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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 *: $156,855,693
Number of Securities: 76

Target Asset Mix:

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

*As at April 30, 2023

Portfolio Management

Managers

  • External Managers : Desjardins Global Asset Management Inc.(DGAM), Beutel, Goodman & Company Ltd, Professionals’ Financial – Mutual Funds 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 September 30, 2023

Royal Bank of Canada 5.9%
The Toronto-Dominion Bank 5.5%
iShares Core S&P/TSX Capped Composite Index ETF 5.4%
Bank of Montreal 4.7%
Cash and Cash Equivalents 3.7%
Sun Life Financial Inc. 3.6%
Canadian Natural Resources, Ltd 3.4%
TC Energy Corporation 3.4%
Canadian Pacific Kansas City Limited 3.2%
Constellation Software Inc. 2.8%
Canadian National Railway Company 2.8%
Manulife Financial Corporation 2.6%
Restaurant Brands International Inc. 2.5%
Enbridge Inc. 2.2%
Nutrien Ltd. 2.1%
Suncor Energy Inc. 2.0%
Open Text Corporation 1.8%
Brookfield Asset Management Ltd., Cl. A 1.8%
RB Global, Inc. 1.8%
Brookfield Corporation, Cl. A 1.8%
The Bank of Nova Scotia 1.7%
Alimentation Couche-Tard Inc. 1.7%
Quebecor Inc., Cl. B 1.5%
Cenovus Energy Inc. 1.5%
Agnico Eagle Mines Limited 1.5%
Net asset value as at September 30, 2023 129 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, 2022.

The FDP Canadian Dividend Equity Portfolio, Series A posted a net return of -3.3% for 2022, versus 23.9% for 2021. The FDP Canadian Dividend Equity Portfolio, Series I posted a net return of -2.2% for 2022.

Rate hikes and a potential recession had a negative effect on the Canadian market in the first six months of 2022. The Canadian stock market, as measured by the S&P/ TSX Composite Index, posted a -0.1% return for 2022. Only four of the index’s eleven component sectors posted positive returns for the period, including Energy (+28.8%) and Consumer Staples (+10.2%). Meanwhile, all the other component sectors of index closed the period in negative territory, chiefly Health Care (-26.4%), Real Estate (-22.4%) and Information Technology (-17.7%). Oil prices (WTI) soared from USD75.30 in late December 2021 to USD107.80 as at June 30, 2022, before dropping to USD80.30 by the end of the year.

The FDP Canadian Dividend Equity Portfolio’s underweight and stock selection in Energy detracted the most from performance (-161 basis points). The overweight to Information Technology also detracted 40 basis points. Stock selection added to relative returns in Health Care (+95 basis points) and Banking (+33 basis points). Moreover, value-style securities substantially outperformed their growth-style counterparts during the period, with each posting a 7.4% and -8.2% return, respectively.

Equities’ rise—an upward trend that started in 2020—was finally slowed by inflation, the labour shortage, rising interest rates and the fear of an economic slowdown.
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