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

$131.5 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

  • Learn about Matco and our investment philosophy

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

  • 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


Performance (Series F)

As at September 30, 2021    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F -0.8% 12.2% 24.7% 10.0% - - - 10.1%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F -0.8% 12.2% 24.7% 33.3% - - - 47.1%


  • 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 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 27.9%
iShares MSCI Europe IMI Index ETF (CAD-Hedged) 15.4%
iShares Core MSCI Emerging Markets IMI Index ETF 12.8%
BMO S&P 500 Hedged to CAD ETF 9.9%
BMO MSCI Europe High Quality Hedged to CAD ETF 7.6%
Cash & Cash Equivalents 7.5%
iShares MSCI Japan Index ETF (USD-Hedged) 5.4%
iShares S&P Small-Cap 600 Value ETF 3.4%
BMO S&P U.S. Mid Cap Index EFT 3.4%
iShares Global Consumer Staples Index EFT 3.4%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 5.2% - NetApp Inc.

    A hybrid cloud data services and data management company.

  • 4.6% - Eli Lilly and Co.

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

  • 4.6% - H&R Block Inc.

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

  • 4.3% - 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.

  • 3.9% - Accenture PLC

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

  • 3.9% - Broadcom Inc.

    A global technology company focused on semiconductor and infrastructure software solutions.

  • 3.9% - Federated Hermes Inc.

    A global investment management company with over US$600 billion in assets under management.

  • 3.8% - Altria Group Inc.

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

  • 3.67% - Infosys Ltd.

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


As we navigate the remainder of 2021 and enter 2022, we would like to remind investors that we are in the early phases of the current economic cycle. Thus, volatility should lead to buying opportunities, not a recession. The global economy continues to recover from the pandemic, and this has been reflected in the most recent economic data. The rate at which the global economy is recovering leads us to believe that the duration of the current economic cycle will be compressed. The early cycle, which began in March 2020, has produced impressive returns, so we would expect more modest returns as the early cycle comes to an end and we transition to the mid cycle. In the mid cycle, economic growth and earnings growth are peaking, fiscal policy and monetary policy are neutral, inventories and sales are rising, and credit growth is strong. Over the next fifteen months, we will identify opportunities to reposition the Fund for the mid cycle. These opportunities include growth in terms of investment style, mid caps in terms of market capitalization, and communication services and information technology in terms of sectors. In the near-term, the risks continue to be elevated valuations, a deceleration in earnings growth, the possibility of higher interest rates, and the ongoing pandemic. If these risks materialize, expect increased volatility. To conclude, we are optimistic over the long-term, but the transition from early cycle to mid cycle could come with increased volatility, or what we would call buying opportunities.

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.