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

Investment Profile
The Fund invests in global companies that have the ability to pay dividends and grow earnings. A majority of these companies are based in the U.S., Europe and Emerging Markets (such as China, Taiwan, South Korea and India). 

Fund Inception Date


Fund Net Asset Value

$94.5 Million

Portfolio Manager

Baron Lee, CFA

Dividend Yield


Is this fund for you?

You typically have a 5+ year investment horizon

• You can tolerate low to medium risk on your investment

• You are seeking long term capital appreciation

• You are looking for exposure to global opportunities



Geographic Profile (Equities)

The Fund’s geographic profile may change over time due to the portfolio manager’s assessment of regional market conditions such as interest rates, economic growth and company earnings growth.


The Fund follows a bottom-up and top-down strategy approach. The Fund's U.S exposure is focused on 30-35 dividend-paying companies. To gain exposure to leading non-U.S. companies, the Fund invests in regional exchange-traded funds to provide portfolio diversification.

The U.S. Equity Portfolio owns 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

  • You understand the amount invested in any one region will vary depending on  the investment opportunities

  • The companies’ earnings growth cycle may fluctuate over time


  • Learn about Matco and our investment philosophy

  • Understand this Fund is not intended to be a complete investment program for all investors

Performance (Series F)

As at September 30, 2020    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 3.9% -2.6% 4.6% 5.0% - - - 5.6%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 3.9% -2.6% 4.6% 15.9% - - - 18.0%


  • Calendar Year Returns

    Calendar Year Performance 2019 2018 2017
    Series F 19.3% -3.9% 5.7%
  • Annual Distribution per Unit ($/unit)

      2019 2018 2017 2016 2015
    Income 0.09 0.01 - - -
    Capital Gains 0.22 - - - -
    Total Distributions: 0.31 0.01 - - -

Sector Allocation 

Asset Mix

Country Allocation (excluding cash)

Top Holdings   

Matco U.S. Equity Portfolio 45.0%
iShares MSCI Europe IMI Index ETF (CAD-Hedged) 10.6%
BMO S&P 500 Hedged to CAD ETF 9.2%
BMO MSCI Europe High Quality Hedged to CAD ETF 7.5%
BMO NASDAQ 100 Equity Hedged to CAD ETF 6.7%
iShares Core MSCI Emerging Markets IMI Index ETF 6.5%
iShares MSCI Japan Index ETF (USD-Hedged) 5.9%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 2.1% - Broadcom Inc.

    A global technology company that provides semiconductor and infrastructure software solutions.

  • 2.0% - Eli Lilly and Co.

    A pharmaceutical company with a focus on neuroscience, endocrinology, oncology and immunology.

  • 2.0% - Infosys Ltd.

    A global leader in next-generation digital services and consulting.

  • 1.9% - Garmin Ltd.

    The company creates GPS navigation and wearable technology for the automotive, aviation, marine and fitness markets.

  • 1.9% - Skyworks Solutions Inc.

    Manufactures semiconductors for use in radio frequency and mobile communications systems.

  • 1.8% - Ubiquiti Inc.

    A global technology company that sells networking products to service providers and corporations.

  • 1.8% - Logitech International

    A leading global hardware company that designs products that bring people together through music, gaming, video, and computing.

  • 1.7% - H&R Block Inc.

    Provides global tax preparation, financial services and small business solutions.

  • 1.7% - NetApp Inc.

    A hybrid cloud data services and data management company.

  • 1.7% - Evercore Inc.

    An independent investment banking advisory firm.


As we enter the fourth quarter, we expect increased volatility leading up to the U.S. presidential election on November 3, 2020. In an election year, the month of October typically produces negative returns, but the following year typically produces significant positive returns. This is shown in the years 2005, 2009, 2013 and 2017 where after U.S. presidential elections, the S&P 500 Index increased by 3.0%, 23.5%, 29.6% and 19.4% respectively. In 2021, not only do we expect an earnings recovery, but we expect governments and central banks around the world to continue to provide economic stimulus. Global growth should gain traction and then momentum so long as monetary policy includes ZIRP (zero interest rate policy) and QE (quantitative easing). With that said, we would expect the U.S. and Japan to underperform the rest of the world as investors sell the U.S. dollar and the Japanese yen to gain exposure to countries and/or regions with cyclical exposure. As mentioned earlier, the Fund has begun rotating out of the U.S. and into the rest of the world. Although we believe Europe is the cyclical catch up trade, we expect emerging markets and resources to appreciate as the U.S. dollar continues to depreciate.

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.