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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*: $185,334,690
Number of Securities: 14
Target Asset Mix:

  • International Equities: 22.7%
  • Bond & Fixed Income Sec.: 23.4%
  • Canadian Equities: 22.5%
  • American Equities: 30 %
  • Cash & Equiv.: 1.5%

*As at May 22, 2020

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, 2020

FDP Global Equity Portfolio 23.9%
FDP Canadian Equity Portfolio 16.5%
SPDR S&P 500 ETF Trust 12.4%
FDP Canadian Bond Portfolio 11.1%
iShares Core MSCI EAFE ETF 9.6%
Government of Canada, 2.25%, Jun. 01, 2029 5.3%
Invesco QQQ Trust Series 1 4.6%
iShares S&P/TSX 60 Index ETF 4.3%
iShares Core MSCI Emerging Markets ETF 3.5%
Cash and Cash Equivalent 3.5%
FDP Global Fixed Income Portfolio 3.4%
iShares J.P. Morgan USD Emerging Markets Bond ETF 1.0%
FDP Emerging Markets Equity Portfolio 0.9%
Net asset value as at September 30, 2020 204 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 Management Report of Portfolio Performance (Operating Results), as at June 30, 2020.

The FDP Balanced Growth Portfolio posted a net return of -1.1% for the first six-month period of 2020, versus 16.2% for 2019.

In the context of a global economy weakened by a pandemic, governments and central banks introduced unprecedented fiscal and monetary measures, which relieved markets and economies. The U.S. Federal Reserve pledged to maintain interest rates near zero for an extended period and expanded its quantitative easing program. Fort its part, theBank of Canada has announced quantitative easing measures, purchasing government of Canada, provincial and corporate bonds and lowering its bank rate.

Accordingly, the bond market, as measured by the FTSE Canada Universe Bond Index, posted a 7.5% return.

  • The 10-year government of Canada bond yield declined by 117 basis points in 2020, causing the spread between long- and short-term yields to narrow significantly.
  • Credit spreads for both provincial and corporate bonds widened in the first quarter of 2020 before narrowing in the second quarter of 2020 in response to the governments’ and central banks’ support of markets and economies.

The Canadian stock market, as measured by the S&P/TSX Composite Index, posted a -7.5% return over the first half of 2020.

  • Three of the index’s eleven component sectors posted positive returns. Gold prices rising by 17.4% allowed the Materials sector to post a 15.4% return.
  • The Information Technology sector rose by 62.0%, helped by the performance of Shopify. Conversely, falling oil prices, which went from USD61.06 in late December 2019 to USD39.27 as at June 30, 2020, representing a 35.7% decrease, negatively impacted the Energy sector, which posted a -30.4% return. Health Care (-31.0%), Real Estate (-20.0%), Financials (-16.2%) and Communication Services (-11.2%) all contributed negatively to the index’s performance.

The U.S. stock market, as measured by the S&P 500 Index, posted a net return of 1.8% in Canadian dollars, in part due to the performance of large cap growth stocks such as Amazon, Apple, Microsoft, Google and Facebook, and to the weakening of the Canadian dollar by 4.8% relative to the U.S. dollar.

All eurozone markets yielded negative returns of -8.4%, while Asian markets also fell by -1.7% in Canadian dollars.

Despite markets generally rebounding from their March 2020 lows and many economies partially reopening, the impact of the pandemic on the global economic recovery remains uncertain.

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