Matco Balanced Fund (Series F)
Fund Documents [LINK]    Fund Codes [LINK]    As at September 30, 2020  

Investment Profile
The Fund invests in a diversified portfolio of Canadian companies, global companies and high-quality bonds in order to preserve capital, produce income and generate long term capital appreciation.

Fund Inception Date


Fund Net Asset Value

$192.5 Million

Portfolio Manager

Trevor Galon, CFA

Dividend Yield


Is this fund for you?

You are seeking income, stability and capital preservation

You have a low to medium tolerance for risk on your investment

You are looking to hold the investment for the medium or long term



Geographic Profile (Equities)

The fund generally has an asset mix of Canadian bonds, (40%-60%), Canadian equities (25%-45%) and foreign equities (0%-35%).


The fund seeks to preserve capital, produce income and generate long term capital appreciation by optimizing its asset mix of investments through top-down and bottom-up analysis.

The fund focuses on companies that meet Matco’s strict investment criteria which include:

  • Quality

  • Income

  • Growth

  • Value

  • Risk

Investor Education

  • Ensure you have an investment time horizon of 5+ years

  • Learn about Matco and our investment philosophy


  • Assess the fund’s performance over a 5-year period in order to recognize the fund’s true value

Performance (Series F)

As at September 30    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 3.9% 0.7% 2.3% 3.3% 4.6% 5.5% 5.5% 4.4%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 3.9% 0.7% 2.3% 10.2% 25.4% 45.2% 71.2% 73.2%


  • Calendar Year Returns

      2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
    Series F 9.5% -4.2% 7.6% 6.9% 5.5% 6.2% 14.4% 6.3% -0.3% 10.4% 18.8% -20.8% 1.0%
  • Rolling 5-Year Returns

      From 2014
    to 2019
    From 2013
    to 2018
    From 2012 
    to 2017
    From 2011 
    to 2016
    From 2010 
    to 2015
    From 2009 
    to 2014
    From 2008 
    to 2013
    From 2007 
    to 2012
    Series F 5.0% 4.3% 8.1% 7.8% 6.3% 7.3% 9.7% 1.9%
  • Annual Distribution per Unit ($/unit)

      2019 2018 2017 2016 2015
    Income 0.27 0.14 0.15 0.16 0.18
    Capital Gains 0.25 0.42 0.36 0.17 -
    Total Distributions: 0.52 0.56 0.51 0.33 0.18

Sector Allocation

Asset Mix

Top Holdings

Matco Fixed Income Fund 39.5%
Matco Global Equity Fund 29.0%
Matco Canadian Equity Income Fund 20.4%
Matco Small Cap Fund  5.9%
Cash 4.2%
BMO NASDAQ 100 EQU Hedged to CAD Ind ETF 1.0%



The year 2020 has been fraught with challenges on a global scale which have significantly impacted the economic outlook. The COVID-19 pandemic shut down the global economy to an extent, sending the global labor market into a tailspin. Earlier in the year, it was difficult to imagine how exactly the economy was going to work through the challenges it faced. Although the economy is far from out of the woods, it has shown some positive and encouraging signs of recovery. Global governments and central banks stepped up with unprecedented economic stimulus, which stalled the tailspin. What we have also learned is that the economy is rather resilient, in large part due to consumer behavior. With individuals receiving support payments from the government, the consumer does not stop spending, but rather reallocates where they spend. Although travel, resorts, restaurants and other service-related sectors have been punished, online retailers, shipping companies, technology, renovation, landscaping and other sectors have benefited greatly and present forward-looking opportunities. Meanwhile, the jobs recovery has begun, and the industrial production cycle has re-engaged. Although the road to recovery won’t be traveled overnight, the economy will continue to expand gradually as it repairs the wounds left behind by the pandemic, shifting to where growth is possible. The predominant risks on the horizon are a re-closure (to an extent) of the economy due to an uptick in global COVID-19 cases and the U.S. presidential election which may subject Americans to greater taxes. In Canada, we continue to face ballooning budget deficits and a political landscape that is lacking any enticement to the global business community. Overall, although some fog remains, we continue to focus on the long-term economic recovery which should bear fruit for investors who stick to a disciplined investment process.

Performance returns for the Matco Mutual Funds are calculated by Matco Financial Inc. These returns are calculated and reported in Canadian dollars and are historical simple returns for the 3 month, YTD and 1 year periods and annualized compounded total returns for periods after 1 year. They include changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. A cumulative return on an investment is the aggregate amount that the investment has gained or lost over time, independent of the amount of time involved, expressed as a percentage. Calendar year return reflects the compound rate of return over the specified calendar year (January 1st to December 31st). Matco Fund returns are calculated after management fees and operating expenses have been deducted.