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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:

Low

Category: Canadian Bond
Start Date: March 31, 1978
RRSP Admissibility: yes, 100% eligible

Benchmark:

  • 50% DEX short term
  • 50% DEX mid-term

Assets*: $350,967,397
Number of Securities: 117
Target Asset Mix

  • Bonds: 100%
  • Short Term: 0%

*As at May 22, 2020

Portfolio Management

Managers

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

Province of Ontario, 3.50%, Jun. 02, 2043 3.9%
Province of Ontario, 2.60%, Jun. 02, 2025 3.6%
Province of Ontario, 2.90%, Jun. 02, 2028 3.4%
Province of Ontario, 2.60%, Jun. 02, 2027 2.6%
Canadian Imperial Bank of Commerce, 2.47%, Dec. 05, 2022 2.3%
The Bank of Nova Scotia, 2.38%, May. 01, 2023 2.3%
Government of Canada, 3.50%, Dec. 01, 2045 2.3%
Province of Quebec, 3.50%, Dec. 01, 2045 2.2%
Royal Bank of Canada, 3.30%, Sep. 26, 2023 2.1%
Province of Quebec, 3.75%, Sep. 01, 2024 2.1%
Province of Ontario, 2.40%, Jun. 02, 2026 2.1%
The Toronto-Dominion Bank, 1.99%, Mar. 23, 2022 1.9%
Government of Canada, 2.25%, Jun. 01, 2029 1.8%
Federation des Caisses Desjardins, 2.42%, Oct. 04, 2024 1.7%
Bank of Montreal, 2.12%, Mar. 16, 2022 1.7%
Province of Quebec, 6.25%, Jun. 01, 2032 1.7%
Province of Ontario, 5.85%, Mar. 08, 2033 1.,6%
Granite REIT Holdings Limited Partnership, 3.79%, Jul. 05, 2021 1.6%
Province of Quebec, 5.00%, Dec. 01, 2041 1.5%
Province of Alberta, 2.55%, Jun. 01, 2027 1.5%
Province of Ontario, 5.60%, Jun. 02, 2035 1.5%
The Empire Life Insurance Company, 3.38%, Dec. 16, 2026 1.4%
HSBC Bank Canada, 2.25%, Sep. 15, 2022 1.4%
Province of Ontario, 4.60%, Jun. 02, 2039 1.3%
Canada Housing Trust No. 1, 2.65%, Mar. 15, 2028 1.3%
Net asset value as at September 30, 2020 364 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 Management Report of Portfolio Performance (Operating Results), as at June 30, 2020.

The FDP Canadian Bond Portfolio, Series A posted a net return of 7.3% for the first six-month period of 2020, versus 6.3% for 2019.
The FDP Canadian Bond Portfolio, Series I posted a net return of 7.8% for the first six-month period of 2020.

  • 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 Bank of Canada has announced quantitative easing measures, purchasing government of Canada, provincial and corporate bonds.

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.

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