Institutional Investors

Fixed Income Strategies

We take a disciplined, team-based approach to our active management of fixed income mandates, seeking to add consistent value relative to portfolio benchmarks through the management of duration, yield curve and credit risk. We continuously challenge the herd consensus and search for opportunities where the market has mispriced risk and reward. We restrict our term around a benchmark, rotate sectors based on statistical analysis, conduct fundamental credit research, and actively manage duration and yield curve structure based on historical data and computer modeling, in striving to add value relative to the index with above average results.

The macro portfolio positioning is determined by reviewing current market conditions; evaluating the economic environment; reviewing Central Banks movement; and assessing market expectations.

Based on our assessment, we forecast:
  • Direction of interest rates
  • Curve positioning
  • Credit spreads

We use proprietary models to perform scenario analysis and stress-test portfolios to determine the optimal structure.

A key advantage to the Beutel Goodman portfolios is the strength and depth of our credit research. We conduct rigorous independent research to identify high quality corporate bonds that meet our strict investment criteria.

Our research process includes:
  • Proprietary Financial Models
  • Industry Analysis
  • Management Interviews
  • Strategy Critique
  • Credit Ratings
  • Environmental, Social and Governance (ESG) Review


Inception date: January 1, 1985

Benchmark: FTSE Canada Universe Bond Index

Lead Portfolio Manager(s): David Gregoris, Derek Brown and Sue McNamara

Objective: The Canada Universe Fixed Income strategy seeks to maximize portfolio returns through capital enhancement and investment income.

Composition: The strategy is a well-diversified portfolio of Canadian government and Canadian corporate bonds of various maturities. The bonds will usually have a credit rating of BBB or higher by a recognized rating agency. The average minimum quality of the fixed income portfolio will be A. The duration of the portfolio will not exceed 1.5 duration years above or below that of the benchmark.

Vehicles:

Segregated account

Mutual Fund,

Institutional Class

Canadian institutions

Global institutions

Inception date: October 1, 1999

Benchmark: FTSE Canada Universe Bond Index

Lead Portfolio Manager(s): David Gregoris, Derek Brown and Sue McNamara

Objective: The Core Plus Fixed Income strategy seeks to maximize portfolio returns through capital enhancement and investment income.

Composition: The strategy is a well-diversified portfolio of Canadian government and Canadian corporate bonds of various maturities. The corporate bonds have an average credit rating of BBB or higher by a recognized rating agency. The Fund may invest a portion of its assets in bonds that are rated below BBB, in other Canadian and non-Canadian evidences of indebtedness and in exchange-traded funds. The minimum credit rating at the time of purchase for a corporate bond is B.

Vehicles:

Segregated account

Mutual Fund,

Institutional Class

Canadian institutions

Global institutions

Inception date: July 1, 2006

Benchmark: FTSE Canada Short Term Bond Index

Lead Portfolio Manager(s): David Gregoris, Derek Brown and Sue McNamara

Objective: The Canada Short Term Fixed Income strategy seeks to maximize portfolio returns through capital enhancement and investment income.

Composition: The strategy invests primarily in a well-diversified portfolio of short-term fixed-income securities of Canadian government and corporate issuers. The bonds have a minimum credit rating of BBB or higher by a recognized agency. The portfolio duration will not exceed 0.5 duration years above or below that of the benchmark.

Vehicles:

Segregated account

Mutual Fund,

Institutional Class

Canadian institutions

Global institutions

Inception date: May 1, 1999

Benchmark: FTSE Canada Long Term Bond Index

Lead Portfolio Manager(s): David Gregoris, Derek Brown and Sue McNamara

Objective: The Canada Long Term Fixed Income strategy seeks to maximize portfolio returns through capital enhancement and investment income.

Composition: The strategy is comprised of a well-diversified portfolio of Canadian government and Canadian corporate bonds. The corporate bonds have a credit rating of BBB or higher by a recognized rating agency. The average minimum quality of the portfolio will be A. The duration of the fixed income portfolio will not exceed 1.5 duration years above or below that of the benchmark

Vehicles:

Segregated account

Mutual Fund,

Institutional Class

Canadian institutions

Global institutions

Inception date: January 1, 1991

Benchmark: FTSE Canada 91 Day T-Bill Index

Lead Portfolio Manager(s): David Gregoris, Derek Brown and Sue McNamara

Objective: The Canada Money Market strategy seeks to maximize portfolio returns and maintain a high level of liquidity by investing in high quality Canadian money market instruments with terms to maturity not exceeding one year.

Composition: The strategy will invest in a variety of instruments, such as Government of Canada treasury bills, short-term government and corporate bonds, commercial paper, chartered bank or trust company deposit receipts with a rating of A-1 or R-1 (low) depending on the rating agency, with a term to maturity of less than a year. The Fund is conservatively managed with an average term to maturity of less than 180 days.

Vehicles:

Segregated account

Mutual Fund,

Institutional Class

Canadian institutions

Global institutions

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