Preferred Shares Opportunistic

Strategy Overview

Investment Strategy

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.

Why Invest in this Strategy

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

Performance (%)

Annual Performance

	Q4 2025	YTD - 2025	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Preferred Shares Opportunistic Composite	4.74	19.25	19.25	30.42	8.90	-18.02	29.43	3.37	2.41	-11.19	17.93	12.04
SOLACTIVE Preferred Share Laddered Index	4.91	19.25	19.25	29.20	3.13	-17.75	23.83	6.64	2.28	-8.61	15.58	6.92
Value Added	-0.17	0.00	0.00	1.22	5.77	-0.27	5.60	-3.27	0.13	-2.58	2.35	5.12

Q4 2025
	%
Preferred Shares Opportunistic Composite	4.74
SOLACTIVE Preferred Share Laddered Index	4.91
Value Added	-0.17

YTD - 2025
	%
Preferred Shares Opportunistic Composite	19.25
SOLACTIVE Preferred Share Laddered Index	19.25
Value Added	0.00

2025
	%
Preferred Shares Opportunistic Composite	19.25
SOLACTIVE Preferred Share Laddered Index	19.25
Value Added	0.00

2024
	%
Preferred Shares Opportunistic Composite	30.42
SOLACTIVE Preferred Share Laddered Index	29.20
Value Added	1.22

2023
	%
Preferred Shares Opportunistic Composite	8.90
SOLACTIVE Preferred Share Laddered Index	3.13
Value Added	5.77

2022
	%
Preferred Shares Opportunistic Composite	-18.02
SOLACTIVE Preferred Share Laddered Index	-17.75
Value Added	-0.27

2021
	%
Preferred Shares Opportunistic Composite	29.43
SOLACTIVE Preferred Share Laddered Index	23.83
Value Added	5.60

2020
	%
Preferred Shares Opportunistic Composite	3.37
SOLACTIVE Preferred Share Laddered Index	6.64
Value Added	-3.27

2019
	%
Preferred Shares Opportunistic Composite	2.41
SOLACTIVE Preferred Share Laddered Index	2.28
Value Added	0.13

2018
	%
Preferred Shares Opportunistic Composite	-11.19
SOLACTIVE Preferred Share Laddered Index	-8.61
Value Added	-2.58

2017
	%
Preferred Shares Opportunistic Composite	17.93
SOLACTIVE Preferred Share Laddered Index	15.58
Value Added	2.35

2016
	%
Preferred Shares Opportunistic Composite	12.04
SOLACTIVE Preferred Share Laddered Index	6.92
Value Added	5.12

Annualized as at December 31, 2025

	1 Y	2 Y	3 Y	4 Y	5 Y	6 Y	7 Y	8 Y	9 Y	10 Y	SI
Preferred Shares Opportunistic Composite	19.25	24.71	19.20	8.55	12.44	10.87	9.62	6.77	7.96	8.36	7.65
SOLACTIVE Preferred Share Laddered Index	19.25	24.12	16.69	6.92	10.11	9.52	8.46	6.16	7.17	7.14	6.52
Value Added	0.00	0.59	2.51	1.63	2.33	1.35	1.16	0.61	0.79	1.22	1.13

1 Y
	%
Preferred Shares Opportunistic Composite	19.25
SOLACTIVE Preferred Share Laddered Index	19.25
Value Added	0.00

2 Y
	%
Preferred Shares Opportunistic Composite	24.71
SOLACTIVE Preferred Share Laddered Index	24.12
Value Added	0.59

3 Y
	%
Preferred Shares Opportunistic Composite	19.20
SOLACTIVE Preferred Share Laddered Index	16.69
Value Added	2.51

4 Y
	%
Preferred Shares Opportunistic Composite	8.55
SOLACTIVE Preferred Share Laddered Index	6.92
Value Added	1.63

5 Y
	%
Preferred Shares Opportunistic Composite	12.44
SOLACTIVE Preferred Share Laddered Index	10.11
Value Added	2.33

6 Y
	%
Preferred Shares Opportunistic Composite	10.87
SOLACTIVE Preferred Share Laddered Index	9.52
Value Added	1.35

7 Y
	%
Preferred Shares Opportunistic Composite	9.62
SOLACTIVE Preferred Share Laddered Index	8.46
Value Added	1.16

8 Y
	%
Preferred Shares Opportunistic Composite	6.77
SOLACTIVE Preferred Share Laddered Index	6.16
Value Added	0.61

9 Y
	%
Preferred Shares Opportunistic Composite	7.96
SOLACTIVE Preferred Share Laddered Index	7.17
Value Added	0.79

10 Y
	%
Preferred Shares Opportunistic Composite	8.36
SOLACTIVE Preferred Share Laddered Index	7.14
Value Added	1.22

SI
	%
Preferred Shares Opportunistic Composite	7.65
SOLACTIVE Preferred Share Laddered Index	6.52
Value Added	1.13

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
Benchmark: SOLACTIVE Preferred Share Laddered Index. S&P/TSX Preferred Share Laddered Index until March 31st, 2016.

Investment Team

Nicolas Normandeau MSc, CFA

Portfolio Manager, Fixed Income

Montreal

View profile

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 two analysts.

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.