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Canadian High Income Equity Fund

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  • Closing Price (Nov 20, 2019) $7.60
  • Distribution $0.05
  • Distribution Rate (Nov 21, 2019) 7.90%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Nov 14, 2019) $7.78
  • Total Assets (Oct 31, 2019) $15 Million

Why Invest?

  • The Investment Manager believes that high-income common equities in Canada will continue to outperform non-dividend-paying common equities
  • The Investment Manager believes that investors will continue to place a premium on these companies due to (i) strong cash flows, (ii) the discipline that a high dividend rate places on management, and (iii) investor demand for high levels of income
  • Investment Manager, Bloom Investment Counsel, Inc. specializes in high income equity investments with over 30 years of experience

Investment Objectives

To achieve a high level of monthly cash distributions and the opportunity for capital appreciation by investing in a high income equity portfolio, consisting primarily of dividend paying Canadian equities.

This Fund is for Investors who are:

  • Seeking capital appreciation
  • Seeking income
  • Comfortable with equity risk

FUND FACTS

  • Ticker
    CIQ.UN
  • CUSIP
    136012200
  • Service Fee
    0.40%
  • Outstanding (Nov 21, 2019)
    1,926,552
  • Inception Date
    February 18, 2010
  • Currency
    CAD
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Custodian
    CIBC Mellon Trust Company
  • Transfer Agent
    TSX Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Annual Redemption Date
    2nd last business day of September
  • Annual Redemption Notice Deadline
    Last business day of August
  • Leverage
    Up to 25% of total assets
  • Investment Manager
    Bloom Investment Counsel, Inc.

Portfolio Manager

Bloom Investment Counsel, Inc. (“Bloom”) was established in 1985 and specializes in the management of segregated investment portfolios for wealthy individuals, corporations, foundations, institutions and trusts. In addition to its conventional investment management business, Bloom currently manages specialty high-yield equity portfolios comprised of dividend-paying common equity securities, income trusts, and real estate investment trusts. Bloom currently provides investment management services to four TSX-listed, closed-end portfolios.

Canadian High Income Equity Fund

Summary of Investment Portfolio as at September 30, 2019

Total Net Asset Value$14,912,839.00

Top 25 Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments13.8%14.7%
Altus Group Limited4.9%5.2%
Keyera Corp.4.5%4.8%
Sun Life Financial Inc.4.4%4.6%
Bank of Nova Scotia (The)4.3%4.5%
Boralex Inc.4.3%4.5%
Ag Growth International Inc.4.2%4.4%
Superior Plus Corp.4.2%4.4%
Toronto-Dominion Bank (The)4.1%4.4%
Manulife Financial Corporation4.1%4.3%
Allied Properties Real Estate Investment Trust4.1%4.3%
Northland Power Inc.4.0%4.2%
Premium Brands Holdings Corp.3.9%4.2%
Transcontinental Inc. Class A3.8%4.0%
Enbridge Inc.3.8%4.0%
Chemtrade Logistics Income Fund3.6%3.9%
Cineplex Inc.3.5%3.8%
Intertape Polymer Group Inc.3.5%3.8%
Gibson Energy Inc.3.0%3.2%
ShawCor Ltd.2.8%2.9%
TFI International Inc.2.1%2.3%
Extendicare Inc.2.0%2.2%
Fiera Capital Corporation. Class A1.9%2.1%
Stingray Group Inc.1.7%1.8%
Wajax Corporation1.4%1.4%
Total97.9%103.9%
Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year Since Inception(2)
Canadian High Income Equity Fund 12.8% 0.8% (0.3%) (1.4%) 3.8%
S&P/TSX Composite Index 18.0% 13.2% 6.8% 5.6% 6.7%

Year-by-Year Returns

2018 2017 2016 2015 2014 2013 2012 2011 20103
Canadian High Income Equity Fund (20.5%) 2.0% 29.1% (12.9%) (2.3%) 11.9% (3.1%) 10.7% 19.1%
S&P/TSX Composite Index (8.9%) 9.1% 21.1% (8.3%) 10.6% 13.0% 7.2% (8.7%) 17.8%

Returns for Canadian High Income Equity 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.

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Distributions

The actual breakdown of distributions for tax purposes will be provided to unitholders annually in March as soon as possible following receipt of the information from the Fund’s individual holdings. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

DRIP

Investors may elect to automatically reinvest their distributions in additional units of the Fund and realize the benefits of compound growth. Any units acquired pursuant to the distribution reinvestment program qualify for the service fee. DRIP Plan

Tax Allocation

The following information is applicable to holders who, for the purposes of the Income Tax Act (Canada), are resident in Canada and hold trust units as capital property. If this is not the case, a tax advisor should be consulted.

Holders of trust units outside of a RRSP, DPSP, RRIF, RESP or TFSA should expect to receive a T3 slip from their investment dealer. T3 supplementary slips will indicate Other Income (Investment Income and Non-Investment Income) in Box 26, Foreign Non-Business Income in Box 25, Capital Gains in Box 21 and Eligible Dividend Income in Box 49. Dividend income is subject to the standard gross up and federal dividend tax credit rules. The return of capital component is a non-taxable amount that serves to reduce the adjusted cost base of the Fund units and is reported in Box 42.

Select a year
Record Date Payment Date Return of Capital Foreign Non- Business Income Investment Income Eligible Dividend Capital Gains Total Distribution
Dec 31, 2019 Jan 15, 2020 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Nov 29, 2019 Dec 13, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Oct 31, 2019 Nov 14, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Oct 15, 2019 Jan 01, 1970 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Aug 30, 2019 Sep 16, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Jul 31, 2019 Aug 15, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Jun 28, 2019 Jul 15, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
May 31, 2019 Jun 14, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Apr 30, 2019 May 14, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Mar 29, 2019 Apr 12, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Feb 28, 2019 Mar 14, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Jan 31, 2019 Feb 14, 2019 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Total 0.00000 0.00000 0.00000 0.00000 0.00000 0.60000
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