Altamira High Yield Bond Fund

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					                                                Altamira High Yield Bond Fund                                                                                                                                                                As at: January 31, 2010
                                                Category: High Yield Fixed Income




 Fund Facts                                                                                              Investment objectives
                                                                                                         The High Yield Bond Fund aims to achieve high total income return. The fund invests primarily in High Yield
 Investment Horizon:                    Short
                                                    3.00   3.00    3.00    3.00   3.00
                                                                                         Long
                                                                                                         debt securities of foreign (USA and West Europe) and Canadian companies. The fund may also invest in
 Fund Volatility:                        Low
                                                    2.00   2.00    2.00    2.00   2.00

                                                                                         High            convertible debenture, prefered shares and mortgage back securities.
 Minimum Initial Investment:                                                               $500

 Subsequent Investment:                                                                     $50
                                                                                                         Asset Mix
 Systematic Investment:                                                                     $25
                                                                                                                                                                                           Total                                                Total



 Distribution Frequency:                                                                 Monthly                                                                                   Unit                1,00                                        79,27
                                                                                                                                                                           1,00      ed
                                                                                                                                                                                   Stat            79.3%      United States
 Asset Under Management ($M):                                                             $224.6                                                                                   Inter               2,00                                         8,51
                                                                                                                                                                           2,00     nati
                                                                                                                                                                                   onal
                                                                                                                                                                                   Can
                                                                                                                                                                                                    8.5%
                                                                                                                                                                                                       3,00
                                                                                                                                                                                                              International                         7,76



 Price per Unit:                                                                           $7.81
                                                                                                                                                                           3,00    ada


                                                                                                                                                                                   Cas
                                                                                                                                                                                                    7.8%
                                                                                                                                                                                                       4,00
                                                                                                                                                                                                              Canada                                4,46
                                                                                                                                                                           4,00     h&
                                                                                                                                                                                    Oth             4.5%      Cash & Other Assets
 Inception Date:                                                  December 19, 2001

 Value of $10,000 since inception:                                                       $14,191

 Benchmark Index:                                                                                  To
 1.00
                           M Lynch US High Yield Master Cash (hedged)tal

                                                                                                         Top Holdings (%)                                                                      Allocation by Maturity (%)
 Management Fee:                    1.75%       MER:                                      1.88%
                                                                                                                                                                          Fund
 Portfolio Manager:                                                                                                                                                          4.5               1 TO 5 YEARS                                                              44.7
                                                                                                   To
                                                                                                    63
                                                                                                         Cash & Other Assets
            1.00
                                         Natcan Investment Managementtal                                                                                                     2.7               5 TO 10 YEARS                                                             49.8
                                                                                                         Ford Credit Canada Ltd., 8.00 %, 2016-12-15
                                                                                                         Alliance One International Inc., 10.00 %, 2013-07-15                1.7               MORE THAN 10 YEARS                                                         5.5

                                                                                                  To     Icahn Enterprises LP / Icahn Enterprises Finance Corp., 7.75        1.7               Credit Rating (%)
 Management Team:
      1.00
                                                                          Francis Pelletier
                                                                                                 21.00
                                                                                                  ta                                                                                                                                                    Index            Fund
                                                                                                  l
                                                                                                         %, 2016-01-15
                                                                                                                                                                             1.6
                                                                                                 21.00
             2.00
                                                           Marc-André Gaudreau                           MTR Gaming Group Inc., 12.63 %, 2014-07-15                                            A                                                                          0.8
                                                                                                                                                                             1.4
                                                                                                 21.00
             3.00
                                                                          Gilles Chouinard               Frontier Communications Corp., 8.13 %, 2018-10-01                                     BBB                                                                        1.5
                                                                                                         Toys R Us Property Co I LLC, 10.75 %, 2013-07-15                    1.3               BB                                                          44.2          36.3
 Fund Code:
                                                                                                         Hospital Corporation of America Inc., 7.88 %, 2020-02-15            1.3               B                                                           34.3          44.5
 Investor Series:                                                                        NBC813          Wind Acquisition Finance SA, 11.75 %, 2013-07-15                    1.2               <B                                                          21.5          17.0
                                                                                                         Global Crossing Ltd., 12.00 %, 2012-09-15                           1.1
                                                                                                                                                                                               Average Duration (Years)                                                  4.28
                                                                                                                                              Total % of Top Holdings:     18.3
                                                                                                                                                                                               Yield to Maturity (%)                                                     8.33
                                                                                                                                             Total Number of Holdings:     140




Annual Compound Returns (%)                                                                                                                          Annual Returns (%)
    32                                                            31.26                                                                                40                36.64

    28                                                                                                                                                 30

    24
                                                                                                                                                       20
    20
                                                                                                                                                       10                                                                                                         8.81
                                                                                                                                                                                                                                    6.24
    16                                                                                                                                                          0.97                                                  0.94
                                                                                                                                                        0
    12                                      10.91                                                                                                                                                                                            -0.42

                                                                                                                                                       -10
        8
                             4.12                                                                                                 4.40
        4                                                                                                                                              -20
                                                                                                         2.41
                    0.97                                                                  1.58
                                                                                                                                                                                                     -23.94
        0                                                                                                                                              -30

               1 month     3 months     6 months                  1 year                  3 years        5 years    10 years     inception                      YTD      2009                        2008            2007           2006     2005                 2004




National Bank Mutual Funds (the 'Funds') are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. There may be commissions, trailing commissions, management fees and expenses
associated with investment in the Funds. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns which include changes in the value of securities and reinvestment
of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. For money market funds, there can be no assurances that
a fund will be able to maintain its net asset value at a constant amount or that the full amount of your investment in a fund will be returned to you. The Funds are not guaranteed or covered by the Canada Deposit Insurance Corporation
or another government deposit insurer, their values fluctuate frequently and past performance may not be repeated.

				
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