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Symphony Floating Rate Senior Loan Fund

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  • Closing Price (Nov 27, 2020) $7.11
  • Distribution $0.04
  • Distribution Rate (Nov 30, 2020) 6.75%
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Nov 30, 2020) $7.19
  • Total Assets (Oct 31, 2020) $99 Million
  • Distribution $0.04
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Nov 30, 2020) $7.03
  • Total Assets (Oct 31, 2020) $99 Million
  • Distribution $0.045
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Nov 30, 2020) $7.38
  • Total Assets (Oct 31, 2020) $99 Million
  • Distribution $0.045
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Nov 30, 2020) $7.73
  • Total Assets (Oct 31, 2020) $99 Million
Downloads Brochure Portfolio Summary Commentary Senior Loans Commentary Senior Loan Primer

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) (Nov 30, 2020)
    8,658,418
  • 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.

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Symphony Floating Rate Senior Loan Fund

Summary of Investment Portfolio as at September 30, 2020

Total Net Asset Value$65,843,000

Top 25 Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments2.2%3.3%
Frontier Communications Term Loan B-11.9%2.8%
Intelsat Jackson Holdings S.A. Term Loan B31.6%2.4%
Caesars Resort Collection First Lien Term Loan1.6%2.4%
Clear Channel Outdoor Holdings, Inc. Term Loan B1.4%2.1%
Life Time Fitness Inc. Term Loan B1.3%2.0%
Refinitiv Term Loan B1.3%2.0%
Mc-Graw-Hill Education Holdings Inc. Term Loan B1.3%1.9%
Calpine Corporation Term Loan B-51.3%1.9%
Pacific Gas & Electric 4.750% due February, 20441.2%1.8%
Uber Technologies, Inc. Term Loan1.2%1.7%
Cequel Communications, LLC (Cebridge) Term Loan B31.1%1.7%
Concordia Healthcare Corp. Exit Term Loan1.1%1.7%
Gentiva Health Services, Inc. Term Loan B (First Lien)1.1%1.6%
Micro Focus International Plc Term Loan B1.1%1.6%
Greenden U.S. Holdings II, LLC (Genesys Telecom Holdings U.S., Inc.) Term L1.0%1.6%
Lions Gate Entertainment Corp. Term Loan B1.0%1.5%
Syniverse Holdings, Inc. Tranche Term Loan C1.0%1.5%
Formula One Group (Alpha Topco), Term Loan B1.0%1.5%
Meredith Corporation Tranche Term Loan B-21.0%1.5%
Coty Inc. Term Loan A1.0%1.5%
Navistar Inc., Tranche B Term Loan1.0%1.5%
Fieldwood Energy LLC Exit Term Loan0.9%1.4%
GFL Environmental Term Loan0.9%1.4%
CBS Outdoor Americas Inc. Term Loan B0.9%1.4%
Total30.4%45.7%

1)The investment portfolio may change due to ongoing portfolio transactions of the investment fund. Quarterly updates are available on the Fund's website at www.bromptongroup.com within 60 days of each quarter end.

Performance NAV History

Growth of $10,000(1)

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 (10.3%) (7.8%) (1.3%) 1.9% 3.9% n.a
Symphony Floating Rate Senior Loan Fund - Class C (9.7%) (7.3%) (1.3%) n.a n.a (0.2%)
Symphony Floating Rate Senior Loan Fund - Class F (10.3%) (7.9%) (1.2%) n.a n.a (0.1%)
Symphony Floating Rate Senior Loan Fund - Class U (9.3%) (6.8%) (0.7%) 2.1% 3.8% n.a

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)

(1) Returns are for the periods ended October 31, 2020. The tables above 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 Class A or Class U unit and assumes that distributions made by the Fund on its units in the periods shown were reinvested (at Net Asset Value per Class A or Class U unit) in additional units of the Fund. The tables above show the Fund’s year-by-year and compound returns for each period indicated.

(2) Inception Date: November 1, 2011

(3) Inception Date: January 10, 2017

(4) Period from November 1, 2011 (commencement of operations) to December 31, 2011.

(5) Period from January 10, 2017 (inception) to December 31, 2017.

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

Class U Unit

Record Date Payment Date Return of Capital Foreign Non- Business Income Foreign Non- Business Income Tax Paid Total Distribution
Dec 31, 2020 Jan 15, 2021 0.00000 0.00000 0.00000 0.04000
Nov 30, 2020 Dec 14, 2020 0.00000 0.00000 0.00000 0.04000
Oct 30, 2020 Nov 13, 2020 0.00000 0.00000 0.00000 0.04000
Sep 30, 2020 Oct 15, 2020 0.00000 0.00000 0.00000 0.04000
Aug 31, 2020 Sep 15, 2020 0.00000 0.00000 0.00000 0.04000
Jul 31, 2020 Aug 17, 2020 0.00000 0.00000 0.00000 0.04000
Jun 30, 2020 Jul 15, 2020 0.00000 0.00000 0.00000 0.05000
May 29, 2020 Jun 12, 2020 0.00000 0.00000 0.00000 0.05000
Apr 30, 2020 May 14, 2020 0.00000 0.00000 0.00000 0.05000
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
Total 0.00000 0.00000 0.00000 0.54000
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General Inquiries: (416) 642-9061|Investor Relations: (416) 642-6000|Toll Free: 1-866-642-6001
Email: info@bromptongroup.com
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