DOCSLIB.ORG

Canadian Investment Grade Preferred Share Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Canadian Investment Grade Preferred Share Fund CANADIAN INVESTMENT GRADE PREFERRED SHARE FUND INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the financial period ended June 30, 2021 CANADIAN INVESTMENT GRADE PREFERRED SHARE FUND CAUTION REGARDING FORWARD-LOOKING TABLE OF CONTENTS STATEMENTS Interim management report of fund performance 1 This report may contain forward-looking statements about the Fund, including Financial highlights 2 its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer Summary of investment portfolio 3 to future events or conditions, or that include words such as “expects,” Corporate information Back cover “anticipates,” “intends,” “plans,” “believes,” “estimates,” or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties, and assumptions about the Fund and economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the abovementioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions, and urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance. 2021 INTERIM REPORT CANADIAN INVESTMENT GRADE PREFERRED SHARE FUND INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE The management report of fund performance presents the views of the Over the course of the first quarter, the fixed‑income and credit markets manager and the portfolio management team concerning significant factors and wrestled with the forces of rising rates, dovish central banks, the reopening developments that have affected the Fund’s performance and outlook. of the global economy, and a reflationary backdrop. The first‑quarter 2021 Please read the caution on the inside of the cover page regarding total return loss of ‑4.50% on US investment‑grade corporate index was the forward‑looking statements. second‑largest quarterly loss on record after ‑7.49% in the third quarter of 2008 during the global financial crisis. However, in April, the combination of a rallying INVESTMENT OBJECTIVES AND STRATEGIES US Treasury market and positive momentum on the earnings front provided a good backdrop for credit markets. In the second quarter, companies generally Canadian Investment Grade Preferred Share Fund seeks to: (i) provide holders reported good numbers, credit metrics were generally stable or improved, and of units with monthly cash distributions, and (ii) maximize the total return defaults, for the most part, were low by historical measures. to unitholders over time, by investing in an actively managed portfolio (the Envisioning the world beyond government and central bank stimulus efforts will “Portfolio”) comprised primarily of preferred shares of Canadian issuers. be the story of the second half of this year. Many programs will begin to be taken The Portfolio will be actively managed by the Manager and will seek to capitalize off post Labour Day, and by third quarter, earnings comparisons will be harder on historically attractive yields accessible in the preferred share market when for companies to achieve. compared to Government of Canada bonds of similar duration. Not less than Fund performance has been strong over the reporting period. Nearly all sectors 80% of the total assets will be invested in Canadian preferred securities, with a have contributed to returns, with financials, the fund’s largest allocation, minimum of 80% of the total assets invested in investment grade securities. bringing the majority of returns year to date. Utilities and energy were also The Fund uses the Unit Traded Fund (“UTF”) structure, which has been meaningful contributors, despite their smaller allocations. We’ve decreased our developed to accomplish two goals, namely (a) to enable the Fund to invest weighting in cash and cash equivalents year to date, the performance of which virtually all of the gross proceeds from the offering in the portfolio, and (b) to has been relatively flat this year. Excluding those, everything by region, sector, encourage the Fund’s Class T units to trade in the market at a price not less than and asset class has performed well so far this year. 98.50% of their net asset value throughout the life of the Fund. MANDATORY MARKET PURCHASE PROGRAM The Fund will invest primarily in Canadian preferred securities issued by In order to enhance liquidity and provide market support for the Class T units, companies in the financial services sector, as well as energy, industrials, utilities, the Fund has the ability to repurchase Class T units under a mandatory market pipelines, health care and telecommunications sectors and other such sectors purchase program (“MMPP”). Under the MMPP, Class T units are repurchased at deemed appropriate by the Manager. their market price, the Fund has purchased 43,700 units at an average price of Purpose Investments Inc. (“Purpose”), is the manager of the Fund (the “Manager”). $25.23 over the period ended June 30, 2021. LEVERAGE RISK The Fund may employ leverage in an amount up to 25% of total assets for the purpose of: purchasing additional securities for the Portfolio, effecting market The risks of investing in the Fund are disclosed in the Fund’s prospectus and purchases of Class T units, maintaining liquidity and funding redemptions. there have been no significant changes during the period that affected the overall level of risk associated with the Fund. During the period ended June 30, 2021, the minimum and maximum amount borrowed was $nil and $3,749,422 (December 31, 2020 – $201,835 and RESULTS OF OPERATIONS $3,749,422), respectively; the percentage of total assets of the Fund that the borrowing represented at June 30, 2021 was not applicable (December 31, 2020 The Fund offers Class T units listed on the Aequitas NEO Exchange under the – 17.5%); and the terms of the borrowing were based on the Federal Funds rate ticker RIGP.UN and a mutual fund class. plus a spread. As at June 30, 2021 and December 31, 2020, the interest rate was The net asset value per unit as at: not applicable. There was no related interest expense for the periods ended June 30, 2021 and December 31, 2020. The borrowings were used to purchase June 30, December 31, additional securities in the portfolio. Investments are used as collateral against 2021 2020 Class ($) ($) the borrowed funds. The Fund will bear the risk of loss of any investment of cash collateral. Class T 27.00 21.06 During the period ended June 30, 2021, the Fund paid distributions as follows: RECENT DEVELOPMENTS Class T Units The continued spread of COVID‑19 has sustained a high level of uncertainty Month ($) and volatility in the financial markets and has had an enormous impact on January 0.1146 businesses and consumers in all sectors. The continuous rollout of the COVID‑19 February 0.1146 vaccines will help in the recovery towards normality. March 0.1146 There were no changes to the Manager of the Fund, nor were there any material April 0.1146 changes to the investment philosophy or process. The Manager actively May 0.1146 monitors the positioning of the Fund’s portfolio for changes in current market June 0.1146 conditions and the economic environment. Total 0.6876 The last 16 months will go down as one of the most volatile but profitable periods in investing history, with markets back to all‑time highs, as the economy benefitted from the ongoing vaccine rollout, sizeable fiscal support from governments, and increasing retail sales. In the broader equities market, reflationary trades were favoured in the first two quarters of 2021 as value stocks outperformed growth stocks. However, large cap tech made a comeback as sinking bond yields breathed life back into the growth trade in June. 2021 INTERIM REPORT 1 CANADIAN INVESTMENT GRADE PREFERRED SHARE FUND RELATED PARTY TRANSACTIONS FINANCIAL HIGHLIGHTS Purpose is deemed to be a related party as Manager of the Fund. Please refer The following tables show selected key financial information about the Fund below to the “Management Fee” section for fees paid to Purpose. Purpose and are intended to help you understand the Fund’s financial performance for has also appointed an Independent Review Committee (“IRC”) as required the years ended December 31, except 2021 which is provided as at June 30: by National Instrument 81‑107 Independent Review Committee for Investment NET ASSETS PER UNIT 1 Funds. The mandate of the IRC is to review, and provide input on, the Manager’s 2021 a 2020 2019 2018 2017 2016 b written policies and procedures that deal with conflict of interest matters in Class T ($) ($) ($) ($) ($) ($) respect of the Funds. IRC members receive fees and reimbursement of expenses Net assets, beginning of period 21.06 21.04 23.10 29.44 25.06 25.00 c for services provided to the Fund and other Purpose managed funds and Agency and issue expense – – – (0.17) (0.16) (0.13) such costs are allocated among all the Funds on a fair and reasonable basis.
Load more

Recommended publications
  • Capital Power Corporation 12Th Floor, EPCOR Tower 1200 – 10423 101 Street Edmonton, AB T5H 0E9
    Capital Power Corporation 12th Floor, EPCOR Tower 1200 – 10423 101 Street Edmonton, AB T5H 0E9 For release: February 21, 2017 Capital Power reports fourth quarter and year-end 2016 results EDMONTON, Alberta – Capital Power Corporation (Capital Power, or the Company) (TSX: CPX) today released financial results for the fourth quarter and year ended December 31, 2016. Net income attributable to shareholders in the fourth quarter of 2016 was $28 million and basic earnings per share attributable to common shareholders was $0.21 per share, compared with $35 million, or $0.29 per share, in the comparable period of 2015. Normalized earnings attributable to common shareholders in the fourth quarter of 2016, after adjusting for one-time items and fair value adjustments, were $26 million or $0.27 per share compared with $41 million or $0.42 per share in the fourth quarter of 2015. Net cash flows from operating activities were $69 million in the fourth quarter of 2016 compared with $114 million in the fourth quarter of 2015. Funds from operations (FFO) were $75 million in the fourth quarter of 2016, compared to $125 million in the fourth quarter of 2015. For the year ended December 31, 2016, net income attributable to shareholders was $111 million and basic earnings per share attributable to common shareholders was $0.91 per share compared with $90 million and $0.70 for the year ended December 31, 2015. For the year ended December 31, 2016, normalized earnings attributable to common shareholders were $117 million, or $1.22 per share, compared with $111 million, or $1.15 per share in 2015.
    [Show full text]
  • Investor Presentation Q1 2021 Quarterly Results
    Investor Presentation Q1 2021 Quarterly Results May 14th, 2021 Forward looking statements and COVID-19 Forward Looking Statements In the course of today’s meeting, representatives of the Corporation may make, in their remarks or in response to questions, and the accompanying materials may include, statements containing forward-looking information. Certain statements, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation’s current expectations, or with respect to disclosure regarding the Corporation’s public subsidiaries, reflect such subsidiaries’ disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation’s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries including the fintech strategy, the expected impact of the COVID-19 pandemic on the Corporation and its subsidiaries’ operations, results and dividends, as well as the outlook for North American
    [Show full text]
  • Sun Life Guaranteed Investment Funds (Gifs)
    Sun Life Guaranteed Investment Funds (GIFs) ANNUAL FINANCIAL STATEMENTS SUN LIFE ASSURANCE COMPANY OF CANADA December 31, 2015 Life’s brighter under the sun Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies. © Sun Life Assurance Company of Canada, 2016. 36D-0092-02-16 Table of Contents Independent Auditors' Report 3 Sun MFS Dividend Income 196 Sun Beutel Goodman Canadian Bond 5 Sun MFS Global Growth 200 Sun BlackRock Canadian Balanced 10 Sun MFS Global Total Return 204 Sun BlackRock Canadian Composite Equity 15 Sun MFS Global Value 209 Sun BlackRock Canadian Equity 20 Sun MFS Global Value Bundle 214 Sun BlackRock Canadian Equity Bundle 25 Sun MFS International Growth 218 Sun BlackRock Cdn Composite Eq Bundle 29 Sun MFS International Growth Bundle 222 Sun BlackRock Cdn Universe Bond 33 Sun MFS International Value 226 Sun Canadian Balanced Bundle 38 Sun MFS International Value Bundle 230 Sun CI Cambridge Canadian Equity 42 Sun MFS Monthly Income 234 Sun CI Cambridge Cdn Asset Allocation 46 Sun MFS US Equity 238 Sun CI Cambridge Global Equity 50 Sun MFS US Equity Bundle 242 Sun CI Cambridge/MFS Canadian Bundle 54 Sun MFS US Growth 246 Sun CI Cambridge/MFS Global Bundle 58 Sun MFS US Value 250 Sun CI Signature Diversified Yield II 62 Sun MFS US Value Bundle 255 Sun CI Signature High Income 66 Sun Money Market 259 Sun CI Signature Income & Growth 70 Sun NWQ Flexible Income 264 Sun Daily Interest 74 Sun PH&N Short Term Bond and Mortgage 268 Sun Dollar Cost Average Daily Interest 78 Sun RBC Global High
    [Show full text]
  • 2020 Annual Information Form
    2020 Annual Information Form March 23, 2021 POWER CORPORATION OF CANADA > 2020 ANNUAL INFORMATION FORM 2 TABLE OF CONTENTS Item 1 General Information 3 Item 1.1 Defined terms 3 Item 1.2 Information regarding Power Financial 4 Item 2 Documents Incorporated by Reference 5 Item 3 Forward-Looking Information 6 Item 4 Corporate Structure 8 Item 4.1 Incorporation 8 Item 4.2 Intercorporate relationships 9 Item 5 General Development of the Business 11 Item 5.1 Business of Power 11 Item 5.2 Development of the business over the last three years 11 Item 6 Narrative Description of the Business 16 Item 6.1 Publicly traded operating companies 16 Item 6.2 Alternative asset investment platforms 20 Item 6.3 China AMC 22 Item 7 Risk Factors 23 Item 8 Description of the Share Capital 25 Item 8.1 Power 25 Item 8.2 Power Financial 27 Item 9 Ratings 32 Item 10 Dividends 35 Item 10.1 Power 35 Item 10.2 Power Financial 35 Item 11 Market for Securities 37 Item 11.1 Power 37 Item 11.2 Power Financial 38 Item 12 Directors and Officers 41 Item 12.1 Directors 41 Item 12.2 Executive and other officers 42 Item 13 Voting Securities 44 Item 14 Committees 45 Item 14.1 Audit Committee 45 Item 15 Interest of Management and Others in Material Transactions 48 Item 16 Transfer Agent 49 Item 17 Experts 49 Item 18 Environmental, Social and Governance Factors 50 Item 19 Additional Information 51 Appendix A Power Corporation of Canada Audit Committee Charter 52 POWER CORPORATION OF CANADA > 2020 ANNUAL INFORMATION FORM 3 ITEM 1 GENERAL INFORMATION Item 1 Item 1.1 Defined terms – General Information General The following abbreviations have been used throughout this Annual Information Form: Name in full Abbreviation adidas AG adidas Annual Information Form of Great-West Lifeco Inc., Lifeco’s Annual Information Form dated February 10, 2021 Annual Information Form of IGM Financial Inc., IGM Financial’s Annual Information Form dated March 18, 2021 The Canada Life Assurance Company Canada Life China Asset Management Co., Ltd.
    [Show full text]
  • Defined Contribution Consolidation Report
    DEFINED CONTRIBUTION CONSOLIDATION REPORT - SEPTEMBER 2012 PROVIDER ACTION SUCCESSOR DATE Hartford Sold MassMutual 2012 ASPire Raise Capital Financial Technology Ventures 2012 Morgan Keegan Sold Raymond James 2012 Dwight Asset Management Sold Goldman Sachs 2012 Vanguard Outsourced Ascensus 2012 M&I sold BMO 2011 E Plan sold Paychex 2011 Oppenheimer Exited RK Ascensus 2011 McGladrey sold Verisight 2011 Columbia Investments sold Ameriprise 2011 First American Funds Sold Nuveen 2010 NRP sold LPL 2010 NextStep/BenefitStreet sold Verisight 2010 Matrix Sold Broadridge 2010 McCready & Keene sold OneAmerica 2010 Symetra (Mutual Fund Product) Sold Ascensus 2009 ABG MidAtlantic sold BPA 2009 Baden (Clark) Sold Ascensus 2009 Schloss & Co. sold Sentinal (Focus Finncial) 2009 CPI Sold CUNA Mutual 2009 Wachovia Sold Wells Fargo 2009 Merrill Lynch Sold Bank of America 2009 Hand Benefits sold BPA 2009 Putnam sold Power Financial (GreatWest) 2009 CitiStreet Sold ING 2008 401(k)Advisors & RPAG sold NFP 2008 Bisys Sold JC Flowers/Crump 2007 Princeton Retirement Group Sold Hartford 2007 UBOC Sold Prudential 2007 SunLife (MFS) Sold Hartford 2007 Franklin Templeton Sold Great West 2007 Sentinel Benefits Sold Focus Financial 2007 Southeastern Employee Benefits Sold Paychex 2006 Ameriprise Sold Wachovia 2006 MFS Sold SunLife 2006 Invesmart Sold Standard 2006 The 401kCompany Sold Schwab 2006 Ceridian Sold Newport Group 2006 CCA Sold JP Morgan 2006 Cynergy Sold JP Morgan 2006 MetLife Sold Great West 2006 US Bank Sold Great West 2006 Geller & Wind Sold Focus Financial
    [Show full text]
  • PCC Q2 2021 Investor Presentation
    Investor Presentation Q2 2021 Quarterly Results August 9th, 2021 Forward looking statements and COVID-19 Forward Looking Statements In the course of today’s meeting, representatives of the Corporation may make, in their remarks or in response to questions, and the accompanying materials may include, statements containing forward-looking information. Certain statements, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation’s current expectations, or with respect to disclosure regarding the Corporation’s public subsidiaries, reflect such subsidiaries’ current expectations as disclosed in their respective Management’s Discussion and Analysis (“MD&A”). Forward-looking statements are provided for the purposes of assisting the listener/reader in understanding the Corporation’s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future and the listener/reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries including the fintech strategy, the expected impact of the COVID-19 pandemic on the Corporation and
    [Show full text]
  • Todd E. Freed
    Todd E. Freed Partner, New York Mergers and Acquisitions; Financial Institutions Todd Freed focuses on mergers and acquisitions, corporate finance and private equity, primarily in the financial services industry. Mr. Freed is co-head of the firm’s Financial Insti- tutions Group and leads the firm’s pre-eminent insurance M&A practice, which recently was named Insurance Practice Group of the Year by Law360. He also was named as a Law360 MVP for Insurance M&A. Mr. Freed is a trusted adviser and go-to dealmaker with significant experience representing public and private acquirers and target companies, private equity firms, and investment banks in a variety of U.S. and international mergers and acquisitions, capital-raising transactions, SPACs, joint ventures, restructurings, and other corporate matters. Mr. Freed is a leading practitioner in M&A, contested transactions, activist situations, and corporate governance and regulatory matters. In addition, he advises clients with respect to takeover preparedness, T: 212.735.3714 SEC reporting obligations and cybersecurity matters. F: 917.777.3714 [email protected] Repeatedly, Mr. Freed has been selected for inclusion in Chambers USA: America’s Leading Lawyers for Business; recognized for his leading experience in the insurance industry, includ- ing in The Best Lawyers in America; named as a leading lawyer in the mergers and acquisitions Education category in the IFLR1000; and recognized in Lawdragon 500 Leading Lawyers in America. In J.D., Ohio State University College addition, he was named a 2020 Insurance MVP by Law360 and has consistently been named of Law, 1997 (summa cum laude; a Client Service All-Star by The BTI Consulting Group, recognizing how clients highly value Associate Editor, Ohio State Law and trust Mr.
    [Show full text]
  • Power Financial Corporation
    FIRST REPORT QUARTER 2020 POWER FINANCIAL CORPORATION FINANCIAL POWER 1 First Quarter Report For the period ended March 31, 2020 POWER FINANCIAL CORPORATION TABLE OF CONTENTS CORPORATION FINANCIAL POWER PART A This document contains management’s discussion and analysis of the financial condition, financial performance and cash flows of Power Financial Corporation (the Corporation) for the three months ended March 31, 2020 and the unaudited interim condensed consolidated financial statements of the Corporation as at and for the three months ended March 31, 2020. This document has been fi led with the securities regulatory authorities in each of the provinces and territories of Canada and mailed to requesting shareholders of the Corporation in accordance with applicable securities laws. GREAT-WEST LIFECO INC. LIFECO GREAT-WEST PART B PART B POWER FINANCIAL CORPORATION PART A GREAT-WEST LIFECO INC. PART B IGM FINANCIAL INC. PART C PARGESA HOLDING SA PART D IGM FINANCIAL INC. FINANCIAL IGM PART C PART C PARGESA HOLDING SA HOLDING PARGESA PART D PART D POWER FINANCIAL CORPORATION—FIRST QUARTER REPORT 2020 1 PPFC_2020_QUAT1_ENG01_PFC.inddFC_2020_QUAT1_ENG01_PFC.indd 1 22020-05-14020-05-14 55:59:59 PMPM The trademarks contained in this report are owned by Power Financial Corporation or by a Member of the Power Corporation Group of Companies®. Trademarks that are not owned by Power Financial are used with permission. 2 POWER FINANCIAL CORPORATION—FIRST QUARTER REPORT 2020 PPFC_2020_QUAT1_ENG01_PFC.inddFC_2020_QUAT1_ENG01_PFC.indd 2 22020-05-14020-05-14 55:59:59 PMPM POWER FINANCIAL CORPORATION FINANCIAL POWER POWER FINANCIAL CORPORATION PART A PART A MANAGEMENT’S DISCUSSION AND ANALYSIS PAGE A 2 FINANCIAL STATEMENTS AND NOTES PAGE A 44 POWER FINANCIAL CORPORATION—FIRST QUARTER REPORT 2020 A 1 PPFC_2020_QUAT1_ENG01_PFC.inddFC_2020_QUAT1_ENG01_PFC.indd B1B1 22020-05-14020-05-14 55:59:59 PMPM POWER FINANCIAL CORPORATION Management’s Discussion and Analysis MAY 14, 2020 ALL TABULAR AMOUNTS ARE IN MILLIONS OF CANADIAN DOLLARS, UNLESS OTHERWISE NOTED.
    [Show full text]
  • Amundi Index Solutions
    AMUNDI INDEX SOLUTIONS SICAV with sub-funds under Luxembourg law Annual report, including Audited Financial Statements for the period from 09/06/16 (date of incorporation) to 30/09/17 AMUNDI INDEX SOLUTIONS Audited annual report R.C.S. Luxembourg B 206.810 For the period from 09/06/16 (date of incorporation) to 30/09/17 Subscriptions are only valid if made on the basis of the current prospectus accompanied by the key investor information document, the latest annual report and the latest semi-annual report if published after the annual report. Table of contents Page Organisation 4 Director’s Report 6 Securities Portfolio as at 30/09/17 AMUNDI INDEX EQUITY EUROPE LOW CARBON 11 AMUNDI INDEX EQUITY GLOBAL LOW CARBON 15 AMUNDI INDEX EQUITY GLOBAL MULTI SMART ALLOCATION SCIENTIFIC BETA 27 AMUNDI INDEX FTSE EPRA NAREIT GLOBAL 39 AMUNDI INDEX MSCI EMERGING MARKETS 43 AMUNDI INDEX MSCI EMU 52 AMUNDI INDEX MSCI EUROPE 55 AMUNDI INDEX MSCI JAPAN 60 AMUNDI INDEX MSCI NORTH AMERICA 63 AMUNDI INDEX MSCI PACIFIC EX JAPAN 70 AMUNDI INDEX MSCI WORLD 72 AMUNDI INDEX S&P 500 87 AMUNDI FTSE 100 92 AMUNDI GLOBAL INFRASTRUCTURE 93 AMUNDI MSCI BRAZIL 94 AMUNDI MSCI USA MINIMUM VOLATILITY FACTOR 95 AMUNDI USA EQUITY MULTI SMART ALLOCATION SCIENTIFIC BETA 96 AMUNDI INDEX BARCLAYS EURO AGG CORPORATE 97 AMUNDI INDEX BARCLAYS EURO CORP BBB 1-5 105 AMUNDI INDEX BARCLAYS GLOBAL AGG 500M 109 AMUNDI INDEX BARCLAYS US CORP BBB 1-5 127 AMUNDI INDEX BARCLAYS US GOV INFLATION - LINKED BOND 132 AMUNDI INDEX J.P. MORGAN EMU GOVIES IG 133 AMUNDI INDEX J.P.
    [Show full text]
  • Canadian Preferred Shares Report
    Canadian Preferred Shares Report July 21, 2021 Fixed Income Group The evaporating Preferred market For the first half of 2021, there were only a handful of new issues in the Canadian Performance preferred market and redemptions galore; it was like a kettle filled to the top that keeps boiling over. The S&P/TSX Preferred Share Index continued its upward trend for the 2nd quarter of 2021, through a robust appetite from individual yield seekers, Inside this Report managed products and the continued redemption of outstanding issues. This forced Market Performance ..................... 2 investors to buy less attractive issues and invest more money into ETFs and mutual fund preferred issues. Several factors contributed to this including but not limited Redemptions announced in Q3 2021 ............................................ 2 to: Fund Flows .................................. 2 Negative supply – There has been approx. $5 billion in net redemptions (book value) in 2021. Most issuers redeemed preferred shares (prefs) when it was Market Updates ............................ 2 advantageous to do so. Issuers have not been issuing new paper in exchange, but New Issues in Q2 2021 ................. 3 have been using different venues for financing. The first and second quarters saw Credit Rating Changes ................. 3 very few new issues; so there was a dwindling supply of prefs for a second quarter in a row. Canadian Yield Curve Portfolio Positioning and Where to Look for Opportunities .................. 3 ETF and Fund inflows – With issues being called away and no alternative new issues Highlighted: Preferred Shares…....4 in sight, investors have been pouring money into preferred share ETFs and mutual funds. Approximately $743 million of new money has gone into these two Most Actively Traded………………6 instruments since the beginning of the year.
    [Show full text]
  • Amundi Index Solutions
    SEMI- ANNUAL REPORT March 2018 Amundi Index Solutions SICAV with sub-funds under Luxembourg law Management Company Amundi Luxembourg S.A Administrative agent CACEIS Bank, Luxembourg Branch Depositary CACEIS Bank, Luxembourg Branch AMUNDI INDEX SOLUTIONS Unaudited semi-annual report R.C.S. Luxembourg B 206.810 For the period from 01/10/17 31/03/18 Subscriptions are only valid if made on the basis of the current prospectus accompanied by the key investor information document, the latest annual report and the latest semi-annual report if published after the annual report. Table of contents Page Organisation 5 Securities Portfolio as at 31/03/18 AMUNDI INDEX EQUITY EUROPE LOW CARBON 7 AMUNDI INDEX EQUITY GLOBAL LOW CARBON 11 AMUNDI INDEX EQUITY GLOBAL MULTI SMART ALLOCATION SCIENTIFIC BETA 23 AMUNDI INDEX FTSE EPRA NAREIT GLOBAL 36 AMUNDI INDEX MSCI EMERGING MARKETS 40 AMUNDI INDEX MSCI EMU 49 AMUNDI INDEX MSCI EUROPE 52 AMUNDI INDEX MSCI JAPAN 57 AMUNDI INDEX MSCI NORTH AMERICA 60 AMUNDI INDEX MSCI PACIFIC EX JAPAN 67 AMUNDI INDEX MSCI WORLD 69 AMUNDI INDEX S&P 500 84 AMUNDI CAC 40 89 AMUNDI EURO STOXX 50 90 AMUNDI EUROPE EQUITY MULTI SMART ALLOCATION SCIENTIFIC BETA 91 AMUNDI FTSE 100 92 AMUNDI FTSE EPRA EUROPE REAL ESTATE 93 AMUNDI FTSE MIB 94 AMUNDI GLOBAL INFRASTRUCTURE 95 AMUNDI JPX-NIKKEI 400 96 AMUNDI MSCI BRAZIL 98 AMUNDI MSCI EM ASIA 99 AMUNDI MSCI EM LATIN AMERICA 101 AMUNDI MSCI EUROPE 102 AMUNDI MSCI EUROPE EX SWITZERLAND 104 AMUNDI MSCI EUROPE EX UK 105 AMUNDI MSCI EUROPE GROWTH 106 AMUNDI MSCI EUROPE HIGH DIVIDEND FACTOR 107
    [Show full text]
  • 2017 Annual Information Form
    2017 Annual Information Form MARCH 15, 2018 2 IGM FINANCIAL INC. > 2017 ANNUAL INFORMATION FORM FORWARD-LOOKING STATEMENTS Certain statements in this Annual Information Form and the documents incorporated A variety of factors, many of which are beyond the Corporation’s and its subsidiaries’ by reference, other than statements of historical fact, are forward-looking statements control, affect the operations, performance and results of the Corporation, and its based on certain assumptions and reflect IGM Financial’s and its subsidiaries’ current subsidiaries, and their businesses, and could cause actual results to differ materially expectations. Forward-looking statements are provided for the purposes of assisting from current expectations of estimated or anticipated events or results. These the reader in understanding the Corporation’s financial position and results of factors include, but are not limited to: the impact or unanticipated impact of general operations as at and for the periods ended on certain dates and to present information economic, political and market factors in North America and internationally, interest about management’s current expectations and plans relating to the future and and foreign exchange rates, global equity and capital markets, management of readers are cautioned that such statements may not be appropriate for other purposes. market liquidity and funding risks, changes in accounting policies and methods used These statements may include, without limitation, statements regarding the operations, to report
    [Show full text]