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 2018-02-20
$11.2964
Unit Price (Class F) As at 2018-02-20
$12.3226
Size
$108 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+3
Fund Statistics
Net Annualized Return since inception 7.96%
Annualized standard deviation 5.63%
Sharpe Ratio1.30 %
Best Monthly Return7.45%
Worst Monthly Return-1.56%
Percentage of months with positive performance58.14%
Average return when market is up1.21%
Average return when market is down-0.53%
Up-market capture ratio90.14%
Down-market capture ratio117.06%
Net Annualized Return since inception 10.66%
Annualized standard deviation 5.95%
Sharpe Ratio1.69 %
Best Monthly Return7.38%
Worst Monthly Return-1.49%
Percentage of months with positive performance65.91%
Average return when market is up1.46%
Average return when market is down-0.45%
Up-market capture ratio100.93%
Down-market capture ratio100.03%

Monthly performance as at December 31, 2017 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
20181.171.17
Net annualized return since inception 8.11

Monthly performance as at December 31, 2017 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
Net annualized return since inception 7.96

Compounded returns as at December 31, 2017 Class A

1 Mth3 Mths6 MthsYTD1 Yr3 Yrs4 Yrs5 YrsSI
1.160.472.410.250.259.077.96

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

Monthly performance as at December 31, 2017 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
20181.241.24
Net annualized return since inception 10.77

Monthly performance as at December 31, 2017 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
Net annualized return since inception 10.66

Compounded returns as at December 31, 2017 Class F

1 Mth3 Mths6 MthsYTD1 Yr3 Yrs4 Yrs5 YrsSI
1.230.692.851.131.139.9310.66

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
Top 5 long positions
1. ICAHN ENTERPRISES 6.000 AUG 01 20 1.8
2. FRONTIER COMMUNICATI 11.000 SEP 15 25 1.8
3. ALTICE SA 7.625 FEB 15 25 1.7
4. SENSATA TECH UK FIN 6.250 FEB 15 26 1.6
5. DENBURY RES INC COMMON 1.5
Total 8.4
Top 5 short positions
1. US 10YR NOTE FUT USA FUT 10Y MAR 18 -9.1
2. GOEASY LTD 7.875 NOV 01 22 -2.5
3. CINCINNATI BELL INC COMMON -1.2
4. AMC ENTERTAINMENT 6.125 MAY 15 27 -1.2
5. ALBERTSON'S LLC 6.625 JUN 15 24 -1.1
Total -15.1
  • Angus Rogers

    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

    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

    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 Fiera Capital Income Opportunities Fund returned 1.23% for the month of December 2017 net of fees and expenses. That compares to the BAML – HY CAD hedged Index return of 0.22% for the same period. On a year-to-date basis the Fund has returned 1.13% while the same index has returned 6.96%

During the month the key gainers were positions in Denbury Resources, a short position in US Treasuries and a long position in Quorum Healthcare. The key detractors were positions in Frontier Communications, Ultra Petroleum and Sprint Corporation.

Risk markets performed well over the month as US tax reform became a reality. US equities returned over 1% while WTI improved by 5%. Generally risk assets once again improved on the global growth story and the still-muted inflation outlook. The Federal Reserve continues to normalize policy modestly and in a very deliberate fashion.

As we look forward into 2018, general trends still apply. One cloud on the horizon is the steady flattening of the US yield curve – a potential harbinger to a slowing of economic growth and/or policy error by the Central Bank. Inflation is still the wild card – so far it has been very benign. Global growth and the profit outlook continue to be supportive.