Preferred Shares Universe

Strategy Overview

Investment Strategy

A thorough assessment of macroeconomic factors followed by extensive credit and relative value analysis are the cornerstone of this active approach resulting in high-quality diversified portfolios with low volatility. This strategy adds substantial value through its long term positioning approach, trading process, duration management and its understanding of the technical factors.

Why Invest in this Strategy

Higher yielding asset class offering a significant source of income in a low-yielding environment
Enhanced portfolio diversification with lower volatility
Significant tax-efficient benefit for taxable clients
Fiera’s expertise has allowed us to be amongst the largest Canadian preferred share managers
Interaction with Fiera’s investment teams to benefit from the expertise of our solid internal credit and market analysis

Highlights

			Inception Date
			February 1, 2004
		

			Assets Under Management ($M)
			$1,303 (As of June 30, 2024)
		

Performance (%)

Annual Performance

	Q2 2024	YTD - 2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Preferred Shares Universe Composite	4.71	17.73	8.41	-18.63	25.57	6.85	2.87	-9.32	16.15	9.53	-12.35	7.04
S&P/TSX Preferred Share Index	4.17	14.19	5.90	-18.08	19.35	6.16	3.48	-7.93	13.62	6.98	-14.95	6.82
Value Added	0.54	3.54	2.51	-0.55	6.22	0.69	-0.61	-1.39	2.53	2.55	2.60	0.22

Q2 2024
	%
Preferred Shares Universe Composite	4.71
S&P/TSX Preferred Share Index	4.17
Value Added	0.54

YTD - 2024
	%
Preferred Shares Universe Composite	17.73
S&P/TSX Preferred Share Index	14.19
Value Added	3.54

2023
	%
Preferred Shares Universe Composite	8.41
S&P/TSX Preferred Share Index	5.90
Value Added	2.51

2022
	%
Preferred Shares Universe Composite	-18.63
S&P/TSX Preferred Share Index	-18.08
Value Added	-0.55

2021
	%
Preferred Shares Universe Composite	25.57
S&P/TSX Preferred Share Index	19.35
Value Added	6.22

2020
	%
Preferred Shares Universe Composite	6.85
S&P/TSX Preferred Share Index	6.16
Value Added	0.69

2019
	%
Preferred Shares Universe Composite	2.87
S&P/TSX Preferred Share Index	3.48
Value Added	-0.61

2018
	%
Preferred Shares Universe Composite	-9.32
S&P/TSX Preferred Share Index	-7.93
Value Added	-1.39

2017
	%
Preferred Shares Universe Composite	16.15
S&P/TSX Preferred Share Index	13.62
Value Added	2.53

2016
	%
Preferred Shares Universe Composite	9.53
S&P/TSX Preferred Share Index	6.98
Value Added	2.55

2015
	%
Preferred Shares Universe Composite	-12.35
S&P/TSX Preferred Share Index	-14.95
Value Added	2.60

2014
	%
Preferred Shares Universe Composite	7.04
S&P/TSX Preferred Share Index	6.82
Value Added	0.22

Annualized as at June 30, 2024

	1 Y	2 Y	3 Y	4 Y	5 Y	6 Y	7 Y	8 Y	9 Y	10 Y	SI
Preferred Shares Universe Composite	26.08	7.83	3.13	12.66	7.94	4.25	4.62	6.68	5.06	3.97	3.77
S&P/TSX Preferred Share Index	20.75	4.84	1.13	9.04	5.57	2.91	3.24	5.18	3.41	2.28	2.73
Value Added	5.33	2.99	2.00	3.62	2.37	1.34	1.38	1.50	1.65	1.69	1.04

1 Y
	%
Preferred Shares Universe Composite	26.08
S&P/TSX Preferred Share Index	20.75
Value Added	5.33

2 Y
	%
Preferred Shares Universe Composite	7.83
S&P/TSX Preferred Share Index	4.84
Value Added	2.99

3 Y
	%
Preferred Shares Universe Composite	3.13
S&P/TSX Preferred Share Index	1.13
Value Added	2.00

4 Y
	%
Preferred Shares Universe Composite	12.66
S&P/TSX Preferred Share Index	9.04
Value Added	3.62

5 Y
	%
Preferred Shares Universe Composite	7.94
S&P/TSX Preferred Share Index	5.57
Value Added	2.37

6 Y
	%
Preferred Shares Universe Composite	4.25
S&P/TSX Preferred Share Index	2.91
Value Added	1.34

7 Y
	%
Preferred Shares Universe Composite	4.62
S&P/TSX Preferred Share Index	3.24
Value Added	1.38

8 Y
	%
Preferred Shares Universe Composite	6.68
S&P/TSX Preferred Share Index	5.18
Value Added	1.50

9 Y
	%
Preferred Shares Universe Composite	5.06
S&P/TSX Preferred Share Index	3.41
Value Added	1.65

10 Y
	%
Preferred Shares Universe Composite	3.97
S&P/TSX Preferred Share Index	2.28
Value Added	1.69

SI
	%
Preferred Shares Universe Composite	3.77
S&P/TSX Preferred Share Index	2.73
Value Added	1.04

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

Composite returns, presented gross of management fees

Investment Team

Nicolas Normandeau MSc, CFA

Portfolio Manager, Fixed Income

Montreal

View profile

He is supported by the Integrated Fixed Income team, which include Philippe Ouellette, MSc, CFA, Jeff Seaver, CFA., Jasper Beerepoot, MBA, Charles Grenier MSc, CFA, and by two 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.