Symphony Floating Rate Senior Loan Fund

  • Management Style
    Active
  • Closing Price (May 29, 2024)
    $6.98
  • NAV (May 29, 2024)
    $7.27
  • Distribution Rate (May 29, 2024)
    8.60%
  • Management Fee
    1.25%
  • Total Assets (Apr 30, 2024)
    $76 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, 2024)
    6,232,153
  • 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)
  • 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

Nuveen Asset Management, LLC (“NAM”), is the is the sub-advisor for the Symphony Floating Rate Senior Loan Fund. NAM specializes in the management of debt and equity strategies including senior loan portfolios. NAM, a registered investment adviser, has been in business for over thirty years and had an aggregate of U.S. $252 billion of assets under management as of September 30, 2022. NAM is an indirect subsidiary of Nuveen, LLC which is a subsidiary of Teachers Insurance and Annuity Association of America.

Returns for Symphony Floating Rate Senior Loan Fund are unaudited.

This webpage 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 Brompton Funds Limited (“BFL”) and are subject to change without notice. BFL makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, BFL assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. BFL is under no obligation to update the information contained herein. The information should not be regarded as a substitute for the exercise of your own judgment. Please read the prospectus before investing.

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

There are ongoing fees and expenses with owning shares 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.sedarplus.ca. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information contained on this webpage was published at a specific point in time. Upon publication, it is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. 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 funds, to the future outlook of the funds and anticipated events or results and may include statements regarding the future financial performance of the funds. 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 hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

Symphony Floating Rate Senior Loan Fund

Summary of Investment Portfolio as at March 31, 2024

Total Asset Value$81,447,000

Top 25 Holdings

% of Portfolio% of Net Asset Value
Cash3.4%
Medline Borrower, LP 8.351% due October 23, 20281.7%
Surgery Center Holdings, Inc. 8.820% due December 19, 20301.7%
Talos Production Inc.1.6%
Epicor Software Corporation 9.069% due July 30, 20271.4%
Bausch + Lomb 8.569% due May 05, 20271.2%
Vistra Corp.1.2%
Boxer Parent Company Inc. (BMC) 9.569% due December 29, 20281.1%
Open Text Corp. 8.067% due January 31, 20301.0%
Global Medical Response, Inc. 9.571% due March 14, 20251.0%
Mileage Plus Holdings, LLC 10.571% due June 21, 20271.0%
Global Medical Response, Inc. 9.572% due October 02, 20250.9%
UKG Inc. 8.821% due February 10, 20310.9%
Jazz Financing Lux S.a.r.l. 8.577% due May 05, 20280.9%
Parexel International, Inc. 8.568% due November 15, 20280.9%
Level 3 Financing, Inc. 7.072% due March 01, 20270.9%
Informatica LLC 8.067% due October 14, 20280.9%
Delta Topco, Inc. 9.072% due December 01, 20270.8%
Organon & Co 8.319% due June 02, 20280.8%
WIN Waste Innovations Holdings Inc. 8.067% due March 27, 20280.8%
ClubCorp Holdings, Inc. 10.325% due September 18, 20260.8%
TransDigm Inc. 8.568% due August 24, 20280.8%
Asurion, LLC 8.567% due December 23, 20260.8%
PCI Gaming Authority 7.818% due May 31, 20260.8%
SkyMiles IP Ltd. 9.067% due October 20, 20270.7%
Total28%0%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(3) Since Inception(4) Since Inception(2)
Symphony Floating Rate Senior Loan Fund - CAD Hedged 5.7% 14.7% 5.4% 3.6% 3.8% 5.2%
Symphony Floating Rate Senior Loan Fund - USD 5.6% 14.9% 5.3% 3.9% 3.9% 5.1%

Year-by-Year Returns

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Symphony Floating Rate Senior Loan Fund - Class A 11.9% (7.1%) 13.9% (4.4%) 8.3% (0.8%) 3.4% 17.2% (6.2%) 1.0% 9.9%
Symphony Floating Rate Senior Loan Fund - Class U 12.0% (7.2%) 13.5% (3.2%) 8.8% (0.6%) 3.6% 15.6% (5.6%) 0.3% 9.2%

Returns for Symphony Floating Rate Senior Loan Fund are unaudited.

This webpage 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 Brompton Funds Limited (“BFL”) and are subject to change without notice. BFL makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, BFL assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. BFL is under no obligation to update the information contained herein. The information should not be regarded as a substitute for the exercise of your own judgment. Please read the prospectus before investing.

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

There are ongoing fees and expenses with owning shares 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.sedarplus.ca. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information contained on this webpage was published at a specific point in time. Upon publication, it is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. 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 funds, to the future outlook of the funds and anticipated events or results and may include statements regarding the future financial performance of the funds. 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 hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

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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 28, 2024 Jul 15, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
May 31, 2024 Jun 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Apr 30, 2024 May 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Mar 28, 2024 Apr 12, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Feb 29, 2024 Mar 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Jan 31, 2024 Feb 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Dec 29, 2023 Jan 15, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Dec 29, 2023 Dec 29, 2023 0.00000 0.00000 0.05120 (0.00120) 0.00000 0.00000 0.050001
Nov 30, 2023 Dec 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Oct 31, 2023 Nov 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Sep 30, 2023 Oct 16, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Aug 31, 2023 Sep 15, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04700
Total 0.00000 0.00000 0.05120 0.00000 0.00000 0.00000 0.51700
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