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Symphony Floating Rate Senior Loan Fund

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  • Closing Price (Apr 06, 2020) $5.50
  • Distribution $0.05
  • Distribution Rate (Apr 07, 2020) 10.91%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Apr 06, 2020) $6.31
  • Total Assets (Mar 31, 2020) $103 Million
  • Distribution $0.05
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Apr 06, 2020) $6.15
  • Total Assets (Mar 31, 2020) $103 Million
  • Distribution $0.05625
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Apr 06, 2020) $6.48
  • Total Assets (Mar 31, 2020) $103 Million
  • Distribution $0.05625
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Apr 06, 2020) $6.81
  • Total Assets (Mar 31, 2020) $103 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, best in class Sub-Advisor Symphony Asset Management has top-ranked performance and US$16bn Senior Loan AUM

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) (Apr 07, 2020)
    10,046,337
  • CUSIP (Class U Unit)
    87158A203
  • CUSIP (Class C Unit)
    87158A302
  • CUSIP (Class F Unit)
    87158A401
  • Inception Date
    November 1, 2011
  • Currency
    Hedged to CAD (Class A, C, F)
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • 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 December 31, 2019

Total Net Asset Value$91,574,411.00

Top 25 Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments6.1%9.7%
Fieldwood Energy LLC Exit Term Loan1.7%2.8%
Cengage Learning Acquisitions, Inc. (Thomson Learning) Exit Term Loan1.7%2.7%
Frontier Communications Term Loan B1.5%2.4%
Sequa Corporation Initial Term Loan1.5%2.4%
Clear Channel Outdoor Holdings, Inc. Term Loan B1.5%2.4%
Scientific Games Corp Term B-5 Loan1.3%2.1%
Avaya Inc. Tranche B Term Loan1.3%2.0%
Life Time Fitness Inc. Term Loan B1.2%2.0%
Intelsat Jackson Holdings S.A. Term Loan B31.2%2.0%
Infor (US) Inc. (Lawson Software) Tranche B-2 Term Loan1.2%1.9%
Pharmaceutical Product Development, Inc. (PPDI) Term Loan B1.1%1.8%
Caesars Resort Collection First Lien Term Loan1.1%1.8%
Communication Sales and Leasing Inc. Term Loan B1.1%1.7%
CenturyLink Term Loan B1.0%1.6%
Revlon Consumer Products Corporation Term Loan B1.0%1.6%
Micro Focus International Plc Term Loan B1.0%1.6%
Kindred at Home Hospice (Gentiva Health Services, Inc.) Term Loan B1.0%1.5%
Formula One Group (Alpha Topco), Term Loan B1.0%1.5%
Frontier Communications Corp. 8.00% due April 1 , 20270.9%1.5%
Balboa Merger Sub, Inc. (Tibco Software Inc.) 11.375% due December 1, 20210.9%1.5%
Tibco Software, Inc. (Balboa Merger Sub) Term Loan B0.9%1.5%
Mc-Graw-Hill Education Holdings Inc. Term Loan B0.9%1.5%
BMC Software Inc. Term Loan B0.9%1.5%
Refinitiv Term Loan B0.9%1.4%
Total33.9%54.4%
Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year S.I.- A & U(2) S.I. - C & F(3)
Symphony Floating Rate Senior Loan Fund - Class A (2.8%) (0.6%) 1.8% 2.8% 5.2% n.a
Symphony Floating Rate Senior Loan Fund - Class C (2.9%) (0.9%) 1.5% n.a n.a 2.1%
Symphony Floating Rate Senior Loan Fund - Class F (2.8%) (0.8%) 1.9% n.a n.a 2.5%
Symphony Floating Rate Senior Loan Fund - Class U (2.8%) (0.1%) 2.1% 2.8% 4.9% n.a
Credit Suisse Leveraged Loan Index (0.8%) 3.2% 3.8% 4.0% 4.7% 3.9%

Year-by-Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011
Symphony Floating Rate Senior Loan Fund - Class A 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 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 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 8.8% (0.6%) 3.6% 15.6% (5.6%) 0.3% 9.2% 14.5% 0.3% (4)
Credit Suisse Leveraged Loan Index 8.2% 1.1% 4.2% 9.9% (0.4%) 2.1% 6.2% 9.4% 0.5% (2)

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.

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.

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Class A Share

Record Date Payment Date Return of Capital Foreign Non- Business Income Foreign Non- Business Income Tax Paid Total Distribution
Mar 31, 2020 Apr 15, 2020 0.00000 0.00000 0.00000 0.05000
Feb 28, 2020 Mar 13, 2020 0.00000 0.00000 0.00000 0.05000
Jan 31, 2020 Feb 14, 2020 0.00000 0.00000 0.00000 0.05000
Dec 31, 2019 Jan 15, 2020 0.00553 0.04447 0.00000 0.05000
Nov 29, 2019 Dec 13, 2019 0.00553 0.04447 0.00000 0.05000
Oct 31, 2019 Nov 14, 2019 0.00553 0.04447 0.00000 0.05000
Sep 30, 2019 Oct 15, 2019 0.00553 0.04447 0.00000 0.05000
Aug 30, 2019 Sep 16, 2019 0.00553 0.04447 0.00000 0.05000
Jul 31, 2019 Aug 15, 2019 0.00553 0.04447 0.00000 0.05000
Jun 28, 2019 Jul 15, 2019 0.00553 0.04447 0.00000 0.05000
May 31, 2019 Jun 14, 2019 0.00553 0.04447 0.00000 0.05000
Apr 30, 2019 May 14, 2019 0.00553 0.04447 0.00000 0.05000
Total 0.04977 0.40023 0.00000 0.60000
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