Symphony Floating Rate Senior Loan Fund

  • Management Style
    Active
  • Closing Price (May 27, 2022)
    $7.80
  • NAV (May 26, 2022)
    $7.36
  • Distribution Rate (May 29, 2022)
    6.54%
  • Management Fee
    1.25%
  • Total Assets (Apr 30, 2022)
    $90 Million
  • Management Style
    Active
  • NAV (May 26, 2022)
    $7.16
  • Distribution Rate
    6.7%
  • Management Fee
    1.25%
  • Total Assets (Apr 30, 2022)
    $90 Million

Why Invest?

  • High level of capital preservation as Senior Loans have first priority of repayment and are secured by the issuer’s assets
  • Low interest rate risk as the floating rate coupons on Senior Loans protect investors from capital loss when interest rates rise
  • Experienced Sub-Advisor: Nuveen Asset Management

Investment Objectives

  • Provide monthly distributions, and
  • Preserve capital

The Fund invests in an actively managed, diversified portfolio consisting primarily of short-duration floating rate senior corporate instruments, including senior loans and other senior debt obligations of North American non-investment grade corporate borrowers.

This Fund is for Investors who are:

  • Seeking a high level of income
  • Seeking capital preservation
  • Comfortable with an investment that employs leverage

FUND FACTS

  • Ticker (Class A Unit)
    SSF.UN
  • CUSIP (Class A Unit)
    87158A104
  • Outstanding (Class A Unit) (May 29, 2022)
    6,834,665
  • CUSIP (Class U Unit)
    87158A203
  • Inception Date (CAD Hedged)
    November 1, 2011
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Currency
    Hedged to CAD (Class A, C, F)
  • Custodian
    CIBC Mellon Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Annual Redemption Date
    2nd last business day of March
  • Annual Redemption Notice Deadline
    Last business day of January
  • Leverage
    Up to 40% of total assets
  • Sub Advisor
    Symphony Asset Management LLC

Portfolio Manager

Symphony Asset Management LLC manages approximately US$14.6 billion in senior loans and has approximately US$17.3 billion in total assets under management, as at December 31, 2019. Symphony is a wholly-owned subsidiary of Nuveen Investments Inc.

Symphony Floating Rate Senior Loan Fund

Summary of Investment Portfolio as at March 31, 2022

Total Net Asset Value$56,100,580

Top 25 Holdings

% of Portfolio% of Net Asset Value
Fieldwood Energy LLC2.8%
Syniverse Holdings, Inc. Term Loan Tranche C2.1%
Fieldwood Energy LLC Penny Warrants expiry August 27, 20281.7%
Revlon Consumer Products Corporation 2016 Term Loan1.6%
Clear Channel Outdoor Holdings, Inc. Term Loan B1.6%
PAREXEL International Corp Term Loan B1.2%
Onex Carestream Finance LP Second Lien Term Loan1.2%
Petsmart Inc. Term Loan1.2%
Fieldwood Energy LLC 2nd Lien Term Loan1.2%
Greeneden U.S. Holdings II, LLC 2020 Term Loan B1.1%
Medline Industries Inc (Mozart Borrower LP) Term Loan B1.1%
Caesars Resort Collection, LLC First Lien Term Loan1.1%
Norton Life Lock 2022 Term Loan1.0%
DIRECTV Holdings LLC Term Loan B1.0%
Energy Habor Corp1.0%
HD Supply Waterworks, Ltd. Refinanced Term Loan1.0%
Cengage Learning Acquisitions, Inc. Term Loan1.0%
Lumileds Term Loan B0.9%
Equinox Holdings Inc. Incremental Term Loan B-10.9%
Cequel Communications, LLC (Cebridge) Term Loan B-30.9%
Air Medical Group Holdings Inc. Term Loan B0.9%
Station Casinos LLC Term Loan B0.8%
Verscend Technologies Term Loan0.8%
Onex Carestream Finance LP 2023 First Lien Term Loan0.8%
Formula One Group Term Loan B0.8%
Total29.7%0%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year 10-Year S.I.- A & U(2)
Symphony Floating Rate Senior Loan Fund - Class A 0.8% 7.5% 3.2% 3.5% 4.8% 5.3%
Symphony Floating Rate Senior Loan Fund - Class U 0.8% 7.3% 3.7% 3.9% 4.9% 5.2%

Year-by-Year Returns

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Symphony Floating Rate Senior Loan Fund - Class A 13.9% (4.4%) 8.3% (0.8%) 3.4% 17.2% (6.2%) 1.0% 9.9% 14.9% 0.7%(4)
Symphony Floating Rate Senior Loan Fund - Class C 19.5% (3.5%) 8.1% (1.2%) 2.9%(5) n.a n.a n.a n.a n.a n.a
Symphony Floating Rate Senior Loan Fund - Class F 16.3% (4.3%) 8.1% (0.2%) 3.0% (5) n.a n.a n.a n.a n.a n.a
Symphony Floating Rate Senior Loan Fund - Class U 13.5% (3.2%) 8.8% (0.6%) 3.6% 15.6% (5.6%) 0.3% 9.2% 14.5% 0.3% (4)

Returns for Symphony Floating Rate Senior Loan 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 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 Capital Gains Eligible Dividend Foreign Non- Business Income Foreign Non- Business Income Tax Paid Other Income Return of Capital Total Distribution
Jun 30, 2022 Jul 15, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0425
May 31, 2022 Jun 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0425
Apr 29, 2022 May 13, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0425
Mar 31, 2022 Apr 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04000
Feb 28, 2022 Mar 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04000
Jan 31, 2022 Feb 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04000
Dec 31, 2021 Jan 17, 2022 0.00000 0.00000 0.00000 0.02564 0.00000 0.01436 0.04000
Nov 30, 2021 Dec 14, 2021 0.00000 0.00000 0.00000 0.02564 0.00000 0.01436 0.04000
Oct 29, 2021 Nov 12, 2021 0.00000 0.00000 0.00000 0.02564 0.00000 0.01436 0.04000
Sep 30, 2021 Oct 15, 2021 0.00000 0.00000 0.00000 0.02564 0.00000 0.01436 0.04000
Aug 31, 2021 Sep 15, 2021 0.00000 0.00000 0.00000 0.02564 0.00000 0.01436 0.04000
Jul 30, 2021 Aug 16, 2021 0.00000 0.00000 0.00000 0.02564 0.00000 0.01436 0.04000
Total 0.00000 0.00000 0.00000 0.15384 0.00000 0.08616 0.48750
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