CI Corporate Bond Class
Series O CADFund overview
Signature Corporate Bond Class's investment objective is to provide investors with a return that is similar to the return of Signature Corporate Bond Fund, or another North American and/or international bond fund managed by us (the “Reference Fund”). The investment objective of the Reference Fund is to provide investors with income and the potential for long-term capital appreciation by investing in a portfolio consisting primarily of North American and/or international investment grade and non-investment grade corporate bonds and may also invest in real-return bonds, preferred shares, convertible securities or other fixed-income securities. The fund purchases primarily Canadian equity securities which it sells forward under a series of forward contracts in order to provide the fund with a return that is based on the performance of the Reference Fund. In addition, or in the alternative, the fund may invest directly in fixed-income securities similar to those held by the Reference Fund.
Fund details
| Inception date | January 2019 |
|
CAD
Total net assets ($CAD)
As at 2024-10-30
|
$232.2 million |
|
NAVPS
As at 2024-11-20 |
$8.4139 |
|
MER (%)
As at 2024-03-31 |
0.17 |
| Management fee (%) | Negotiable |
| Asset class | Global Fixed Income |
| Currency | CAD |
| Minimum investment | $100,000 initial/$5,000 additional |
| Distribution frequency | Monthly |
| Last distribution | $0.0575 |
| Average Credit Rating | BB+ |
Risk rating1
- Low
- Low to medium
- Medium
- Medium to high
- High
Performance2 As at 2024-10-31
Growth of $10,000 (Since inception date)
Calendar year performance
average annual compound returns
| YTD | 1 Mo | 3 Mo | 6 Mo | 1 Y | 3 Y | 5 Y | 10 Y | Inception* |
|---|---|---|---|---|---|---|---|---|
| 7.85% | 0.03% | 2.26% | 6.90% | 14.48% | 2.64% | 3.91% | - | 4.70% |
Distribution history3
| Payable date | Total |
|---|---|
| 2024-10-25 | 0.0575 |
| 2024-09-26 | 0.0575 |
| 2024-08-23 | 0.0575 |
| 2024-07-26 | 0.0575 |
| 2024-06-20 | 0.0575 |
| Payable date | Total |
|---|---|
| 2024-05-24 | 0.0575 |
| 2024-04-26 | 0.0575 |
| 2024-03-22 | 0.0215 |
| 2024-03-21 | 0.0575 |
| 2024-02-23 | 0.0575 |
CI PREFERRED PRICING4
| Investment amount | Combined fee reduction |
|---|---|
| $100,000 - $250,000 | 0.00% |
| $250,000 - $500,000 | 0.03% |
| $500,000 - $1,000,000 | 0.08% |
| $1,000,000 - $2,500,000 | 0.15% |
| $2,500,000 - $5,000,000 | 0.18% |
| $5,000,000 and above | 0.23% |
FUND CHARACTERISTICS
| Average Coupon % | 5.53 |
| Duration | 3.95 |
| Yield | 6.19 |
RATING SUMMARY (%)
| AAA | 2.83 |
| AA | 0.95 |
| A | 12.78 |
| BBB | 41.75 |
| BB | 22.93 |
| B | 14.99 |
| NR | 3.29 |
| Average Credit Rating | BB+ |
*Corporate and Government bonds only.
Note: This page is not complete without disclaimers on the next page.
CI Corporate Bond Class
Series O CAD- Foreign Corporate Bonds 42.88
- Canadian Corporate Bonds 39.22
- Canadian Equity 5.57
- Cash and Equivalents 5.32
- Canadian Bonds - Other 1.65
- Canadian Government Bonds 1.58
- Foreign Government Bonds 1.42
- US Equity 1.10
- Mortgages 0.94
- Other 0.32
- Fixed Income 87.28
- Cash and Cash Equivalent 5.32
- Financial Services 2.58
- Energy 1.27
- Mutual Fund 0.75
- Utilities 0.69
- Telecommunications 0.63
- Real Estate 0.51
- Consumer Goods 0.50
- Other 0.47
- Canada 51.40
- United States 47.34
- Cayman Islands 0.60
- Luxembourg 0.41
- Bermuda 0.28
- United Kingdom 0.01
- Other -0.04
|
Underlying fund allocations
|
Sector | (%) |
|---|---|---|
| 1. CI Corporate Bond Fund Class I | Fixed Income | 99.63% |
|
Top holdings
|
Sector | (%) |
|---|---|---|
| 1. Usd Cash Sweep | Cash and Cash Equivalent | 1.20% |
| 2. Fairfax India Holdings Corp 5.00% 26-Feb-2028 | Fixed Income | 1.05% |
| 3. Dresdner Funding Trust I 8.15% 30-Jun-2029 | Fixed Income | 0.92% |
| 4. Quotient Hldgs Fin Co Ltd Sr 144A Nt 1230 12.00% 15-Apr-2030 | Fixed Income | 0.89% |
| 5. Cad Cash Sweep | Cash and Cash Equivalent | 0.81% |
| 6. Inter Pipeline Ltd 6.63% 19-Nov-2079 | Fixed Income | 0.76% |
| 7. Citigroup Capital XIII - Pfd | Mutual Fund | 0.75% |
| 8. Pembina Pipeline Corp 4.80% 25-Jan-2081 | Fixed Income | 0.66% |
| 9. United States Treasury 3.88% 15-Aug-2034 | Fixed Income | 0.59% |
| 10. Barclays Bank Plc 6.28% 15-Dec-2171 | Fixed Income | 0.57% |
| 11. Inter Pipeline Ltd 6.88% 26-Mar-2079 | Fixed Income | 0.57% |
| 12. Northeast Grocery Inc | Fixed Income | 0.55% |
| 13. Keyera Corp 6.88% 13-Jun-2079 | Fixed Income | 0.53% |
| 14. Canada Goose Inc Term Loan B 8.47% 07-Oct-2027 | Fixed Income | 0.50% |
| 15. Trulieve Cannabis Corp - Pfd | Food, Beverage and Tobacco | 0.50% |
Management team
|
Geof Marshall
John Shaw
Brad Benson
|
Note: This page is not complete without disclaimers on the next page.
1 The risk level of a fund has been determined in accordance with a standardized risk classification methodology in National Instrument 81-102, that is based on the fund’s historical volatility as measured by the 10-year standard deviation of the fund’s returns. Where a fund has offered securities to the public for less than 10 years, the standardized methodology requires that the standard deviation of a reference mutual fund or index that reasonably approximates the fund’s standard deviation be used to determine the fund’s risk rating. Please note that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of future volatility.
2 Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all dividends/distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
3 Please refer to the fund’s simplified prospectus for distribution information.
4 CI Preferred Pricing fee reductions apply to management and administration fees and start at $100,000.
5 Portfolio allocations will fluctuate over the life of the mutual fund as the portfolio holdings and market value of each security changes. The portfolio manager(s) may change the portfolio allocations in some or all of the sectors.
The contents are not to be used or construed as investment advice or as an endorsement or recommendation of any entity of security discussed.
Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI has taken reasonable steps to ensure their accuracy.
The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values or returns on investment in an investment fund.
The “Growth of $10,000 invested” chart shows the final value of a hypothetical $10,000 investment in securities in this class/series of the fund as at the end of the investment period indicated and is not intended to reflect future values or returns on investment in such securities.
Management Expense Ratio (“MER”) represents the trailing 12-month management expense ratio, which reflects the cost of running the fund, inclusive of applicable taxes including HST, GST and QST (excluding commissions and other portfolio transaction costs) as a percentage of daily average net asset value the period, including the fund’s proportionate share of any underlying fund(s) expenses, if applicable. The MER is reported in each fund’s Management Report of Fund Performance (“MRFP”). MRFPs can be found within the Documents tab on ci.com.
CI Global Asset Management is a registered business name of CI Investments Inc. ©CI Investments Inc. 2024. All rights reserved.
Published November 2024