Brompton Group

 

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Performance

The tables show the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per unit and assumes that cash distributions made by the Fund and deemed distributions based on the warrants’ intrinsic value at the approximate exercise date of the warrants in the periods shown were reinvested at Net Asset Value per unit in additional units of the Fund.

The tables show the Fund’s year-by-year and compound returns for each period indicated, compared with the return for the Bank of America Merrill Lynch 8% Capped Corporate US Capital Securities Index (‘‘Corporate US Capital Index’’) and the Bank of America Merrill Lynch 8% Capped Hybrid Preferred Securities Index (‘‘Hybrid Preferred Securities Index’’). The Fund is actively managed and invests in a portfolio of fixed income securities consisting primarily of US dollar denominated corporate debt and preferred securities of North American issuers that are rated investment grade at the time of investments and that are represented by the indices. The Corporate US Capital Index includes investment grade fixed rate or fixed-to-floating rate $1,000 par securities that receive some degree of equity credit from the rating agencies or their regulators. The Hybrid Preferred Securities Index includes taxable, fixed rate, US dollar denominated, investment grade preferred securities listed in a US exchange. The indices are unleveraged and their returns are calculated with the fees and expenses; whereas the performance of the Fund includes the impact of leverage and is calculated after the deduction of fees and Fund expenses.

Annual Compound Returns(1)

 

YTD

1-Year 3-Year 5-Year 10-Year    Since Inception(2)

Flaherty & Crumrine Investment Grade Fixed Income Fund

12.8%

17.5%

8.8%

12.0%

7.0% 6.0%

BofA Merrill Lynch 8% Capped Corp. US Capital Sec. Index

7.7%

10.8%

4.7%

7.2%

5.8% 5.3%

BofA Merrill Lynch 8% Hybrid Preferred Sec. Index

10.3%

5.0%

7.5%

6.7%

5.4% 5.0%

 Year-by-Year Returns

 

Since Inception(2)

2016 2015 2014 2013

2012

2011

2010

2009

2008

2007

2006

Flaherty & Crumrine Investment Grade Fixed Income Fund

5.9%

7.7% 0.9% 20.4% 5.1%

28.0%

7.4%

30.2%

91.4%

(56.2%)

(15.1%)

6.0%

BofA Merrill Lynch 8% Capped Corp. US Capital Sec. Index

5.2%

5.1% (0.5%) 10.9% 3.7%

18.8%

2.7%

16.4% 45.8% (31.8%) (3.2%) 5.6%

BofA Merrill Lynch 8% Hybrid Preferred Sec. Index

4.9%

0.8% 7.8% 16.0% (3.3%)

11.9%

3.6%

14.4%

19.3%

(8.7%)

(12.7%)

7.7%

(1) Returns are for the periods ended June 30, 2017.

(2) Period from December 15, 2004 (inception) to June 30, 2017.

Returns for Flaherty & Crumrine Investment Grade Fixed Income Fund are unaudited.

 

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”).  If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. 

There are ongoing fees and expenses associated with owning units of an investment fund.  An investment fund must prepare disclosure documents that contain key information about the fund.  You can find more detailed information about the fund in the public filings available at www.sedar.com.  The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns.  Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.


 
PLEASE READ AND ACCEPT THESE IMPORTANT DISCLOSURES

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or alternative Canadian trading platforms (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

This communication is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. The opinions contained in this report are solely those of Goldman Sachs Asset Management L.P. (“GSAM”) and are subject to change without notice. GSAM makes every effort to ensure that the information has been derived from sources believed to reliable and accurate. However, GSAM assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. GSAM is under no obligation to update the information contained herein. The communication should not be regarded as a substitute for the exercise of your own judgment. Please read the fund’s offering documents before investing.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date December 15, 2015 and we assume no obligation to update or revise them to reflect new events or circumstances.

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments, should not be construed and research or investment advice, and are subject to risk.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document.

Portfolio holdings may change by the time you view this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's holdings and may not be deemed representative of the strategy’s future portfolio holdings. Future portfolio holdings may not be profitable.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

No part of this material may, without Brompton and GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an authorized recipient. This material is intended for Investment Advisor use only.

I confirm that I have read, understood, and accept the above disclosures.

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