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

$84 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      
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 12.5% -6.2% 2.4% - - - - 4.7%

Growth of $10,000 since inception

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F 12.5% -6.2% 2.4% - - - - 13.6%


  • 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

Top Holdings   

Matco U.S. Equity Portfolio 45.8%
BMO S&P 500 Hedged to CAD ETF 16.7%
iShares MSCI Europe IMI Index ETF (CAD-Hedged) 11.8%
iShares Core MSCI Emerging Markets IMI Index ETF   6.7%
iShares MSCI Japan Index ETF (USD-Hedged) 6.5%
Cash 5.7%
BMO MSCI Europe High Quality Hedged to CAD ETF 5.0%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 2.3% - Eli Lilly and Co.

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

  • 2.1% - Ubiquiti Inc.

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

  • 2.1% - Apple Inc.

    The premiere global hardware and software company that creates various personal devices and offers cloud services.

  • 2.0% - Broadcom Inc.

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

  • 2.0% - 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% - Abbvie Inc.

    A pharmaceutical company with a focus on immunology and oncology.

  • 1.8% - Accenture PLC

    A leading global consulting firm providing advice on strategy, technology, digital capabilities and operational issues across various industries.

  • 1.7% - Logitech International

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

  • 1.7% - NortonLifeLock Inc.

    A global leader in consumer cyber security for personal devices, identity theft prevention, and online privacy with over 20 million clients.


For the remainder of 2020, we expect equity markets to consolidate and experience periods of increased volatility. The sources of volatility include but are not limited to, a potential second wave of COVID-19, an escalating U.S.-China/Europe trade war, the U.S. presidential election and concerns over global growth. In June, the International Monetary Fund revised its 2020 global growth forecast lower by 1.9%, from -3.0% to -4.9%. Beyond 2020, we are optimistic and believe that equity markets have entered a new bull market, which should provide long-term investors with significant returns over its duration. For example, over the life of the last bull market, March 2009 to February 2020, the S&P 500 was up over 400%. Long-term investors should buy the dips, as fundamentals are expected to improve when the global economy begins to recover in late 2020 or early 2021.

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.