CI Forge First Conservative Alternative Fund (formerly Forge First Conservative Alternative Fund)
Series F CADFund overview
The investment objective of the Fund is to generate consistent risk-adjusted net returns over the long term with low correlation to North American equity and credit markets. The Fund uses alternative investment strategies, such as equity long/short, pairs trading, arbitrage trading, thematic trading, the use of derivatives for leverage and/or borrowing for investment purposes and seeks to achieve its objectives by investing primarily in equities, ETFs, fixed income and listed options in North American markets. The Fund’s aggregate gross exposure to short selling, cash borrowing and derivatives used for leverage must not exceed 300% of its NAV, calculated on a daily basis. The investment objectives of the Fund can only be changed with the approval of a majority of the votes cast at a meeting of unitholders called for such purpose.
Fund details
| Inception date | April 2019 |
|
CAD
Total net assets ($CAD)
As at 2026-08-31
|
$425.7 million |
|
NAVPS
As at 2026-10-06 |
$19.0994 |
|
MER (%)
As at 2026-06-30 |
2.36 |
|
MER (%) (Excluding performance fee) As at 2026-06-30 |
1.49 |
| Management fee (%) | 1.00 |
| Asset class | Alternative Multi-Strategy |
| Currency | CAD |
| Minimum investment | $500 initial/$25 additional |
| Distribution frequency | Annually |
| Last distribution | $0.6358 |
Risk rating1
- Low
- Low to medium
- Medium
- Medium to high
- High
Performance2 As at 2026-09-30
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* |
|---|---|---|---|---|---|---|---|---|
| 0.48% | 0.22% | -3.34% | -0.43% | 1.57% | 6.13% | 4.55% | - | 6.95% |
Distribution history3
| Payable date | Total |
|---|---|
| 2025-01-02 | 0.6358 |
| 2024-01-03 | 0.2261 |
| 2023-01-03 | 0.0152 |
Management team
|
| Forge First Asset Management Inc. |
|
Keenan Murray
|
Note: This page is not complete without disclaimers on the next page.
CI Forge First Conservative Alternative Fund (formerly Forge First Conservative Alternative Fund)
Series F CAD- Cash and Equivalents 38.16
- Canadian Corporate Bonds 33.03
- Canadian Equity 14.49
- US Equity 7.07
- Foreign Corporate Bonds 3.83
- International Equity 3.44
- Other -0.02
- Cash and Cash Equivalent 38.16
- Fixed Income 36.86
- Technology 5.94
- Financial Services 5.89
- Energy 5.63
- Industrial Services 2.71
- Healthcare 1.80
- Real Estate 1.74
- Consumer Goods 1.71
- Other -0.44
- Canada 96.90
- Taiwan 3.29
- Other 0.67
- Israel 0.23
- United Kingdom -0.01
- Netherlands -0.03
- Ireland -0.04
- United States -1.01
|
Top holdings6
|
Sector | (%) |
|---|---|---|
| 1. BANK MONTREAL MEDIUM DEP DISCOUNT NOTE | Cash and Cash Equivalent | 12.24% |
| 2. BMO BANK LOAN | Fixed Income | 11.63% |
| 3. BANK OF MONTREAL DEP DISCOUNT NOTE | Cash and Cash Equivalent | 8.42% |
| 4. BANK OF MONTREAL DEP NT DISCOUNT NOTE | Cash and Cash Equivalent | 7.58% |
| 5. Enbridge Inc 5.38% 27-Sep-2027 | Fixed Income | 3.50% |
| 6. TORONTO-DOMINION BANK/THE 7.23% 31-Oct-2049 | Fixed Income | 3.39% |
| 7. Taiwan Semiconductor Manufactrg Co Ltd - ADR | Computer Electronics | 3.29% |
| 8. Bank of Nova Scotia 3.70% 27-Jun-2026 | Fixed Income | 3.18% |
| 9. Capital Power Corp 7.95% 09-Sep-2082 | Fixed Income | 3.14% |
| 10. Telus Corp 6.25% 22-Apr-2030 | Fixed Income | 2.98% |
| 11. BANK of MONTREAL DISCOUNT NOTE | Cash and Cash Equivalent | 2.76% |
| 12. Enerflex Ltd | Energy Services and Equipment | 2.42% |
| 13. BANK MONTREAL BEARER DEPOSIT DISCOUNT NOTE | Cash and Cash Equivalent | 2.26% |
| 14. MasTec Inc | Construction | 2.19% |
| 15. BANK OF MONTREAL 7.06% 31-Dec-2049 | Fixed Income | 2.07% |
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.
6 The portfolio holdings are subject to change without notice and may only represent a small percentage of portfolio holdings. They are not recommendations to buy or sell any particular security.
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. 2026. All rights reserved.
Published October 2026