TORONTO, April 13, 2021 /CNW/ – The Ewing Morris Flexible Fixed Income Fund, an alternative high yield fixed income fund reached its fifth anniversary during the first quarter of 2021. The Fund is unique in its focus on the high yield bond market, utilizing low levels of leverage, and managing risk through hedging individual bond holdings by shorting the equity of the same company. Since inception, the Fund has delivered 7.2%, net of fees, a level of investment performance that is higher than its original net return target of 5-7%.¹ Over the same period, the Fund outperformed its high yield and corporate bond benchmarks by 70 and 280 basis points, respectively.² The Fund’s performance placed it in the top 10 managers in the Fixed Income High Yield category, according to Backstop BarclayHedge database, a leading third-party data provider.³
“Producing satisfactory absolute returns from passive fixed income investment exposure is as challenging today as we have seen it in a generation. It is in this new market backdrop that the Fund’s flexible investment approach is proving critical to continuing to produce the results our clients expect”, says portfolio manager, Randy Steuart, who is responsible for the firm’s fixed income effort, and is supported by the wider investment team.
“We are proud to celebrate the five-year anniversary of the Ewing Morris Flexible Fixed Income Fund,” said Darcy Morris, CEO of Ewing Morris. “Our goal was to broaden our offering and provide our clients with a compelling way to diversify their investment portfolios. We mark this anniversary having achieved that goal.”
¹ Inception date of the Flexible Fixed Income Fund is February 1, 2016. Flexible Fixed Income Fund returns reflect Class P – Master Series, net of fees and expenses. As of January 31, 2021.
² High yield is represented by the iShares U.S. High Yield Bond Index ETF (CAD-Hedged). Corporate bonds are represented by the iShares Canadian Corporate Bond Index ETF.
³ Source: Backstop BarclayHedge. Total number of funds evaluated for this ranking: 83. Only Hedge Funds that submit their performance (net of all fees) to Backstop BarclayHedge are included in this ranking. Backstop BarclayHedge does not audit or verify any of the data provided by the Hedge Fund Managers.