Matco Balanced Fund (Series F)
Fund Documents [LINK]    Fund Codes [LINK]    As at March, 2021  

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

$209.3 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 March 31, 2021    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 3.3% 3.3% 25.0% 5.3% 5.7% 5.1% 5.7% 4.9%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 3.3% 3.3% 25.0% 16.9% 31.9% 41.7% 74.8% 89.2%


  • Calendar Year Returns

      2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
    Series F 6.4% 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 2015 
    to 2020
    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 5.1% 5.0% 4.3% 8.1% 7.8% 6.3% 7.3% 9.7% 1.9%
  • Annual Distribution per Unit ($/unit)

      2020 2019 2018 2017 2016 2015
    Income 0.08 0.27 0.14 0.15 0.16 0.18
    Capital Gains 0.25 0.42 0.36 0.17 -
    Total Distributions: 0.08 0.52 0.56 0.51 0.33 0.18

Sector Allocation

Asset Mix

Top Holdings (Series O)

Matco Fixed Income Fund 33.9%
Matco Global Equity Fund 30.6%
Matco Canadian Equity Income Fund 19.9%
Matco Small Cap Fund  10.7%
Cash 5.0%



As we embarked on 2021, our primary investment themes were the following: favor equities over fixed income, favor cyclical sectors over defensive sectors, favor small companies over large companies and favor the rest of the world over the U.S. Although it is early in the year, thus far our primary investment themes have led us to the desired portfolio positioning, which has resulted in strong investment results. The foundation of our investment thesis is that we are in the early stages of the next long term economic expansion, where the corporate earnings recovery will continue, and broader economic growth will remain strong. Notable developments beyond these foundational themes have been the continued progress on the global vaccination front, North American central banks reconfirming their commitment to maintain easy monetary policy and governments continuing with abundant fiscal stimulus. These developments have further reinforced our investment thesis. Corporate earnings growth was anticipated to be 18% in the U.S. and 26% in Canada at the beginning of the year. Consensus expectations have improved by 6% in both Canada and the U.S., which are a positive signal for the equity market outlook. Although the economic and investment landscape remains positive, we are cognisant that the path of least resistance is also susceptible to the occasional detour. Within that context, we remain positive on the outlook for the remainder of the year but are mindful that equity markets are expensive relative to historical norms. For this reason, we are prepared for and anticipate some modest setbacks, but will continue to focus on the underlying fundamentals to serve as our compass for portfolio positioning. As always, our goal is to protect and grow our Balanced Fund unitholders’ capital without exposing the portfolio to unnecessary risks.

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.