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mutual fund investors

Asset Class/Style Canadian Balanced / Value Fund Unit Values View on
Fund Inception Date: 09/30/2000 Total Fund Assets: $91.8 million
as of 06/30/2024

Investor Contacts

To discuss your account activity please contact:

To discuss your investment program please contact:

The Lincluden Balanced Fund began accepting investors in September 2000. The Fund was established to provide individual investors access to an investment management approach that since 1982 had only been accessible to large corporate portfolios, including pension plans and insurance companies. The same investment management team that has responsibility for the corporate portfolios also assumes responsibility for the management of the Lincluden Balanced Fund.

The investment objectives of the Lincluden Balanced Fund are consistent with the objectives of long term oriented pension plans: to earn a rate of return that handsomely exceeds the inflation rate, while at the same time limiting the downside risk in declining market environments.


The investment objective of the Fund is to generate both capital appreciation (growth) and income, while maintaining a relatively low level of risk. To achieve its objectives, the Fund invests in a diverse portfolio of stocks, government and corporate bonds, and short-term instruments such as Government of Canada treasury bills.

Performance Periods Ended 06/30/2024
Total Returns Series O Series A Series F
Year to Date 4.6% 3.6% 4.5%
3 Month 0.4% -0.1% 0.4%
Annualized Returns Series O Series A Series F
1 Year 10.7% 8.5% 10.4%
3 Year 6.2% 4.1% 5.9%
5 Year 8.4% 6.3% N/A
7 Year 7.4% 5.3% N/A
10 Year 6.8% 4.7% N/A
Since Inception1 7.2% 4.4% 6.9%

1Series O units were established in September 2000. Returns in respect to Series O units are presented excluding any investment management fees that may be charged to the investor's account. Series A units were established in July 2007 (returns presented since July 31, 2007). Management fees in respect to Series A units are charged directly to the Series, hence returns are presented net of those fees. Returns for both Series are inclusive of the Fund's operating expenses.

Top HoldingsAs of 06/30/2024
Cda Govt 2.50 Dec. 1, 2032 6.8%
Cda Housing Float 4.948 Sept. 15, 2024 2.0%
Royal Bk Cda 1.9%
Prov. of Ontario 2.60 June 2, 2027 1.8%
Prov. of Ontario 2.65 Dec. 2, 2050 1.7%
U.S. Treasury 3.625 Feb. 15, 2053 1.7%
Prov. of Quebec 3.10 Dec. 1, 2051 1.6%
Cda Govt 1.75 Dec. 1, 2053 1.6%
Toronto Dominion Bk 1.6%
Canadian Natl Ry Co 1.6%
Sector Weightings**As of 06/30/2024
Financials 21.8%
Consumer Staples 11.3%
Consumer Discretionary 10.9%
Information Technology 12.4%
Industrials 13.3%
Energy 10.3%
Communication Services 8.7%
Health Care 6.6%
Materials 3.5%
Real Estate 1.2%
Utilities 0.0%
** total equities

Investment Process

The portfolio construction process for balanced portfolios incorporates the development of a tactical asset allocation policy by the investment team that reflects the relative valuation of the component asset classes.

Our asset class valuation methodology factors in the long-term earnings power of corporations and the level of long-term interest rates. This top-down determination may be adjusted to reflect the input of the asset class specialists with respect to their analyses of values from a bottom-up perspective. The process is not designed to generate frequent changes in asset mix policy but rather to indicate when asset classes are significantly mispriced.

The structuring of the equity component of the Fund is the responsibility of a team of portfolio managers, each of whom has assigned global sector responsibilities. Their focus is on identifying mispriced securities through independent fundamental research supported by proprietary valuation models.

The fixed income team collaborates on the development of duration and sector allocation policy. Each team member is accountable for specific value-added strategies which combined support those primary policies.

Frequently Asked Questions

This section is a quick reference to some of the most common questions from Lincluden Balanced Fund investors. More complete Lincluden Balanced Fund information, including fund management fees and expenses, is available in our Fund Facts.

Why Invest in a Balanced Fund?

Balanced funds are designed for long-term investors who are seeking higher long-term returns than income funds are generally expected to produce. Many investors find them attractive because decisions concerning the ratio of equities to fixed income securities held in balanced fund portfolios (i.e. asset mix), are made by professional portfolio managers.

How Do I Open an Account?

Fund units are offered on a continuous basis under the Funds Simplified Prospectus in all provinces and territories of Canada. Ask your investment advisor about buying units of the Lincluden Balanced Fund.

How do I Obtain Information Regarding My Account?

Lincluden issues regular communications (as described below) to fund investors. In addition, current investors can contact Lincluden at the contact telephone numbers above for answers to questions about their accounts.

  • Confirmation of Transactions - A statement confirming deposits and redemptions will be mailed to you within four business days of the transaction date.
  • Quarterly Statement - Following the end of each quarter, a statement will be mailed to you within 10 business days. All activity during the quarter, including distributions and management fees will be clearly presented.
  • Quarterly Investment Review - A report discussing our economic and financial market outlook and portfolio strategy will be in the mail to you by the 15th day following each quarter end.
  • Tax and RRSP Contribution Receipts - An official RRSP contribution receipt will be mailed to you by the end of January of the following year, for contributions made between March and December. A receipt for January and February contributions will be mailed before the end of March. A T-3 supplementary, providing the tax detail of the prior years distributions allocated to you, will be mailed by the end of February.

Fund Facts

Additional Information