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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*: $138,168,075
Number of Securities: 16
Bond Duration: 5.04 years

Target Asset Mix:

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

*As at April 30, 2018

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, 2018

FDP Global Equity Portfolio 27.20%
FDP Canadian Equity Portfolio 16.10%
FDP Canadian Bond Portfolio 12.90%
SPDR S&P 500 ETF Trust 12.30%
iShares Core MSCI EAFE ETF 7.50%
Cash and Equivalents 5.00%
iShares S&P/TSX 60 Index ETF 4.80%
FDP Global Fixed Income Portfolio 4.30%
The Bank of Nova Scotia 2.27% Jan. 13, 2020 2.70%
Invesco QQQ Trust Series 1 2.10%
iShares Core MSCI Emerging Markets ETF 2.00%
iShares J.P. Morgan USD Emerging Markets Bond ETF 1.30%
FDP Emerging Markets Equity Portfolio 1.20%
iShares China Large-Cap ETF 0.60%
Net asset value as at September 30, 2018
150 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 2018.

The FDP Balanced Growth Portfolio posted of 2.7% for the first six-month period of 2018, versus 4.4% for 2017.

  • This result stems partly from global stock market returns, specifically in the Canadian (+2.0%) and U.S. (+7.8%) equity components. Stock markets in general, and the U.S. market in particular, benefitted from good returns within the Information Technology sector, including FANG (Facebook, Amazon, Netflix and Google) stocks.
  • The bond market, as measured by the FTSE TMX Canada Universe Bond Index, posted a 0.6% return. The 10-year government of Canada bond yield increased by 11 basis points over the period. Meanwhile, the Canadian stock market, as measured by the S&P/ TSX Composite Index, posted a 2.0% return over the first half of 2018. More than half of the index’s component sectors posted positive returns.
  • The rising oil price, which went from USD60.42 a barrel in late December 2017 to USD74.15 a barrel as at June 30, 2018, representing a 22.7% increase, enabled the Energy sector, which makes up over 21% of the Canadian index, to post a 5.6% return over the six-month period.
  • Conversely, sectors sensitive to interest rate fluctuations, such as Utilities (-6.8%), Telecommunications (-5.0%) and Financials (-1.0%), were affected by the actual and anticipated increases of the Bank of Canada’s bank rate.
  • The U.S. stock market, as measures by the S&P 500 Index, has been on an upswing since the beginning of the year, posting a 7.8% return in Canadian dollars over the first half of 2018. Stocks within the IT sector, particularly those linked to consumer goods, greatly contributed to the S&P 500’s performance. The U.S. also put its protectionist stance into action by postponing further NAFTA renegotiations until November 2018 and imposing policies that exacerbate trade tensions with the rest of the world, inflating them to historic levels.

As central banks look to withdraw emergency policies implemented in the wake of the financial crisis and return to more normal market conditions, synchronized global economic growth, the U.S. income tax reform and corporate profits should improve companies’ bottom lines.

However, the overnight rate increase among several central banks, along with the heightened risk of a trade war, are generating uncertainty across markets. Against this backdrop, eurozone markets still managed to post a 1.6% increase in Canadian dollars, with Asian markets also growing by 1.5%, thanks to the Canadian dollar’s 4.8% devaluation versus its U.S. counterpart.

Despite the global economy’s sustained growth, markets across emerging countries struggled over the six-month period due to the resurgence of volatility, after posting excellent returns in 2017. Trade war threats, the distinct political climate in certain emerging countries, as well as tightening monetary policies in the U.S. and the U.K., among other nations, had more severe repercussions on emerging markets than their developed counterparts.

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