CI Alternative Investment Grade Credit Fund
TSX TICKER : CREDFund overview
The fund seeks to generate consistent positive total returns with an emphasis on capital preservation and low correlation to traditional equity and fixed income markets. The fund will be primarily invested in the investment grade debt of corporations and financial institutions in the developed world.
Fund details
| Inception date | January 2020 |
|
Total net assets ($CAD)
As at 2024-12-02
|
$369.4 million |
|
NAVPS
As at 2024-12-02 |
$20.3244 |
|
MER (%)
As at 2024-06-30 |
1.71 |
|
MER (%) (Excluding performance fee) As at 2024-06-30 |
1.53 |
| Management fee (%) | 0.80 |
|
Units outstanding
As at 2024-12-02 |
18,180,000 |
| Asset class | Alternative Credit Focused |
| Currency | CAD |
| CUSIP | 17164R106 |
| Distribution frequency | Monthly |
| Last distribution | $0.0500 |
| Average Credit Rating | BBB |
Risk rating1
- Low
- Low to medium
- Medium
- Medium to high
- High
Investor suitability
| For those who: | ||
|---|---|---|
Performance2 As at 2024-11-30
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* |
|---|---|---|---|---|---|---|---|---|
| 7.27% | 0.28% | 1.96% | 4.26% | 10.03% | 3.15% | - | - | 3.21% |
Distribution history3
| Ex-Date | Total |
|---|---|
| 2024-11-25 | 0.0500 |
| 2024-10-25 | 0.0500 |
| 2024-09-23 | 0.0500 |
| 2024-08-26 | 0.0500 |
| 2024-07-25 | 0.0500 |
| Ex-Date | Total |
|---|---|
| 2024-06-24 | 0.0500 |
| 2024-05-23 | 0.0500 |
| 2024-04-23 | 0.0500 |
| 2024-03-21 | 0.0500 |
| 2024-02-22 | 0.0500 |
FUND CHARACTERISTICS
| Average Coupon % | 4.61 |
| Duration | 2.99 |
| Yield | 5.26 |
RATING SUMMARY (%)
| AAA | 0.18 |
| AA | 3.58 |
| A | 13.13 |
| BBB | 76.11 |
| BB | 7.00 |
| Average Credit Rating | BBB |
*Corporate and Government bonds only.
Note: This page is not complete without disclaimers on the next page.
CI Alternative Investment Grade Credit Fund
TSX TICKER : CRED- Canadian Corporate Bonds 167.02
- Foreign Corporate Bonds 39.29
- Cash and Equivalents 26.87
- Other 0.52
- Canadian Bonds - Other -0.01
- Mortgages -0.01
- Derivatives -0.12
- Foreign Government Bonds -16.52
- Canadian Government Bonds -117.04
- Fixed Income 72.73
- Cash and Cash Equivalent 26.87
- Exchange Traded Fund 0.52
- Other -0.12
- Canada 92.71
- United States 7.30
- Other -0.01
|
Top holdings
|
Sector | (%) |
|---|---|---|
| 1. United States Treasury 3.75% 31-Aug-2026 | Fixed Income | 15.40% |
| 2. Canada Government 4.00% 01-Aug-2026 | Fixed Income | 10.67% |
| 3. Canada Government 3.00% 01-Jun-2034 | Fixed Income | 9.04% |
| 4. United States Treasury 4.38% 15-May-2034 | Fixed Income | 7.39% |
| 5. Pacific Life Global Funding II 4.77% 01-Feb-2027 | Fixed Income | 4.73% |
| 6. United States Treasury 3.88% 15-Aug-2034 | Fixed Income | 4.69% |
| 7. Air Lease Corp 5.40% 29-Nov-2024 | Cash and Cash Equivalent | 4.46% |
| 8. Cenovus Energy Inc 3.50% 07-Feb-2028 | Fixed Income | 4.40% |
| 9. WSP Global Inc 5.55% 22-Nov-2030 | Fixed Income | 4.29% |
| 10. Canadian Imperial Bank Commrce 4.80% 15-Jul-2026 | Fixed Income | 4.29% |
| 11. AIMCo Realty Investors LP 4.64% 15-Feb-2030 | Fixed Income | 4.14% |
| 12. Bell Canada 2.90% 10-Jun-2029 | Fixed Income | 4.10% |
| 13. General Motors Fncl Canada Ltd 5.10% 14-Jul-2028 | Fixed Income | 3.99% |
| 14. Capital Power Corp 5.38% 25-Jan-2027 | Fixed Income | 3.55% |
| 15. Citigroup Inc 5.07% 29-Apr-2027 | Fixed Income | 3.47% |
Management team
|
Jason Goddard
|
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, management fees and expenses all may be associated with an investment in exchange-traded funds (ETFs). You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about an exchange-traded fund is contained in its prospectus. 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. ETFs 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 Portfolio allocations will fluctuate over the life of the ETF 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 Alternative Investment Grade Credit ETF merged into CI Alternative Investment Grade Credit Fund effective Jan 15, 2021. The performance shown includes the historical performance information since inception of the corresponding series of CI Alternative Investment Grade Credit ETF. Had this historical performance information not been included, the performance of the ETF series of CI Alternative Investment Grade Credit Fund could have been different. Please refer to the disclosure documents of the CI Alternative Investment Grade Credit Fund for more information.
The CI Exchange-Traded Funds (ETFs) are managed by CI Global Asset Management, a subsidiary of CI Financial Corp. (TSX: CIX). CI Global Asset Management is a registered business name of CI Investments Inc.
© CI Investments Inc. 2024. All rights reserved.