Matco Global Equity Fund (Series F)
Fund Documents [LINK]    Fund Codes [LINK]    As at December 31, 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

$104.5 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 December 31, 2020      
Net of Fees   3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F   11.1% 8.3% 8.3% 7.4% - - - 8.6%

Growth of $10,000 since inception

Cumulative Returns

    3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F   11.1% 8.3% 8.3% 24.0% - - - 31.1%


  • Calendar Year Returns

    Calendar Year Performance 2020 2019 2018 2017
    Series F 8.3% 19.3% -3.9% 5.7%
  • Annual Distribution per Unit ($/unit)

      2020 2019 2018 2017 2016 2015
    Income TBA 0.09 0.01 - - -
    Capital Gains TBA 0.22 - - - -
    Total Distributions: TBA 0.31 0.01 - - -

Sector Allocation 

Asset Mix

Country Allocation (excluding cash)

Top Holdings   

Matco U.S. Equity Portfolio 39.6%
iShares MSCI Europe IMI Index ETF (CAD-Hedged) 11.0%
BMO MSCI Europe High Quality Hedged to CAD ETF 10.6%
iShares Core MSCI Emerging Markets IMI Index ETF 7.5%
Cash 6.1%
BMO S&P US Small Cap Hedged to CAD Index ETF 6.0%
BMO NASDAQ 100 Equity Hedged to CAD ETF 5.8%
BMO S&P 500 Hedged to CAD ETF
iShares MSCI Japan Index ETF (USD-Hedged) 5.0%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 4.6% - Logitech International

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

  • 4.5% - Infosys Ltd.

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

  • 4.4% - Evercore Inc.

    An independent investment banking advisory firm.

  • 4.2% - Garmin Ltd.

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

  • 4.0% - Deluxe Corp.

    Provides financial technology solutions to over 4.5 million small businesses and 5,100 financial institutions

  • 3.9% - NetApp Inc.

    A hybrid cloud data services and data management company.

  • 3.8% - Eli Lilly and Co.

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

  • 3.8% - H&R Block Inc.

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

  • 3.7% - Accenture PLC

    Provides global consulting for mid to large corporations regarding strategy, technology, customer experience and operations.

  • 3.6% - Skyworks Solutions Inc.

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


In 2020, the equity market correction surprised many investors and the subsequent equity market recovery surprised even more. Equity markets are trading at or above pre-pandemic levels and we expect this momentum to extend to 2021. However, we expect the leadership to change; for example, U.S. to the rest of the world, large caps to small caps, growth to value, and technology to other cyclicals such as energy, materials, and industrials.

This leadership change will be dependent on global growth, which the International Monetary Fund is expecting to be +5.2% in 2021, compared to -4.4% in 2020 and +2.8% in 2019. In North America, Canada is expected to grow +5.2% and U.S. is expected to grow +3.1%.

Global growth will be driven by successful vaccination programs, which will allow the economy to reopen as workers return to work and consumers return to consuming. As supply and demand increases, economic data should improve, and earnings should accelerate, which is a primary driver for equity returns. Additionally, the global economy will continue to benefit from fiscal and monetary stimulus. Japan passed the largest stimulus package totaling 21% of its gross domestic product (GDP), Canada passed the second largest fiscal stimulus package totaling 16% of its GDP, and the U.S. passed the fourth largest fiscal stimulus package totaling 13% of its GDP.

Central banks around the world have been doing their part by lowering interest rates and many economies are operating in a zero, or negative, interest rate policy environment. Interest rates are expected to remain lower for longer or until we see a significant improvement in economic data.

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.