January 31, 2026
The Fund seeks to maximize income while preserving capital and maintaining liquidity by investing primarily in Canadian money market instruments such as treasury bills and short-term government and corporate debt.
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 and corporate bonds, as well as other debt securities issued in Canada and around the world.
- You're comfortable with a low level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| Domestic Bonds | 85.2 |
| Foreign Bonds | 8.9 |
| Cash and Equivalents | 5.7 |
| Canadian Equity | 0.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Canada | 90.1 |
| United States | 9.4 |
| France | 0.3 |
| Australia | 0.1 |
| Germany | 0.1 |
| Name | Percent |
|---|---|
| Fixed Income | 94.1 |
| Cash and Cash Equivalent | 5.7 |
| Financial Services | 0.1 |
| Utilities | 0.1 |
Growth of $10,000 (since inception)
For the period 06/17/2019 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $10,714
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Canada Government 3.25% 01-Jun-2035 | 9.7 |
| Ontario Province 3.95% 02-Dec-2035 | 3.9 |
| Canada Government 2.75% 01-Dec-2055 | 3.4 |
| Ontario Province 3.60% 02-Jun-2035 | 3.1 |
| Quebec Province 4.40% 01-Dec-2055 | 2.4 |
| Canada Government 2.75% 01-Sep-2030 | 2.2 |
| Ontario Province 4.60% 02-Dec-2055 | 1.8 |
| Canada Government 3.25% 01-Dec-2034 | 1.5 |
| Quebec Province 4.45% 01-Sep-2034 | 1.4 |
| TransCanada Trust 4.65% 18-May-2027 | 1.4 |
| Total allocation in top holdings | 30.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 4.89% |
| Dividend yield | 3.30% |
| Yield to maturity | 4.05% |
| Duration (years) | 7.28% |
| Coupon | 4.22% |
| Average credit rating | A+ |
| Average market cap (million) | $33,156.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.54 | 2.51 | 0.54 | 1.89 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 3.50 | -0.21 | - | 1.05 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 2.32 | 4.71 | 5.93 | -11.45 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -2.88 | 9.10 | - | - |
Range of returns over five years (July 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 0.80% | Dec 2024 | -0.90% | Jul 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 0.02% | 40 | 8 | 12 |
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 (GoC) 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 Enbridge Inc. (5.375%, 2077/09/27) contributed to performance as corporate bond spreads narrowed. Enbridge remains a core Fund holding given its predictable cash flows. Despite the subordinated nature of Enbridge’s debt security, the sub-advisor sees asset coverage and ample equity cushion. A holding in GoC (2.75%, 2055/12/01) bonds detracted from performance as longer-term yields increased.
At a sector level, exposure to corporate bonds contributed to the Fund’s performance. Exposure to government bonds detracted from the Fund’s performance.
Portfolio activity
A holding in Sunoco LP (4.375%, 2029/03/26) was added to the Fund to replace a holding in Parkland Corp. Sunoco is one of the largest independent fuel distributors in the Americas and a leading operator of energy infrastructure. The investment reflects the sub-advisor’s positive outlook for the credit following Sunoco’s announced acquisition of Parkland in a transaction valued at approximately US$9.1 billion. The Fund’s holding in Parkland (4.375%, 2029/03/26) was sold given the acquisition.
The Fund’s holding in Maya SAS (7.0%, 2032/04/15) was increased as the company benefits from a diversified service offering and market share growth. The sub-advisor has a positive view of the credit, supported by stable recurring revenues, improving credit metrics and competitive positioning. A holding in Cenovus Energy Inc. (3.5%, 2028/02/07) was reduced to help Fund rebalancing.
Summary
For the period 06/17/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
7.14%
Last price
$10.71 CAD
as of market close 01/31/2026
Value of $10,000 investment
$10,713.64 CAD
