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

$133.3 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 June 30, 2021    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 4.6% 13.1% 30.5% 11.2% - - - 11.0%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 4.6% 13.1% 30.5% 37.5% - - - 48.2%


  • 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 34.4%
iShares MSCI Europe IMI Index ETF (CAD-Hedged) 15.1%
iShares Core MSCI Emerging Markets IMI Index ETF 13.4%
BMO MSCI Europe High Quality Hedged to CAD ETF 7.5%
Cash 6.9%
iShares S&P Small-Cap 600 Value ETF 5.2%
BMO S&P 500 Hedged to CAD ETF 4.9%
BMO S&P U.S. Small Cap Hedged to CAD Index ETF 4.9%
iShares MSCI Japan Index ETF (USD-Hedged) 4.1%
Matco Small Cap Fund (Series O) 2.3%
Infosys Ltd. 1.6%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 4.5% - Infosys Ltd.

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

  • 4.4% - Garmin Ltd.

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

  • 4.3% - Eli Lilly and Co.

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

  • 4.3% - Logitech International

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

  • 4.2% - NetApp Inc.

    A hybrid cloud data services and data management company.

  • 4.1% - NortonLifeLock Inc.

      A global provider of consumer cyber security for various personal devices.

  • 3.9% - Skyworks Solutions Inc.

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

  • 3.7% - H&R Block Inc.

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

  • 3.7% - Altria Group Inc.

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

  • 3.6% - Deluxe Corp.

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


We remain optimistic for the remainder of 2021 but anticipate periods of volatility before equity markets continue to trend higher. Elevated valuations are one reason for volatility, but you can add to the list, a deceleration in earnings growth, the possibility of higher interest rates, a spike in inflation, and the ongoing pandemic. However, earnings growth is expected to remain positive, fiscal and monetary policy is expected to remain expansionary, inflation is expected to overshoot but stabilize, and life is expected to return to normal. Although these events could cause a hiccup in the current bull market, they will not end it. The current bull market has lasted 1.3 years and has returned +92% (iShares S&P 500 Index ETF), compared to the previous fifteen bull markets, which lasted 4.3 years and returned +158%, on average. Historically, bull markets have been associated with the first three stages (early cycle, mid-cycle, and late-cycle) of an economic cycle, while bear markets have been associated with the last stage of an economic cycle (recession). With that said, we are currently early cycle and will likely enter mid-cycle within the next twenty-four months, depending on the speed at which the global economy recovers. In mid-cycle, growth typically outperforms other investment styles, mid-caps typically outperform other market capitalizations, and information technology and communication services typically outperform other sectors. The duration of the current bull market or economic cycle is uncertain but we do have visibility out to 2022 and will be deploying cash when volatility increases. Although we expect positive returns in the second half of 2021, we expect modest returns when compared to the first half of 2021 or since the bull market began in March 2020. To reduce volatility and protect earlier gains, we intend on adding defense through consumer staples and utilities, the two worst performing sectors year-to-date. Additionally, we are gradually adding to emerging markets, which have underperformed developed markets year-to-date.  The underperformance has been the result of lower vaccination rates, which are expected to improve over the coming months.

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.