CI Marret Alternative Enhanced Yield Fund

Fund Overview

The fund seeks to provide income with low volatility over a market cycle regardless of market conditions or general market direction, by primarily investing in both debt instruments across the credit spectrum and cash or cash equivalents. The fund seeks to provide income while targeting low correlation to equity and traditional income.

The fund will use leverage. The leverage will be created through the use of cash borrowings, short sales and derivative contracts. The fund's leverage must not exceed three times the fund's net asset value. The leverage will be calculated in accordance with the methodology prescribed by securities regulations, or any exemptions therefrom.

Investor suitability
For those who:

  • want a diversified fixed income portfolio that aims to generate consistent income with low volatility over a credit cycle
  • are investing for the medium and/or long term
  • are seeking an investment which can utilize borrowing, short-selling, leverage and derivatives where appropriate to either maximize returns or mitigate negative returns
  • can tolerate low-to-medium risk.

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 Duration2.66
Weighted Average Term to Maturity5.71
Weighted Average Coupon % *2.66
Weighted Average Yield to Maturity %2.53
Weighted Average Current Yield % *2.99
Cash and Equivalents %27.40
As at 30 Sep, 2020
* Corporate and government bonds only.

Rating Summary (%) *

AAA3.10
AA1.80
A6.20
BBB12.60
BB53.10
B15.60
As at 30 Sep, 2020
* Corporate and government bonds only.

Number of securities: 249

Asset Allocation

Security Type%
Foreign Bond60.54%
Foreign Stock11.46%
Corporate Bond11.36%
Currency Security8.62%
Government Bond6.12%
Term Loans1.68%
Interest Rate Swaps0.22%

Top Holdings

NameSecurity TypeISINTicker %
ISHARES IBOXX HIGH YLD CORP Foreign StockUS4642885135 HYG US 5.34
QUICKEN LOANS LLC 144A - 5.75% (01/05/2025) Foreign BondUS74840LAA08 QUICKN 3.75
HOLOGIC INC 144A - 4.38% (15/10/2025) Foreign BondUS436440AK75 HOLX 3.22
QUALITYTECH LP / QTS FINA 144A - 4.75% (15/11/2025) Foreign BondUS74759BAD55 QTS 3.17
CENTENE CORP 144A - 5.25% (01/04/2025) Foreign BondUS15135BAL53 CNC 2.91
ISHARES IBOXX INVESTMENT GRA Foreign StockUS4642872422 LQD US 2.36
GOVERNMENT OF CANADA - 0.25% (01/08/2022) Government BondCA135087L286 CAN 2.10
FIRST QUANTUM MINERALS LT 144A - 7.25% (15/05/2022) Corporate BondUS335934AH85 FMCN 1.79
SPDR S&P 500 ETF TRUST Foreign StockUS78462F1030 SPY US 1.69
CARVANA CO 144A - 8.88% (01/10/2023) Foreign BondUS146869AA09 CVNA 1.53

As at: 30 September 2020
Holdings are subject to change

27.86%

Distributions

Distribution details (.csv)
CMEYTotalCashReinvestedEligible dividendsNon eligible dividendsOther incomeCapital GainsReturn of capitalForeign IncomeForeign tax paid
SI$0.04670$0.04670--------
2020 +$0.04670$0.04670--------
25-Aug$0.01340$0.01340--------
27-Jul$0.02660$0.02660--------
24-Jun$0.00670$0.00670--------

(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.

Documents

7 May, 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 Marret Alternative Enhanced Yield Fund please click here