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Russell Fixed Income Pool
Series A Units
Goal
To provide effective diversification against equities and a stable level of cashflow by investing principally in Canadian fixed income securities.
Target Allocation
(Actual manager allocation may vary)
| Style |
|
Weight |
|
Manager |
| |
|
|
|
|
| Duration Constrained |
|
50% |
|
Beutel, Goodman & Company |
| Active Yield |
|
25% |
|
Canso Investment Counsel Ltd. |
| Global |
|
25% |
|
Pacific Investment Management Co. |
Investment Performance
| 31-May-09 |
|
3 mths |
|
YTD |
|
1 yr. |
|
3 yrs. |
|
5 yrs. |
|
10 yrs. |
|
Incep.* |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series A |
|
4.17 |
|
2.96 |
|
4.56 |
|
4.70 |
|
4.59 |
|
5.16 |
|
5.67 |
| Number of Holdings |
371 |
| as of March 31, 2009 |
|
| Total Pool Assets: |
$916 million |
| as of March 31, 2009 |
|
Summary of Investment Portfolio
| Top 25 Holdings |
|
% of net asset value of the Pool |
| As at March 31, 2009 |
|
|
| |
|
|
| Long Positions* |
|
|
| Canada Housing Trust No. 1- 3.550%- Sept 15, 2010 |
|
5.0 |
| Canada Housing Trust No. 1- 3.7500%- Mar 15, 2010 |
|
4.0 |
| Province of Ontario- 4.700%- Jun 02, 2037 |
|
3.0 |
| Province of Ontario- 4.400%- March 08, 2016 |
|
2.8 |
| Province of Ontario- 8.100%- Sept 08, 2023 |
|
2.7 |
| Province of British Columbia- 4.700%- Jun 18, 2037 |
|
2.5 |
| Province of British Columbia- 8.500%- Aug 23, 2013 |
|
2.3 |
| Province of Ontario- 5.000%- March 08, 2014 |
|
2.3 |
| TransCanada Pipelines Ltd-8.050% Feb 17, 2039 |
|
2.0 |
| Canada Housing Trust No. 1- 4.100%- Dec 15, 2018 |
|
1.9 |
| Japan Treasury-1.400%- Jun 10, 2018 |
|
1.8 |
| Province of Ontario- 4.750%- Jun 02, 2013 |
|
1.7 |
| Province of Quebec- 5.000%- Dec 01, 2038 |
|
1.7 |
| Ontario Hydro 10.000%-Oct 17, 2014 |
|
1.6 |
| Canada Housing Trust No. 1- 2.200%- Mar 15, 2014 |
|
1.6 |
| Fannie Mae-6.000%- Oct 01, 2038 |
|
1.4 |
| Government of Canada, Series 'MR14', Zero Coupon- Mar 15, 2014 |
|
1.4 |
| Federal Home Loan Mortgage Corp. Discount Note |
|
1.3 |
| Commonwealth Bank of Australia, Variable Rate- 4.390%- Nov 29, 2015 |
|
1.3 |
| Province of Ontario, Zero Coupon- Jun 02, 2013 |
|
1.3 |
| Province of Quebec- 4.5000%- Dec 01, 2018 |
|
1.1 |
| Enbridge Gas Distribution Inc., Callable- 5.570%- Jan 29, 2014 |
|
1.0 |
| BCIMC Realty Corp.-5.650% Jan 05, 2018 |
|
0.8 |
| Altagas Income Trust-7.420% April 29, 2014 |
|
0.8 |
| Government of Canada-3.500%- Jun 01, 2013 |
|
0.8 |
| |
|
|
| Short Positions** |
|
|
| Japan Government 1.300% Dec 20, 2018 |
|
-2.3 |
| |
|
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| Net Asset Value (thousands of dollars) |
|
$915,596 |
| |
|
|
| * Long positions represent 97.7% of the Pool's Net Asset Value |
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| **Short positions represent 2.3% of the Pool's Net Asset Value |
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Note: The statement of investment portfolio may change due to ongoing portfolio transactions of the Portfolio. This list will be updated within 60 days of each quarter end and is available on our website- www.russell.com/ca.
| Sector Weights |
|
% of net asset value of the Pool |
| As at March 31, 2009 |
|
|
| Corporate |
|
34.5 |
| Provincial |
|
33.7 |
| Federal |
|
27.6 |
| Foreign |
|
8.6 |
Each Pool in the Russell Sovereign Investment Program® (other than Russell
Diversified Monthly Income Portfolio and Russell Retirement Essentials Portfolio)
offers Series A, B, E, F and O units. The Russell Diversified Monthly Income
Portfolio has E-5 and E-7, I-5, I-7, F-5 and F-7 units. The Russell Retirement
Essentials Portfolio has E-5, E-6, E-7, I-5, I-6, I-7, F-5, F-6 and F-7. The
returns of each series of units may differ as a result of varying fees and expenses.
Series A and B units have the same management fee. Your adviser is paid a trailer
fee as compensation for providing services to you. Series F units are sold only
to investors enrolled in a fee-for-service or wrap program and these units have
a reduced management fee and do not pay trailer fees to the adviser. Instead
each investor negotiates a separate, ongoing fee that is paid directly to their
adviser and is based on the market value of the investors' assets. Series O units
are only available from Russell Investments Canada Limited and are generally
not sold to the public. They are intended to be used in fund of fund arrangements
and other wrap programs sponsored by us. They are also available to large institutional
investors or other accounts as we may determine from time to time on a case-by-case
basis. No management fees are charged to the Pools with respect to the Series
O units. Instead, each Series O investor negotiates a separate fee that is paid
directly by the investor. Series E units targets large investors and as such,
have a higher minimum investment and a lower trailer and management fee. For
more information about our Pools please see Legal Information.
Series A units of Russell Canadian Equity Pool, Russell US Equity Pool, Russell
Overseas Equity Pool and Russell Canadian Fixed Income Pool have been available
since January 1993. The Emerging Markets Equity Series A units have been available
since June 1997 and the Global Equity and Money Market Series A units have been
available since April 1998. With the exception of Russell Diversified Monthly
Income Portfolio, Russell Retirement Essentials Portfolio and Russell Core Plus
Fixed Income Pool, Series B and F units of all the pools have been available
since 2001. Russell Core Plus Fixed Income Pool and the Series E units of all
the Russell Sovereign have been available since October 2007. Russell Core
Plus Fixed Income Pool has been available since October 2007. Russell
Retirement Essentials Portfolio has been available since March 2008. Series F-5,
F-7 and I-5 of Russell Diversified Monthly Income Portfolio have been available
since November 2005 and I-7 of Russell Diversified Monthly Income Portfolio has
been available since November 2004.
Unless otherwise noted, all the rates shown are for the period ending March 31,
2009. The rates shown are compounded yearly. They also include changes in unit
value and all money that has been re-invested.
Data sources include: S&P/TSX Composite Index, Dex Universe Bond
Index and Dex 30-day T-bills, Bank of Canada: Consumer Price Index, GIC's and
Conventional Mortgages, Standard and Poor's 500 Index, Dow Jones Industrial Average,
MSCI Regional and EAFE Indexes and MSCI Emerging Markets Index.
Date of first publish: June 5, 2009
*Inception: January 1993
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Products and services described on these websites are intended for Canadian residents only. Information on these sites should not be considered a solicitation to buy or an offer to sell a security to any person. Persons outside Canada may find more information about products and services available within their jurisdictions by going to Russell's worldwide site, http://www.russell.com.
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Required Sales Disclosure
© Russell Investments Canada Limited 2009. All Rights Reserved.
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