Matco Global Equity Fund (Series F)
Fund Documents [LINK]    Fund Codes [LINK]    As at March 31, 2021  

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

$121.8 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 March 31, 2021    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 8.1% 8.1% 40.4% 10.1% - - - 10.4%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 8.1% 8.1% 40.4% 33.5% - - - 41.7%


  • 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 0.11 0.09 0.01 - - -
    Capital Gains 0.27 0.22 - - - -
    Total Distributions: 0.38 0.31 0.01 - - -

Sector Allocation 

Asset Mix

Country Allocation (excluding cash)

Top Holdings   

Matco U.S. Equity Portfolio 36.8%
iShares MSCI Europe IMI Index ETF (CAD-Hedged) 15.1%
iShares Core MSCI Emerging Markets IMI Index ETF 12.5%
BMO MSCI Europe High Quality Hedged to CAD ETF 7.5%
BMO S&P 500 Hedged to CAD ETF 5.7%
iShares S&P Small-Cap 600 Value ETF 5.4%
BMO S&P US Small Cap Hedged to CAD Index ETF 5.4%
iShares MSCI Japan Index ETF (USD-Hedged) 4.6%
Cash 3.5%
Matco Small Cap Fund (Series O) 2.3%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 4.7% - Evercore Inc.

    An independent investment banking advisory firm.

  • 4.7% - H&R Block Inc.

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

  • 4.4% - Infosys Ltd.

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

  • 4.4% - Logitech International

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

  • 4.1% - Garmin Ltd.

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

  • 4.0% - Altria Group Inc.

    The largest U.S. tobacco vendor that is transitioning to non-combustible brands and a portfolio of strategic investments.

  • 3.9% - Skyworks Solutions Inc.

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

  • 3.9% - Deluxe Corp.

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

  • 3.8% - 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.


 Over the next twelve months, we continue to favor: the rest of the world over the U.S., value versus growth, small caps over large caps, and cyclicals over defensives.  The rest of the world is expected to outperform the U.S., as synchronized global growth gains momentum and the U.S. dollar continues to depreciate.  Value is expected to outperform growth, as valuations are cheaper, earnings growth is stronger, and bond yields are rising, but still accommodative.  Small caps are expected to outperform large caps, as investors rotate out of quality and add incremental risks to their portfolios.  Cyclicals are expected to outperform defensives, as vaccination rates rise, the global economy reopens, and consumers begin consuming again.  With that said, we expect the global economy to recover from the pandemic and life to return to normal, albeit a new normal.  We are in the early stages of a new economic expansion, which should last years and provide investors with generous returns.  For example, since 1932, the average duration and return of a bull market for the S&P 500 Index is 4.3 years and 158%, respectively.  Although many countries and regions, such as Brazil and Europe, struggle to contain COVID-19, vaccines are proving to be effective.  In addition to vaccines, fiscal and monetary policy continue to be expansionary.  It is estimated that over USD $20 trillion of government stimulus has been deployed around the world and it is expected that central banks will leave interest rates lower for longer.  This has the potential to result in the most rapid recovery in history.  However, this also has the potential to lead to inflation.  It is likely that inflation will overshoot in the short-term, but we do not believe central banks will panic and increase interest rates.  We are optimistic for the reminder of 2021 but expect more muted returns when compared to 2020.  For example, since 1932, the average return in year one and year two of a bull market for the S&P 500 Index is 46% and 12%, respectively.

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.