 17.61 | 8.21 | 8.40 | 6.57 |
| Value Added | -0.45 | -0.45 | -0.36 | 1.51 | 1.82 | 0.73 | 1.06 |
| Preferred Shares Opportunistic Composite | 1.66 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 2.11 |
| Value Added | -0.45 |
| Preferred Shares Opportunistic Composite | 1.66 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 2.11 |
| Value Added | -0.45 |
| Preferred Shares Opportunistic Composite | 18.60 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 18.96 |
| Value Added | -0.36 |
| Preferred Shares Opportunistic Composite | 19.12 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 17.61 |
| Value Added | 1.51 |
| Preferred Shares Opportunistic Composite | 10.03 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 8.21 |
| Value Added | 1.82 |
| Preferred Shares Opportunistic Composite | 9.13 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 8.40 |
| Value Added | 0.73 |
| Preferred Shares Opportunistic Composite | 7.63 |
|---|---|
| SOLACTIVE Preferred Share Laddered Index | 6.57 |
| Value Added | 1.06 |
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.
Benchmark: SOLACTIVE Preferred Share Laddered Index. S&P/TSX Preferred Share Laddered Index until March 31st, 2016.
Investment Team
He is supported by the Integrated Fixed Income team, which include Philippe Ouellette, MSc, CFA, Jeff Seaver, CFA., Jasper Beerepoot, MBA, Charles Grenier MSc, CFA, and by Internships.
Additional Strategy
Managed by the Team
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.