Mulvihill Capital Management

Mulvihill Premium Yield Fund

Fund Overview

Overview

Mulvihill Premium Yield Fund is an actively managed portfolio of large-cap North American equities combined with option writing strategies to generate tax-efficient distributions, potential for capital appreciation and lower risk compared to traditional buy-and-hold strategies.

 

Objectives

The Fund is a mutual fund investment trust that seeks to provide unitholders with (i) high quarterly income on a tax efficient basis; (ii) long-term capital appreciation through investment in a portfolio of high quality equity securities; and (iii) lower overall portfolio volatility. The fund will write options to seek to earn tax efficient option premiums, reduce overall portfolio volatility and enhance the portfolio’s total return.

 

Name Ticker Current NAV Current Yield Recent
Distributions
Most Recent
Distribution Date
Distributions
Since Inception
Mulvihill Premium Yield Fund - Class A Unit MCM 101 $10.09 6.44% $0.05 2024-11-29 $2.74
Mulvihill Premium Yield Fund - Class F Unit MCM 103 $10.76 6.04% $0.05 2024-11-29 $2.74
Mulvihill Premium Yield Fund - Class I Unit MCM 105 $10.76 6.04% $0.05 2024-11-29 $2.74
Mulvihill Premium Yield Fund - ETF Unit MPY $10.10 6.43% $0.05 2024-11-29 $1.21

Top Holdings Top 10 Holdings as of June 30, 2024

Holding Name % of Fund
Mulvihill US Health Care Enhanced Yield Etf 6.1%
Microsoft Corp 4.3%
Amazon.com Inc 4.2%
Royal Bank of Canada 4.2%
Manulife Financial Corp 4.2%
Constellation Software Inc/Canada 4.2%
Canadian Imperial Bank of Commerce 4.1%
Cenovus Energy Inc 3.9%
Suncor Energy Inc 3.9%
Wells Fargo & Co 3.9%
Sector Allocations

Historic Net Asset Value Per Unit

 

Date:   NAV Per
Class A Unit
NAV Per
Class F Unit
NAV Per
Class I Unit
NAV Per
ETF Unit
2024-11-07    $10.09  $10.76  $10.76  $10.10 
2024-11-06    $10.08  $10.74  $10.74  $10.09 
2024-11-05    $9.92  $10.57  $10.57  $9.93 
2024-11-04    $9.83  $10.48  $10.48  $9.84 
2024-11-01    $9.86  $10.51  $10.51  $9.87 
2024-10-31    $9.84  $10.49  $10.49  $9.84 
2024-10-30    $10.00  $10.66  $10.66  $10.01 
2024-10-29    $10.01  $10.67  $10.67  $10.02 
2024-10-28    $10.01  $10.67  $10.67  $10.01 
2024-10-25    $9.98  $10.63  $10.63  $9.98 
2024-10-24    $9.99  $10.64  $10.64  $9.99 
2024-10-23    $9.97  $10.62  $10.62  $9.98 
2024-10-22    $10.01  $10.66  $10.66  $10.01 
2024-10-21    $10.04  $10.70  $10.69  $10.05 
2024-10-18    $10.08  $10.74  $10.74  $10.09 
2024-10-17    $10.06  $10.71  $10.71  $10.06 
2024-10-16    $10.02  $10.68  $10.68  $10.03 
2024-10-15    $9.99  $10.64  $10.64  $9.99 
2024-10-11    $9.96  $10.60  $10.60  $9.96 
2024-10-10    $9.89  $10.53  $10.53  $9.89 
2024-10-09    $9.90  $10.54  $10.54  $9.90 
2024-10-08    $9.84  $10.48  $10.48  $9.84 
2024-10-07    $9.81  $10.45  $10.45  $9.81 
2024-10-04    $9.82  $10.46  $10.46  $9.82 
2024-10-03    $9.77  $10.40  $10.40  $9.77 
2024-10-02    $9.79  $10.43  $10.43  $9.79 
2024-10-01    $9.82  $10.46  $10.46  $9.82 
2024-09-30    $9.82  $10.46  $10.46  $9.82 
2024-09-27    $9.78  $10.41  $10.41  $9.78 
2024-09-26    $9.84  $10.48  $10.48  $9.84 
2024-09-25    $9.82  $10.45  $10.45  $9.82 
2024-09-24    $9.84  $10.47  $10.47  $9.84 
2024-09-23    $9.84  $10.48  $10.47  $9.84 
2024-09-20    $9.83  $10.46  $10.46  $9.83 
2024-09-19    $9.82  $10.45  $10.45  $9.82 
2024-09-18    $9.76  $10.39  $10.39  $9.76 
2024-09-17    $9.80  $10.43  $10.43  $9.80 
2024-09-16    $9.84  $10.46  $10.46  $9.83 
2024-09-13    $9.78  $10.41  $10.41  $9.78 
2024-09-12    $9.73  $10.35  $10.35  $9.72 
2024-09-11    $9.67  $10.29  $10.29  $9.67 
2024-09-10    $9.65  $10.26  $10.26  $9.64 
2024-09-09    $9.63  $10.24  $10.24  $9.62 
2024-09-06    $9.53  $10.14  $10.14  $9.52 
2024-09-05    $9.58  $10.19  $10.19  $9.58 
2024-09-04    $9.61  $10.22  $10.22  $9.60 
2024-09-03    $9.61  $10.22  $10.22  $9.60 
2024-08-30    $9.73  $10.34  $10.34  $9.72 
2024-08-29    $9.72  $10.33  $10.33  $9.71 
2024-08-28    $9.66  $10.27  $10.27  $9.65 
2024-08-27    $9.69  $10.30  $10.30  $9.68 
2024-08-26    $9.72  $10.33  $10.33  $9.71 
2024-08-23    $9.71  $10.32  $10.32  $9.70 
2024-08-22    $9.64  $10.25  $10.25  $9.63 
2024-08-21    $9.67  $10.28  $10.28  $9.66 
2024-08-20    $9.64  $10.25  $10.25  $9.63 
2024-08-19    $9.68  $10.29  $10.29  $9.67 
2024-08-16    $9.67  $10.27  $10.27  $9.66 
2024-08-15    $9.65  $10.25  $10.25  $9.64 
2024-08-14    $9.55  $10.14  $10.14  $9.53 
2024-08-13    $9.50  $10.10  $10.10  $9.49 
2024-08-12    $9.41  $10.00  $10.00  $9.40 
2024-08-09    $9.39  $9.98  $9.98  $9.38 
2024-08-08    $9.35  $9.93  $9.93  $9.33 
2024-08-07    $9.21  $9.78  $9.78  $9.20 
2024-08-06    $9.33  $9.91  $9.91  $9.31 
2024-08-02    $9.34  $9.93  $9.93  $9.33 
2024-08-01    $9.51  $10.10  $10.10  $9.49 
2024-07-31    $9.69  $10.29  $10.29  $9.67 
2024-07-30    $9.62  $10.22  $10.22  $9.61 
2024-07-29    $9.63  $10.22  $10.22  $9.61 
2024-07-26    $9.63  $10.23  $10.23  $9.62 
2024-07-25    $9.54  $10.13  $10.13  $9.52 
2024-07-24    $9.55  $10.14  $10.14  $9.53 
2024-07-23    $9.66  $10.26  $10.26  $9.64 
2024-07-22    $9.65  $10.25  $10.25  $9.63 
2024-07-19    $9.58  $10.17  $10.17  $9.56 
2024-07-18    $9.59  $10.18  $10.18  $9.57 
2024-07-17    $9.71  $10.30  $10.30  $9.69 
2024-07-16    $9.80  $10.40  $10.40  $9.78 
2024-07-15    $9.76  $10.36  $10.36  $9.73 
2024-07-12    $9.73  $10.33  $10.33  $9.71 
2024-07-11    $9.67  $10.27  $10.27  $9.65 
2024-07-10    $9.66  $10.25  $10.25  $9.63 
2024-07-09    $9.55  $10.13  $10.13  $9.52 
2024-07-08    $9.56  $10.14  $10.15  $9.53 
2024-07-05    $9.55  $10.14  $10.14  $9.53 
2024-07-04    $9.58  $10.16  $10.16  $9.55 
2024-07-03    $9.57  $10.16  $10.16  $9.55 
2024-07-02    $9.51  $10.09  $10.09  $9.49 
2024-06-28    $9.43  $10.01  $10.01  $9.40 
2024-06-27    $9.51  $10.09  $10.09  $9.49 
2024-06-26    $9.47  $10.04  $10.04  $9.44 
2024-06-25    $9.47  $10.04  $10.04  $9.44 
2024-06-24    $9.48  $10.06  $10.06  $9.45 
2024-06-21    $9.41  $9.98  $9.98  $9.38 
2024-06-20    $9.44  $10.01  $10.01  $9.41 
2024-06-19    $9.42  $9.99  $9.99  $9.39 
2024-06-18    $9.45  $10.02  $10.02  $9.42 
2024-06-17    $9.40  $9.97  $9.97  $9.37 
2024-06-14    $9.38  $9.95  $9.95  $9.35 
2024-06-13    $9.39  $9.96  $9.96  $9.36 
2024-06-12    $9.46  $10.03  $10.03  $9.42 
2024-06-11    $9.41  $9.98  $9.98  $9.38 
2024-06-10    $9.49  $10.06  $10.06  $9.46 
2024-06-07    $9.44  $10.01  $10.01  $9.41 
2024-06-06    $9.48  $10.05  $10.05  $9.45 
2024-06-05    $9.46  $10.03  $10.03  $9.42 
2024-06-04    $9.39  $9.95  $9.95  $9.35 
2024-06-03    $9.44  $10.01  $10.01  $9.41 
2024-05-31    $9.54  $10.11  $10.11  $9.50 
2024-05-30    $9.55  $10.12  $10.12  $9.51 
2024-05-29    $9.54  $10.11  $10.11  $9.51 
2024-05-28    $9.67  $10.24  $10.25  $9.63 
2024-05-27    $9.66  $10.23  $10.23  $9.62 
2024-05-24    $9.65  $10.23  $10.23  $9.61 
2024-05-23    $9.60  $10.17  $10.17  $9.56 
2024-05-22    $9.65  $10.22  $10.22  $9.61 
2024-05-21    $9.78  $10.36  $10.36  $9.73 
2024-05-17    $9.77  $10.35  $10.35  $9.73 
2024-05-16    $9.69  $10.26  $10.26  $9.64 
2024-05-15    $9.72  $10.30  $10.30  $9.68 
2024-05-14    $9.69  $10.26  $10.26  $9.64 
2024-05-13    $9.64  $10.21  $10.21  $9.60 
2024-05-10    $9.68  $10.25  $10.25  $9.63 
2024-05-09    $9.63  $10.20  $10.20  $9.59 
2024-05-08    $9.55  $10.11  $10.11  $9.50 
2024-05-07    $9.51  $10.07  $10.07  $9.47 
2024-05-06    $9.49  $10.05  $10.05  $9.44 
2024-05-03    $9.40  $9.95  $9.95  $9.35 
2024-05-02    $9.33  $9.88  $9.88  $9.28 
2024-05-01    $9.33  $9.87  $9.87  $9.28 
2024-04-30    $9.31  $9.86  $9.86  $9.26 
2024-04-29    $9.43  $9.98  $9.99  $9.38 
2024-04-26    $9.49  $10.04  $10.04  $9.44 
2024-04-25    $9.46  $10.01  $10.01  $9.41 
2024-04-24    $9.47  $10.03  $10.03  $9.42 
2024-04-23    $9.49  $10.04  $10.04  $9.44 
2024-04-22    $9.44  $9.99  $9.99  $9.39 
2024-04-19    $9.43  $9.97  $9.97  $9.37 
2024-04-18    $9.42  $9.96  $9.96  $9.36 
2024-04-17    $9.42  $9.97  $9.97  $9.37 
2024-04-16    $9.43  $9.98  $9.98  $9.38 
2024-04-15    $9.47  $10.01  $10.02  $9.41 
2024-04-12    $9.50  $10.05  $10.05  $9.44 
2024-04-11    $9.60  $10.16  $10.16  $9.55 
2024-04-10    $9.64  $10.19  $10.20  $9.58 
2024-04-09    $9.67  $10.23  $10.23  $9.61 
2024-04-08    $9.65  $10.21  $10.21  $9.59 
2024-04-05    $9.64  $10.20  $10.20  $9.58 
2024-04-04    $9.55  $10.10  $10.10  $9.49 
2024-04-03    $9.62  $10.18  $10.18  $9.56 
2024-04-02    $9.64  $10.19  $10.19  $9.58 
2024-04-01    $9.69  $10.24  $10.24  $9.62 
2024-03-28    $9.71  $10.27  $10.27  $9.65 
2024-03-27    $9.69  $10.24  $10.24  $9.62 
2024-03-26    $9.66  $10.21  $10.21  $9.60 
2024-03-25    $9.69  $10.24  $10.24  $9.62 
2024-03-22    $9.71  $10.26  $10.26  $9.64 
2024-03-21    $9.71  $10.26  $10.27  $9.65 
2024-03-20    $9.66  $10.21  $10.21  $9.59 
2024-03-19    $9.63  $10.17  $10.17  $9.56 
2024-03-18    $9.60  $10.15  $10.15  $9.54 
2024-03-15    $9.54  $10.08  $10.08  $9.48 
2024-03-14    $9.55  $10.09  $10.09  $9.48 
2024-03-13    $9.57  $10.11  $10.12  $9.51 
2024-03-12    $9.56  $10.10  $10.10  $9.49 
2024-03-11    $9.51  $10.05  $10.05  $9.44 
2024-03-08    $9.51  $10.04  $10.04  $9.44 
2024-03-07    $9.56  $10.10  $10.10  $9.49 
2024-03-06    $9.50  $10.04  $10.04  $9.44 
2024-03-05    $9.50  $10.03  $10.04  $9.43 
2024-03-04    $9.51  $10.04  $10.04  $9.44 
2024-03-01    $9.51  $10.05  $10.05  $9.44 
2024-02-29    $9.43  $9.96  $9.96  $9.36 
2024-02-28    $9.40  $9.93  $9.93  $9.33 
2024-02-27    $9.45  $9.98  $9.98  $9.38 
2024-02-26    $9.43  $9.96  $9.96  $9.36 
2024-02-23    $9.45  $9.97  $9.98  $9.38 
2024-02-22    $9.40  $9.93  $9.93  $9.33 
2024-02-21    $9.31  $9.83  $9.83  $9.24 
2024-02-20    $9.31  $9.82  $9.83  $9.24 
2024-02-16    $9.31  $9.82  $9.82  $9.23 
2024-02-15    $9.32  $9.83  $9.84  $9.25 
2024-02-14    $9.25  $9.76  $9.77  $9.18 
2024-02-13    $9.15  $9.66  $9.66  $9.08 
2024-02-12    $9.26  $9.77  $9.78  $9.19 
2024-02-09    $9.25  $9.76  $9.77  $9.18 
2024-02-08    $9.22  $9.73  $9.74  $9.15 
2024-02-07    $9.22  $9.73  $9.73  $9.15 
2024-02-06    $9.20  $9.71  $9.71  $9.13 
2024-02-05    $9.19  $9.69  $9.70  $9.11 
2024-02-02    $9.21  $9.71  $9.72  $9.13 
2024-02-01    $9.16  $9.67  $9.67  $9.09 
2024-01-31    $9.13  $9.63  $9.63  $9.06 
2024-01-30    $9.26  $9.76  $9.77  $9.18 
2024-01-29    $9.26  $9.76  $9.77  $9.19 
2024-01-26    $9.24  $9.74  $9.74  $9.17 
2024-01-25    $9.25  $9.75  $9.76  $9.18 
2024-01-24    $9.21  $9.72  $9.72  $9.14 
2024-01-23    $9.20  $9.70  $9.71  $9.13 
2024-01-22    $9.19  $9.69  $9.70  $9.12 
2024-01-19    $9.21  $9.71  $9.71  $9.13 
2024-01-18    $9.15  $9.64  $9.65  $9.08 
2024-01-17    $9.11  $9.60  $9.60  $9.03 
2024-01-16    $9.16  $9.66  $9.66  $9.09 
2024-01-15    $9.16  $9.66  $9.66  $9.09 
2024-01-12    $9.12  $9.62  $9.62  $9.05 
2024-01-11    $9.14  $9.64  $9.64  $9.07 
2024-01-10    $9.14  $9.63  $9.64  $9.07 
2024-01-09    $9.14  $9.63  $9.63  $9.06 
2024-01-08    $9.14  $9.64  $9.64  $9.07 
2024-01-05    $9.07  $9.56  $9.56  $9.00 
2024-01-04    $9.05  $9.53  $9.54  $8.97 
2024-01-03    $9.05  $9.53  $9.54  $8.97 
2024-01-02    $9.06  $9.55  $9.56  $8.99 

The actual breakdown of distributions for tax purposes will be provided to unitholders annually in March following receipt of the information from the Fund's custodian. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

 

Tax and Distribution Summary- MCM 101 Year Selection:  

 

Record Date Regular Distribution Special Distribution Total Distribution Capital Gains
per Unit
Div. Income per Unit Return of Capital Interest and Other Income Foreign Dividend Income Witholding Taxes Paid
November 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
October 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
September 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
August 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
July 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
June 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
May 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
April 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
March 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
February 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
January 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
Total for 2024     $0.595870 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000
Percent (%)       0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Distributions
to Date
    $2.738420            

 

Tax and Distribution Summary- MCM 103

 

Record Date Regular Distribution Special Distribution Total Distribution Capital Gains
per Unit
Div. Income per Unit Return of Capital Interest and Other Income Foreign Dividend Income Witholding Taxes Paid
November 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
October 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
September 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
August 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
July 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
June 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
May 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
April 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
March 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
February 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
January 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
Total for 2024     $0.595870 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000
Percent (%)       0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Distributions
to Date
    $2.738420            

 

Tax and Distribution Summary- MCM 105

 

Record Date Regular Distribution Special Distribution Total Distribution Capital Gains
per Unit
Div. Income per Unit Return of Capital Interest and Other Income Foreign Dividend Income Witholding Taxes Paid
November 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
October 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
September 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
August 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
July 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
June 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
May 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
April 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
March 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
February 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
January 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
Total for 2024     $0.595870 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000
Percent (%)       0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Distributions
to Date
    $2.738420            

 

Tax and Distribution Summary- MPY

 

Record Date Regular Distribution Special Distribution Total Distribution Capital Gains
per Unit
Div. Income per Unit Return of Capital Interest and Other Income Foreign Dividend Income Witholding Taxes Paid
November 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
October 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
September 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
August 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
July 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
June 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
May 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
April 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
March 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
February 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
January 2024 0.054170 0.000000 0.054170 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
Total for 2024     $0.595870 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000
Percent (%)       0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Distributions
to Date
    $1.256750            

 

Portfolio Manager Updates

 

PM Updates - September 2021

As of September 30, 2021, the net asset value (“NAV”) per Class I unit was $11.23, per Class F unit was $11.21 and per Class A unit was $10.93. This compares to $11.11 per Class I unit, $11.11 per Class F unit and $10.88 per Class A unit on June 30, 2021. Unitholders received cash distributions of $0.125 per unit during the period.

The Mulvihill Premium Yield (“MPY”) Fund Class I, Class F and Class A units returned 2.2%, 2.0% and 1.6% respectively in the third quarter of 2021 vs the S&P/TSX Composite Index return of 0.2%.
Since inception, MPY Class I, Class A and Class F units have returned 11.6%, 11.5% and 10.0% annualized respectively, capturing approximately 85% of the move in the market with less than 2/3rds the volatility, beta and drawdowns, while providing a 5%, tax-efficient yield on initial NAV to investors.

Asset class returns were broadly uneventful in the third quarter. The S&P 500 and S&P/TSX Composite Index were able to eke out small gains up 0.6% and 0.2% respectively. Emerging market equities, led by the rapid decline in Chinese stocks, declined 8% in the past three months. Rising interest rates have been a popular topic as of late. The US ten-year yield traded as low as 1.17% and as high as 1.54% in Q3. It ended at 1.49%, marginally higher than the 1.47% at the start of the quarter. This flat interest rate environment was reflected in fixed income returns with US treasuries and Investment Grade bonds essentially flat for the quarter. US High Yield bonds returned 0.9% and remain an area worth watching as HY spreads sit near record lows. Commodities remain an area of interest for investors as the inflation narrative has spurred moves in the industrial metals and energy reminiscent of the early 2000’s bull market. Gold appears to be the odd man out in the commodity complex with a -7.9% return in 2021, vs WTI up 58% and copper up 16%.

PM Updates - March 2021

As of March 31, 2021 the net asset value (“NAV”) per unit was $10.39 (Class I & F) and $10.20 per unit (Class A) compared to $10.51 per unit (Class I & F) and $10.35 per unit (Class A) at December 31, 2020. Unitholders received cash distributions of $0.125 per unit during the period.

The first quarter of 2021 was marked by continued strength in North American equity markets which closed at or near all-time highs on expectations the rollout of vaccines around the world will lead to strong global GDP growth and corporate earnings in 2021. Central banks in the meantime remained committed to a policy of monetary easing in spite of stronger economic growth and inflation numbers while governments continued to pass significant stimulus packages despite substantial deficits.

The total return of the Fund, including reinvestment of distributions, for the three months ended March 31, 2021 was 0.06 percent (Class I & F) and negative 0.22 percent (Class A). In comparison, the S&P/TSX Composite Index and S&P 500 Index returned 8.1% percent and 6.2 percent, respectively. The best performing stock was Bank of Montreal up 17.0 percent while held in the portfolio. At the other end of the spectrum, Lightspeed POS Inc was the laggard, down 21.5 percent while held in the Fund.

Volatility as measured by the CBOE Volatility Index (“VIX”) continued to decline in the first quarter with the exception of late January as the so-called “Reddit Rally” fueled fierce price jumps in stocks such as Gamestop and AMC before regulators stepped in to limit trading. For the three month period ended March 31, 2021 the Fund had on average 21.1% percent of the portfolio subject to covered calls. The average cash position during this period was 5.0 percent.

The Fund did not have any of the U.S. dollar exposure hedged back into Canadian dollars as of March 31,2021.

PM Updates - December 2020

The Mulvihill Premium Yield Fund “MPY” returned 5.9% in the fourth quarter of 2020, and 10.9% for the year. MPY outperformed the S&P/TSX Composite Index by 5.3% with lower volatility and a higher yield.

The fourth quarterly distribution of $0.125 was paid at the end of December. Total distributions received in 2020 were $0.50 per unit.

The number of market moving events in 2020 are simply too long to list. From the emergence of COVID-19, the continued mess that is the US political landscape, negative oil prices, to the nearly 750% surge in shares of Telsa Inc., 2020 was certainly a memorable one. As lockdowns shuttered the global economy and tipped the US into its first recession since the Global Financial Crisis, most asset classes were able to eke out positive returns, if not downright impressive results. Gold led the way returning 25.1% in the last twelve months followed by US small cap and Emerging Market stocks. Fixed Income also performed well in 2020 with long duration treasuries returning 18.1%, benefiting from a rapid decline in yields. The S&P/TSX Composite Index finished the year up 5.6% while Real Estate and Commodities (in particular energy) were the laggards.

PM Updates - September 2020

The Mulvihill Premium Yield Fund “MPY” returned 7.7% in the third quarter, bringing YTD returns to 4.7%. MPY has outperformed the S&P/TSX Composite Index by 7.8% this year with lower volatility and a higher yield.

The third quarterly distribution of $0.125 was paid at the end of September. Total distributions received YTD is $0.375 per unit.

The stock market, and most other asset classes, continue to be a curious case of contradictions. Stocks seemingly refuse to decline in the face of ever greater hurdles. Deteriorating economic data, declining earnings, record high valuations, a US President that refuses to commit to a peaceful transition of power and a resurgent COVID-19 virus lead a long list of major risks investors digested in the last three months as the S&P 500 Index trucked to new all-time highs.

The volume of market moving events continues to impact the performance of every asset class. In the first nine months of 2020, asset classes that historically provided safety in volatile markets have done just that. Long duration treasuries and gold have returned 21.8% and 24.3% respectively. Stock markets extended the rally from the March lows, with the S&P 500 returning 8.9% in Q3 while the S&P/TSX Composite Index returned 4.7% in the quarter and -3.1% for the year.

PM Updates - June 2020

As of June 30,2020 the net asset value (“NAV”) per unit was $9.45 (Class I & F) and $9.35 per unit (Class A) compared to $8.53 per unit (Class I & F) and $8.47 per unit (Class A) at March 31, 2020. Unitholders received cash distributions of $0.125 per unit during the period.

North American equity markets surged after a volatile first quarter of 2020 as investors believe central banks around the world will continue with unprecedented stimulus. The S&P/TSX Index rose 17.0% while the S&P 500 Index rose 20.5%. In Canada, Technology stocks led the advance with a 68% return in the quarter while Communication stocks were the only group in the red, down 1%. In the U.S. every group had positive performance in the second quarter with Consumer Discretionary stocks returning the most, up 33%

The total return of the Fund, including reinvestment of distributions, for the three months ended June 30, 2020 was 12.14 percent (Class I & F) and 11.87 percent (Class A). In comparison, the S&P/TSX Composite Index and S&P 500 Index returned 17.0% percent and 20.5 percent, respectively. The best performing stock was Shopify Inc up 93.4 percent while held in the portfolio. At the other end of the spectrum, Lam Research Corp was the laggard, down 10.0 percent while held in the Fund.

Volatility increased significantly in March as markets sold off but declined for the rest of the period as markets have recovered significantly from the lows. However, volatility remains elevated relative to levels experienced over the past few years. For the three month period ended June 30, 2020 the Fund had on average 21.7% percent of the portfolio subject to covered calls. The average cash position during this period was 7.0 percent.

The Fund did not have any of the U.S. dollar exposure hedged back into Canadian dollars as of June 30,2020.

PM Updates - December 2019

The NAV of the Fund on December 31, 2019 was $9.99 per unit (Class I & F) and $9.95 per unit (Class A) compared to $10.00 per unit at inception of the fund on December 1, 2019 (Class I & F) and December 12, 2019 (Class A). Unitholders received no cash distributions in this period.

North American equity markets continued their impressive rally from the first three quarters of 2019 with most indices ending the year near all-time highs. U.S. markets led the way in the fourth quarter on expectations a trade resolution between the U.S. with China was to be announced in early 2020. The total return for the S&P/TSX Index in the fourth quarter was 3.2%, while the S&P 500 Index had a total return of 9.1%. In Canada, 7 of 11 sectors generated a positive total return for the quarter, with Information Technology sector leading the way up 10.8%, while Health Care lagged for the third consecutive quarter, down 5.9%, as Cannabis stocks continued to decline. The U.S. market saw 10 of 11 sectors generate positive performance, with the Information Technology sector also leading the way, up 14.4%, while the defensive Real Estate sector lagged during the quarter, down 0.5%.

The total returns for the S&P/TSX Composite Index and the S&P 500 Index (CAD) since inception of the fund were 0.45% and 0.65% respectively and the return for the MX Covered Call Writers Index and CBOE S&P 500 BuyWrite Index (CAD) was 0.64% and negative 1.39% respectively over the same period. Stock within the Portfolio had varied results with Power Corp of Canada rising 4.66 percent followed by Gibson Energy Inc. rising 2.75 percent. The Walt Disney Co was the worst performing stock in the portfolio during the period with a total return of -5.84% in CAD.

Volatility levels as measured by the CBOE SPX Volatility Index (“VIX”) were at the low end of the range for most of the period. The fund opportunistically used option writing strategies to generate additional portfolio income. The Fund had on average 12.9 percent of the portfolio subject to covered calls and 7.8 percent to cash covered puts in the quarter.

The Fund did not hedge any of the U.S. dollar exposure back into Canadian dollars during the period.

Fund Features

Objectives

The Fund is a mutual fund investment trust that seeks to provide unitholders with (i) high quarterly income on a tax efficient basis; (ii) long-term capital appreciation through investment in a portfolio of high quality equity securities; and (iii) lower overall portfolio volatility. The fund will write options to seek to earn tax efficient option premiums, reduce overall portfolio volatility and enhance the portfolio’s total return.

 

Investment Strategy

The fund will use a quantitative approach to select securities that generate strong free cash flow and have a high shareholder yield, utilizing measures such as dividends and share buybacks. The fund will, from time to time employ various investment strategies (described below), including the use of derivative instruments to generate income, reduce portfolio volatility and protect capital. The fund seeks to achieve a 5% yield, with additional capital growth potential beyond such yield target.

The fund may invest up to 100% of its net assets in foreign securities. The fund may (a) from time to time in response to market conditions write covered call options on individual securities to seek to receive premium income, reduce overall portfolio volatility and enhance the portfolio’s total return, (b) from time to time in response to market conditions write cash-covered put options in respect of individual securities that the fund is permitted to hold and in respect of market indices, in order to receive premium income, reduce overall portfolio volatility and reduce the net cost of acquiring the securities subject to put options, (c) purchase call options in respect of securities in which the fund is permitted to invest, (d) purchase put options on individual securities in its portfolio, indexed put options and unleveraged inverse exchange traded funds that provide exposure to such securities, (e) use derivatives, including but not limited to options, forward contracts, futures contracts and swaps for both hedging and non-hedging purposes to generate income, hedge against losses from changes in the prices of the fund’s investments and market declines and from exposure to foreign currencies and/or (f) hold cash or cash equivalents for strategic reasons or to provide cover for the writing of cash covered put options in respect of securities in which the fund is permitted to invest. Options may be either exchange traded or over-the-counter options.

 

Distributions

The Fund expects to make distributions quarterly that may consist of net income, net realized capital gains and/or return of capital, if any. As the fund has existing capital losses, Mulvihill expects that distributions payable on the units going forward will be return of capital distributions or will provide the fund with the ability to facilitate growth in NAV. Depending on the size and future performance of the fund, Mulvihill expects that all or substantially all of the quarterly distributions payable by the fund will be characterized as return of capital distributions for the foreseeable future. Mulvihill automatically pays all distributions in cash unless you tell your dealer to inform us that you want them reinvested in additional mutual fund units of the fund.

 

Redemptions

The Class A, F, UA, UF units will be redeemable daily via FundServ. You may redeem your units of the fund by giving instructions to your registered broker or dealer. The Fund may charge a short-term trading fee of up to 2% of the NAV of any units redeemed within 31 days of purchase.

The Class I, UI units will be redeemable monthly on the last business day of each month, which will be the effective date (the “Monthly Redemption Date”) via Fundserv. In order for a redemption to be effective on a Monthly Redemption Date, a duly completed redemption request must be delivered to the manager at its registered office by 4:00pm on or before the tenth day of the month (or next business day if the 10th day is not a business day).

 

Eligibility

RRSPs, DPSPs, RRIFs, RESPs and TFSAs

 

Management Fees

Class A and UA units – 2.0%
Class F and UF units – 1%
Class I and UI units – negotiable but will not exceed the management fee payable on the Class A and UA units
The fund will pay all costs associated with its day to day operation and administration and all portfolio transaction costs.

 

Performance Fee

Mulvihill is entitled to receive a performance fee from the fund in respect of any calendar quarter equal to 10% of the amount by which the Adjusted NAV per Unit at the end of such calendar quarter exceeds the performance of the reference index (the “Performance Fee Index”) since the end of the period for which the last performance fee was paid, plus applicable taxes. Notwithstanding the foregoing, no performance fee will be payable with respect to a calendar quarter unless the Adjusted NAV per Unit exceeds both (i) the highest calendar quarter end Adjusted NAV per Unit immediately following the last time a performance fee was paid and (ii) an amount equal to the original issue price (being $10.00) of the Units. In addition, the amount of the performance fee in respect of any calendar quarter will be limited such that the Adjusted NAV per Unit after giving effect to the payment of the performance fee may not be less than either (i) or (ii) above. “Adjusted NAV per Unit” means the net asset value per Unit at the end of a calendar quarter without including any accrual for the performance fee plus the aggregate amount of all distributions paid or payable since the last time a performance fee was paid.

 

Service Fee

A service fee of 1.0% per annum is paid quarterly to dealers whose clients hold Class A and UA units.

 

MER

The Management Expense Ratio (“MER”) is the sum of all operating expenses, including management and service fees but excluding portfolio transaction costs, expressed as a percentage of average net asset value.

 

Inception Date

11/29/2019

 

Manager

Mulvihill Capital Management Inc.

 

Documentation

Date:      Type:      Description
November 04, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
November 04, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
October 02, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
October 02, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
September 13, 2024 Fund Fact ETF Facts
September 13, 2024 Fund Fact ETF Facts (French)
September 13, 2024 Fund Fact Fund Facts
September 13, 2024 Fund Fact Fund Facts (French)
September 13, 2024 Prospectus Final Simplified Prospectus
September 13, 2024 Prospectus Final Simplified Prospectus (French)
September 03, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
September 03, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
August 30, 2024 Press Release MPY: Announces Semi-Annual Results 2024
August 29, 2024 Financial Report 2024 Semi-Annual Report
August 29, 2024 Financial Report 2024 Semi-Annual Report (French)
August 02, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
August 02, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
July 03, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
July 03, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
June 04, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
June 04, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
May 03, 2024 Distribution Notice MPY: Declares Monthly Fund Distributions for Mutual Fund Classes
May 03, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
April 03, 2024 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
April 03, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
March 27, 2024 Financial Report 2023 Annual Report
March 27, 2024 Financial Report 2023 Annual Report (French)
March 27, 2024 Press Release MPY: Announces Year End Results
March 05, 2024 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
March 05, 2024 IRC Report IRC Report for Mulvihill Premium Yield Fund
March 05, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
February 05, 2024 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
February 05, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
January 03, 2024 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
January 03, 2024 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
December 06, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
December 06, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
November 02, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
November 02, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
October 03, 2023 Distribution Notice Mulvihill Premium Fund
October 03, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
September 15, 2023 Fund Fact ETF Facts
September 15, 2023 Fund Fact Fund Facts
September 15, 2023 Prospectus Final Simplified Prospectus (English)
September 15, 2023 Prospectus Final Simplified Prospectus (French)
September 05, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
September 05, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
August 29, 2023 Financial Report 2023 Semi-Annual Report
August 29, 2023 Financial Report 2023 Semi-Annual Report (French)
August 29, 2023 Press Release MPY: Announces Semi-Annual Results 2023
August 02, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
August 02, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
July 05, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
July 05, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
June 06, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
June 06, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
May 03, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
May 03, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
April 04, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
April 04, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
March 29, 2023 Press Release MPY: Announces Year End Results
March 27, 2023 Financial Report 2022 Annual Report
March 27, 2023 Financial Report 2022 Annual Report (French)
March 03, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
March 03, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
February 02, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
February 02, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
January 04, 2023 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
January 04, 2023 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
December 05, 2022 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
December 05, 2022 Press Release MPY: Declares Monthly Fund Distributions for ETF Class
November 03, 2022 Distribution Notice MPY: Declares Montlhy Fund Distributions for Mutual Fund Classes
November 03, 2022 Press Release MPY: Declares Monthly Fund Distribution for ETF Class
November 01, 2022 Press Release Launches ETF Units of Mulvihill Premium Yield Fund
October 14, 2022 Distribution Notice Declares Monthly Fund Distributions
September 16, 2022 Fund Fact ETF Facts
September 16, 2022 Fund Fact ETF Facts (French)
September 16, 2022 Fund Fact Fund Facts
September 16, 2022 Fund Fact Fund Facts (French)
September 16, 2022 Press Release Announces Risk Rating Change
September 16, 2022 Prospectus Final Simplified Prospectus (English)
September 02, 2022 Distribution Notice MPY: Declares Quarterly Fund Distributions
September 02, 2022 Press Release MPY: Announces Semi-Annual Results
August 29, 2022 Financial Report 2022 Semi-Annual Report
August 29, 2022 Financial Report 2022 Semi-Annual Report (French)
June 03, 2022 Distribution Notice MPY: Declares Quarterly Fund Distributions
April 14, 2022 Press Release Mulvihill Capital Management Inc. Announces Redesignation of Mutual Fund Units of Mulvihill
March 21, 2022 Financial Report 2021 Annual Report
March 21, 2022 Press Release MPY: Announces Year End Results
March 03, 2022 Distribution Notice MPY: Declares Quarterly Fund Distributions
December 03, 2021 Distribution Notice MPY: Declares Quarterly Fund Distributions
September 17, 2021 Annual Information Form Annual Information Form Mulvihill Premium Yield Fund
September 17, 2021 Fund Fact Fund Facts - Class A
September 17, 2021 Fund Fact Fund Facts - Class A (French)
September 17, 2021 Fund Fact Fund Facts - Class F
September 17, 2021 Fund Fact Fund Facts - Class F (French)
September 17, 2021 Prospectus Final Prospectus (English)
September 17, 2021 Prospectus Final Prospectus (French)
September 02, 2021 Distribution Notice MPY: Declares Quarterly Fund Distributions
August 23, 2021 Financial Report 2021 Semi-Annual Report
August 23, 2021 Press Release MPY: Announces Semi-Annual Results
June 01, 2021 Distribution Notice MPY: Declares Quarterly Fund Distributions
March 24, 2021 Financial Report 2020 Annual Report
March 24, 2021 Press Release MPY: Announces Annual Results
March 03, 2021 Distribution Notice MPY: Declares Quarterly Fund Distributions
December 03, 2020 Distribution Notice MPY: Declares Quarterly Fund Distributioins
September 18, 2020 Annual Information Form Annual Information Form Mulvihill Premium Yield Fund
September 18, 2020 Fund Fact Fund Facts - Class A
September 18, 2020 Fund Fact Fund Facts - Class F
September 18, 2020 Press Release MPY: Announces Risk Rating Change
September 18, 2020 Prospectus Final Simplified Prospectus English
September 18, 2020 Prospectus Final Simplified Prospectus French
September 02, 2020 Distribution Notice MPY: Declares Quarterly Fund Distributions
August 27, 2020 Financial Report 2020 Semi-Annual Report
August 27, 2020 Press Release MPY: Announces Semi-Annual Results
June 03, 2020 Distribution Notice MPY: Declares Quarterly Fund Distributions
March 27, 2020 Financial Report 2019 Annual Report
March 27, 2020 Press Release MPY: Announces Year End Results
March 03, 2020 Distribution Notice MPY: Declares Quarterly Fund Distributions
November 21, 2019 Press Release MPY: Announces Merger Exchange Ratio for NGI into MPY
November 19, 2019 Press Release MPY: Announces Merger Exchange Ratio for LVU into MPY
November 04, 2019 Press Release MPY: Announces Unitholder Approval of Merger
September 27, 2019 Press Release MPY: Notice of Special Meeting
September 18, 2019 Annual Information Form Annual Information Form Mulvihill Premium Yield Fund
September 18, 2019 Fund Fact Fund Facts - Class A (English)
September 18, 2019 Fund Fact Fund Facts - Class A (French)
September 18, 2019 Fund Fact Fund Facts - Class F (English)
September 18, 2019 Fund Fact Fund Facts - Class F (French)
September 18, 2019 Fund Fact Fund Facts - Class UA (English)
September 18, 2019 Fund Fact Fund Facts - Class UA (French)
September 18, 2019 Fund Fact Fund Facts - Class UF (English)
September 18, 2019 Fund Fact Fund Facts - Class UF (French)
September 18, 2019 Prospectus Final Prospectus (English)
September 18, 2019 Prospectus Final Prospectus (French)

Administration & Governance

Introduction

Mulvihill Capital Managent Inc. serves as the Manager and the Investment Manager of the Fund.

 

Manager

The Manager is responsible for providing or arranging for the provision of administrative services to the Fund including but not limited to:

  • authorizing the payment of operating expenses incurred on behalf of the Fund,
  • preparing financial statements and other accounting information,
  • ensuring that unitholders are provided with annual and semi-annual reports and other reports as required by applicable law;
  • ensuring the Fund complies with regulatory requirements;
  • calculating and arranging for the payment of distributions;
  • negotiating any contractual agreements with third-party providers of services to the Fund, including auditors, printers, registrar and transfer agent
  • Overseeing and paying quarterly and annual redemptions;
  • Managing the issuer bid;
  • Maintaining the website and ongoing communication with investors.

The Management fee payable to the Manager includes any amount payable to the Investment Manager.

 

Investment Manager

The Investment Manager is responsible for making all investment decisions and managing the call option writing program in accordance with the investment objectives, strategies and restrictions of the Fund. Fees for the provision of investment management services are included in the management fee.

The Investment Manager has an asset mix committee consisting of senior members of the firm. The investment process for the Fund begins at the asset mix committee. Members of this committee meet monthly to examine macro-economic variables and relationships among dominant economic factors. This process culminates in an outlook for the various capital markets around the world and provides the Fundamental basis for Mulvihill’s long-term market outlook. These views are integrated into the investment decision making process at the portfolio management level. The asset mix committee of Mulvihill oversees investment decisions made by the portfolio managers of the Fund.

 

Independent Review Committee

The Fund has established an Independent Review Committee (“IRC”) in accordance with National Instrument 81-107 – Independent Review Committee for Investment Funds (“NI 81-107”) which is comprised of three members who are independent of the Manager. The mandate of the IRC is to review and provide its decisions to the Manager regarding any conflict of interest matters relating to its management of the Fund that the Manager has identified and brought to the committee.

A conflict of interest matter is a situation where a reasonable person would consider the Manager or an entity related to it to have an interest that may conflict with the Manager’s ability to act in good faith and in the best interests of the Funds and Securityholders. Click here for the IRC Report to Securityholders.

Click here to review members of the IRC.

 

Trustee and Custodian

Trustee: Mulvihill Capital Management Inc.
Custodian: RBC Investor & Treasury Services

 

Registrar and Transfer Agent

SGGG Fund Services Inc.

 

Legal Counsel

Osler Hoskin & Harcourt LLP

 

Auditors

Deloitte & Touche LLP

Financial & Regulatory

The Annual Report and the Interim Report include the Management Report on Fund Performance and the Financial Statements of the Fund.

Report Year:      Release Date Description
2024 August 29, 2024 2024 Semi-Annual Report
2024 August 29, 2024 2024 Semi-Annual Report (French)

 

The Fund has adopted the proxy voting guidelines with respect to the voting of proxies received by it relating to voting securities held by the Fund. The proxy guidelines establish standing policies and procedures for dealing with routine matters, as well as circumstances where deviations may occur from such standing policies. Click here for proxy guidelines.

The Fund has retained ISS Governance Services to administer and implement the proxy guidelines for the Fund. Click here to review the proxy voting record.