• A credit hedge fund that invests in diversified long and short positions of North American credit securities.
  • An alternative to a traditional fixed income portfolio with strong diversification benefits.
  • Credit-driven returns with reduced sensitivity to interest rate risk.
  • Ability to generate returns throughout a complete credit cycle.
 
YTD 2022 2021 2020 2019 2018 2017 2016 2015 2014
-2.0 4.0 5.0 2.5 -2.0 5.1 3.1 8.1 7.1
1 mo 3 mo 6 mo 1 yr 3 yrs 5 yrs 10 yrs Incep
-1.3 -1.5 -1.8 -1.0 2.5 1.8 - 3.7
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
2022 -0.5 -0.8 0.5 -1.3 -
2021 0.9 0.4 0.7 0.9 0.3 0.2 0.1 0.2 0.0 -0.1 0.1 0.2
2020 0.2 -0.6 -6.9 3.5 1.9 2.4 2.5 0.7 -0.8 1.3 0.7 0.4
2019 0.5 0.5 0.1 0.7 0.1 -0.1 -0.1 -0.5 0.3 -0.1 0.1 0.5
2018 0.7 -0.4 -0.4 -0.1 -0.2 -0.2 0.3 -0.1 0.1 -0.6 -0.6 -0.4
2017 1.6 0.3 0.1 1.2 -0.1 0.3 0.5 -0.1 0.3 0.1 0.3 0.1
2016 -4.7 -0.1 1.3 2.3 0.5 0.5 0.3 0.7 0.3 0.7 0.3 0.9
2015 -0.2 1.1 0.1 1.1 0.7 -0.6 0.3 -0.4 0.5 0.1 0.5 4.6
2014 2.0 0.9 0.5 0.7 0.7 0.0 0.0 0.2 -0.6 0.2 0.2 2.3
 
As at 04/30/22
As at 04/30/22
TORONTO-DOMINION BANK 18.7
WELLS FARGO & COMPANY 15.9
GOLDMAN SACHS GROUP INC 14.7
BANK OF AMERICA CORP 14.4
BANK OF NOVA SCOTIA 13.1
76.7
As at 04/30/22 Actual Limit
Total Exposure 1.0 2x
Leverage Achieved with Derivatives 0.0 2x
Equity Exposure 0.0% 50% NAV
Equity Short Sales 0.0% 50% NAV
As at 04/30/22 Long Short Net
Investment Grade 299.8 -50.5 249.3
High Yield 99.9 0.0 99.9
Bank Loans 0.0 0.0 0.0
Cash, Short-Term Investments & Other Net Assets 4.0 0.0 4.0
Government Bonds 0.9 -253.2 -252.3
Equity 0.0 0.0 0.0
Preferred Stocks-CDN 0.0 0.0 0.0
Preferred Stocks-USD 0.0 0.0 0.0
Other 108.4 -109.4 -1.0
Total 513.0 -413.0 100.0
As at 04/30/22 Long Short Net
AAA 26.0 -253.2 -227.2
AA 5.3 0.0 5.3
A 145.8 -10.1 135.6
BBB 127.7 -40.4 87.4
BB 87.1 0.0 87.1
B 12.8 0.0 12.8
CCC 0.0 0.0 0.0
NR 108.4 -109.4 -1.0
Total 513.0 -413.0 100.0
As at 04/30/22 Dynamic Credit Absolute Return Fund Series A Barclays HY VLI Index (CAD Hedged) S&P/TSX Composite TR
Cumulative Return 34.8% 32.9% 74.0%
Annualized Return 3.7% 3.5% 6.9%
Weighted Average Modified Duration 0.8 4.7
Maximum Drawdown -7.5% -11.2% -17.4%
Standard Deviation 4.3% 7.2% 11.5%
Sharpe Ratio 0.5 0.3 0.5
Correlation to Fund 0.6 0.6
Weighted Average Credit Rating A- B+
% of positive months 70.0% 67.0% 66.0%
Yield to Worst C$ 7.8% 6.9%
As at 04/30/22
AAA -227.2% BBB 87.4% CCC 0.0%
AA 5.3% BB 87.1% NR -1.0%
A 135.6% B 12.8%
 
2022
Apr
Mar Feb Jan 2021
Dec
Nov Oct Sep Aug Jul Jun May
0.0121 0.0121 0.0121 0.0121 0.3061 0.0121 0.0121 0.0121 0.0121 0.0121 0.0121 0.0121
Notes

A. Not available for purchases, switches out only.

1. as a % of long exposure

2. This monthly distribution is fixed but not guaranteed and may be adjusted from time to time at the discretion of the fund manager.

3. Freely tradable cash 1.80%

4. as a % of long exposure

5 MER For the period ended June 30, 2014.

6. as % of NAV

7. as % of NAV

8. as a % of long exposure

9. The yield is determined by annualizing the fixed distribution rate and does not include any distributions in excess of the fixed distribution rate that may be paid at the fund’s year-end.

Disclaimer

This document is a summary only and must be read only in conjunction with the Fund’s Confidential Offering Memorandum. Information contained herein should not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Fund is made pursuant to its Confidential Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. The Confidential Offering Memorandum contains detailed information regarding the risks associated with investing in the Fund, and additional information on how the Fund uses leverage to achieve its investment objectives. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Fund. Eligible investors should read the Fund’s Confidential Offering Memorandum carefully before deciding to purchase units. Investments in the Fund are not guaranteed, their values may change frequently, and past performance may not be repeated. Unit values and investment returns will fluctuate and there is no assurance that the Fund can maintain a specific net asset value.

The benchmark used for analytics for this fund is 5% Hurdle Rate.

Information pertaining to the Dynamic Hedge Funds (the “Funds”) is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of each of the Funds is made pursuant to its respective Confidential Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility and/or minimum purchase requirements. Important information about each of the Funds, including a statement of their fundamental investment objectives, is contained in their respective Confidential Offering Memorandums, copies of which may be obtained from your investment advisor. Eligible investors should read the Funds’ Confidential Offering Memorandums carefully before deciding to purchase units.

Investments in the Funds are not guaranteed, their values change frequently and past performance may not be repeated. Unit values and investment returns will fluctuate and there is no assurance that the Funds can maintain a specific net asset value.

Compound growth calculations are used only for the purpose of illustrating the effects of compound growth and are not intended to reflect future value of any mutual fund or returns on investment in any mutual fund.

R2 is a measurement out of 100 that shows the extent to which a portfolio’s movements can be explained by the benchmark's movements.

This document is a summary only and must be read only in conjunction with the Fund’s Confidential Offering Memorandum. Please see reverse for more details.

Standard deviation is a measure of volatility; it shows how broadly the Fund's returns have varied over a given time period.

Dynamic Fund Profile rendered at 2022-05-28 05:05:03 PM

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