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CI Alternative Investment Grade Credit Fund (Series A units)

Alternative Credit Focus

FundGrade C Click for more information on Fundata’s FundGrade

FundGrade C

Click for more information on Fundata’s FundGrade.

NAVPS
(12-13-2024)
$9.70
Change
-$0.02 (-0.23%)

As at November 30, 2024

As at November 30, 2024

Period
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Legend

CI Alternative Investment Grade Credit Fund (Series A units)

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Fund Returns

Inception Return (November 07, 2018): 3.15%

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 1.40% 2.57% 4.64% 8.26% 9.53% 7.05% 3.18% 2.80% 3.01% 3.26% - - - -
Benchmark 1.51% 2.25% 8.10% 4.64% 8.22% 4.86% 0.01% -0.96% 0.66% 2.03% 1.69% 1.78% 1.96% 2.06%
Category Average 0.99% 2.35% 4.99% 7.74% 9.92% 7.52% 3.72% 3.70% 4.24% - - - - -
Category Rank 29 / 131 45 / 125 67 / 122 45 / 113 48 / 113 60 / 103 56 / 90 48 / 67 29 / 38 17 / 22 - - - -
Quartile Ranking 1 2 3 2 2 3 3 3 4 4 - - - -

Monthly Return

Monthly Return
Return % Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Fund 1.17% 1.32% 0.83% 0.53% -0.02% 0.76% 0.26% 1.11% 0.64% 0.88% 0.27% 1.40%
Benchmark 3.42% -1.36% -0.40% 0.48% -1.95% 0.00% 2.98% 2.14% 0.52% 1.82% -1.07% 1.51%

Best Monthly Return Since Inception

2.89% (June 2020)

Worst Monthly Return Since Inception

-9.00% (March 2020)

Calendar Return (%)

Calendar Return
Return % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund - - - - - 5.16% 4.36% 0.84% -4.04% 5.52%
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 3 3
Category Rank - - - - - 14/ 22 31/ 39 59/ 67 54/ 90 79/ 108

Best Calendar Return (Last 10 years)

5.52% (2023)

Worst Calendar Return (Last 10 years)

-4.04% (2022)

Asset Allocation

Asset Allocation
Name Percent
Canadian Corporate Bonds 182.72
Foreign Corporate Bonds 48.13
Cash and Equivalents 30.22
Mortgages -0.01
Canadian Bonds - Other -0.01
Other -161.05

Sector Allocation

Sector Allocation
Name Percent
Fixed Income 70.03
Cash and Cash Equivalent 30.22
Other -0.25

Geographic Allocation

Geographic Allocation
Name Percent
North America 95.07
Europe 3.94
Asia 1.04
Other -0.05

Top Holdings

Top Holdings
Name Percent
Pacific Life Global Funding II 4.18% 01-Feb-2027 8.85
Canadian Imperial Bank Commrce 4.52% 15-Jul-2026 8.11
ENBRIDGE INC D CDS DISCOUNT NOTE 8.07
Royal Bank of Canada 4.04% 12-Nov-2025 6.62
Bank of Nova Scotia 4.34% 04-Aug-2026 6.01
Cenovus Energy Inc 3.50% 07-Feb-2028 5.26
Air Lease Corp 5.40% 01-Jan-2025 4.59
Chartwell Retirement Residencs 4.21% 28-Apr-2025 4.53
WSP Global Inc 5.55% 22-Nov-2030 4.44
Bell Canada 2.90% 10-Jun-2029 4.23

Equity Style

Equity style data not available

Fixed Income Style

Fixed income style data not available
Period: 

Risk vs Return (3 Yr)

CI Alternative Investment Grade Credit Fund (Series A units)

Median

Other - Alternative Credit Focus

3 Yr Annualized

Standard Deviation 2.42% 4.99% -
Beta 0.21% 0.33% -
Alpha 0.03% 0.03% -
Rsquared 0.39% 0.18% -
Sharpe -0.16% 0.16% -
Sortino 0.09% 0.02% -
Treynor -0.02% 0.02% -
Tax Efficiency 32.24% 42.74% -
Volatility Volatility rating is 1 on a scale of 1 to 10 Volatility rating is 1 on a scale of 1 to 10 -

Risk Rating

Rating 1 out of ten

Annualized Key Ratio Period Comparison

Key Ratio
Key Ratio 1 Yr 3 Yr 5 Yr 10 Yr
Standard Deviation 1.55% 2.42% 4.99% -
Beta 0.09% 0.21% 0.33% -
Alpha 0.08% 0.03% 0.03% -
Rsquared 0.12% 0.39% 0.18% -
Sharpe 2.99% -0.16% 0.16% -
Sortino - 0.09% 0.02% -
Treynor 0.52% -0.02% 0.02% -
Tax Efficiency 86.93% 32.24% 42.74% -

Fund Details

Start Date November 07, 2018
Instrument Type Mutual Fund (Alternative)
Share Class Commission Based Advice
Legal Status Trust
Sales Status Open
Currency CAD
Distribution Frequency Monthly
Assets ($mil) $697

Fund Codes

FundServ Code Load Code Sales Status
CIG2190
CIG3090
CIG3190

Investment Objectives

The fund seeks to generate consistent positive total returns with an emphasis on capital preservation and low correlation to traditional equity and fixed income markets. The fund will be primarily invested in the investment grade debt of corporations and financial institutions in the developed world. The fund will use leverage. The leverage will be created through the use of cash borrowings, short sales and derivative contracts.

Investment Strategy

The portfolio adviser will purchase and manage a core portfolio of primarily investment grade debt, the selection of which will be based on sound fundamental principles and technical market conditions. The investment will be allocated across a large number of issuers in multiple industry sectors and geographical locations in all parts of the capital structure and maturity profile.

Portfolio Manager(s)

Name Start Date
Jason Goddard 11-02-2021
CI Global Asset Management 05-05-2022

Management and Organization

Fund Manager CI Global Asset Management
Advisor CI Global Asset Management
Custodian CIBC Mellon Trust Company
Registrar CI Global Asset Management
Distributor -
Auditor Ernst & Young LLP

Investment Minimums

RSP Eligible Yes
PAC Allowed Yes
PAC Initial Investment 25
PAC Subsequent 25
SWP Allowed Yes
SWP Min Balance 5,000
SWP Min Withdrawal 50

Fees

MER 2.28%
Management Fee 1.30%
Load Choice of Front or No Load
FE Max 5.00%
DSC Max -
Trailer Fee Max (FE) -
Trailer Fee Max (DSC) -
Trailer Fee Max (NL) -
Trailer Fee Max (LL) -

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