Floating rate debt

IA Clarington U.S. Dollar Floating Rate Income Fund

Fund information page

Floating rate debt
Series F - USD
as of
as of
$US Series F
$US FB
Series F 1888
Monthly, variable
as of September 30, 2024
0.99%
Low to Medium
December 31, 2015
as of November 30, 2024
$14.7 million

Investment goal

The fund seeks to provide unitholders with a stream of current monthly income in U.S. dollars by investing primarily in senior floating rate loans, other floating rate securities and debt obligations of investment grade and non-investment grade North American and global corporate issuers.

Key reasons to invest

Diversification benefit from floating rate loans, which tend to have low correlations with most traditional asset classes.

Aims for yield enhancement over investment grade bonds with minimal interest rate risk.

Focus on preservation of capital through rigorous credit research in selecting bank loans, which are typically senior in a company’s capital structure and secured by collateral.

USD exposure through U.S.-denominated holdings targeting regular, monthly USD income.

Portfolio manager(s)

Manager Photo Manager Details
Michael Klawitter, CFA, Loomis, Sayles & Company, L.P. Michael Klawitter
CFA
Portfolio Manager
Loomis, Sayles & Company, L.P.
Read Michael Klawitter's bio  
Manager Photo Manager Details
Heather Young, CFA, Loomis, Sayles & Company, L.P. Heather Young
CFA
Portfolio Manager
Loomis, Sayles & Company, L.P.
Read Heather Young's bio  

Disclaimers

Performance as of November 30, 2024

Fund performance (%)

1-month 3-month YTD 1-year 3-year 5-year 10-year Since
inception
Rate of
return		 1.0 2.0 1.0 1.5 1.4 1.8 — 3.0

Calendar year performance (%)

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Rate of
return		 5.6 -2.6 4.5 -0.6 8.5 2.1 3.2 5.4 — —

Value of $10,000 investment

Disclaimers

Portfolio as of November 30, 2024

Asset mix

Geographic allocation

Total number of investments

107

Portfolio characteristics

Credit rating

Fixed income

Top issuers

Disclaimers

Cash is included in the average credit quality.

The credit quality of debt instruments of the Fund through direct holdings and/or underlying funds. Credit ratings are obtained from DBRS, Standard & Poor's or Moody's. DBRS rating or equivalent is presented.

Cash and cash equivalents are excluded.

Excludes cash and other net assets and applicable investment funds not managed by IA Clarington Investments Inc.

Interest rate payments for the following securities in the fund are reset periodically: senior loan (term loans), CLO (Collateralized Loan Obligations), MBS (Mortgage-Backed Securities), and ABS (Asset-Backed Securities). As a result, in calculating the modified duration of the Fund, these securities are individually assigned a duration based on its interest rate reset frequency. A security is assigned a duration of 0.08 years if its interest payments are reset monthly, a duration of 0.25 years if reset quarterly, 0.5 if reset semi-annually, and 1 if reset annually.

Distributions as of November 30, 2024

Recent distributions

Payment date Frequency $/unit or share
Oct. 31, 2024 Monthly, variable 0.04227
Sep. 30, 2024 Monthly, variable 0.03528
Aug. 31, 2024 Monthly, variable 0.04831
Jul. 31, 2024 Monthly, variable 0.04679
Jun. 30, 2024 Monthly, variable 0.03770
May. 31, 2024 Monthly, variable 0.05128
Apr. 30, 2024 Monthly, variable 0.04459
Mar. 31, 2024 Monthly, variable 0.05368
Feb. 29, 2024 Monthly, variable 0.05947
Jan. 31, 2024 Monthly, variable 0.05341
Dec. 31, 2023 Monthly, variable 0.05593

Distribution tax factors

2023 2022 2021 2020 2019 2018 2017 2016
Canadian eligible dividends
($/unit or share)		 — — — — — — — —
Foreign income
($/unit or share)		 $0.642 $0.486 $0.404 $0.371 $0.465 $0.426 $0.307 $0.218
Capital gain
($/unit or share)		 — — — — $0.043 $0.001 — $0.018
Other income
($/unit or share)		 $0.008 $0.065 $0.016 — $0.092 $0.020 — —
Return of capital
($/unit or share)		 — $0.021 — — — — — —
Total distribution
($/unit or share)		 $0.650 $0.572 $0.420 $0.371 $0.600 $0.447 $0.307 $0.236
NAV Dec. 31
($/unit or share)		 $8.94 $9.10 $9.93 $9.91 $10.35 $10.10 $10.33 $10.31

There is no calendar year distribution tax factor data for this fund.

Disclaimers

Distribution data may not be shown for years in which the distribution amount was immaterial. For funds with a track record of less than 12 months, distribution data cannot be shown.

The distribution information presented is based on the calendar year-end, and is indicated in dollar per unit or share.

Historical

Historical prices

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End NAV:
Min. NAV:
Max. NAV:
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Disclaimers

Documents

Disclaimers

Periodically, specific securities in the Portfolio section may not be disclosed, as disclosure may impair the portfolio manager’s ability to transact the security, which may result in harm for the Fund and its unitholders. These are noted as "Undisclosed".

This fund is only eligible for non-registered accounts.

The NAV for IA Clarington U.S. Dollar Floating Rate Income Fund (the "U.S. Dollar Fund") is calculated in U.S. dollars. For this Fund, investments in non-U.S. based issuers (including Canadian issuers) may be purchased in currencies other than U.S. dollars. When these non-U.S. investments are purchased in a currency other than U.S. dollars, the value of the investment will be affected by the value of the U.S. dollar relative to the value of the other currency. If the U.S. dollar rises in value relative to the other currency but the value of the non-U.S. based investment otherwise remains constant, the value of the investment in U.S. dollars will have fallen. Similarly, if the value of the U.S. dollar has fallen relative to the other currency, the value of the U.S. Dollar Fund's investment will have increased.

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Series I

For institutional investors only. Not available for individual investors.

Series V

For institutional investors only. Not available for individual investors.

Series O

For institutional investors only. Not available for individual investors.

Series A

Front-end, low-load and deferred sales commission options (depending on Fund).

Series B

Available to investors in a front-end purchase option.

Series B5

Available to investors in a front-end purchase option. This is a payout series for investors seeking regular monthly distributions.

Series DA

Front-end series for lump-sum investments into the Dollar-Cost Averaging Service.

Series DF

Fee-based series for lump-sum investments into the Dollar-Cost Averaging Service.

Series E

Elite Pricing front-end series for qualifying investors.

Series E4

Elite Pricing front-end series for qualifying investors seeking regular monthly distributions.

Series E5

Elite Pricing front-end series for qualifying investors seeking regular monthly distributions.

Series E6

Elite Pricing front-end series for qualifying investors seeking regular monthly distributions.

Series E8

Elite Pricing front-end series for qualifying investors seeking regular monthly distributions.

Series EF

Elite Pricing fee-based series for qualifying investors participating in a fee-based program through their dealer. This series is closed to new investors.

Series EF4

Elite Pricing fee-based series for qualifying investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series EF5

Elite Pricing fee-based series for qualifying investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series EF6

Elite Pricing fee-based series for qualifying investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series EFX

Elite Pricing fee-based series for qualifying investors participating in a fee-based program through their dealer. This series is closed to new investors.

Series EFX6

Elite Pricing fee-based series for qualifying investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series ETF

TSX-listed ETF series.

Series EX

Elite Pricing front-end series for qualifying investors. This series is closed to new investors.

Series EX5

Elite Pricing front-end series for qualifying investors. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series EX6

Elite Pricing front-end series for qualifying investors. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series F

Fee-based series for investors participating in a fee-based program through their dealer.

Series F10

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions.

Series F4

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions.

Series F5

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions.

Series F6

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions.

Series F8

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions.

Series FX

Fee-based series for investors participating in a fee-based program through their dealer. This series is closed to new investors.

Series FX5

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series FX6

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series FX8

Fee-based series for investors participating in a fee-based program through their dealer. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series Guarantee A

For investors seeking a guaranteed investment option.

Series Guarantee B

For investors seeking a guaranteed investment option.

Series Guarantee C

For investors seeking a guaranteed investment option.

Series L

Advisor service charge series.

Series L10

Advisor service charge series. This is a payout series for investors seeking regular monthly distributions.

Series L4

Advisor service charge series. This is a payout series for investors seeking regular monthly distributions.

Series L5

Advisor service charge series. This is a payout series for investors seeking regular monthly distributions.

Series L6

Advisor service charge series. This is a payout series for investors seeking regular monthly distributions.

Series L8

Advisor service charge series. This is a payout series for investors seeking regular monthly distributions.

Series LM

Advisor service charge series for qualifying investors at offering dealers.

Series LX

Advisor service charge series for investors at offering dealers. This series is closed to new investors.

Series LX5

Advisor service charge series for investors at offering dealers. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series M

Front-end, low-load and deferred sales commission options for qualifying investors.

Series P

Unbundled fee option for qualifying investors at offering dealers. This series is closed to new investors.

Series P4

Unbundled fee option for qualifying investors at offering dealers. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series P5

Unbundled fee option for qualifying investors at offering dealers. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series P6

Unbundled fee option for qualifying investors at offering dealers. This is a payout series for investors seeking regular monthly distributions; it is closed to new investors.

Series T10

Front-end, low-load and deferred sales commission options. This is a payout series for investors seeking regular monthly distributions.

Series T4

Front-end, low-load and deferred sales commission options. This is a payout series for investors seeking regular monthly distributions.

Series T5

Front-end, low-load and deferred sales commission options. This is a payout series for investors seeking regular monthly distributions.

Series T6

Front-end, low-load and deferred sales commission options. This is a payout series for investors seeking regular monthly distributions.

Series T8

Front-end, low-load and deferred sales commission options. This is a payout series for investors seeking regular monthly distributions.

Series W

Available to investors who participate in qualifying dealer-sponsored fee-based programs.

Series X

Closed to new purchases.

Series X5

Closed to new purchases.

Series Y

Closed to new purchases.