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Fund Overview

This fund is designed for investors who …

  • Have a more aggressive participant profile with a long-term investment horizon.
  • Have a low to medium tolerance to risk.

Investment Objectives

  • Achieve a return comprised mostly of long-term capital growth and also of a steady income.
  • Invest primarily in equity securities of Canadian and foreign issuers and in debt instruments of Canadian and foreign issuers.

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



Low / Average

Category: Canadian Income Balanced
Start Date: April 30, 2001
RRSP Admissibility: Yes, 100% eligible


  • 25% S&P/TSX Composite Index
  • 40% MSCI World (in CA$)
  • 30% DEX short term/mid-term
  • 5% 91-day Treasury Bonds

Assets*: $ 171,033,032
Number of Securities: 18
Bond Duration: 5.04 years

Target Asset Mix:

  • Canadian Equity – large cap: 25%
  • Foreign Equity: 40%
  • Bonds: 30%
  • Short Term: 5%

*As at May 24, 2019

Portfolio Management


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 September 30, 2019

FDP Global Equity Portfolio25,20%
FDP Canadian Equity Portfolio14,60%
SPDR S&P 500 ETF Trust12,10%
FDP Canadian Bond Portfolio12,00%
iShares S&P/TSX 60 Index ETF7,90%
iShares Core MSCI EAFE ETF6,20%
Cash and Cash Equivalent5,20%
FDP Global Fixed Income Portfolio3,90%
Bank of Montreal 2.10% Oct. 06, 20202,80%
Invesco QQQ Trust Series 12,80%
The Bank of Nova Scotia 2.27% Jan. 13, 20202,30%
iShares Core MSCI Emerging Markets ETF JDR1,90%
iShares J.P. Morgan USD Emerging Markets Bond ETF1,20%
FDP Emerging Markets Equity Portfolio1,00%
iShares China Large-Cap ETF0,90%
Net asset value as at May 24, 2019
171 M $


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 Interim Management Report of Fund Performance (Operating Results), June 2019.

The FDP Balanced Growth Portfolio posted a net return of 10.2% for the first six-month period of 2019, versus -2.5% for 2018.

This result stems partly from the performance of the Canadian stock market (16.2%) and global stock market returns, in Canadian dollars, specifically in the U.S. (13.4%) and European (10.8%) equity components.

  • The bond market, as measured by the FTSE Canada Universe Bond Index, posted a 6.5% return.
  • The 10-year government of Canada bond yield declined by 50 basis points in 2019, causing the spread between long- and short-term yields to narrow considerably.
  • Due in part to a slowdown in global economic growth, the flattening of the yield curve led central banks, including the U.S. Federal Reserve (Fed) and the European Central Bank in particular, to implement a new approach and adopt a more accommodative monetary policy.

The exacerbation of trade tensions between the United States and China and a moderate inflation rate also drove central banks to change their stance. Credit spreads tightened in the provincial bond and corporate bond sectors in 2019.

  • The Canadian stock market, as measured by the S&P/TSX Composite Index, posted a 16.2% return over the first half of 2019.
  • The index’s eleven component sectors all posted positive returns.
  • Unlike in 2018, rising oil prices, which went from USD45.41 a barrel in late December 2018 to USD58.47 as at June 30, 2019, representing a 28.8% increase, enabled the Energy sector to post a 12.3% return over the six-month period.
  • Information Technology (44.0%), Health Care (35.2%), Utilities (22.4%) and Industrials (21.1%) all contributed significantly to the index’s performance.

Supported by positive economic growth, an economy at full employment and the Fed’s shift in rhetoric, the U.S. stock market, as measured by the S&P 500, posted a net return of 13.4% in Canadian dollars.

Despite the slowdown in the manufacturing sector in Germany and Japan, eurozone markets yielded positive returns of 10.8% in Canadian dollars, while Asian markets also grew by 5.8% in Canadian dollars.

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