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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Capturing strong gains from secular exposures in power generation and U.S. housing while maintaining an underweight stance on traditional long-term bonds."
The Purpose Credit Opportunities Fund commentary for July 2025 emphasizes the fund's strategy of overweighting high-conviction, secular investment themes to navigate a turbulent macro climate. Key secular trends driving the portfolio include AI-driven electricity grid expansion (capitalized through Fluence Energy and Capital Power), the persistent U.S. housing undersupply, and tax-efficient Canadian preferred equities. The fund returned 1.5% in June 2025 and 42.3% over the five-year period ending June 30, 2025, outperforming its high-yield benchmark (XHY). Conversely, the manager warns of a generational bear market for traditional sovereign bonds, citing systemic U.S. fiscal deficits and the newly signed One Big Beautiful Bill Act (OBBB).
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