Fulcra Credit Opportunities Fund
Performance
as of February 28, 2021
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception |
|---|---|---|---|---|---|---|---|---|
1M 2.49% | 3M 7.45% | 6M 13.24% | YTD 5.09% | 1Y 9.25% | 3Y 5.03% | 5Y 11.30% | 10Y 6.25% | Since Inception 7.52% |
*Returns are based on class B unit. Inception July 2009
*Net of fees and includes reinvested distributions
INVESTMENT OBJECTIVES & STRATEGY
The Fulcra Credit Opportunities Fund generates consistent absolute returns through investing in bonds, loans and other fixed income securities but may hold equity and other equity-like securities. The Fund’s investment objective is to generate superior long term, risk adjusted investment returns. Our preference for bonds stems from both their seniority in the capital structure and their term certainty. Equity like returns, without equity like risks.
Our size gives us a unique opportunity to be involved with companies underneath the radar and focus of many larger funds. We believe a fairly concentrated portfolio of companies provides the best long-term results. We are ratings agnostic, non-levered and currency hedged. We manage the portfolio to a consistently short duration to avoid the negative effects of interest rate fluctuations and since we are highly opportunistic, we are rarely fully invested, keeping cash or near cash for inevitable opportunities that arise from market dislocations, ratings events or merger and acquisition situations.
Downloads
| Fund Information | |
|---|---|
Fund Information Inception Date | July 1, 2009 |
Fund Information Minimum Investment | $150,000 |
Fund Information Distribution | DRIP Quarterly, Cash Optional |
Fund Information Subscription Options | FundSERV, Direct Investment |
Fund Information Offering Document | Offering Memorandum |
Fund Information RSP/TFSA Eligibility | Yes |
Fund Information Pricing/Redemption | Monthly |
Fund Information Lockup | No |
| Fund Class | A | B | C | D |
|---|---|---|---|---|
Fund Class FundSERV Code | A FAM 100 | B FAM 200 | C FAM 300 | D FAM 400
|
Fund Class Management Fee | A 1.5% | B 0.75% | C 1.5% | D 0.75% |
Fund Class Performance Fee | A - | B 15% | C - | D 15% |
Fund Class Hurdle Rate | A - | B 5% | C - | D 5% |
Fund Class High Water Mark | A - | B Yes | C - | D Yes |
Fund Class Advisor Trailer Fee | A - | B - | C Yes | D Yes |
| SERVICE PROVIDERS | |
|---|---|
SERVICE PROVIDERS Custodian | CIBC Mellon |
SERVICE PROVIDERS Prime Broker | BMO Capital Markets |
SERVICE PROVIDERS Auditor | KPMG LLP |
SERVICE PROVIDERS Valuation Administrator | SS&C CommonWealth |
CUMULATIVE RETURN SINCE INCEPTION (CLASS B UNIT)
STRATEGY BREAKDOWN
Quality Yield are short duration investment grade and “hard” yield to call high yield bonds.
Core investments are bonds with little interest rate risk and there is a definable asset that protects us in the unlikely situation that the cash flow generation capability of the business is compromised.
Event Driven bonds are associated with a company that is currently or prospectively pursuing an asset divestiture or merger/acquisition path.
Opportunistic Value bonds were, in most cases, purchased well below par and issued by a company that, in our opinion, can successfully recover from the situation that created the opportunity.
Deep Value bonds are those where the probability of bankruptcy or a consensual capital structure restructuring, and owning the pro forma equity, is reasonably high.
FULCRA CREDIT OPPORTUNITIES FUND VERSUS COMMON INDICES
| Fulcra Credit Opportunities Fund | Canadian Corporate Bond Index ETF | U.S. High Yield Bond Index ETF CAD-Hedged | S&P/TSX Composite Index ETF | U.S. Small Cap Index ETF CAD-Hedged | |
|---|---|---|---|---|---|
Fulcra Credit Opportunities Fund | Canadian Corporate Bond Index ETF (Ticker: XCB) | U.S. High Yield Bond Index ETF CAD-Hedged (Ticker: XHY) | S&P/TSX Composite Index ETF (Ticker: XIC) | U.S. Small Cap Index ETF CAD-Hedged (Ticker: XSU) | |
Fulcra Credit Opportunities Fund | Canadian Corporate Bond Index ETF 0.55 | U.S. High Yield Bond Index ETF CAD-Hedged 0.43 | S&P/TSX Composite Index ETF 0.30 | U.S. Small Cap Index ETF CAD-Hedged 0.16 | |
Fulcra Credit Opportunities Fund | Canadian Corporate Bond Index ETF 0.42
| U.S. High Yield Bond Index ETF CAD-Hedged 0.62 | S&P/TSX Composite Index ETF 0.61 | U.S. Small Cap Index ETF CAD-Hedged 0.54 | |
Fulcra Credit Opportunities Fund 5.87% | Canadian Corporate Bond Index ETF 4.55% | U.S. High Yield Bond Index ETF CAD-Hedged 8.64% | S&P/TSX Composite Index ETF 11.91% | U.S. Small Cap Index ETF CAD-Hedged 19.44% | |
Fulcra Credit Opportunities Fund 7.52% | Canadian Corporate Bond Index ETF 4.58% | U.S. High Yield Bond Index ETF CAD-Hedged 5.69% | S&P/TSX Composite Index ETF 7.89% | U.S. Small Cap Index ETF CAD-Hedged 13.57% | |
Fulcra Credit Opportunities Fund 1.06 | Canadian Corporate Bond Index ETF 0.74 | U.S. High Yield Bond Index ETF CAD-Hedged 0.54 | S&P/TSX Composite Index ETF 0.60 | U.S. Small Cap Index ETF CAD-Hedged 0.69 | |
Fulcra Credit Opportunities Fund 79.3% | Canadian Corporate Bond Index ETF 65.0% | U.S. High Yield Bond Index ETF CAD-Hedged 64.7% | S&P/TSX Composite Index ETF 64.3% | U.S. Small Cap Index ETF CAD-Hedged 66.4% | |
Fulcra Credit Opportunities Fund -13.73% | Canadian Corporate Bond Index ETF -7.61% | U.S. High Yield Bond Index ETF CAD-Hedged -17.05% | S&P/TSX Composite Index ETF -22.46% | U.S. Small Cap Index ETF CAD-Hedged -35.15% | |
Fulcra Credit Opportunities Fund 3 Months | Canadian Corporate Bond Index ETF 6 Months | U.S. High Yield Bond Index ETF CAD-Hedged 6 Months | S&P/TSX Composite Index ETF 25 Months | U.S. Small Cap Index ETF CAD-Hedged 16 Months | |
Fulcra Credit Opportunities Fund -13.46% | Canadian Corporate Bond Index ETF -7.41% | U.S. High Yield Bond Index ETF CAD-Hedged -14.84% | S&P/TSX Composite Index ETF -17.72% | U.S. Small Cap Index ETF CAD-Hedged -23.15% | |
Fulcra Credit Opportunities Fund 2.17 | Canadian Corporate Bond Index ETF 6.75 | U.S. High Yield Bond Index ETF CAD-Hedged 4.83 | S&P/TSX Composite Index ETF - | U.S. Small Cap Index ETF CAD-Hedged - | |
Fulcra Credit Opportunities Fund 7.39% | Canadian Corporate Bond Index ETF 2.78% | U.S. High Yield Bond Index ETF CAD-Hedged 4.79% | S&P/TSX Composite Index ETF 2.63% | U.S. Small Cap Index ETF CAD-Hedged 0.83% |