Norrep Enhanced Credit Fund

  • Mutual Fund Trust
  • Series I
  • CDN$

Enhanced Credit

Norrep Enhanced Credit Fund invests flexibly in the North American high yield credit market, principally through corporate bonds and senior secured loans. To enhance the fund’s risk-adjusted return profile, the fund has the ability to dynamically adjust/hedge its interest rate and credit exposure through short positions in government bonds and short positions in select high yield corporate bonds.

  • Current Price

    Feb 21, 2017

  • $9.25

    $0.00 (0.00%)

Investment Managers

  • Bill Holy

    Vice President & Portfolio Manager, High Yield Debt

  • Owen Morgan

    Portfolio Manager

Notice to Investors

Performance of Series I shown discloses the performance of Series I shares of Centurion Credit Class from June 30, 2011 until April 22, 2015. Performance after April 22, 2015 is performance of Series I Units of Norrep Enhanced Credit Fund.

Fund Traits

  1. Credit Fund with more choices than a standard long-only mutual fund through its use of long and short positions to provide enhanced portfolio returns

  2. Unique strategy of overweighting floating rate senior secured loans and/or high yield corporate bonds, depending on market conditions, helps manage credit and interest rate risk

  3. In normal times the fund will invest up to 130% of its assets in US and Canadian high yield bonds and senior secured loans and up to 30% of its assets in short positions (typically US Treasuries) for 100% net market exposure

Compounded Returns (%) as at Dec 31, 2016

1 month 3 month 6 month 1 year 3 year* 5 year* S.I.*
0.2%0.4%3.7%7.4%3.9%7.4%7.2%

Annual Returns as at Dec 31, 2016

2016 YTD 2015 2014 2013 2012 2011 ^
6.2% -0.3% 4.6% 11.9% 14.0% 2.7%

as at Dec 31, 2016Dividends

2016 YTD 2015 2014 2013 2012 2011 ^
Eligible Dividends $0.616$0.66$0.45$0.50$0.50$0.17
Capital Gains --$2.00---
Total $0.616 $0.66 $2.45 $0.50 $0.50 $0.17

Growth of $10,000

Notes

*Annualized

** The Centurion Credit Class had an eligible dividend distribution in the amount of $0.13 per unit in March 2015. Once Norrep Enhanced Credit Class was established it distributed $0.53 per unit.

^ 2011 return begins with June 30 inception

1. The Norrep Enhanced Credit Fund (the “Fund”) continues the investment strategy adopted by Centurion Credit Class, which was a separate share class of Norrep Opportunities Corp. Centurion Credit Class was established on June 30, 2011 and distributed securities to investors pursuant to private placement. Prior to making the Units of the Fund available to other investors, Norrep Capital Management Ltd., on behalf of the Fund, entered into a transaction with Norrep Opportunities Corp., whereby all of the assets held by Centurion Credit Class were transferred to the Fund at fair market value, in exchange for Series I Units of the Fund. Centurion Credit Class then paid a dividend in kind to its shareholder, so that that shareholder now holds Series I Units of the Fund. Please see the financial statements of the Fund contained in the Offering Memorandum for further details.

2. The management fee paid to Norrep Capital in respect of Series I Units is paid directly to Norrep Capital pursuant to a Series I agreement between each holder of Series I Units and Norrep Capital.  Similarly, the management fee that was paid to Norrep Capital in respect of Series I shares of Centurion Credit Class was paid directly to Norrep Capital by the holder of Series I shares.  In both cases, if the Series I management fee was charged directly by Centurion Credit Class or the Fund, respectively, the returns disclosed would be reduced to that extent.  The performance of A Series and F Series Units will be reduced by the management fees charged by the Fund in respect of those series.  Please refer to the Offering Memorandum for further details.

Disclaimer

All price and performance data listed is for Series I. The Norrep Enhanced Credit Fund is available for sale to Accredited Investors, BC residents by Offering Memorandum or with a minimum purchase of $150,000 by a non-individual, and is subject to resale restrictions under applicable securities laws.  The fund is not guaranteed, unit values changes frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with this investment.  Indicated rates of return are the historical annual compound total returns including changes in unit value and reinvestment of all dividends and distributions and do not take into account sales, redemption, distribution or optional charges or income tax payable by any security holder, if any, that would have reduced returns. The rate of return is used to illustrate the effects of the compound growth rate and is not intended to reflect future sales of the fund or returns on investment in the fund.