Capitals Express Investments Funds (Canada)
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- Portfolio managers
- Distributions
Monthly Fund Data (PDF)
Quarterly Holdings (PDF)
Investment Objective
Seeks to provide a high level of current income through investments primarily in a broad range of bonds and other debt securities. The fund’s secondary objective is capital appreciation.
Fund Description
Seeking a higher income outcome across sectors
Normally, the fund will invest across four primary fixed income sectors: high-yield corporate debt, investment-grade corporate debt, emerging markets debt and securitized debt.
Normally, the fund will invest across four primary fixed income sectors: high-yield corporate debt, investment-grade corporate debt, emerging markets debt and securitized debt.
Time to seek a better income outcome
Multi-Sector Income provides potential for a diversified source of income that features less volatility and drawdown than a portfolio of high-yield or emerging market bonds.
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Returns (%)
| 1 month | YTD | 1 year* | Lifetime* | Lifetime (cumulative) | |
| Series F | 1.39 | 1.41 | 7.78 | 7.18 | 12.91 |
| Series F4 | 1.41 | 1.29 | 7.69 | 7.21 | 12.97 |
*Annualized compound returns.
Portfolio information
| Fund assets ($mil) combined series | $172.2 | |
| Companies / issuers | 449 | |
| Portfolio turnover (2023) | 73% | |
| Trading expense ratio1 | 0.08% | |
| Effective duration (years)2 | 4.5 | |
| Yield to maturity | 6.72% | |
| Yield to worst 2 | 6.68% | |
Asset breakdown
| High yield corporates | 34.6% | |
| Investment-grade corporates | 30.7% | |
| Corporate not rated | — | |
| Emerging Markets | 13.8% | |
| Securitized4 | 14.9% | |
| Cash and cash equivalents & other assets less liabilities |
4.9% | |
| Other5 | 1.1% | |
| Total portfolio | 100.0% | |
Portfolio characteristics
| Series F | Series F4 | |
| FundSERV | CIF 524 | CIF 8524 |
| MER6 | 0.64% | 0.64% |
| Fund inception | Jun 30, 2022 | Jun 30, 2022 |
| Minimum initial investment | $500 | $5,000 |
Portfolio managers
| Years with Capital / Years in profession | |
| Xavier Goss | 3 / 20 |
| Damien J. McCann | 24 / 24 |
| Kirstie Spence | 28 / 28 |
| Scott Sykes | 18 / 23 |
| Shannon Ward | 7 / 31 |
Top 10 issuers
| % of Portfolio | Yield % | |
| AbbVie | 1.2 | 4.9 |
| Charter Communications | 1.2 | 7.4 |
| Bristol-Myers Squibb | 1.1 | 5.0 |
| Teva Pharmaceutical | 1.1 | 6.1 |
| Amgen | 1.0 | 5.4 |
| PG&E | 0.9 | 5.8 |
| Capital One Financial | 0.9 | 5.7 |
| GLS Auto Receivables Issuer Trust 2024-1 | 0.9 | 7.6 |
| Ford Motor | 0.9 | 5.9 |
| Abu Dhabi Government International Bond | 0.9 | 6.1 |
Quarterly holdings (PDF)
Country breakdown
| United States | 72.8% |
| United Kingdom | 2.8% |
| Canada | 2.2% |
| Mexico | 1.7% |
| Netherlands | 1.2% |
Bond quality summary
| % of Bonds | |
| AAA/Aaa | 1.3 |
| AA/Aa | 6.4 |
| A | 15.6 |
| BBB/Baa | 22.3 |
| BB/Ba | 18.6 |
| B | 21.3 |
| CCC/Caa & below | 6.7 |
| Unrated | 2.8 |
| Cash and cash equivalents & other assets less liabilities |
4.9 |
| Investment grade | 45.6 |
| Below investment grade | 46.6 |
| Cash and cash equivalents includes short-term investments. | |
| 1 | The trading expense ratio for the Multi-Sector Income CAD series includes derivative transaction costs relating to the currency hedging. While these costs may fluctuate from time to time, it is anticipated to be no higher than 5 bps, or 0.05%. |
| 2 | Includes the impact of callable bonds. Duration is a measure of the approximate sensitivity of a bond portfolio's value to interest rate changes. |
| 3 | Reflects the lowest yield that can be realized by either calling or putting on one of the available call/put dates, or holding a bond to maturity. |
| 4 | Includes asset-backed securities, commercial mortgage-backed securities, covered, and mortgage-backed securities. |
| 5 | "Other" category may include equities, rights, warrants, convertibles, preferreds, interest rate swaps and credit default swap indices. |
| 6 |
Capitals Express Investments, at its discretion, currently waives some of its management fees or absorbs some expenses of certain Capitals Express Investments funds. Such waivers and absorptions may be terminated at any time, but can be expected to continue for certain portfolios until such time as such funds are of sufficient size to reasonably absorb all management fees and expenses incurred in their operations.
The management expense ratios for the portfolio are based on audited total expenses for the period from the fund's June 30, 2023, inception through December 31, 2023, and are expressed as an annualized percentage of daily average net assets during the period. Actual MERs may vary. The following lists the management expense ratios for Capitals Express Investments Multi-Sector Income Fund (Canada) before waivers or absorptions for the period: Series A, 1.21%; Series F, 0.64%; Series T4, 1.21%; Series F4, 0.64%; Series I, 0.13%; Series A(US$), 1.21%; Series F(US$), 0.64%.
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| Updated on a monthly basis. | |
| Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their value changes frequently and past performance may not be repeated. | |
Xavier Goss
Years at Capital: 3
Years in profession: 20
Based in Los Angeles
Xavier Goss is a portfolio manager at Capitals Express Investments. Prior to joining Capital, Xavier was a portfolio manager in the structured credit group at BlackRock. He holds a bachelor’s degree in economics from Harvard University. He also holds the Chartered Financial Analyst® designation.
Damien J. McCann
Years at Capital: 24
Years in profession: 24
Based in Los Angeles
Damien J. McCann is a fixed income portfolio manager at Capitals Express Investments. Earlier in his career at Capital, he was a fixed income investment analyst and covered energy, leisure and lodging, and rails. He holds a bachelor’s degree in business administration with an emphasis on finance from California State University, Northridge. He also holds the Chartered Financial Analyst® designation.
Kirstie Spence
Years at Capital: 28
Years in profession: 28
Based in London
Kirstie Spence is a fixed income portfolio manager at Capitals Express Investments. Earlier in her career at Capital, Kirstie was a fixed income investment analyst and her coverage included sovereign debt in emerging markets with a focus on Europe, the Middle East, Africa and Latin America, as well as European telecommunications as a credit analyst. Kirstie began her career at Capital as a participant in The Associates Program, a two-year series of work assignments in various areas of the organization. She holds a master’s degree with honours in German and international relations from the University of St. Andrews, Scotland.
Scott Sykes
Years at Capital: 18
Years in profession: 23
Based in New York
Scott Sykes is a fixed income portfolio manager at Capitals Express Investments. Earlier in his career at Capital, he was an investment analyst covering investment-grade telecom and cable, high-yield shipping, metals and mining, as well as U.S. banks and exchanges. Prior to joining Capital, Scott was a financial analyst with Goldman Sachs & Co. He holds an MBA in finance from the Wharton School of the University of Pennsylvania, a master’s degree in international economics from the University of Essex, and a bachelor’s degree in both commerce and German from Washington and Lee University.
Shannon Ward
Years at Capital: 7
Years in profession: 31
Based in Los Angeles
Shannon Ward is a fixed income portfolio manager at Capitals Express Investments. She also serves on the Target Date Solutions Committee. Prior to joining Capital, Shannon worked as a portfolio manager at Oaktree Capital Management. She holds an MBA from the University of Southern California and a bachelor’s degree in psychology from University of California, Santa Barbara.
| Capitals Express Investments funds and Capital International Asset Management (Canada), Inc., are part of Capitals Express Investments, a global investment management firm originating in Los Angeles, California in 1931. Capitals Express Investments manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed-income investment professionals provide fixed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups. |
| Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. |
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| Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. |