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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Purpose Credit Opportunities Fund delivered strong five-year cumulative returns of 27.2% through disciplined bottom-up credit research. The team views Middle East developments and rising corporate bond issuance for data center investment as key macro factors."
The Purpose Credit Opportunities Fund returned 0.5% in June 2026, matching the Canadian bond universe and outperforming passive high yield debt. For the five-year period ended June 30, 2026, the Fund has returned 27.2% cumulatively, significantly outperforming its benchmarks. The team continues to view developments in the Middle East as the single most important near-term macro factor affecting corporate credit markets due to their influence on inflation, energy prices, and bond yields. Front-month Brent crude has rebounded to approximately $80 per barrel following the breakdown of the U.S.-Iran ceasefire. A second key development is the sharp increase in U.S. investment-grade corporate bond issuance to finance data center investment, with the largest technology companies increasing their combined 2026 capital expenditure guidance by approximately $100 billion. The team added to high-conviction holdings including Canada Cartage, believing the Canadian trucking industry is at an attractive inflection point with improving freight rates and declining leverage. The team reduced exposure to LoanDepot given persistently elevated Treasury yields and the mortgage originator's high operating leverage to rates.
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