| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.14% | 0.3% | 0.3% |
The Purpose Credit Opportunities Fund delivered -0.4% in March 2026 during a volatile period marked by Middle East conflict, outperforming passive high yield (-1.1%) and Canadian bonds (-2.0%). The team maintains a conservative positioning while capitalizing on energy sector opportunities, having increased energy weighting ahead of the Iran conflict. Key additions include Gran Tierra Energy bonds at double-digit yields and Enbridge preferred equity offering 9% tax-adjusted returns. The fund reduced exposure to economically sensitive areas like U.S. mortgage providers and subprime consumer lending while selectively shorting consumer names vulnerable to higher energy prices. With oil prices establishing a new $80-$100 range and inflation likely reaching 4%, the team sees persistent risk premiums ahead. The portfolio maintains mid-6% internal yield while positioning defensively. Five-year cumulative returns of 27.5% significantly outpace benchmarks, demonstrating the team's ability to generate capital gains beyond internal yield through disciplined credit selection and risk management.
The fund maintains a conservative credit approach while capitalizing on energy sector opportunities driven by geopolitical oil price premiums and selectively avoiding consumer credit exposure vulnerable to inflation pressures.
Overall Fund positioning remains conservative with the portfolio slightly more defensive than usual despite maintaining mid-6% internal yield. This stance can shift quickly as it has historically but reflects current positioning. The team believes they continue taking less risk than high yield indices while maintaining outperformance potential.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | ENB, GTE | Bonds, Canada, credit, energy, high yield, inflation, oil |
GTE ENB |
Purpose Credit Opportunities Fund navigated March volatility with defensive positioning while adding energy exposure through Gran Tierra bonds and Enbridge preferreds. The team reduced consumer credit risk amid rising inflation and oil prices, maintaining mid-6% yield with conservative stance. Strong five-year outperformance continues through disciplined credit selection. |
| Jan 19 2026 | 2025 Q4 | BE, FLNC, MDA.TO | Canada, credit, Data centers, defense, Energy Storage, fixed income, high yield, Mortgage | MDA CN | Purpose Credit Opportunities Fund delivered 8.2% returns in 2025, outperforming passive strategies through focused exposure to defense spending, data center electricity demand, and U.S. mortgage themes. Manager Sandy Liang maintains conviction in secular defense growth and energy infrastructure while managing valuation risks. Strong U.S. economic fundamentals support credit quality despite government deficit concerns. |
| Oct 20 2025 | 2025 Q3 | BE, BN.TO, DHC, ECN.TO, ENB.TO, FLNC, HOUS, HPP, IVQ.TO, LDI, RITM, TA.TO, TLN, VST | AI, Canada, credit, energy, fixed income, high yield, Mortgage, real estate | - | Purpose Credit Opportunities Fund targets credit opportunities across mortgage providers, AI-related electricity infrastructure, seniors housing, Canadian preferred equity, and office real estate. The fund returned 2.0% in September, outperforming benchmarks, while maintaining defensive positioning with high liquidity. Manager expects 2026 catalysts from AI buildout, fiscal stimulus, and Fed cuts despite Treasury supply headwinds. |
| Jul 15 2025 | 2025 Q2 | CPX.TO, FLNC | Convertible Bonds, credit, energy, fixed income, Housing, infrastructure, Preferred Equity |
FLNC CPX CN FLNC CPX.TO |
Purpose Credit Opportunities Fund targets secular themes including AI data centers, U.S. housing shortage, and Canadian preferred equity. Recent additions include Fluence Energy convertible bonds and Capital Power preferreds. Fund delivered 42.3% five-year returns versus 24.6% for high yield benchmark. Team expects slower growth without recession while maintaining conservative positioning amid fiscal headwinds for traditional bonds. |
| Apr 13 2025 | 2025 Q1 | AGG, ENB, HPP, XBB.TO, XHY.TO | Bonds, credit, High-yield, Natural Gas, real estate, Trade Policy, volatility, Yield |
HPP ENB.TO |
Purpose Credit Opportunities Fund capitalizes on credit market dislocations, with high-yield spreads widening to 463bp over Treasuries creating equity-like return opportunities. Key holdings include Hudson Pacific Properties bonds at mid-teens yield and Enbridge preferred equity at 8% IRR. Despite Trump trade policy volatility, the team expects normalization and maintains selective deployment in conviction positions. |
| Jan 15 2025 | 2024 Q4 | CURO, DISH, TCNNF, TLN | Convertible, credit, distressed, duration, fixed income, high yield, Treasury | - | Purpose Credit Opportunities Fund delivered 11.96% returns in 2024 through concentrated distressed credit wins and high-yield bond selection. The team maintains 7% internal yield while avoiding duration risk as Treasury yields rise. Forward strategy targets low-dollar convertible debt and selective distressed opportunities with substantial currency hedging and bottom-up credit focus. |
| Oct 11 2024 | 2024 Q3 | SATS | alpha, Canada, Convertible, credit, fixed income, high yield, Telecom | SATS | Purpose Credit Opportunities Fund delivered 1.8% in September through active credit selection, led by Dish Networks convertible debt rising from 60 to 80 cents following wireless license collateral restructuring. Fund yields 7% near all-time highs while avoiding passive long-duration exposure amid projected massive Treasury supply increases. |
| Jul 13 2024 | 2024 Q2 | XBB.TO, XHY.TO | Commercial real estate, Corporate Credit, credit, fixed income, high yield, Mortgage | - | Purpose Credit Opportunities Fund targets corporate credit with mid-7% internal yield near 10-year highs. Manager adds to mortgage underwriting and commercial real estate debt, viewing credit as attractively valued versus equities. Fund delivered 10.2% annual returns while maintaining defensive positioning against potential shifts in supportive macro factors like budget deficits and money supply expansion. |
| Apr 10 2024 | 2024 Q1 | AAPL, BAC, BN.TO, CVE.TO, DISH, MCD, RY.TO, TCNNF, TD.TO, TLN, VST | credit, energy, high yield, inflation, Power Generation, Preferred, Resilience | CVE.TO | Credit fund capitalizes on U.S. economic resilience and power grid transformation while avoiding interest rate risk. Top holding Cenovus Energy preferred shares offer double-digit return potential from likely calls. Merchant power generation theme targets structural electricity demand growth from data centers and electrification. High cash position provides dislocation flexibility. |
| Jan 12 2024 | 2023 Q4 | AAPL, BAC, M, MCD, SATS | credit, Fed policy, fixed income, high yield, rates, Treasury |
SATS 0MCB LN |
Credit fund returned 6.6% in 2023 with lower volatility than benchmarks. Manager maintains significant cash for cycle timing while focusing on U.S. credit opportunities. Key positions include Macy's takeover play and DISH convertible debt. Fed easing cycle ahead creates favorable backdrop for credit investing with 9% internal yield reflecting discount positioning. |
| Oct 10 2023 | 2023 Q3 | AAPL, BAC, MCD | Commercial real estate, credit, high yield, liquidity, rates, Treasury | - | Purpose Credit Opportunities Fund targets corporate debt in a normalized rate environment, with high-yield yielding 9.2% offering equity-like returns but lower risk. Fund maintains 9% internal yield with strategic cash positioning earning 5.5-6.0% from quality issuers. Excess pandemic liquidity supports current conditions while traditional fixed income faces headwinds from deficits and QT. |
| Jul 12 2023 | 2023 Q2 | AAPL, BDN, BXP, IEP, PDM, WFC | Canada, Commercial real estate, credit, fixed income, high yield, investment grade, value | - | Purpose Credit Opportunities Fund capitalizes on historically attractive credit spreads, with corporate bonds yielding 30-40% above historical averages while equities trade at compressed earnings yields. The fund's three-silo structure balances safety and return, generating 9% internal yield while targeting capital gains through deep value credit analysis and selective positioning. |
| Apr 13 2023 | 2023 Q1 | AAPL, BDN, BXP, DISH, PDM, WFC | Banking, Canada, credit, distressed, fixed income, high yield, interest rates |
DISH TALEN |
Purpose Credit Opportunities Fund profits from banking crisis through successful office REIT shorts while weathering temporary setbacks in DISH and Talen Energy positions. The fund's 9% yield and defensive structure position it well for continued credit market volatility as economic uncertainty creates attractive opportunities for skilled bottom-up credit selection. |
| Jan 16 2023 | 2022 Q4 | XBB CN | - | - | |
| Oct 13 2022 | 2022 Q3 | - | - | - | |
| Jul 12 2022 | 2022 Q2 | - | - | - | |
| Apr 10 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilEnergy has been a key focus with pro forma financial leverage for bond issuers declining meaningfully at the new $80-$100 per barrel range. The team had been increasing energy weighting heading into the Iran conflict and added incrementally to issuers that benefit from higher Brent oil prices. |
Brent Energy Leverage Iran Conflict |
Credit StressThe team managed risk by reducing exposure to economically sensitive areas including U.S. mortgage providers and subprime consumer lending. They selectively shorted U.S. consumer names sensitive to higher energy prices and inflation. |
Mortgage Subprime Consumer Shorts Risk | |
InflationHigher gasoline prices are feeding through into inflation measures with U.S. CPI already at 3.3% and likely headed toward 4%. This is impacting bond markets and creating headwinds for consumer-sensitive credits. |
CPI Gasoline Consumer Bonds Prices | |
| 2025 Q4 |
TechnologyThe Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
MortgageThe fund favors U.S. mortgage providers due to consolidation over the past five years resulting in more favorable margins for remaining providers. Mortgage purchase activity appears to have bottomed while refinance activity is likely to pick up as long-term bond yields have moderated. There is positive event risk as the Trump Administration would like to make housing more affordable. |
Mortgage Providers Housing Refinancing Consolidation Trump Administration |
Data CentersThe AI data center build investment theme is described as important as the China infrastructure boom of a decade ago. OpenAI's data center construction commitments are between $500 billion and $1 trillion. Currently eight data centers are under construction in the U.S. with power capacity exceeding one gigawatt each. |
AI Data Centers OpenAI Infrastructure Power Capacity | |
Energy StorageThe team has been investing in electricity-related issuers that benefit from AI data centers needing power but don't carry the same depreciation risk as data centers themselves. Credit investments include companies focused on energy storage and power generation to support the massive data center buildout. |
Electricity Power Generation AI Infrastructure Energy Storage Grid | |
Senior CareOccupancy rates for seniors housing have been increasing steadily and have been higher every quarter for three years. The team favors the sector due to the aging baby boomer story, favorable supply and demand picture, and continued long-term recovery from Covid-related occupancy decline. |
Seniors Housing Baby Boomers Occupancy Rates Demographics Healthcare | |
Commercial Real EstateThe team is now long the office real estate sector after having a short position from late-2021 through 2022. The top position Hudson Pacific Partners benefits from the broader back-to-office trend, the recovery of San Francisco, and AI-related corporate office demand in the Bay Area. |
Office Real Estate Back-to-Office San Francisco Bay Area AI Demand | |
| 2025 Q2 |
Data CentersAI-related data centre buildout and associated impact on electricity demand represents a secular investment theme comparable in magnitude to Chinese infrastructure spend of the 2010s. The team has positions in Fluence Energy debt, a utility-scale battery storage contractor, and Capital Power preferred securities. |
AI Electricity Battery Storage Infrastructure Secular Growth |
Energy StorageBattery storage is experiencing secular growth driven by electricity demand and renewable energy integration. The team is adding to positions in Fluence Energy convertible bonds and views utility-scale battery storage as critical infrastructure with strong secular tailwinds. |
Battery Storage Grid Storage Renewable Integration Utility Scale Infrastructure | |
MortgageU.S. housing shortage including seniors' housing represents a secular investment theme. The team has positions spanning various securities in different capital structures where housing shortage provides secular tailwinds, with mortgage applications trending higher despite elevated rates. |
Housing Shortage Mortgage Applications Seniors Housing Real Estate Demographics | |
| 2025 Q1 |
Trade PolicyThe Trump administration's reciprocal tariff plan announced on Liberation Day caused significant market volatility, with the S&P 500 declining 5.4% before a 90-day reprieve was announced. The team expects trade policy will ultimately be negotiated to a more normalized level and does not believe it will trigger a deep recession. |
Tariffs Trade Policy Volatility Recession |
Commercial Real EstateHudson Pacific Properties successfully issued $475 million in CMBS using eight properties as collateral to satisfy 2025 debt maturities. The team continues to favor HPP bonds at mid-teens yield due to favorable real estate cap rates and the company's lease-up momentum. |
REIT CMBS Debt Yield Properties | |
Credit StressSingle-B-rated high-yield corporate debt yields increased to 8.7% from 7.5% year-to-date, with spreads over Treasuries widening from 296 to 463 basis points. The team views this as creating an equity-like return opportunity set in high-yield corporate debt. |
High-yield Spreads Corporate Bonds Opportunity | |
Natural GasEnbridge is positioned as a direct beneficiary of U.S. natural gas volume growth to satisfy both LNG and data center-related demand growth. The team added to Enbridge preferred equity with 8% IRR/yield and double-digit bond equivalent yield on a tax-adjusted basis. |
Pipeline LNG Data Centers Preferred Yield | |
| 2024 Q4 |
DistressedThe fund actively invests in distressed credit opportunities, with the largest contributors and detractors in 2024 being distressed credit investments involving bankruptcy or near-bankruptcy situations. The team maintains a positive P&L ratio of two to one on distressed investments despite some notable losses. |
Bankruptcy Distressed Debt Restructuring Recovery Credit |
High YieldHigh-yield bonds represent a core focus area for the fund going forward through 2025. The team notes that corporate credit spreads tightened through 2024, and they prefer existing bonds trading below par over new issue investments. |
Credit Spreads Below Par Corporate Bonds BB Rated Yield | |
RatesThe 10-year U.S. Treasury yield increase to 4.7% is viewed as meaningful, with the team positioning to avoid long-term interest rate risk. They will not carry large positions with duration and continue to invest on a bottom-up basis with returns not dependent on lower rates. |
Duration Treasury Fed Interest Rates Yield Curve | |
| 2024 Q3 |
CreditThe Fund focuses on high-yield credit with current yield around 7%, close to all-time highs. High-yield bond credit spreads remain in the mid-300 basis point area over Treasuries, roughly 100 basis points less than their historical average. The team employs three broad credit investing strategies including high liquidity, high coupon long credit, and alpha bucket for asymmetric returns. |
High Yield Credit Spreads Corporate Bonds Fixed Income Yield |
Wireless TelecomSignificant position in Dish Networks convertible debt based on asset value protection from wireless telecom license value exceeding company debt. Recent positive developments include bondholders exchanging 2026 bonds into longer-dated instruments with direct security interest in wireless telecom license collateral. Dish also agreed to sell legacy satellite TV operations to DirecTV. |
Spectrum Licenses 5G Satellite Telecom Infrastructure | |
| 2024 Q2 |
MortgageThe team has added to investments in the U.S. mortgage underwriting space where home mortgage purchase volume is still at lows not seen since the mid-1990s. The equity value of homeowners remains near all-time highs, which contrasts sharply with the global financial crisis period when homeowner equity was negative. |
Mortgage Underwriting Home Purchase Volume Homeowner Equity |
Commercial Real EstateThe team has added to positions in the U.S. commercial mortgage REIT space, where they view the bad news for office and other types of real estate as close to fully discounted. Active investors can find opportunities to create real estate through debt securities at a significant discount to market value but with high potential return. |
Commercial Mortgage REIT Office Real Estate Real Estate Debt | |
| 2024 Q1 |
ResilienceThe U.S. economy demonstrates remarkable resilience with GDP growth forecasts increasing to 2.2% for 2024 from 1.3% at year start. First-time unemployment claims remain at 1960s levels despite 100 million more people, indicating strong labor market conditions. This resilience stems from excess liquidity from pandemic-era government spending and unique 30-year mortgage structures. |
GDP Employment Liquidity Mortgages Recovery |
InflationInflation continues to surprise to the upside with March CPI at 3.5%, moving further from the Fed's 2% target. Economists now expect 2.9% inflation to end 2024 versus 2.6% forecast at year start. The persistent inflation environment supports the manager's positioning in credit-sensitive assets over traditional fixed income. |
CPI Fed Rates Expectations Policy | |
EnergyThe fund maintains significant exposure to energy through Cenovus Energy preferred shares, now a Top 10 holding. Cenovus generates over $1 billion quarterly free cash flow and trades at attractive valuations with $56 billion market cap versus $7 billion debt. The company's preferred shares offer compelling risk-reward with likely double-digit returns to call dates. |
Oil Cash Flow Preferred Valuation Canada | |
Grid UpgradeMerchant power generation represents a top secular investment theme as U.S. grid planners raise electric load growth forecasts for the first time in three decades. New manufacturing, industrial facilities, data centers, and transport electrification drive this multi-year story. The fund holds Talen Energy and Vistra Energy to capitalize on this structural shift. |
Electricity Data Centers Manufacturing Electrification Infrastructure | |
| 2023 Q4 |
CreditFund focuses on credit investing with emphasis on business cycle timing and maintaining liquidity for dislocations. Manager discusses credit quality in Canadian preferred equity space and high-yield debt exposure. Credit profile de-risking mentioned with third-party validation of underlying asset value. |
High Yield Investment Grade Credit Quality Business Cycle Liquidity |
RatesExtensive discussion of Fed policy, 10-year Treasury yields, and fair value analysis. Manager analyzes path of rates in 2024, inflation expectations, and impact of QE ending. Current 10-year Treasury fair value estimated in low 5% area considering budget deficits. |
Fed Policy Treasury Yields Inflation QE Monetary Policy | |
| 2023 Q3 |
CreditCorporate debt remains compelling vs. equities with high-yield debt yielding 9.2% and investment grade at 6.1%, representing equity-like returns with lower risk due to contractual nature and balance sheet ranking. Fund maintains 9% internal yield with significantly less interest rate risk than conventional bond indices. |
High Yield Investment Grade Corporate Debt Credit Risk Bond Yields |
LiquidityU.S. money supply remains above long-term trend from unprecedented financial liquidity created during pandemic, explaining resilient U.S. economy in 2023. This excess liquidity differentiates 2023-2024 credit environment from 2008-2009 Global Financial Crisis which was characterized by lack of liquidity. |
Money Supply M2 Excess Liquidity Financial Liquidity Economic Resilience | |
RatesNormalization of interest rates occurring after central bank QE suppressed rates for over a decade. 10-year Treasury reached cycle high of 4.8% before backing off to 4.6%. Risk-free rate now positive on nominal and real basis, requiring asset adjustment across classes. |
Interest Rates Treasury Yields Rate Normalization QE Risk Free Rate | |
Commercial Real EstateFund initiated position in West Edmonton Mall 7.8% First Mortgage Bonds at par with first lien mortgage at roughly 50% LTV. A-malls with high sales per square foot have had stable earnings despite secular decline in North American shopping mall space. |
Shopping Malls A-malls Real Estate Valuation Mortgage Bonds LTV | |
| 2023 Q2 |
CreditCorporate credit, both high yield and investment grade-rated, is historically cheap compared with equities based on bond yields and equity earnings yield. High-yield bonds and investment grade corporate credit yields are 30%-40% higher compared with the same period at 9% and 5%, respectively. Credit investing is a form of deep value investing with healthy respect for cash flow, underlying asset value and margin of safety. |
High Yield Investment Grade Corporate Credit Bond Yields Credit Spreads |
Commercial Real EstateThe team has previously written about their office real estate short thesis, which has recently become consensus so that the risk/reward is more balanced. They conducted primary research into office vacancy rates and sublet space availability for a number of issuers which led to short positions in office REIT bonds, including PDM, Boston Properties and Brandywine Realty Trust. |
Office REITs Vacancy Rates Short Positions Real Estate Commercial Property | |
ValueThe team continues to view the growth value divergence in 2023 as an opportunity because assets which they favour are trading at attractive prices. There is plenty of evidence that financial markets have gone to one side of the boat with respect to paying up for expected future earnings while largely ignoring cash flow and business value in the present for companies in less glamorous industries. |
Growth Value Divergence Cash Flow Business Value Attractive Prices Deep Value | |
| 2023 Q1 |
Credit StressRegional U.S. bank failures including Silicon Valley Bank and Signature Bank created credit market volatility. Credit contraction from banking stress may slow the economy similar to higher interest rates. The team views this as creating opportunities in distressed credit situations. |
Banking Credit Distressed Volatility Opportunities |
RatesInterest rate volatility has been the highest in the team's investing careers. The fund benefits from higher rates through improved cash yields and short-duration positioning. Fair value for 10-year Treasury viewed as 2% over inflation rate. |
Interest Rates Duration Yield Treasury Volatility | |
Commercial Real EstateThe fund has profitable short positions in U.S. office REIT debt including Boston Properties, Piedmont Realty, and Brandywine Realty. Office real estate faces structural challenges from changing work patterns. |
Office REITs Short Positions Real Estate Distressed |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 15, 2026 | Fund Letters | Purpose Investment Partners | GTE | Gran Tierra Energy | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | asset sales, deleveraging, Emerging markets, energy, Free Cash Flow, Latin America, oil producer, Secured Notes | Login |
| Apr 15, 2026 | Fund Letters | Purpose Investment Partners | ENB | Enbridge Inc. | Oil & Gas Midstream | Oil & Gas Storage & Transportation | Bull | Toronto Stock Exchange | Canada, data centers, energy infrastructure, high credit quality, natural gas, pipeline, Preferred equity, Rate-reset. | Login |
| Jan 19, 2026 | Fund Letters | Sandy Liang | MDA CN | MDA Space Ltd. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Credit, Defence, Geopolitics, Satellites, yield | Login |
| Jul 15, 2025 | Fund Letters | Sandy Liang | FLNC | Fluence Energy, Inc. | Industrials | Electrical Equipment | Bull | NASDAQ | AES, Battery Storage, Convertible Bonds, Credit, data centers, Siemens, utilities | Login |
| Jul 15, 2025 | Fund Letters | Purpose Investment Partners | CPX.TO | Capital Power | Utilities | Independent Power and Renewable Electricity Producers | Bull | TSX | Baseload Power, Canadian, credit quality, energy transition, Natural Gas Generation, preferred securities, renewable energy, secular growth, utility | Login |
| Jul 15, 2025 | Fund Letters | Sandy Liang | CPX CN | Capital Power Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | New York Stock Exchange | Baseload Power, credit quality, natural gas, Preferred equity, utilities, yield | Login |
| Jul 15, 2025 | Fund Letters | Purpose Investment Partners | FLNC | Fluence Energy | Industrials | Electrical Equipment | Bull | NASDAQ | AI data centers, Battery Storage, Convertible Bonds, Credit Investment, electricity generation, energy infrastructure, renewable energy, secular growth, Utility Scale | Login |
| Apr 13, 2025 | Fund Letters | Purpose Investment Partners | ENB.TO | Enbridge Inc. | Energy | Oil & Gas Storage & Transportation | Bull | TSX | Canadian Dividend, data centers, infrastructure, LNG, natural gas, pipeline, Preferred equity, tax-advantaged, utility | Login |
| Apr 13, 2025 | Fund Letters | Purpose Investment Partners | HPP | Hudson Pacific Properties | Real Estate | Office REITs | Bull | NYSE | Bonds, Cmbs, high yield, Lease-up, office properties, Real Estate, Refinancing, REIT, West Coast | Login |
| Oct 11, 2024 | Fund Letters | Purpose Investment Partners | SATS | Dish Network Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | Asset backed, Convertible Bonds, Credit risk, debt restructuring, high yield, Satellite TV, Telecom Licenses, Wireless Spectrum | Login |
| Apr 10, 2024 | Fund Letters | Purpose Investment Partners | CVE.TO | Cenovus Energy | Energy | Integrated Oil & Gas | Bull | Toronto Stock Exchange | arbitrage, Call Protection, Canada, energy, Free Cash Flow, Integrated Oil & Gas, Preferred equity | Login |
| Jan 12, 2024 | Fund Letters | Purpose Investment Partners | SATS | Echostar Corporation (formerly DISH Networks) | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | 5G Spectrum, Asset backed, convertible debt, high yield, restructuring, strategic alternatives, telecommunications, Wireless Licenses | Login |
| Jan 12, 2024 | Fund Letters | Purpose Investment Partners | 0MCB LN | Macy's Inc. | Consumer Discretionary | Department Stores | Bull | NYSE | Asset backed, Change of Control, Department Stores, Distressed Credit, High yield bonds, Private Equity Bid, Real Estate Assets, retail | Login |
| Oct 10, 2023 | Fund Letters | Purpose Investment Partners | - | West Edmonton Mall | Real Estate | Retail REITs | Bull | Private | A-mall, commercial real estate, First Mortgage Bond, fixed income, high yield, real estate investment, retail, Shopping Mall | Login |
| Apr 13, 2023 | Fund Letters | Purpose Investment Partners | DISH | DISH Network Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | 5G, convertible debt, Credit Opportunity, Dislocation, Free Cash Flow, Satellite TV, Technical Selling, Wireless Spectrum | Login |
| Apr 13, 2023 | Fund Letters | Purpose Investment Partners | TALEN | Talen Energy Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | Bankruptcy, Debt-to-Equity, Distressed debt, electricity generation, Recovery Value, restructuring, Rights Offering | Login |
| TICKER | COMMENTARY |
|---|---|
| GTE | During March, the Team added to its position in Gran Tierra Energy (GTE) 9.75% 2031 secured notes at a discount to par, providing a double-digit yield. GTE is a publicly traded Canadian oil producer with operations in Latin America. The company has been improving its balance sheet through asset sales, and its deleveraging has recently accelerated with higher oil prices. Pro forma for a normalized Brent price of $75 per barrel, we estimate leverage at approximately 2.0× net debt to EBITDA—a manageable level for this free cash flow producing emerging-market energy producer with no near-term debt maturities. |
| ENB | Against the backdrop of higher 5-year Government of Canada bond yields, Enbridge preferred equity stands out as particularly attractive given its high credit quality, leverage to growing U.S. natural gas demand (including data-centre electricity), and a tax-adjusted IRR in the 9% range—without meaningful interest rate risk, because coupons reset every five years. Enbridge is one of the ten largest companies by market capitalization in Canada, and its preferred equity securities are a top-five issuer weighting in the Fund. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
