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Alternative Credit Focus

FundGrade E Click for more information on Fundata’s FundGrade

FundGrade E

Click for more information on Fundata’s FundGrade.

NAVPS
(04-11-2024)
$8.29
Change
-$0.03 (-0.34%)

As at March 31, 2024

As at January 31, 2024

Period
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Legend

Mackenzie Credit Absolute Return Fund Series A

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Fund Returns

Inception Return (February 26, 2019): -0.15%

Fund Returns
Row Heading Return Annualized Return
1 Mth 3 Mth 6 Mth YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr
Fund 0.66% 0.37% -1.05% 0.69% 2.58% -0.91% -2.96% -0.29% -0.34% - - - - -
Benchmark 0.48% -1.28% 6.84% -1.28% 1.93% -0.14% -1.50% -0.83% 0.22% 1.02% 1.12% 1.15% 1.09% 2.01%
Category Average 0.82% 6.16% 6.16% 1.93% 6.88% 3.42% 2.11% 5.50% - - - - - -
Category Rank 63 / 120 102 / 120 50 / 119 102 / 120 103 / 116 94 / 102 75 / 75 51 / 52 33 / 33 - - - - -
Quartile Ranking 3 4 2 4 4 4 4 4 4 - - - - -

Monthly Return

Monthly Return
Return % Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Fund -0.23% -1.57% -0.38% 0.27% -0.01% -1.56% -1.05% 3.80% 2.74% 0.37% -0.34% 0.66%
Benchmark 0.90% -1.62% -0.04% -1.08% -0.19% -2.62% 0.43% 4.21% 3.42% -1.36% -0.40% 0.48%

Best Monthly Return Since Inception

3.80% (November 2023)

Worst Monthly Return Since Inception

-3.78% (September 2022)

Calendar Return (%)

Calendar Return
Return % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund - - - - - - 7.07% -1.30% -11.49% 3.55%
Benchmark 9.10% 3.57% 1.54% 2.70% 1.29% 6.97% 8.61% -2.71% -11.46% 6.38%
Category Average - - - - - - 7.20% 3.25% -4.07% 7.22%
Quartile Ranking - - - - - - 3 4 4 4
Category Rank - - - - - - 25/ 47 73/ 75 87/ 98 112/ 116

Best Calendar Return (Last 10 years)

7.07% (2020)

Worst Calendar Return (Last 10 years)

-11.49% (2022)

Asset Allocation

Asset Allocation
Name Percent
Foreign Corporate Bonds 41.16
Cash and Equivalents 31.14
Canadian Corporate Bonds 23.36
Foreign Bonds - Other 2.64
Foreign Government Bonds 0.91
Other 0.79

Sector Allocation

Sector Allocation
Name Percent
Fixed Income 67.38
Cash and Cash Equivalent 31.13
Consumer Services 0.76
Consumer Goods 0.33
Utilities 0.27
Other 0.13

Geographic Allocation

Geographic Allocation
Name Percent
North America 97.46
Europe 1.64
Latin America 0.89
Asia -0.07
Other 0.08

Top Holdings

Top Holdings
Name Percent
Cash and Cash Equivalents 26.30
Northleaf Private Credit II LP MI 15 1.99
Enbridge Inc 5.38% 27-Sep-2027 1.98
Toronto-Dominion Bank 5.65% 31-Jan-2025 1.69
Morgan Stanley 3.00% 07-Feb-2024 1.50
Gray Escrow II Inc 5.38% 15-Nov-2031 1.48
Inter Pipeline Ltd 6.63% 19-Nov-2079 1.08
United States Treasury 0.50% 15-Apr-2024 1.07
Secure Energy Services Inc 7.25% 30-Dec-2026 1.01
Pembina Pipeline Corp 4.80% 25-Jan-2081 1.01

Equity Style

Equity style data not available

Fixed Income Style

Average Duration: S. Average Credit Quality: .
Period: 

Risk vs Return (3 Yr)

Mackenzie Credit Absolute Return Fund Series A

Median

Other - Alternative Credit Focus

3 Yr Annualized

Standard Deviation 5.46% 5.04% -
Beta 0.63% 0.56% -
Alpha -0.02% 0.00% -
Rsquared 0.59% 0.48% -
Sharpe -1.00% -0.43% -
Sortino -1.27% -0.83% -
Treynor -0.09% -0.04% -
Tax Efficiency - - -
Volatility Volatility rating is 2 on a scale of 1 to 10 Volatility rating is 1 on a scale of 1 to 10 -

Risk Rating

Rating 2 out of ten

Annualized Key Ratio Period Comparison

Key Ratio
Key Ratio 1 Yr 3 Yr 5 Yr 10 Yr
Standard Deviation 5.56% 5.46% 5.04% -
Beta 0.71% 0.63% 0.56% -
Alpha 0.01% -0.02% 0.00% -
Rsquared 0.77% 0.59% 0.48% -
Sharpe -0.37% -1.00% -0.43% -
Sortino -0.10% -1.27% -0.83% -
Treynor -0.03% -0.09% -0.04% -
Tax Efficiency 67.13% - - -

Fund Details

Start Date February 26, 2019
Instrument Type Mutual Fund (Alternative)
Share Class Commission Based Advice
Legal Status Trust
Sales Status Open
Currency CAD
Distribution Frequency Quarterly
Assets ($mil) $96

Fund Codes

FundServ Code Load Code Sales Status
MFC5960

Investment Objectives

The Fund seeks to provide a positive total return over a market cycle, regardless of general market direction, by investing long and short positions in corporate and government fixed-income securities and instruments of issuers anywhere in the world. The Fund may engage in physical short sales, borrowing and/or derivatives for investment purposes. The Fund’s aggregate exposure shall not exceed limits on the use of gross exposure or as otherwise permitted under applicable securities legislation.

Investment Strategy

The Credit Absolute Return Strategy is a global, flexible, actively managed approach which seeks to add value through investments across multiple geographic sectors, and parts of the corporate capital structure. It may use a variety of fundamentally driven and systematically driven investment strategies. The investment strategies include both long and short positioning in a variety of corporate and government credit instruments.

Portfolio Manager(s)

Name Start Date
Movin Mokbel 02-20-2020
Felix Wong 02-20-2020
Dan Cooper 02-20-2020
Konstantin Boehmer 02-20-2020
Steve Locke 02-20-2020

Management and Organization

Fund Manager Mackenzie Financial Corporation
Advisor Mackenzie Financial Corporation
Custodian Canadian Imperial Bank of Commerce
Registrar Mackenzie Financial Corporation
Distributor -
Auditor Deloitte LLP

Investment Minimums

RSP Eligible Yes
PAC Allowed Yes
PAC Initial Investment 50
PAC Subsequent 50
SWP Allowed Yes
SWP Min Balance 5,000
SWP Min Withdrawal 100

Fees

MER 1.75%
Management Fee 1.35%
Load Front Fee Only
FE Max 0.00%
DSC Max -
LL Max -
Trailer Fee Max (FE) 0.50%
Trailer Fee Max (DSC) -
Trailer Fee Max (NL) -
Trailer Fee Max (LL) -

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