CI First Asset Enhanced Short Duration Bond Fund (U.S. Dollars)

Fund Overview

The Fund seeks to provide absolute returns through interest income and capital gains. The Fund's risk objective is to have very low volatility and positive returns over any twelve month period. The Fund will primarily invest in debt instruments across the credit spectrum including cash, government debt, investment-grade corporate debt, high-yield corporate debt, government debt futures, convertible debentures and credit derivatives. The Fund's strategy will primarily focus on U.S. and Canadian corporate bonds and will include the use of government bond futures to manage the duration of the fund according the volatility objectives. To minimize interest rate volatility, the Fund would typically target an overall portfolio duration of less than 2 years. It is intended that at all times at least 90% of the non-U.S. currency exposure attributable to the Units will be heded to the U.S. dollar.

Investor suitability
For those who:

  • want short-term bond exposure to minimize interest rate risk
  • want primarily global credit exposure on a USD hedged basis
  • have USD to invest
  • are primarily concerned with volatility reduction and income generation
  • want to receive regular monthly cash flows (if any)
  • can tolerate low risk.

Performance

 1m3m6mYTD1y2y3ySI
FSB.U 0.08%0.21%2.10%2.82%3.21%3.53%3.04%3.00%
As at: 30 Oct 2020

 

Historical NAVs

The indicated rates of return are the historical annual compounded total returns, including changes in unit value and do not take into account sales, redemption or optional charges or income taxes payable by a security holder that would have reduced returns.


Key Facts

Fund Characteristics

Weighted Average Duration1.72
Weighted Average Term to Maturity3.05
Weighted Average Coupon % *2.08
Weighted Average Yield to Maturity %1.59
Weighted Average Current Yield % *2.05
Cash and Equivalents %40.90
As at 31 Oct, 2020
* Corporate and government bonds only.

Rating Summary (%) *

AAA3.30
AA2.30
A6.00
BBB23.10
BB41.80
B16.00
As at 31 Oct, 2020
* Corporate and government bonds only.

Number of securities: 269

Asset Allocation

Security Type%
Foreign Bond46.67%
Corporate Bond18.57%
Currency Security17.40%
Government Bond14.44%
Term Loans2.92%
Future0.01%

Top Holdings

NameSecurity TypeISINTicker %
U S TREASURY NOTE - 1.63% (30/06/2021) Government BondUS9128287A26 T 3.42
QUALITYTECH LP / QTS FINA 144A - 4.75% (15/11/2025) Foreign BondUS74759BAD55 QTS 3.29
CCO HOLDINGS LLC / CCO HO 144A - 4.00% (01/03/2023) Foreign BondUS1248EPBZ52 CHTR 2.83
1011778 BC ULC / NEW RED 144A - 4.25% (15/05/2024) Corporate BondUS68245XAC39 BCULC 1.79
U S TREASURY NOTE - 0.25% (30/06/2025) Government BondUS912828ZW33 WIT 1.68
FORD MOTOR CREDIT CO LLC - 1.12% (12/10/2021) Foreign BondUS345397ZG11 F 1.26
SPRINT COMMUNICATIONS INC - 6.00% (15/11/2022) Foreign BondUS852061AS99 S 1.19
OPEN TEXT CORP 144A - 5.88% (01/06/2026) Corporate BondUS683715AB22 OTCCN 1.13
U S TREASURY BOND - 1.25% (15/05/2050) Government BondUS912810SN90 T 1.12
NIELSEN FINANCE LLC / NIE 144A - 5.00% (15/04/2022) Foreign BondUS65409QBB77 NLSN US 1.04

As at: 30 October 2020
Holdings are subject to change

18.75%

Distributions

Distribution details (.csv)

Twelve month trailing distribution yield : 2.64% (as at 26 Nov 2020)

FSB.UTotalCashReinvestedEligible dividendsNon eligible dividendsOther incomeCapital GainsReturn of capitalForeign IncomeForeign tax paid
SI$0.97000$0.81800$0.15200--$0.09404$0.06684$0.03818$0.52315$0.00021
2020 +$0.24800$0.24800--------
24-Nov$0.02350$0.02350--------
26-Oct$0.02350$0.02350--------
24-Sep$0.02350$0.02350--------
25-Aug$0.02350$0.02350--------
27-Jul$0.02350$0.02350--------
24-Jun$0.02350$0.02350--------
25-May$0.02350$0.02350--------
24-Apr$0.02350$0.02350--------
25-Mar$0.02000$0.02000--------
24-Feb$0.02000$0.02000--------
27-Jan$0.02000$0.02000--------
2019 +$0.24000$0.24000----$0.06684-$0.17316-
23-Dec$0.02000$0.02000----$0.00557-$0.01443-
25-Nov$0.02000$0.02000----$0.00557-$0.01443-
25-Oct$0.02000$0.02000----$0.00557-$0.01443-
24-Sep$0.02000$0.02000----$0.00557-$0.01443-
26-Aug$0.02000$0.02000----$0.00557-$0.01443-
25-Jul$0.02000$0.02000----$0.00557-$0.01443-
24-Jun$0.02000$0.02000----$0.00557-$0.01443-
27-May$0.02000$0.02000----$0.00557-$0.01443-
24-Apr$0.02000$0.02000----$0.00557-$0.01443-
25-Mar$0.02000$0.02000----$0.00557-$0.01443-
22-Feb$0.02000$0.02000----$0.00557-$0.01443-
25-Jan$0.02000$0.02000----$0.00557-$0.01443-
2018 +$0.39200$0.24000$0.15200--$0.07997-$0.00374$0.30829-
28-Dec$0.15200-$0.15200--$0.03101-$0.00146$0.11953-
21-Dec$0.02000$0.02000---$0.00408-$0.00019$0.01573-
26-Nov$0.02000$0.02000---$0.00408-$0.00019$0.01573-
25-Oct$0.02000$0.02000---$0.00408-$0.00019$0.01573-
24-Sep$0.02000$0.02000---$0.00408-$0.00019$0.01573-
27-Aug$0.02000$0.02000---$0.00408-$0.00019$0.01573-
25-Jul$0.02000$0.02000---$0.00408-$0.00019$0.01573-
25-Jun$0.02000$0.02000---$0.00408-$0.00019$0.01573-
25-May$0.02000$0.02000---$0.00408-$0.00019$0.01573-
24-Apr$0.02000$0.02000---$0.00408-$0.00019$0.01573-
23-Mar$0.02000$0.02000---$0.00408-$0.00019$0.01573-
22-Feb$0.02000$0.02000---$0.00408-$0.00019$0.01573-
25-Jan$0.02000$0.02000---$0.00408-$0.00019$0.01573-
2017 +$0.09000$0.09000---$0.01407-$0.03444$0.04170$0.00021
28-Dec$0.03000$0.03000---$0.00469-$0.01148$0.01390$0.00007
29-Nov$0.03000$0.03000---$0.00469-$0.01148$0.01390$0.00007
30-Oct$0.03000$0.03000---$0.00469-$0.01148$0.01390$0.00007

(1) Future distribution dates may be amended at any time. (2) Reinvested distributions are not paid in cash but instead remain invested in the Fund. To recognize that these distributions have been allocated to investors for tax purposes the amounts of these distributions should be added to the adjusted cost base of the units held. (3) The characterization of distributions for tax purposes (such as dividends/other income/capital gains etc.) will not be known for certain until after the Fund's tax year end. Therefore investors will be informed of the characterization of the amounts distributed for tax purposes only for the entire year and not with each distribution. For tax purposes these amounts will be reported by brokers on official tax statements.

News

11 Apr 2018 Tide turns for bonds - volatility brings the spotlight back to fixed income Special to The Globe and Mail | Dianne Maley
23 Feb 2018 Actively managed ETFs just keep getting hotter The Globel and Mail | Clare O'Hara
15 Feb 2018 First Asset bond ETF seeks higher yields and low volatility Morningstar | Michael Ryval

Documents

19 Oct, 2020 - ETF Facts

National Instrument 81-106 Investment Fund Continuous Disclosure requires disclosure of the proxy voting record on an annual basis for the period ending on June 30 of each year. The proxy voting record must be posted on the website no later than August 31 of each year.

Canadian securities law provides that the manager of an investment funds (in this case, CI Investments Inc. ("CI")), acting on behalf of the investment fund, has the right and obligation to vote proxies relating to the investment fund's portfolio securities. As a practical matter, CI delegates this function to the applicable portfolio manager or sub-adviser, as part of the portfolio manager's or sub-adviser's general management of the investment fund assets, subject to oversight by CI. CI generally requires that applicable portfolio managers or sub-advisers vote all proxies in the best interest of CI's funds and their securityholders, as determined solely by the portfolio manager or sub-adviser, and subject to CI's proxy voting policy, the guidelines applicable to the individual portfolio manager or sub-adviser, and applicable legislation. Portfolio managers and sub-advisers are generally expected to vote on any matter for which the investment fund receives proxy materials for a meeting of securityholders of an issuer.

Proxy voting record for the most recent year:

30 Jun, 2020 - Proxy Voting Record

Warning: Documents posted on this website (including, without limitation, prospectuses) are current only as of the date on them

To access the SEDAR filings of CI First Asset Enhanced Short Duration Bond Fund (U.S. Dollars) please click here