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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Purpose Credit Opportunities Fund navigated March volatility with defensive positioning while adding energy exposure through Gran Tierra bonds and Enbridge preferreds."
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.
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