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Fund Overview

This fund is designed for investors who …

  • Seek steady income through investments in Canadian issuers paying superior dividends.
  • Have a medium risk tolerance.

Investment Objectives

  • Provide income and achieve medium- and long-term capital growth through investment diversification.
  • Invest primarily in equity securities, including income trust units, of Canadian issuers that pay income or dividends.
  • Invest in securities of foreign issuers that pay income or dividends and in debt instruments of Canadian and foreign issuers.

Fund Facts are published once a year. Read them now.

Summary

Volatility:

Average

Category: Dividend
Start Date: February 1, 2008
RRSP Admissibility: Yes, 100% eligible

Benchmark: S&P/TSX Toronto Stock Exchange Index


Assets *: $263,720,728
Number of Securities: 192

Target Asset Mix:

  • Canadian Equity: 100%
  • Foreign Equity: 0%
  • Short Term: 0%

*As at May 21, 2021

Portfolio Management

Managers

  • External Managers : Desjardins Global Asset Management Inc.(DGAM), Manulife Investment Management Limited and Beutel, Goodman & Company Ltd, Professionals’ Financial – Private Management Inc.

The Funds’ Investment Policies are developed by the Fund Manager’s Investment Committee, which meets regularly to make any necessary changes. The Committee includes both internal and external investment experts, as well as representatives of professional association shareholders.

Main Securities as at March 31, 2022

Royal Bank of Canada 6.7%
The Toronto-Dominion Bank 5.9%
Cash and Cash Equivalent 4.9%
Canadian National Railway Company 3.7%
Bank of Montreal 3.5%
The Bank of Nova Scotia 3.5%
Enbridge Inc. 3.2%
Canadian Pacific Railway Limited 3.1%
Brookfield Asset Management Inc. Cl. A 3.0%
TC Energy Corporation 2.9%
iShares Core S&P/TSX Capped Composite Index ETF 2.6%
Nutrien Ltd. 2.4%
Suncor Energy Inc. 2.1%
Manulife Financial Corporation 2.1%
Constellation Software Inc. 2.1%
Canadian Natural Resources, Ltd. 2.0%
Sun Life Financial Inc. 2.0%
Rogers Communications Inc., Cl. B 2.0%
Waste Connections, Inc. 1.8%
TELUS Corporation 1.7%
Barrick Gold Corporation 1.4%
Thomson Reuters Corporation 1.3%
Brookfield Infrastructure Partners LP 1.3%
Power Corporation of Canada 1.1%
BCE Inc. 1.0%
Net asset value as at March 31, 2022 266 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 Managers’ Comments are taken from the Annual Management Report of Portfolio Performance (Operating Results), as at December 31, 2021.

The FDP Canadian Dividend Equity Portfolio, Series A posted a net return of 23.91% for 2021, versus 1.58% for 2020. The FDP Canadian Dividend Equity Portfolio, Series I posted a net return of 25.27% for 2021.

The Fund’s benchmark index, the S&P/TSX Composite Dividend Index, posted a 27.82% return for 2021, versus 1.08% for 2020. By comparison, the Canadian stock market as a whole, as measured by the S&P/TSX Composite Index, posted a 25.09% return for the year.

The Canadian economy’s growth was slowed by inflationary pressures, labour shortages and supply chain disruptions in the second half of the year.

Markets experienced major turbulence in the past 12 months. The value style dominated in the first quarter, before the market rotated towards the growth style over the following three quarters. The Fund’s portfolio manager uses an approach focused on growth style and investment-grade securities. However, the portfolio manager had to be flexible and frequently adapt the portfolio’s asset allocation to keep up with the market rotation. Sharp sector rotations also took place in the second half of the year. As a result, the Health Care sector, for example, posted a -34.11% return in the second half of the year, but 21.99% for the first six months. Nevertheless, ten of the index’s eleven component sectors posted positive returns for the year. Segments that usually outperform in a rising interest rate environment, like banks and Consumer Staples, did well in 2021. While the Consumer Discretionary sector was overweighted, positions in certain companies such as Loblaw Companies and Metro impeded the Fund’s relative performance. Energy’s robust performance impeded the Fund’s relative returns due to the portfolio’s underweight to the sector. This underweight position was the largest detractor to relative performance in 2021. Conversely, the underweight to the Materials sector benefited the Fund, especially because of the small allocation to precious metals companies, such as gold and silver, which dropped sharply during the year.

While Health Care was one of the weakestperforming sectors in 2021, the Fund achieved positive relative returns thanks to shrewd stock selection. The portfolio manager continues to prioritize companies with positive balance sheets, strong management teams and robust fundamentals. Its strategy also centres on dividend rates and how predictably they are paid.
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