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

$208.5 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

Performance (Series F)

As at September 30, 2021    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F -0.7% 6.4% 12.5% 5.7% 5.2% 5.5% 6.8% 4.9%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F -0.7% 6.4% 12.5% 18.1% 29.1% 45.7% 92.9% 94.9%


  • 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 34.8%
Matco Global Equity Fund 29.8%
Matco Canadian Equity Income Fund 19.8%
Matco Small Cap Fund  9.9%
Cash 5.7%



As we embarked on 2021, our primary investment themes were the following: favour equities over fixed income, favour cyclical sectors over defensive sectors, favour small companies over large companies and favour the rest of the world over the U.S. Through the first three quarters of the year, our primary investment themes led us to the proper portfolio positioning, strong investment results and benchmark outperformance. 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. However, throughout the long-term economic expansion, there are typically 2 to 4 smaller cycles, where growth will accelerate and moderate. In the third quarter, we began to observe signs that we are at the first cyclical peak within the long-term expansion. This increases the likelihood of a deceleration in corporate earnings growth. Broad-based economic metrics are also showing signs of moderating economic growth as we head into 2022. With a multi-year economic expansion still in front of us, we will be maintaining a growth tilt within our portfolio, favouring equities over fixed income. However, modest deceleration heading into 2022 suggests a focus on risk management and some patience with respect to investment returns will serve as a prudent approach. Notable tailwinds for the economy heading into 2022 are continued job growth, North American infrastructure spending supported by government programs and strong consumer spending supported by healthy household balance sheets. Headwinds blowing in the face of the economy will be a gradual tightening of financial conditions by central banks and less low-hanging fruit for corporate earnings growth. Looking out to 2022, we remain positive on the prospects for investment returns, however active management will be critical to achieve portfolio growth while minimizing volatility. Within the Matco Balanced Fund, our investment team continues to calibrate our asset mix while selecting strong companies poised to grow their businesses throughout the full economic expansion.

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.