Fiera Capital Defensive Global Equity Fund

As at (Unless otherwise indicated)

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Series AV and FV are closed to new purchases.

Vice President and Senior Portfolio Manager Alexandre Hocquard discusses the Fiera Capital Defensive Global Equity Fund and its volatility hedging strategy.

Recorded on February 6, 2018

Fund Strategy

The underlying portfolio of this Fund is the award-winning Fiera Capital global equity strategy, combined with a highly specialized and cost effective risk overlay strategy managed by the Fiera Capital Systematic Investment Strategies team ("SIS"). The Fiera Capital global equity strategy takes a bottom-up approach and only invests in “best-of-breed” companies with superior growth potential at attractive prices. In order to mitigate volatility and potential drawdowns, the SIS team applies a risk management overlay using derivatives, such as writing or buying futures contracts as well as put or call options on equity indices.

Management Style
Reasons to Own the Fund
  • Long term investing with emphasis on high quality, best of breed companies and consistency of performance
  • Highly specialized, independant and cost effective risk overlay strategy that ensures superior alpha with less downside risk
  • Strong disciplined approach
  • Rigorous research ensures very deep knowledge of portfolio companies and consistent outperformance
  • High conviction focused portfolio with diversified sources of alpha
  • Strong risk-adjusted returns, top ranking relative to its peers
Unit Price (Series O) As at 2018-11-16
$16.3043
Unit Price (Series A) As at 2018-11-16
$14.8104
Unit Price (Series F) As at 2018-11-16
$15.5193
Unit Price (Series AV) As at 2018-11-16
$15.0433
Unit Price (Series FV) As at 2018-11-16
$15.7424
Unit Price (Series D) As at 2018-11-16
$15.3224
Unit Price (Class AT) As at 2018-11-16
$9.4673
Unit Price (Class FT) As at 2018-11-16
$9.4953
Asset Class
Global Equity
Number of holdings
48
Size
$167 millions
Inception (Series O)
Inception (Series A)
Inception (Series F)
Inception (Series AV)
Inception (Series FV)
Inception (Series D)
Inception (Class AT)
Inception (Class FT)
Fund Code
Series O FCO108O
Management Fees
Series On/a
Trailer Fees
Series On/a
Commissions
Series On/a
MER
Series O0.28%
Fund Code
Series A FCO108A
Management Fees
Series A1.95%
Trailer Fees
Series A1
Commissions
Series A0-5%
MER
Series A2.35%
Fund Code
Series F FCO108F
Management Fees
Series F0.75%
Trailer Fees
Series Fn/a
Commissions
Series Fn/a
MER
Series F1.15%
Fund Code
Series AV FCO108AV
Management Fees
Series AV1.75%
Trailer Fees
Series AV1.00%
Commissions
Series AV0-5%
MER
Series AV2.14%
Fund Code
Series FV FCO108FV
Management Fees
Series FV0.75%
Trailer Fees
Series FVn/a
Commissions
Series FVn/a
MER
Series FV1.00%
Fund Code
Series D FCO108D
Management Fees
Series D1.20%
Trailer Fees
Series D0.25
MER
Series D1.42%
Fund Code
Class AT FCO108AT
Management Fees
Class AT1.95%
Trailer Fees
Class AT1
Commissions
Class AT0-5%
MER
Class ATn/a%
Fund Code
Class FT FCO108FT
Management Fees
Class FT0.75%
Trailer Fees
Class FTn/a
Commissions
Class FTn/a
MER
Class FTn/a%
Minimum Investment
$500
Subsequent Investment
$100
Pre-Authorized Cheque Plan
Yes
Switches
Yes
RSP Eligibility
Yes
Settlement
T+2
Distributions ( Series O)
Semi-annual
Last Distribution Paid ( Series O)
$

n/a

/unit
Distributions ( Series A)
Semi-annual
Last Distribution Paid ( Series A)
$

n/a

/unit
Distributions ( Series F)
Semi-annual
Last Distribution Paid ( Series F)
$

n/a

/unit
Distributions ( Series AV)
Semi-annual
Last Distribution Paid ( Series AV)
$

n/a

/unit
Distributions ( Series FV)
Semi-annual
Last Distribution Paid ( Series FV)
$

n/a

/unit
Distributions ( Series D)
Semi-annual
Last Distribution Paid ( Series D)
$

n/a

/unit
Distributions ( Class AT)
Semi-annual
Last Distribution Paid ( Class AT)
$

n/a

/unit
Distributions ( Class FT)
Semi-annual
Last Distribution Paid ( Class FT)
$

n/a

/unit
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Risk Rating
LowHigh
The risk level is low to medium
Fund Statistics

Compounded returns as at September 30, 2018 Class O

1 Mth3 Mths6 Mths1 Yr3 Yrs5 Yrs10 YrsSI
-0.653.936.4816.7612.9914.13

Calendar returns as at September 30, 2018 Class O

YTD - 2018201720162015
10.8620.020.5619.01

Returns are presented net of management fees.

Growth of $10,000 Class O

Date Value
2014-09-30 10,000.00
2014-10-31 10,279.00
2014-11-30 10,635.00
2014-12-31 10,657.00
2015-01-31 11,554.00
2015-02-28 11,913.00
2015-03-31 11,980.00
2015-04-30 11,571.00
2015-05-31 11,947.00
2015-06-30 11,743.00
2015-07-31 12,329.00
2015-08-31 11,895.00
2015-09-30 11,764.00
2015-10-31 12,075.00
2015-11-30 12,276.00
2015-12-31 12,683.00
2016-01-31 12,199.00
2016-02-29 11,898.00
2016-03-31 11,949.00
2016-04-30 11,727.00
2016-05-31 12,339.00
2016-06-30 12,260.00
2016-07-31 12,804.00
2016-08-31 12,878.00
2016-09-30 12,819.00
2016-10-31 12,593.00
2016-11-30 12,669.00
2016-12-31 12,754.00
2017-01-31 12,983.00
2017-02-28 13,646.00
2017-03-31 13,855.00
2017-04-30 14,354.00
2017-05-31 14,618.00
2017-06-30 14,321.00
2017-07-31 14,169.00
2017-08-31 14,386.00
2017-09-30 14,533.00
2017-10-31 15,311.00
2017-11-30 15,701.00
2017-12-31 15,307.00
2018-01-31 15,835.00
2018-02-28 16,090.00
2018-03-31 15,937.00
2018-04-30 15,581.00
2018-05-31 15,973.00
2018-06-30 16,328.00
2018-07-31 16,637.00
2018-08-31 17,081.00
2018-09-30 16,970.00

Compounded returns as at September 30, 2018 Class A

1 Mth3 Mths6 Mths1 Yr3 Yrs5 Yrs10 YrsSI
-0.833.365.3014.2110.3511.42

Calendar returns as at September 30, 2018 Class A

YTD - 2018201720162015
9.0317.42-1.9516.03

Returns are presented net of management fees.

Growth of $10,000 Class A

Date Value
2014-09-30 10,000.00
2014-10-31 10,260.00
2014-11-30 10,599.00
2014-12-31 10,581.00
2015-01-31 11,452.00
2015-02-28 11,788.00
2015-03-31 11,834.00
2015-04-30 11,414.00
2015-05-31 11,747.00
2015-06-30 11,520.00
2015-07-31 12,069.00
2015-08-31 11,619.00
2015-09-30 11,468.00
2015-10-31 11,748.00
2015-11-30 11,912.00
2015-12-31 12,277.00
2016-01-31 11,784.00
2016-02-29 11,474.00
2016-03-31 11,495.00
2016-04-30 11,258.00
2016-05-31 11,819.00
2016-06-30 11,720.00
2016-07-31 12,215.00
2016-08-31 12,258.00
2016-09-30 12,176.00
2016-10-31 11,935.00
2016-11-30 11,982.00
2016-12-31 12,037.00
2017-01-31 12,228.00
2017-02-28 12,833.00
2017-03-31 13,005.00
2017-04-30 13,452.00
2017-05-31 13,672.00
2017-06-30 13,370.00
2017-07-31 13,203.00
2017-08-31 13,380.00
2017-09-30 13,494.00
2017-10-31 14,188.00
2017-11-30 14,524.00
2017-12-31 14,134.00
2018-01-31 14,593.00
2018-02-28 14,803.00
2018-03-31 14,636.00
2018-04-30 14,283.00
2018-05-31 14,613.00
2018-06-30 14,911.00
2018-07-31 15,164.00
2018-08-31 15,541.00
2018-09-30 15,411.00

Compounded returns as at September 30, 2018 Class F

1 Mth3 Mths6 Mths1 Yr3 Yrs5 Yrs10 YrsSI
-0.723.706.0215.7111.6912.76

Calendar returns as at September 30, 2018 Class F

YTD - 2018201720162015
10.1518.75-0.8517.35

Returns are presented net of management fees.

Growth of $10,000 Class F

Date Value
2014-09-30 10,000.00
2014-10-31 10,268.00
2014-11-30 10,618.00
2014-12-31 10,623.00
2015-01-31 11,503.00
2015-02-28 11,848.00
2015-03-31 11,901.00
2015-04-30 11,481.00
2015-05-31 11,841.00
2015-06-30 11,624.00
2015-07-31 12,190.00
2015-08-31 11,746.00
2015-09-30 11,604.00
2015-10-31 11,897.00
2015-11-30 12,080.00
2015-12-31 12,466.00
2016-01-31 11,977.00
2016-02-29 11,668.00
2016-03-31 11,703.00
2016-04-30 11,473.00
2016-05-31 12,057.00
2016-06-30 11,966.00
2016-07-31 12,483.00
2016-08-31 12,540.00
2016-09-30 12,468.00
2016-10-31 12,233.00
2016-11-30 12,292.00
2016-12-31 12,361.00
2017-01-31 12,569.00
2017-02-28 13,202.00
2017-03-31 13,392.00
2017-04-30 13,864.00
2017-05-31 14,105.00
2017-06-30 13,806.00
2017-07-31 13,647.00
2017-08-31 13,844.00
2017-09-30 13,973.00
2017-10-31 14,707.00
2017-11-30 15,069.00
2017-12-31 14,678.00
2018-01-31 15,171.00
2018-02-28 15,407.00
2018-03-31 15,251.00
2018-04-30 14,899.00
2018-05-31 15,263.00
2018-06-30 15,591.00
2018-07-31 15,874.00
2018-08-31 16,285.00
2018-09-30 16,168.00

Compounded returns as at September 30, 2018 Class AV

1 Mth3 Mths6 Mths1 Yr3 Yrs5 Yrs10 YrsSI
-0.813.405.4014.4510.7711.93

Calendar returns as at September 30, 2018 Class AV

YTD - 2018201720162015
9.2017.67-1.4016.78

Returns are presented net of management fees.

Growth of $10,000 Class AV

Date Value
2014-09-30 10,000.00
2014-10-31 10,261.00
2014-11-30 10,606.00
2014-12-31 10,608.00
2015-01-31 11,482.00
2015-02-28 11,820.00
2015-03-31 11,868.00
2015-04-30 11,444.00
2015-05-31 11,798.00
2015-06-30 11,576.00
2015-07-31 12,134.00
2015-08-31 11,687.00
2015-09-30 11,547.00
2015-10-31 11,834.00
2015-11-30 12,010.00
2015-12-31 12,388.00
2016-01-31 11,897.00
2016-02-29 11,584.00
2016-03-31 11,613.00
2016-04-30 11,380.00
2016-05-31 11,953.00
2016-06-30 11,858.00
2016-07-31 12,365.00
2016-08-31 12,415.00
2016-09-30 12,337.00
2016-10-31 12,099.00
2016-11-30 12,152.00
2016-12-31 12,214.00
2017-01-31 12,412.00
2017-02-28 13,026.00
2017-03-31 13,204.00
2017-04-30 13,659.00
2017-05-31 13,885.00
2017-06-30 13,581.00
2017-07-31 13,414.00
2017-08-31 13,597.00
2017-09-30 13,714.00
2017-10-31 14,423.00
2017-11-30 14,766.00
2017-12-31 14,373.00
2018-01-31 14,843.00
2018-02-28 15,058.00
2018-03-31 14,891.00
2018-04-30 14,534.00
2018-05-31 14,874.00
2018-06-30 15,179.00
2018-07-31 15,440.00
2018-08-31 15,825.00
2018-09-30 15,696.00

Compounded returns as at September 30, 2018 Class FV

1 Mth3 Mths6 Mths1 Yr3 Yrs5 Yrs10 YrsSI
-0.723.706.0115.7612.0313.16

Calendar returns as at September 30, 2018 Class FV

YTD - 2018201720162015
10.1419.00-0.2818.03

Returns are presented net of management fees.

Growth of $10,000 Class FV

Date Value
2014-09-30 10,000.00
2014-10-31 10,271.00
2014-11-30 10,627.00
2014-12-31 10,629.00
2015-01-31 11,516.00
2015-02-28 11,868.00
2015-03-31 11,926.00
2015-04-30 11,510.00
2015-05-31 11,877.00
2015-06-30 11,665.00
2015-07-31 12,239.00
2015-08-31 11,799.00
2015-09-30 11,662.00
2015-10-31 11,962.00
2015-11-30 12,152.00
2015-12-31 12,546.00
2016-01-31 12,059.00
2016-02-29 11,753.00
2016-03-31 11,794.00
2016-04-30 11,568.00
2016-05-31 12,163.00
2016-06-30 12,077.00
2016-07-31 12,604.00
2016-08-31 12,668.00
2016-09-30 12,601.00
2016-10-31 12,370.00
2016-11-30 12,435.00
2016-12-31 12,511.00
2017-01-31 12,726.00
2017-02-28 13,367.00
2017-03-31 13,562.00
2017-04-30 14,042.00
2017-05-31 14,289.00
2017-06-30 13,988.00
2017-07-31 13,830.00
2017-08-31 14,032.00
2017-09-30 14,166.00
2017-10-31 14,913.00
2017-11-30 15,282.00
2017-12-31 14,888.00
2018-01-31 15,390.00
2018-02-28 15,628.00
2018-03-31 15,468.00
2018-04-30 15,112.00
2018-05-31 15,481.00
2018-06-30 15,813.00
2018-07-31 16,100.00
2018-08-31 16,517.00
2018-09-30 16,398.00

Compounded returns as at September 30, 2018 Class D

1 Mth3 Mths6 Mths1 Yr3 Yrs5 Yrs10 YrsSI
-0.763.575.7415.1911.3112.41

Calendar returns as at September 30, 2018 Class D

YTD - 2018201720162015
9.7418.41-1.1317.08

Returns are presented net of management fees.

Growth of $10,000 Class D

Date Value
2014-09-30 10,000.00
2014-10-31 10,264.00
2014-11-30 10,611.00
2014-12-31 10,615.00
2015-01-31 11,493.00
2015-02-28 11,840.00
2015-03-31 11,890.00
2015-04-30 11,468.00
2015-05-31 11,825.00
2015-06-30 11,605.00
2015-07-31 12,167.00
2015-08-31 11,722.00
2015-09-30 11,577.00
2015-10-31 11,867.00
2015-11-30 12,047.00
2015-12-31 12,428.00
2016-01-31 11,939.00
2016-02-29 11,627.00
2016-03-31 11,661.00
2016-04-30 11,428.00
2016-05-31 12,007.00
2016-06-30 11,914.00
2016-07-31 12,426.00
2016-08-31 12,479.00
2016-09-30 12,404.00
2016-10-31 12,167.00
2016-11-30 12,224.00
2016-12-31 12,288.00
2017-01-31 12,503.00
2017-02-28 13,129.00
2017-03-31 13,304.00
2017-04-30 13,770.00
2017-05-31 14,006.00
2017-06-30 13,706.00
2017-07-31 13,545.00
2017-08-31 13,737.00
2017-09-30 13,862.00
2017-10-31 14,587.00
2017-11-30 14,942.00
2017-12-31 14,551.00
2018-01-31 15,043.00
2018-02-28 15,265.00
2018-03-31 15,101.00
2018-04-30 14,747.00
2018-05-31 15,100.00
2018-06-30 15,418.00
2018-07-31 15,690.00
2018-08-31 16,090.00
2018-09-30 15,967.00
Top 10 Holdings (%)
1. Contra Future 7.1
2. Moodys Corp 5.6
3. Mastercard Inc Class A 5.3
4. Keyence Corp 4.9
5. Contra Future 4.8
6. Becton Dickinson 4.2
7. Johnson & Johnson 4.0
8. TJX Companies Inc 3.5
9. MSCI Inc 3.4
10. Sherwin Williams Co 3.3
Total 46.1
Asset Allocation (%)
Cash & Short Term 12.7
Global Equities 87.3
Total 100.0
Sector Allocation (%)
Energy 0.0
Materials 3.3
Industrials 20.0
Consumer Discretionary 12.4
Consumer Staples 13.4
Health Care 14.8
Financials 17.6
Information Technology 18.4
Communication Services 0.0
Utilities 0.0
Real Estate 0.0
ETF , Index & Others
Short Term & Currency 0.1
Total 100.0
Equity Geographic allocation (%)
United States 54.7
United Kingdom 10.3
Europe ex-UK 23.1
Japan 6.6
Asia-Pacific 5.2
Canada 0.0
Total 100.0
Bond Type (ST excl.) (%)
Total 100.0
Credit Quality (%)
Total 100.0
Portfolio Risk Contribution (%)
Energy 0.0
Materials 3.6
Industrials 20.1
Consumer Discretionary 13.3
Consumer Staples 10.6
Health Care 15.1
Financials 20.9
Information Technology 21.4
Telecommunication Services 0.0
Utilities 0.0
Real Estate 0.0
ETF , Index, Futures & Others -5.2
Total 100.0
  • Nadim Rizk Fiera Capital

    Nadim Rizk

    BBA, MBA, CFA
    Senior Vice President and Lead Portfolio Manager, Global Equities

    Nadim Rizk is a member of the Global Equity team and is the lead manager of the U.S., International, and Global equity strategies.

    Mr. Rizk has over 19 years of industry experience and joined the firm in 2009. Prior experiences include positions as Head of Global Equities, Lead manager for U.S. and Global equity portfolios, as well as Senior Global Research Analyst positions at some of Canada’s leading investment management firms.

    Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration (BBA), majoring in Finance. He later obtained a Master of Business Administration (MBA) from McGill University and also obtained the Chartered Financial Analyst (CFA) designation.

  • Andrew Chan Fiera Capital

    Andrew Chan

    MSc
    Vice President and Portfolio Manager, Global Equities

    Andrew Chan is a member of the Global Equity team and is a portfolio manager for the U.S., International, and Global Equity strategies.

    Mr. Chan has over 13 years of industry experience and joined the firm in 2009. Prior experiences include Senior analyst positions for U.S. and global equities at leading investment management firms.

    Mr. Chan graduated from McGill University with a Bachelor of Commerce (BCom), majoring in Finance. He later obtained a Master of Science (MSc) in Finance from HEC Montréal.

  • Alexandre Hocquard Fiera Capital

    Alexandre Hocquard

    Ph.D.
    Vice President and Senior Portfolio Manager, Systematic Investment Strategies

    Alexandre Hocquard is Vice President and Senior Portfolio Manager of Fiera Capital’s Systematic Investment Strategies (SIS) team. He oversees the management of several systematic investment and market risk management strategies.

    Mr. Hocquard has 11 years of experience in the investment field and joined the Firm in 2016. He previously held positions as Lead Portfolio Manager, Customized Systematic and Quantitative Strategies, with major investment management firms. He also worked as a Portfolio Manager, Alternative Strategies, for a Canadian institution.

    Mr. Hocquard holds a doctorate (Ph.D.) in Quantitative Methods from HEC Montréal and has published several scientific papers in university and institutional journals.

  • Michael Lavigne Fiera Capital

    Michael Lavigne

    MSc, FRM, CIM
    Portfolio Manager, Systematic Investment Strategies

    Michael Lavigne is a Portfolio Manager for Fiera Capital’s Systematic Investment Strategies (SIS) team. He is involved in the creation and management of customized quantitative and systematic solutions, and in risk management strategies.

    M. Lavigne has 6 years of experience in the investment field and joined the Firm in 2016. He previously worked as an Associate Manager for an investment management firm, where he was responsible for the development and management of several quantitative strategies. Mr. Lavigne began his career working as a Quantitative Alternative Fund Analyst.

    He received a bachelor’s degree in business administration from Bishops University, where he majored in finance and economics, and a master’s degree in Financial Economics from HEC Montréal. Mr. Lavigne also holds his Financial Risk Manager (FRM) and his Certified Investment Manager (CIM®) designations.