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CIBC Alternative Credit Strategy Series A

Alternative Credit Focus

NAVPS
(04-17-2024)
$10.13
Change
$0.01 (0.11%)

As at March 31, 2024

As at March 31, 2024

Period
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Legend

CIBC Alternative Credit Strategy Series A

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Fund Returns

Inception Return (November 21, 2022): 8.28%

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 0.45% 2.15% 5.00% 2.15% 8.28% - - - - - - - - -
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% 1.92% 6.88% 3.42% 2.11% 5.50% - - - - - -
Category Rank 94 / 120 67 / 120 83 / 119 67 / 120 49 / 116 - - - - - - - - -
Quartile Ranking 4 3 3 3 2 - - - - - - - - -

Monthly Return

Monthly Return
Return % Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Fund 0.70% 0.50% 0.44% 0.38% 0.55% 0.50% 0.49% 1.41% 0.87% 0.67% 1.01% 0.45%
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

1.85% (January 2023)

Worst Monthly Return Since Inception

-0.27% (March 2023)

Calendar Return (%)

Calendar Return
Return % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund - - - - - - - - - 8.54%
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 - - - - - - - - - 1
Category Rank - - - - - - - - - 28/ 116

Best Calendar Return (Last 10 years)

8.54% (2023)

Worst Calendar Return (Last 10 years)

8.54% (2023)

Asset Allocation

Asset Allocation
Name Percent
Cash and Equivalents 67.43
Canadian Corporate Bonds 53.44
Canadian Bonds - Other 6.24
Foreign Government Bonds 0.05
Canadian Government Bonds -27.15
Other -0.01

Sector Allocation

Sector Allocation
Name Percent
Cash and Cash Equivalent 67.43
Fixed Income 32.57

Geographic Allocation

Geographic Allocation
Name Percent
North America 100.00

Top Holdings

Top Holdings
Name Percent
Canada Government 2.75% 01-Aug-2024 38.06
CAN 1 06/01/27 4.82% 01-Jun-2027 27.03
CANADIAN IMPERIAL BANK OF COMMERCE 4.90% 02-Apr-2027 5.53
NATIONAL BANK OF CANADA 4.98% 18-Mar-2027 5.51
Central 1 Credit Union 5.88% 10-Nov-2026 4.95
Saputo Inc 2.88% 19-Oct-2024 4.74
Pembina Pipeline Corp 3.54% 03-Nov-2024 4.70
Royal Bank of Canada 5.34% 23-Jun-2026 4.51
Toronto-Dominion Bank 5.42% 10-Jul-2026 4.51
Enbridge Inc 3.95% 19-Aug-2024 4.42

Equity Style

Equity style data not available

Fixed Income Style

Average Duration: S. Average Credit Quality: M.

Risk vs Return (3 Yr)

3 Yr Annualized

Standard Deviation - - -
Beta - - -
Alpha - - -
Rsquared - - -
Sharpe - - -
Sortino - - -
Treynor - - -
Tax Efficiency - - -
Volatility - - -

Risk Rating

Rating Not Available

Annualized Key Ratio Period Comparison

Key Ratio
Key Ratio 1 Yr 3 Yr 5 Yr 10 Yr
Standard Deviation - - - -
Beta - - - -
Alpha - - - -
Rsquared - - - -
Sharpe - - - -
Sortino - - - -
Treynor - - - -
Tax Efficiency - - - -

Fund Details

Start Date November 21, 2022
Instrument Type Mutual Fund (Alternative)
Share Class Commission Based Advice
Legal Status Trust
Sales Status Open
Currency CAD
Distribution Frequency Annual
Assets ($mil) -

Fund Codes

FundServ Code Load Code Sales Status
ATL5056

Investment Objectives

To provide a positive total net return over a full market cycle, regardless of general market direction, by investing primarily in long and short positions in North American corporate and government fixed-income securities. 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

To achieve its investment objectives, the Fund: will use both long and short positioning in a variety of corporate and government instruments. Strategies based on both fundamental credit and macroeconomic views of the Portfolio Advisor as well as systematic strategies may be used to generate positions in credit risk premiums using leverage. Other strategies may include long-short positions within an individual issuer’s debt capital structure.

Portfolio Manager(s)

Name Start Date
CIBC Asset Management Inc. 12-22-2022

Management and Organization

Fund Manager CIBC Asset Management Inc.
Advisor CIBC Asset Management Inc.
Custodian -
Registrar -
Distributor -
Auditor -

Investment Minimums

RSP Eligible Yes
PAC Allowed Yes
PAC Initial Investment 50
PAC Subsequent 50
SWP Allowed No
SWP Min Balance -
SWP Min Withdrawal -

Fees

MER -
Management Fee 1.20%
Load Front Fee Only
FE Max 5.00%
DSC Max -
Trailer Fee Max (FE) 0.50%
Trailer Fee Max (DSC) -
Trailer Fee Max (NL) -
Trailer Fee Max (LL) -

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