January 31, 2026
A Canadian fund seeking interest income and growth potential while also trying to reduce volatility by investing in shorter-term bonds.
Is this fund right for you?
- You want to protect your money from inflation while also protecting it from large swings in the market.
- You want to invest in government or government-guaranteed instruments with credit ratings of A or higher.
- You're comfortable with a low level of risk.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| Domestic Bonds | 97.2 |
| Cash and Equivalents | 2.8 |
| Name | Percent |
|---|---|
| Canada | 100.0 |
| Name | Percent |
|---|---|
| Fixed Income | 97.2 |
| Cash and Cash Equivalent | 2.8 |
Growth of $10,000 (since inception)
For the period 06/05/2006 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $12,120
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Canada Housing Trust No 1 3.10% 15-Jun-2028 | 26.9 |
| Ontario Province 3.60% 02-Jun-2035 | 17.6 |
| Canada Housing Trust No 1 1.90% 15-Sep-2026 | 16.7 |
| Canada Housing Trust No 1 2.90% 15-Dec-2029 | 11.4 |
| Canada Government 4.00% 01-Mar-2029 | 5.1 |
| Alberta Province 2.05% 01-Jun-2030 | 4.8 |
| Ontario Province 3.60% 08-Mar-2028 | 3.7 |
| Canada Government 3.25% 01-Dec-2034 | 3.6 |
| PSP Capital Inc. 2.60% 29-Feb-2032 | 3.3 |
| Quebec Province 2.75% 01-Sep-2027 | 2.1 |
| Total allocation in top holdings | 95.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 2.63% |
| Dividend yield | - |
| Yield to maturity | 2.85% |
| Duration (years) | 3.48% |
| Coupon | 2.96% |
| Average credit rating | AA |
| Average market cap (million) | - |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.29 | 1.22 | 0.29 | 1.00 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 2.35 | 0.15 | 0.10 | 0.98 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 1.54 | 2.62 | 3.71 | -4.58 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -2.76 | 3.77 | 0.68 | -0.12 |
Range of returns over five years (July 01, 2006 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 3.31% | May 2012 | -0.95% | May 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 0.48% | 52 | 91 | 85 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy showed signs of strain in the fourth quarter as U.S. tariffs and weakening trade flows continued to pressure manufacturing and export?oriented sectors. Business confidence softened, and labour?market momentum faded, although household spending remained stable heading into year?end.
The Bank of Canada held its policy rate at 2.25% in December following its 25-basis-point rate cut in October, citing moderating inflation and persistent economic uncertainty. Canada’s unemployment rate rose to 6.8% in December, as labour?force growth outpaced hiring and trade?sensitive industries showed renewed weakness.
The Canadian fixed income market delivered modest gains in the fourth quarter given easing inflation and a stable policy stance towards the end of the quarter. The yield on the 10-year Government of Canada bond ended December at 3.43%, up from 3.18% at the beginning of the quarter. Government bond prices moved lower and underperformed corporate bonds, which gained. High?yield bonds also rose, supported by the late?year rally in equities and investor demand for carry in a lower?rate environment.
Performance
Relative exposure to Canada Housing Trust No. 1 (1.9%, 2026/09/15) bonds contributed to the Fund’s performance. Backed by insured residential mortgage assets, the bond is generally viewed as a defensive holding. A holding in Province of Alberta (2.05%, 2030/06/01) bonds detracted from performance. Provincial returns fell as yields rose.
At a sector level, short-term federal bond exposure contributed to the Fund’s performance. Exposure to provincial bonds detracted from the Fund’s performance.
Portfolio activity
The Fund’s holding in Canada Housing Trust No. 1 (1.95%, 2025/12/15) bonds was sold as the bond reached its maturity date. The sub-advisor reduced a holding in Canada Housing Trust No. 1 (1.9%, 2026/09/15) bonds because of Fund flow management, with proceeds going to meet liquidity needs.
Summary
For the period 06/05/2006 through 01/31/2026 with $10,000 CAD investment
Total returns performance
21.20%
Last price
$12.12 CAD
as of market close 01/31/2026
Value of $10,000 investment
$12,120.04 CAD
