Fund Overview
This fund is designed for investors who…
- Seek steady income and diversification of their assets.
- Are concerned with security and capital growth and whose risk tolerance is low.
Investment Objectives
- Achieve steady income and ensure invested capital preservation.
- Invest primarily in debt instruments of Canadian and foreign issuers.
- May also invest in equity securities of Canadian and foreign issuers paying dividends or income.
Fund Facts are published once a year. Read them now.
Summary
Volatility:
Category: Canadian Bond
Start Date: March 31, 1978
RRSP Admissibility: yes, 100% eligible
Benchmark:
- 50% DEX short term
- 50% DEX mid-term
Assets*: $251 455,644
Number of Securities: 85
Target Asset Mix
- Bonds: 100%
- Short Term: 0%
*As at April 30, 2024
Portfolio Management
Managers
- Professionals’ Financial – Mutual Funds Inc.
Main Securities as at September 30, 2025
| Province of Ontario 3.65% 02-JUN-2033 | 4.0% |
| National Bank of Canada 3.308% 15-AUG-2028 | 3.4% |
| Royal Bank of Canada 3.626% 10-DEC-2028 | 3.2% |
| Canada Treasury Bonds 3.25% 01-DEC-2034 | 3.2% |
| Bank of Montreal 4.709% 07-DEC-2027 | 2.8% |
| Canadian Imperial Bank of Commerce 3.65% 10-DEC-2028 | 2.6% |
| Federation des caisses Desjardins du Quebec 5.467% 17-NOV-2028 | 2.5% |
| Canada Treasury Bonds 1.75% 01-DEC-2053 | 2.3% |
| Province of Ontario 2.15% 02-JUN-2031 | 2.2% |
| Bank of Nova Scotia 3.807% 15-NOV-2028 | 2.1% |
| Province of Ontario 2.8% 02-JUN-2048 | 2.0% |
| Province of Ontario 4.65% 02-JUN-2041 | 2.0% |
| Province of Ontario 4.15% 02-JUN-2034 | 2.0% |
| Province of Quebec 4.2% 01-DEC-2057 | 2.0% |
| Province of Quebec 3.5% 01-DEC-2045 | 1.9% |
| Province of Ontario 3.5% 02-JUN-2043 | 1.7% |
| Government of Canada 0.0% 05-NOV-2025 | 1.7% |
| Province of Quebec 3.25% 01-SEP-2032 | 1.6% |
| Royal Bank of Canada 4.214% 03-JUL-2035 | 1.5% |
| Hydro One Inc. 4.16% 27-JAN-2033 | 1.5% |
| Province of British Columbia 3.2% 18-JUN-2032 | 1.5% |
| Province of Quebec 5.0% 01-DEC-2041 | 1.5% |
| Canadian Imperial Bank of Commerce 4.95% 29-JUN-2027 | 1.5% |
| Province of Ontario 3.75% 02-DEC-2053 | 1.4% |
| Bank of Montreal 4.537% 18-DEC-2028 | 1.4% |
| Net asset value as at September 30, 2025 | 516 M $ |
Returns
Returns *
* Returns for the first and last year are not annualized
* Non annualized return
$1,000 Invested Amount since inception
Note that the results shown are for information purposes only. Commissions, trailing commissions, management fees and expenses all may be associated with investments ins FDP Portfolio’s. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns, including changes in portfolio value and reinvestment of all distributions, but do not take into account sales, redemption, distribution or optional charges or income taxes payable by an investor that would have reduced returns. References to indices are for information purposes only. Comparisons with indices may vary according to the portfolio size, investment timing, and mandate objective. The funds’ securities are not insured by the Canada Deposit Insurance Corporation. Mutual funds are not guaranteed, their value changes frequently, and past performance may not be repeated.
Managers' Comments
The FDP Municipal Bond Portfolio, Series A posted a net return of 2.2% for the first six months of 2025. The FDP Municipal Bond Portfolio, Series I posted a net return of 2.4% for the same period. The Fund’s benchmark index posted a 2.2% return for the period.
Inflation stayed within the Bank of Canada’s (BoC) target range throughout the sixmonth period. The BoC continued to normalize its monetary policy and lowered its key interest rate by 50 basis points before pausing to assess the impact of its actions on the economy. Due to heightened economic and geopolitical uncertainty, the BoC placed greater emphasis on economic data in its decision-making.
Against this backdrop, the Portfolio’s yield curve positioning proved favourable as the curve steepened, with short-term rates falling more than long-term rates.
Additionally, the relatively higher yields on municipal bonds helped protect capital and take advantage of higher rates on new issues over the holding period. The Portfolio’s exposure to certain high-quality corporate bonds, mostly with 4- and 5-year maturities, added several basis points of additional yield to maturity.
