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Fund Overview

This fund is designed for investors who …

  • Seek capital preservation and steady income generation, as well as attractive long-term growth potential.
  • Have a low to medium risk tolerance.
  • Have a long-term investment horizon.

Investment Objectives

  • Achieve a long-term global return through an appropriate stock selection and by taking advantage of interest rate and currency rate shifts on world markets.
  • Invest primarily in debt instruments of foreign issuers that may be denominated in other currencies than the Canadian dollar and have different maturity dates. The issuers of securities may be established worldwide, including Canada and emerging countries.

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

Summary

Volatility:

Low / Average

Category: Fixed Income
Start Date: January 25, 2013
RRSP Admissibility: Yes, 100% eligible

Benchmark:

  • 70%: Merrill Lynch Global High Yield BB/B Index 2% Issuer Constrained (hedged to the Canadian dollar)
  • 15%: Barclays Capital Global Aggregate Credit Index (hedged to the Canadian dollar)
  • 15%: FTSE TMX Universe

Assets*: $217,774,787
Number of Securities: 709

Target Asset Mix:

  • Short term: 0%
  • Global and Canadian government and corporate bonds: 100%

*As at May 21, 2021

Portfolio Management

Managers

  • External Managers: Amundi Canada inc., Manulife Investment Management Limited (US) et Manulife Investment Management Limited (Hong Kong)

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 March 31, 2021

Cash and Cash Equivalent 4.6%
iShares iBoxx $ High Yield Corporate Bond Fund 2.3%
United States Treasury Bond, 3.00%, Feb. 15, 2049 0.8%
Province of Ontario, 1.35%, Dec. 02, 2030 0.7%
VistaJet Malta Finance PLC / XO Management Holding Inc., 10.50%, Jun. 01, 20241 0.5%
MDC Partners Inc., 7.50%, May 01, 2024 0.5%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, Oct. 20, 2028 0.5%
Cenovus Energy Inc., 6.75%, Nov. 15, 2039 0.4%
Government of Japan, 0.10%, Dec. 20, 2023 0.4%
Spectacle Gary Holdings, LLC Term Loan B, 0.00%, Dec. 23, 2025 0.4%
Western Global Airlines LLC, 10.38%, Aug. 15, 2025 0.4%
Republic of Singapore, 2.38%, Jun. 01, 2025 0.4%
Atento Luxco 1 SA, 8.00%, Feb. 10, 2026 0.4%
Unifin Financiera SAB de CV SOFOM ENR, 8.38%, Jan. 27, 2028 0.4%
HCA Inc., 3.50%, Sep. 01, 2030 0.4%
CCO Holdings, LLC / CCO Holdings Capital Corp., 5.13%, May 01, 2027 0.4%
PowerTeam Services LLC, 9.03%, Dec. 04, 2025 0.4%
United States Treasury Bond, 4.38%, Feb. 15, 2038 0.4%
Cleveland-Cliffs Inc., 6.75%, Mar. 15, 2026 0.4%
NextEra Energy, Inc. 0.4%
SunCoke Energy Partner LP, 7.50%, Jun. 15, 2025 0.3%
Freedom Mortgage Corporation, 8.13%, Nov. 15, 2024 0.3%
Schweitzer-Mauduit International, Inc., 6.88%, Oct. 01, 2026 0.3%
United States Treasury Bond, 2.75%, Nov. 15, 2042 0.3%
Avation Capital SA, 8.25%, Oct. 31, 2026 0.3%
Net asset value as at March 31, 2021 215 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, 2020.

The FDP Global Fixed Income Portfolio, Series A posted a net return of 3.9% for 2020, versus 9.9% for 2019. The FDP Global Fixed Income Portfolio, Series I posted a net return of 5.2% for 2020. The global high-yield bond market, as measured by the ICE BofAML Global High Yield Index, posted a 5.1% return.

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. Credit spreads for corporate bonds widened in the first quarter of 2020 before narrowing in the following quarters second quarter of 2020 in response to positive news about COVID-19 vaccine development and the governments’ and central banks’ support of markets and economies.

Despite economic challenges, the stance of central banks such as the U.S. Federal Reserve and  European Central Bank to  support the  economy through an accommodating monetary policy and bond purchasing programs helped drive investors’ interest for riskier assets.

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