Lorica Canadian Fixed Income Fund
INVESTMENT STRATEGY
An actively managed core fixed income strategy investing in government and investment grade corporate bonds. The investment strategy includes: duration and yield curve management; and sector, industry, issuer and individual security selection; with an emphasis on duration and credit risk management.
MANAGERS
Gary Morris, CFA
President, Lorica Investment Counsel Inc.
Thomas Gomes, CPA, CFA
Portfolio Manager, Lorica Investment Counsel Inc.
T. 647.776.8111
Email. info@loricaic.com
Fund Details (as at March 31, 2020)
| Asset Class | Fixed Income |
| Minimum Initial purchase | $500; $25 subsequent purchases |
| Eligibility | RRSP/RRIF/TFSA |
| Inception | December 1, 2014 |
| Risk Rating | Low |
| Lorica Canadian Fixed Income Fund | FTSE Canada Universe Bond Index | |
| Yield to Maturity | 2.73% | 1.92% |
| Average Term | 7.90 yrs | 10.74 yrs |
| Modified Duration | 6.24 yrs | 7.92 yrs |
| Coupon | 3.18% | 3.23% |
| Credit Rating (%)* | ||
| AAA | 5.78 | 39.33 |
| AA | 40.101 | 36.16 |
| A | 33.85 | 13.70 |
| BBB | 20.26 | 10.82 |
Asset Mix
%
Provincial
%
Corporate
%
CASH
Top 10 Holdings
| % of assets | ||
| 1. | Province of Ontario 4.6% 6-2-2039 | 8.49 |
| 2. | Province of Ontario 2.7% 6-2-2029 | 5.49 |
| 3. | TransCanada PipeLines 3.7% 7-19-2023 | 5.22 |
| 4. | Enbridge Gas Inc 2.9% 4-1-2030 | 5.21 |
| 5. | Nissan Canada Fin Services 2.6% 3-5-20 | 5.03 |
| 6. | Federation des Caisses Desjardins du Quebec 2.4% 10-4-2024 | 4.56 |
| 7. | Bell Canada 3.0% 10-3-2022 | 4.43 |
| 8. | Sun Life Financial Inc 3.1% 9-19-2023 | 4.17 |
| 9. | Telus Corp 3.6% 01-26-2021 | 4.13 |
| 10. | Sun Life Financial Inc 2.8% 11-23-2022 | 4.10 |
Historical Performance (net of fees)
| Annualized Returns | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | Since Inception |
| Lorica Canadian Fixed Income Fund | 3.84 | 2.90 | 1.47 | 1.65 | 1.44 | 2.15 |
| FTSE Canada Universe Bond Index | 4.46 | 4.86 | 3.68 | 3.13 | 2.66 | 3.42 |
| Annual Returns | 2019 | 2018 | 2017 | 2016 | 2015 |
| Lorica Canadian Fixed Income Fund | 8.20 | -2.29 | 0.53 | 1.76 | 3.60 |
| FTSE Canada Universe Bond Index | 6.87 | 1.41 | 2.52 | 1.66 | 3.52 |
Source: FTSE Russell & Lorica Investment Counsel Inc., as at March 31, 2020.
All Index references refer to the FTSE Canada Universe Bond Indices and their sub-indices, unless otherwise stated.
*Refers to DBRS, S&P, Moody’s
Fund Documents
PRESS RELEASE: Termination of the Lorica Canadian Fixed Income Fund EN: 
Important Notice To the unitholders regarding the 2020 interim financial statement EN:
Quarterly Commentary Q1-2020 EN:
Annual Information Form EN: FR:
Quarterly Portfolio Disclosure – Q1 2020 EN:
Independent Review Committee Report EN:
Annual Financial Statements EN: FR:
Lorica Canadian Fixed Income Fund
INVESTMENT STRATEGY
An actively managed core fixed income strategy investing in government and investment grade corporate bonds. The investment strategy includes: duration and yield curve management; and sector, industry, issuer and individual security selection; with an emphasis on duration and credit risk management.
MANAGERS
Gary Morris, CFA
President, Lorica Investment Counsel Inc.
Thomas Gomes, CPA, CFA
Portfolio Manager, Lorica Investment Counsel Inc.
T. 647.776.8111
Email. info@loricaic.com
Fund Details (as at December 31, 2019)
| Asset Class | Fixed Income |
| Minimum Initial purchase | $500; $25 subsequent purchases |
| Eligibility | RRSP/RRIF/TFSA |
| Inception | December 1, 2014 |
| Risk Rating | Low |
| Lorica Canadian Fixed Income Fund | FTSE Canada Universe Bond Index | |
| Yield to Maturity | 2.53% | 2.28% |
| Average Term | 8.22 yrs | 10.85 yrs |
| Modified Duration | 6.50 yrs | 7.99 yrs |
| Coupon | 3.25% | 3.27% |
| Credit Rating (%)* | ||
| AAA | 4.66 | 38.18 |
| AA | 41.31 | 36.05 |
| A | 35.82 | 14.31 |
| BBB | 18.21 | 11.46 |
Asset Mix
%
Provincial
%
Corporate
%
CASH
Top 10 Holdings
| % of assets | ||
| 1. | Province of Ontario 4.6% Jun-2-2039 | 8.67 |
| 2. | TransCanada PipeLines 3.7% Jul-19-2023 | 5.57 |
| 3. | Province of Ontario 2.7% Jun-2-2029 | 5.45 |
| 4. | Nissan Canada Fin Services 2.6% Mar-5-2021 | 5.32 |
| 5. | Telus Corp. 3.2% Feb-19-2030 | 5.26 |
| 6. | Federation des Caisses Desjardins du Quebec 2.4% Oct-4-2024 | 4.74 |
| 7. | Bell Canada 3.0% Oct-3-2022 | 4.59 |
| 8. | Sun Life Financial Inc 3.1% Sep-19-2023 | 4.44 |
| 9. | Telus Corp 3.6% Jan-26-2021 | 4.34 |
| 10. | Jun Life Financial Inc 2.8% Nov-23-2022 | 4.26 |
Historical Performance (net of fees)
| Annualized Returns | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | Since Inception |
| Lorica Canadian Fixed Income Fund | 8.20 | 2.82 | 2.05 | 1.98 | 2.30 | 2.36 |
| FTSE Canada Universe Bond Index | 6.87 | 4.10 | 3.57 | 3.09 | 3.18 | 3.27 |
| Annual Returns | 2019 | 2018 | 2017 | 2016 | 2015 |
| Lorica Canadian Fixed Income Fund** | 8.20 | -2.29 | 0.53 | 1.76 | 3.60 |
| FTSE Canada Universe Bond Index | 6.87 | 1.41 | 2.52 | 1.66 | 3.52 |
Source: FTSE Russell & Lorica Investment Counsel Inc., as at December 31, 2019.
All Index references refer to the FTSE Canada Universe Bond Indices and their sub-indices, unless otherwise stated.
*Refers to DBRS, S&P, Moody’s