Fiera Capital Income Opportunities Fund

As at (Unless otherwise indicated)

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Fund Strategy

The strategy aims to provide investors with the return associated with a traditional high yield fixed income portfolio, with half the volatility of the high yield index. More specifically, the Fund seeks to generate benchmark-agnostic returns throughout credit and business cycles by primarily taking long positions in North American high yield credits and, to a lesser extent, in investment grade bonds, structured credit, convertible bonds, preferred shares, and equities.

Management Style
Reasons to Own the Fund
  • For income-seeking investors who wants equity-like capital appreciation potential with lower volatility
  • Flexibility to invest across the capital structure
  • Low interest rate sensitivity portfolio
  • Attractive income distribution
  • Portfolio manager with a proven track record of generating risk-adjusted returns, combined with a solid experience in credit trading.
Unit Price (Class A) As at 2018-05-23
$11.5035
Unit Price (Class F) As at 2018-05-23
$12.5757
Size
$98 millions
Inception (Class A)
Inception (Class F)
Fund Code
Class A FCO110A
Management Fees
Class A1.75%
Performance Fee
Class A10%
Fund Code
Class F FCO110F
Management Fees
Class F1.00%
Performance Fee
Class F10%
Minimum Investment
$500
Hurdle Rate
0.035
High Water Mark
Yes
RSP Eligibility
Yes
Trustee
State Street Trust Company Canada
Custodian
The Bank of Nova Scotia
Auditor
PricewaterhouseCoopers LLP
Liquidity
Daily. T+2
Fund Statistics
Net Annualized Return since inception 7.57%
Annualized standard deviation 5.50%
Sharpe Ratio1.25 %
Best Monthly Return7.45%
Worst Monthly Return-1.56%
Percentage of months with positive performance57.45%
Average return when market is up1.21%
Average return when market is down-0.55%
Up-market capture ratio93.61%
Down-market capture ratio108.40%
Net Annualized Return since inception 10.11%
Annualized standard deviation 5.81%
Sharpe Ratio1.63 %
Best Monthly Return7.38%
Worst Monthly Return-1.49%
Percentage of months with positive performance64.58%
Average return when market is up1.45%
Average return when market is down-0.47%
Up-market capture ratio104.07%
Down-market capture ratio93.41%

Monthly performance as at April 30, 2018 Class A

Jan.Feb.Mar.Apr.MayJun.Jul.Aug.Sep.Oct.Nov.Dec.Year/YTD
20140.410.81-0.030.180.23-0.11-0.111.38
20150.782.30-0.170.21-0.06-0.70-0.23-0.33-1.561.00-0.280.251.17
2016-0.582.047.456.030.970.041.912.570.850.242.071.6127.95
20170.39-0.10-1.40-0.210.00-0.790.680.570.66-0.31-0.381.160.25
20181.17-1.20-0.151.331.14
Net annualized return since inception 7.57

Compounded returns as at April 30, 2018 Class A

1 Mth3 Mths6 MthsYTD1 Yr3 Yrs4 Yrs5 YrsSI
1.33-0.031.921.142.758.367.57

Returns are presented net of management fees.

Growth of $10,000 Class A

Date Value
2014-05-31 10,000.00
2014-06-30 10,041.00
2014-07-31 10,123.00
2014-08-31 10,120.00
2014-09-30 10,138.00
2014-10-31 10,161.00
2014-11-30 10,150.00
2014-12-31 10,138.00
2015-01-31 10,218.00
2015-02-28 10,453.00
2015-03-31 10,435.00
2015-04-30 10,457.00
2015-05-31 10,450.00
2015-06-30 10,377.00
2015-07-31 10,353.00
2015-08-31 10,319.00
2015-09-30 10,158.00
2015-10-31 10,260.00
2015-11-30 10,231.00
2015-12-31 10,257.00
2016-01-31 10,197.00
2016-02-29 10,405.00
2016-03-31 11,180.00
2016-04-30 11,855.00
2016-05-31 11,970.00
2016-06-30 11,974.00
2016-07-31 12,203.00
2016-08-31 12,517.00
2016-09-30 12,623.00
2016-10-31 12,653.00
2016-11-30 12,915.00
2016-12-31 13,123.00
2017-01-31 13,174.00
2017-02-28 13,161.00
2017-03-31 12,977.00
2017-04-30 12,950.00
2017-05-31 12,950.00
2017-06-30 12,847.00
2017-07-31 12,935.00
2017-08-31 13,009.00
2017-09-30 13,095.00
2017-10-31 13,055.00
2017-11-30 13,006.00
2017-12-31 13,156.00
2018-01-31 13,310.00
2018-02-28 13,150.00
2018-03-31 13,131.00
2018-04-30 13,306.00

Monthly performance as at April 30, 2018 Class F

Jan.Feb.Mar.Apr.MayJun.Jul.Aug.Sep.Oct.Nov.Dec.Year/YTD
20144.562.820.890.020.260.30-0.010.029.11
20150.832.37-0.120.270.00-0.61-0.13-0.26-1.491.07-0.210.332.02
2016-0.512.117.386.101.040.111.972.640.910.312.131.6728.77
20170.45-0.03-1.32-0.130.08-0.720.760.640.73-0.23-0.311.231.13
20181.24-1.14-0.081.411.42
Net annualized return since inception 10.11

Compounded returns as at April 30, 2018 Class F

1 Mth3 Mths6 MthsYTD1 Yr3 Yrs4 Yrs5 YrsSI
1.410.182.361.423.649.2410.1110.11

Returns are presented net of management fees.

Growth of $10,000 Class F

Date Value
2014-04-30 10,000.00
2014-05-31 10,456.00
2014-06-30 10,751.00
2014-07-31 10,847.00
2014-08-31 10,849.00
2014-09-30 10,877.00
2014-10-31 10,910.00
2014-11-30 10,909.00
2014-12-31 10,911.00
2015-01-31 11,001.00
2015-02-28 11,262.00
2015-03-31 11,249.00
2015-04-30 11,279.00
2015-05-31 11,279.00
2015-06-30 11,210.00
2015-07-31 11,196.00
2015-08-31 11,167.00
2015-09-30 11,000.00
2015-10-31 11,118.00
2015-11-30 11,095.00
2015-12-31 11,131.00
2016-01-31 11,074.00
2016-02-29 11,308.00
2016-03-31 12,143.00
2016-04-30 12,883.00
2016-05-31 13,017.00
2016-06-30 13,031.00
2016-07-31 13,288.00
2016-08-31 13,638.00
2016-09-30 13,762.00
2016-10-31 13,805.00
2016-11-30 14,098.00
2016-12-31 14,333.00
2017-01-31 14,398.00
2017-02-28 14,394.00
2017-03-31 14,204.00
2017-04-30 14,185.00
2017-05-31 14,197.00
2017-06-30 14,094.00
2017-07-31 14,201.00
2017-08-31 14,292.00
2017-09-30 14,397.00
2017-10-31 14,363.00
2017-11-30 14,319.00
2017-12-31 14,496.00
2018-01-31 14,676.00
2018-02-28 14,509.00
2018-03-31 14,498.00
2018-04-30 14,702.00
Top 5 long positions
1. DENBURY RES INC COMMON 2.1
2. FRONTIER COMMUNICATI 11.000 SEP 15 25 2.1
3. FIRST QUANTUM MINERA 6.875 MAR 01 26 1.9
4. INCEPTION RACKSPACE 8.625 NOV 15 24 1.8
5. ALTICE SA 7.625 FEB 15 25 1.8
Total 9.7
Top 5 short positions
1. US 10YR NOTE FUT USA FUT 10Y JUN 18 -9.9
2. GOEASY LTD 7.875 NOV 01 22 -2.9
3. RITCHIE BROS AUCTION 5.375 JAN 15 25 -2.6
4. POST HOLDINGS INC COMMON -2.1
5. CINCINNATI BELL INC COMMON -1.0
Total -18.5
  • Angus Rogers Fiera Capital

    Angus Rogers

    CFA
    Vice President and Senior Portfolio Manager, High Yield Bond

    Angus was the head of High Yield Trading and Co-head of Leverage Finance Department at Jeffries Group LLC. in Stamford, Connecticut. During his eight years at Jefferies, Angus oversaw a team of six traders and managed a total book size of US$500 million. Prior to that, he was Head of Trading/Co-Head of High Yield Group for RBC Capital Markets in New York.

    Angus has over 26 years’ experience in both U.S. and Canadian high-yield and has been Managing Director at RBC Capital Markets in both New York and Toronto. He has a Bachelor’s degree in Economics, Politics, and Philosophy from the University of Western Ontario (1988) and received his CFA designation in 1992.

  • Ovidiu Sandu Fiera Capital

    Ovidiu Sandu

    MBA, CFA
    Vice President and Portfolio Manager, High Yield Bond

    Ovidiu is a Portfolio Manager in the High Yield team and is involved in managing the long-short and long only mandates.

    Before joining the firm in 2013, Ovidiu was an Associate Portfolio Manager and Senior Quantitative Analyst within a High Yield team at a large Canadian bank where he was involved in managing about USD 2.5 billion in US High Yield mandates. Prior experiences include sell-side Equity research with a European bank.

    Ovidiu has over 19 years of investment experience both on the sell side and buy side, in equities and credit, in fundamental and quantitative approaches. He has an MBA from McGill University (1997) and received his CFA designation in 2001.

  • Neil McCabe Fiera Capital

    Neil McCabe

    Assistant Portfolio Manager

    Neil McCabe is a member of the High Yield Bonds team and is Assistant Portfolio Manager for the High Yield Bond mandates.

The Income Opportunities strategy returned 1.41% for the month of April 2018 net of fees and expenses. That compares to the BAML – HY CAD hedged Index return of 0.64% for the same period. On a year-to-date basis the strategy has returned 1.42% while the same index has returned -0.49%.

The strategy performed well against its benchmark over the month as a result of its exposure to a variety of oil and forest products names, while its exposure to certain natural gas names detracted from performance.

Risk markets over the month either moved sideways or eked out modest gains. Markets displayed optimism about economic conditions and more importantly, corporate earnings, while at the same time being cautious of rising rates, the duration of the expansion and the odds of inflationary pressure emerging. Certainly, cost pressures are increasing in parts of the economy, thereby pressuring margins somewhat. Moreover, the market is trying to determine the sustainability of the economic bump that has been achieved via tax cuts and fiscal spending.