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 2018-08-20
$11.2937
Unit Price (Class F) As at 2018-08-20
$12.3724
Size
$106 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
3.50%
High Water Mark
Yes
RSP Eligibility
Yes
Trustee
State Street Trust Company Canada
Custodian
State Street Trust Company Canada
Auditor
PricewaterhouseCoopers LLP
Liquidity
Daily. T+2
Fund Statistics
Net Annualized Return since inception 7.73%
Annualized standard deviation 5.39%
Sharpe Ratio1.30 %
Best Monthly Return7.45%
Worst Monthly Return-1.56%
Percentage of months with positive performance58.00%
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 10.19%
Annualized standard deviation 5.69%
Sharpe Ratio1.67 %
Best Monthly Return7.38%
Worst Monthly Return-1.49%
Percentage of months with positive performance64.71%
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 July 31, 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
20181.17-1.20-0.151.331.601.36-0.483.67
Net annualized return since inception 7.73

Compounded returns as at July 31, 2018 Class A

1 Mth3 Mths6 MthsYTD1 Yr3 Yrs4 Yrs5 YrsSI
-0.482.502.473.675.449.627.747.73

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
2018-05-31 13,520.00
2018-06-30 13,704.00
2018-07-31 13,639.00

Monthly performance as at July 31, 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
20181.24-1.14-0.081.411.681.44-0.404.19
Net annualized return since inception 10.19

Compounded returns as at July 31, 2018 Class F

1 Mth3 Mths6 MthsYTD1 Yr3 Yrs4 Yrs5 YrsSI
-0.402.722.914.196.3510.498.6310.19

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
2018-05-31 14,949.00
2018-06-30 15,164.00
2018-07-31 15,103.00
Top 5 long positions
1. AIR CANADA VTG AND VARIABLE SHS 2.2
2. FRONTIER COMMUNICATI 11.000 SEP 15 25 2.1
3. PENNEY J C INC 8.625 MAR 15 25 1.9
4. WESTERN FOREST PRODS COMMON 1.8
5. ALTICE SA 7.625 FEB 15 25 1.8
Total 9.8
Top 5 short positions
1. US 10YR NOTE FUT USA FUT 10Y SEP 18 -9.3
2. RITCHIE BROS AUCTION 5.375 JAN 15 25 -2.4
3. POST HOLDINGS INC COMMON -2.1
4. CONSOLIDATED COMM COMMON 0.0
5. 1011778 BC ULC / New Red Finance Inc 0.0
Total -13.8
  • 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 Fiera Capital Income Opportunities strategy returned -0.40% for the month of July 2018. That compares to the BAML – HY CAD hedged Index return of 1.07% for the same period. On a year-to-date basis the strategy has returned 4.19% while that same index has returned 0.85%.

The strategy performed poorly against its benchmark over the month, given its exposure to a variety of energy and commodity related names. These markets were hurt over the month by the trade war being waged between the US and China and the resulting negative price impact on their end markets.

Away from these sectors, risk markets performed well as expectations of solid economic growth and strong corporate earnings continued. Trade and Central Bank tightening continue to act as the two major barriers to a continuation of the rally.