Money Market Core Strategy

Strategy Overview

Investment Strategy

The Money Market Core strategy is managed using a top-down framework, that combines macroeconomic analysis, interest rate outlook, and sector allocation to preserve capital and optimize yield within a low-risk environment. Investment decisions are driven by comprehensive credit research and market due diligence to identify high-quality issuers and capture credit and liquidity premiums through active management aligned with each strategy’s benchmark and liquidity objectives, while uncovering relative-value opportunities across the money market and short-term fixed-income universe. The strategy aims to provide current income and daily liquidity, with a continued focus on capital stability.

Highlights

			Inception Date
			January 1, 2004
		

			Price
			$10.0000 (As of November 12, 2025)
		

			Last Distribution Paid ($)
			$0.0007 (November 12, 2025)
		

			Currency
			CAD
		

			Process
			Top-down and tactical, short-term transactions
		

			Benchmark Index
			FTSE Canada 91 Day Treasury Bill Index
		

			Investment horizon
			Maximum of 2 years
		

			Minimum credit rating
			R1 Low
		

Performance (%)

Annual Performance

	Q3 2025	YTD - 2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Money Market Core Strategy	0.74	2.40	5.17	5.08	2.08	0.29	0.98	2.08	1.83	1.12	1.04	1.05
FTSE Canada 91 Day T-Bill Index	0.71	2.20	4.92	4.71	1.82	0.17	0.86	1.65	1.38	0.56	0.51	0.63
Value Added	0.03	0.20	0.25	0.37	0.26	0.12	0.12	0.43	0.45	0.56	0.53	0.42

Q3 2025
	%
Money Market Core Strategy	0.74
FTSE Canada 91 Day T-Bill Index	0.71
Value Added	0.03

YTD - 2025
	%
Money Market Core Strategy	2.40
FTSE Canada 91 Day T-Bill Index	2.20
Value Added	0.20

2024
	%
Money Market Core Strategy	5.17
FTSE Canada 91 Day T-Bill Index	4.92
Value Added	0.25

2023
	%
Money Market Core Strategy	5.08
FTSE Canada 91 Day T-Bill Index	4.71
Value Added	0.37

2022
	%
Money Market Core Strategy	2.08
FTSE Canada 91 Day T-Bill Index	1.82
Value Added	0.26

2021
	%
Money Market Core Strategy	0.29
FTSE Canada 91 Day T-Bill Index	0.17
Value Added	0.12

2020
	%
Money Market Core Strategy	0.98
FTSE Canada 91 Day T-Bill Index	0.86
Value Added	0.12

2019
	%
Money Market Core Strategy	2.08
FTSE Canada 91 Day T-Bill Index	1.65
Value Added	0.43

2018
	%
Money Market Core Strategy	1.83
FTSE Canada 91 Day T-Bill Index	1.38
Value Added	0.45

2017
	%
Money Market Core Strategy	1.12
FTSE Canada 91 Day T-Bill Index	0.56
Value Added	0.56

2016
	%
Money Market Core Strategy	1.04
FTSE Canada 91 Day T-Bill Index	0.51
Value Added	0.53

2015
	%
Money Market Core Strategy	1.05
FTSE Canada 91 Day T-Bill Index	0.63
Value Added	0.42

Annualized as at September 30, 2025

	1 Y	2 Y	3 Y	4 Y	5 Y	6 Y	7 Y	8 Y	9 Y	10 Y	SI
Money Market Core Strategy	3.53	4.48	4.56	3.69	3.01	2.73	2.65	2.52	2.35	2.22	2.18
FTSE Canada 91 Day T-Bill Index	3.30	4.21	4.28	3.41	2.75	2.50	2.38	2.23	2.03	1.87	1.88
Value Added	0.23	0.27	0.28	0.28	0.26	0.23	0.27	0.29	0.32	0.35	0.30

1 Y
	%
Money Market Core Strategy	3.53
FTSE Canada 91 Day T-Bill Index	3.30
Value Added	0.23

2 Y
	%
Money Market Core Strategy	4.48
FTSE Canada 91 Day T-Bill Index	4.21
Value Added	0.27

3 Y
	%
Money Market Core Strategy	4.56
FTSE Canada 91 Day T-Bill Index	4.28
Value Added	0.28

4 Y
	%
Money Market Core Strategy	3.69
FTSE Canada 91 Day T-Bill Index	3.41
Value Added	0.28

5 Y
	%
Money Market Core Strategy	3.01
FTSE Canada 91 Day T-Bill Index	2.75
Value Added	0.26

6 Y
	%
Money Market Core Strategy	2.73
FTSE Canada 91 Day T-Bill Index	2.50
Value Added	0.23

7 Y
	%
Money Market Core Strategy	2.65
FTSE Canada 91 Day T-Bill Index	2.38
Value Added	0.27

8 Y
	%
Money Market Core Strategy	2.52
FTSE Canada 91 Day T-Bill Index	2.23
Value Added	0.29

9 Y
	%
Money Market Core Strategy	2.35
FTSE Canada 91 Day T-Bill Index	2.03
Value Added	0.32

10 Y
	%
Money Market Core Strategy	2.22
FTSE Canada 91 Day T-Bill Index	1.87
Value Added	0.35

SI
	%
Money Market Core Strategy	2.18
FTSE Canada 91 Day T-Bill Index	1.88
Value Added	0.30

Past performance is not a guarantee or indicator of future results. Inherent in any investment is the risk of loss.

Composite performance, gross of management fees.

Investment Team

Frédérick Bérubé CFA CPA CMA

Senior Portfolio Manager, Money Market, Currency and Liquidity Management

Montreal

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Christopher Schmück M.Sc., CFA, CAIA

Portfolio Manager and Head of Currency and Liquidity Management

MONTREAL

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They are supported by two senior analysts.

Documents

Strategy Profile

Disclaimer

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated.