January 31, 2026
The Fund aims to generate income by investing primarily in a diversified portfolio of fixed-income securities issued by companies or governments of any size, anywhere in the world.
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 |
|---|---|
| Foreign Bonds | 77.0 |
| Cash and Equivalents | 14.5 |
| Domestic Bonds | 8.4 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| United States | 42.9 |
| Canada | 22.6 |
| Multi-National | 5.5 |
| Brazil | 5.3 |
| United Kingdom | 4.5 |
| Belgium | 4.3 |
| Germany | 3.0 |
| Colombia | 2.9 |
| Japan | 1.6 |
| Other | 7.4 |
| Name | Percent |
|---|---|
| Fixed Income | 85.5 |
| Cash and Cash Equivalent | 14.5 |
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 $9,994
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 13.9 |
| United States Treasury 3.88% 15-Aug-2034 | 6.6 |
| United States Treasury 3.50% 15-Feb-2033 | 6.0 |
| United Kingdom Government 3.75% 29-Jan-2038 | 5.5 |
| United States Treasury 4.25% 15-Aug-2035 | 4.3 |
| United States Treasury 3.88% 15-Aug-2033 | 3.9 |
| Brazil Government 10.00% 01-Jan-2027 | 3.8 |
| United States Treasury 4.63% 15-Feb-2055 | 3.6 |
| Belgium Government 2.85% 22-Oct-2034 | 3.5 |
| United Kingdom Government 0.88% 31-Jul-2033 | 3.4 |
| Total allocation in top holdings | 54.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 4.35% |
| Dividend yield | 5.61% |
| Yield to maturity | 4.76% |
| Duration (years) | 7.40% |
| Coupon | 4.13% |
| Average credit rating | AA- |
| Average market cap (million) | $20,401.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.12 | 1.87 | 0.12 | 2.26 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 1.82 | -0.63 | - | -0.01 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 2.48 | 1.03 | 4.39 | -9.31 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -2.08 | 4.97 | - | - |
Range of returns over five years (July 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 0.25% | Sep 2024 | -1.25% | Jul 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| -0.56% | 10 | 2 | 18 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global economy remained resilient in the fourth quarter despite policy uncertainty and the effects of the prolonged U.S. government shutdown. Investor sentiment improved as inflation eased across major regions and expectations grew for continued monetary and fiscal policy support into 2026. Non?U.S. markets benefited from a weaker U.S. dollar and improving valuations, while Asia and Europe saw stronger earnings momentum.
Central banks maintained or extended easing cycles. The U.S. Federal Reserve Board delivered additional rate cuts in October and December, while other major policymakers signaled that accommodative policy conditions will persist. These measures helped sustain risk appetite even as global manufacturing remained soft.
Global fixed income markets delivered modest gains in the fourth quarter as easing inflation and renewed policy support in major economies improved the backdrop for high?quality bonds. Government bonds in developed markets were supported by easing policies. Investment?grade corporate bonds outperformed government bonds in several regions as credit spreads tightened and earnings remained resilient. High?yield bonds also advanced. Credit spreads remained tight across most global markets, consistent with low default expectations and a gradually improving macroeconomic outlook.
Performance
Relative exposure to Government of South Africa (9%, 2040/01/31) contributed to the Fund’s performance. South Africa saw strong momentum relative to its peers. Exposure to Government of Brazil (10%, 2027/01/01) detracted from performance. Brazilian local?currency bonds fell as investors reassessed the pace and magnitude of monetary policy easing amid ongoing fiscal uncertainty and volatility in interest rates globally.
At a sector level, exposure to South African government bonds contributed to the Fund’s performance. Exposure to Brazilian government bonds detracted from performance.
Portfolio activity
A holding in Sunoco LP (3.875%, 2026/06/16) 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 (3.875%, 2026/06/16) bonds was sold given the acquisition.
A Fund holding in Government of South Africa (9%, 2040/01/31) bonds was reduced to take profits.
Summary
For the period 06/17/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
-0.06%
Last price
$9.99 CAD
as of market close 01/31/2026
Value of $10,000 investment
$9,993.71 CAD
