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Aston Hill has cultivated a diverse suite of products spanning sectors, geographies and asset classes in order to deliver funds that meet the varying needs of our investors.

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Mutual Funds

Aston Hill Strategic Yield Fund & ClassAugust 31, 2016

Fund Manager(s): Sandy Liang, President, AHF Capital Partners Inc.
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Investment Objectives

The Fund’s investment objective is to seek and to provide investors with a high yield by investing primarily in fixed income securities of corporate issuers located in Canada or the United States. The Fund's focus is on asset value protection with the priority being the return of principal. Investment in convertible bonds is primarily for high coupon payments. A significant component of the portfolio is denominated in U.S. dollars and substantially hedged to Canadian dollars.

Sandy Liang took over as portfolio manager on January 1, 2012.

Why Buy This Fund?

  • Tactical bond fund; current focus is in the U.S. high yield/corporate debt market; provides access to an asset class not accessible to retail investors
  • Actively managed; focused on asset value protection; priority being return of principal
  • U.S. high yield market over $1.5 trillion plus another $1.8 trillion in loans versus Canadian market of $20 billion
  • Pays a monthly distribution of ~ 6.5% ($0.0425/unit)

Performance Review

(Series A)

Monthly Performance (%)

JanFebMarAprMayJunJulAugSepOctNovDecYear
2016-2.2-3.73.63.41.40.12.11.6    6.2
20150.62.00.51.01.2-1.2-0.4-1.9-2.30.8-2.1-4.0-5.9
20141.81.40.70.50.60.5-0.10.0-1.0-0.2-1.0-2.80.2
20132.00.91.01.10.2-2.21.50.20.51.90.10.88.3
20122.42.51.40.50.00.71.00.91.21.40.81.615.5

Performance is for Series A of Aston Hill Strategic Yield Fund. Sandy Liang took over as portfolio manager on January 1, 2012.  Monthly Performance and Risk/Reward Analysis is from January 1, 2012 onwards. The Fund's benchmark is the BAML US HY Master II Index.  Source: RBC IS, Bloomberg, PerTrac.

Compound Returns (%)

Fund/Index1 mo3 mo6 mo1 yr2 yr3 yrIncep.
Strategic Yield1.63.912.8-1.8-2.51.14.5
BAML US HY2.25.915.99.22.95.46.3
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Risk/Reward Analysis

FundBenchmark*
Annualized Std. Deviation5.5%5.6%
Winning Months73.2%69.6%
Sharpe Ratio (1.5%)0.61.0
Correlation0.8-
Alpha-0.1%-
Beta0.8-
*Benchmark is the BAML US HY Master II Index

Portfolio Review

Sector Breakdown

Consumer, Cyclical
28.4%
Financials (including REITs)
19.2%
Industrials
12.7%
Basic Materials
7.3%
Energy
6.3%
Diversified
5.9%
Communications
3.8%
Consumer, Non-cyclical
6.1%
Cash & Equivalents
10.4%

Asset Class Breakdown

Bank Debt US
0.0%
Corporate Debt US
77.5%
Corporate Debt CAN
9.0%
Corporate Debt EURO
0.0%
Corporate Debt Private Placement
0.0%
Convertible Debt US
0.0%
Convertible Debt CAN
0.0%
Preferred Shares US
0.0%
Equity
3.2%
Cash & Equivalents
10.0%

Bond Rating

Cash/A-Rated
10.4%
BBB
3.3%
BB
9.7%
B
55.6%
CCC
13.8%
NR
7.2%

Priority

Secured or Most Senior Debt
37.3%
Senior Unsecured
49.4%
Subordinated
3.0%
Cash & Equivalents
10.4%

Summary

Investment Grade/Cash
13.8%
Non-Investment Grade
86.2%

Term Structure

Cash & Equivalents, Other
13.5%
1-5 Years
64.6%
5-10 Years
21.9%
Over 10 Years
0.0%

Duration2.4 years
Term to Maturity3.6 years

Average Credit QualityB
Yield to Maturity7.6%
Current Yield7.0%

Top Holdings

(top bond holdings in alphabetical order, comprises ~ 40% of the Fund) 
24 Hour Holdings III LLC 8.000% 2022 
Air Canada 8.750% 2020 
Alliance One International Inc. 9.875% 2021 
Athabasca Oil Corp. 7.500% 2017 
Caesars Growth Properties Holdings LLC 9.375% 2022 
Emeco Holdings Ltd. 9.875% 2019 
Enova International Inc. 9.750% 2021 
HRG Group Inc. 7.750% 2022 
Hunt Companies Inc. 9.625% 2021 
Jefferies Financial LLC 7.375% 2020 
Mattamy Group Corp. 6.875% 2020 
Michael Baker International Inc. 8.875% 2019 
National Financial Partners Corp. 9.000% 2021 
Prospect Capital Corp. 4.750% 2020 
T-Mobile US, Inc. 6.375% 2025 

Fund Facts

CIFSC Category:High Yield Fixed Income
NAVPS:$7.87 (Fund, Series A)
Inception:August 2011 (Series A)
AUM:$197.0 million
Distribution:$0.0425/unit Monthly
Yield:~ 6.5%
MER (Jun. 30, 2016):2.24% (Fund, Series A)
Minimum Purchase:$2,000 Initial, $50 Subsequent
Series UA & UF: $10,000 Initial

Fund Codes

CADUSDCorporate Class
Series A (FE) AHF800Series UA AHF864Series A (FE) AHF810
Series A (LSC) AHF801-Series A (LSC) AHF811
Series F AHF802Series UF AHF865Series F AHF812
T-Series units available  

Risk Rating

When you invest in a fund, the value of your investment can go down as well as up. Aston Hill Asset Management Inc. has rated this Fund’s risk as low to medium.


For a description of the specific risks of this Fund, see the Fund’s simplified prospectus.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

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