Mackenzie Fixed Income Team

Striving for the best possible risk-adjusted return for the investor.

Steve Locke

Senior Vice President, Portfolio Manager, Head of Team

Philosophy and process

The Mackenzie Fixed Income Team believes that fixed income management today must be rooted in a deep, multifaceted understanding of risk. Extensive collaboration among our team members, each with their own area of expertise in a segment of the fixed income markets, achieves a holistic understanding of the interdependent market drivers affecting portfolios. We integrate qualitative and quantitative research perspectives to formulate views on interest rates, currencies, and credit risk. We augment that research with rigorous fundamental credit analysis which seeks to identify companies with stability in earnings and strong free cash flow, but which also assesses company risks and asset values designed to manage downside risk at all points during the credit cycle. We actively manage a diverse array of fixed income strategies with the philosophy to always strive for the best risk-adjusted return for the investor.

Portfolio Managers

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team
Mackenzie Fixed Income Team

Investment experience since 1995

Steve Locke, Senior Vice President, Investment Management, is Head of the Mackenzie Fixed Income Team.

Steve’s career in the investment industry began in 1995. He joined Howson Tattersall Investment Counsel in 2003, and the company became part of Mackenzie Investments in 2008. Prior to 2003, Steve’s work experience included five years managing insurance, pension, and retail segregated fund portfolios in Canada, as well as several years as a Credit Analyst and Bond Trader.

Steve has a BA from York University and an MBA from the Schulich School of Business. He is also a CFA charterholder.

Konstantin Boehmer, MBA

Senior Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 2003

Konstantin Boehmer, Senior Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. He focuses on actively managing global fixed income using qualitative and quantitative strategies.

Konstantin joined Mackenzie Investments in July 2013. His portfolio management career began in 2003 at an asset management company in Germany. He transferred to the company’s New York office in 2009, achieving progressively senior portfolio management positions. Konstantin’s focus throughout his career has been the active management of global sovereign, quasi-sovereign, and emerging markets yield curves and currencies. He has also managed inflation-linked fixed income products.

Konstantin has a Bachelor First Class Honours degree (European Business and Spanish) from the University of Hertfordshire in the UK. In 2017, he earned his Master’s degree in Business Administration from the Massachusetts Institute of Technology.

Felix Wong, MBA, CFA

Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 1988

Felix Wong, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. In his current role, he is responsible for developing trade ideas and overseeing the implementation of tactical portfolio management across investment-grade portfolios. Felix also contributes to corporate credit research on Canadian companies in various market sectors.

Felix’s career in the investment industry began in 1988. He joined Howson Tattersall Investment Counsel in 1999, and the company became part of Mackenzie Investments in 2008. His previous roles included serving as Assistant Vice President of credit at a large international bank, where he analyzed corporate lending transactions to Canadian corporations, as well as acting as a Research Analyst covering Asian-Pacific industries and companies.

Felix has BSc and MBA degrees from the University of Toronto. He is also a CFA charterholder.

Dan Cooper, CFA

Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 2003

Dan Cooper, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. His current role encompasses the management of over $1.7 billion of high-yield bonds and loans.

Dan joined Mackenzie Investments in 1997, working in various non-investment related capacities before joining the Mackenzie Fixed Income Team as a High-Yield Analyst in 2006.

Dan has a Bachelor of Administrative Studies degree from York University, and he is a CFA charterholder.

Movin Mokbel, MBA, CFA

Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 2000

Movin Mokbel, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. Movin contributes to the management of high-yield bond mandates, including analyzing corporate issuers across several high-yield bond sectors and in the leveraged loan market.

Movin’s career in the investment industry began in 2000, and he joined the Mackenzie Fixed Income Team in 2012. His previous experience includes roles as a High-Yield Analyst and deal-structuring investment banker.

Movin received a BSc from York University, as well as an MBA from the University of Toronto. He is also a CFA charterholder.

Dustin Reid, MBA

Vice President, Investment Management, Chief Fixed Income Strategist
Mackenzie Fixed Income Team

Investment experience since 1997

Dustin Reid, Vice President, Investment Management is Mackenzie's Chief Fixed Income Strategist. He helps determine macro positioning by providing views on central banks, monetary and fiscal policy, macroeconomic data, inflation, sovereign debt dynamics, and geopolitics.

Dustin has been working in the investment industry since 1997. Prior to joining Mackenzie in 2018, he held a Chief Market Strategist position and other advisory roles at several US-based firms. His Canadian experience includes senior roles in quantitative research and trading roles in the financial services sector.

Dustin has a Bachelor of Arts in Economics from McGill University and an MBA from the Ivey School of Business at the University of Western Ontario.

Caroline Chan, MBA, CFA

Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 2002

Caroline Chan, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. Caroline primarily focusses on the day-to-day management of investment-grade portfolios.

She brings a wide range of experience to her role. She began her career with an industry-leading professional services consulting firm. Following a two-year stint as a software engineer at a Boston-based insurance company, she worked on both the sell-side and buy-side at several international financial institutions in London and Hong Kong.

Caroline has a Bachelor of Applied Science degree in Electrical Engineering and Mathematics from the University of Waterloo and holds an MBA from the Sloan School of Management at the Massachusetts Institute of Technology. She is also a CFA charterholder.

Awards and rankings

Mackenzie Income Fund (Series A)
Winner of the 2019 Fundata FundGrade A+ Awards for consistent and outstanding risk-adjusted performance in their respective categories    

Mackenzie Canadian Growth Balanced Fund (Series A)
Winner of the 2019 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories 

Mackenzie Core Plus Canadian Fixed Income ETF (MKB)
Winner of the 2019 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories 

Mackenzie Floating Rate Income ETF (MFT)
Winner of the 2019 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories

Mackenzie Canadian Growth Balanced Fund (Series A)­
Winner of the 2020 Lipper Fund Award from Refinitiv for best 3-year, 5-year and 10-year performance in the Canadian Equity Balanced classification.

The highest ratings given by the independent investment research firm Morningstar

Insights

Insights

Global Macroeconomic Update - November 2020

US fiscal policy continues to hang in the balance awaiting the results of the January 5th runoff for the Georgia Senate seats.

Insights

The Looming Pension Crisis Part IV : U.S. Public Pension Plans COVID-19 Update

In this series we have highlighted the impact that aging global demographics will have in triggering an impending retirement crisis which will inevitably collapse countless public and private pension plans.

Insights

Global Macroeconomic Update - October 2020

Dunder Mifflin would be proud. As we go to print just over two weeks before the US election it has been a wild one to say the least.

5 minute read

Insights

Fund Insights - Opportunities Still Available in the Loan Market Today

Market conditions have evolved since we published our insight on Floating Rate Loans last fall. We reached out to Movin Mokbel, Fixed Income Portfolio Manager and expert on Leveraged Loans to gather his thoughts on the current loan market.

Insights

Global Macroeconomic Update - August 2020

Depending on how you look at it, central bank policy is, at a minimum, acting to underpin markets and at a maximum, purposely driving them.

 

5 minute read

Commentary

Quarterly Commentaries - Mackenzie Fixed Income Team

Read the latest Mackenzie Team commentaries to learn about their analysis of key market risks and opportunities. For select funds, quarterly reviews of performance and market conditions are also available.

Insights

The Looming Pension Crisis Part III : U.S. Public Pension Plans

Our first paper in this series outlined the critical role aging demographics and the unsustainability of defined benefit plans have on the looming global pension crisis. Our second paper described the relative risks and country rankings associated with government pension plans globally.

Insights

The Looming Pension Crisis Part II: Government Pension Plans

Our first paper in this three-part series laid out the significant issues facing both public and private pension plans. We looked at the societal importance of public pension promises and why promises made, need to be kept. To do so, difficult choices will have to occur very soon.

Insights

The Looming Pension Crisis: Why it Matters and How to Prepare

Retirement planning requires plenty of thought and substantive analysis. Many pieces of that process include vague estimates about potential return, potential income growth, potential life span, and potential spending habits and obligations.

Insights

What’s the Peace of Mind of GICs Costing You?

What most investors pay little attention to is that peace of mind often comes at a cost – an opportunity cost. A diversified portfolio of high-quality fixed income investments offers some of the same benefits as GICs.

Insights

Why Choose a Bond Fund Over a GIC?

During times of market volatility, the natural tendency for investors is to shift their mindset from capital growth to capital preservation.

Resources

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus of before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

Morningstar Star Ratings reflect performance of Series F as of October 31, 2020 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund's historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund's 3, 5, and 10-year returns, as available, measured against the 91-day Treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see www.morningstar.ca.

The CIFSC categories, Star Ratings, and number of funds in each category for the standard periods are: Mackenzie Canadian Bond Fund Series F, Canadian Fixed Income category: 3 years – 4 stars (448 funds), 5 years – 4 stars (355 funds), 10 years – 4 stars (180 funds). Mackenzie Strategic Bond Fund Series F, Canadian Fixed Income category: 3 years – 4 stars (448 funds), 5 years – 5 stars (355 funds), 10 years – n/a. Mackenzie Unconstrained Fixed Income Fund Series F, High Yield Fixed Income category: 3 years – 4 stars (416 funds), 5 years – 5 stars (292 funds), 10 years – n/a.  Mackenzie Canadian Short Term Income Fund Series F, Canadian Short Term Income category: 3 years – 4 stars (227 funds), 5 years – 5 stars (193 funds), 10 years – 4 stars (81 funds). Mackenzie Corporate Bond Fund Series F, High Yield Fixed Income category: 3 years – 4 stars (416 funds), 5 years – 4 stars (292 funds), 10 years – 4 stars (81 funds). Mackenzie North American Corporate Bond Fund Series F, High Yield Fixed Income category: 3 years – 4 stars (416 funds), 5 years – 4 stars (292 funds), 10 years – 4 stars (81 funds). Mackenzie Global Credit Opportunities Fund Series F, Global Fixed Income category: 3 years – 4 stars (416 funds), 5 years –  n/a, 10 years –  n/a. Mackenzie Floating Rate Income Fund Series F, Floating Rate Loans category: 3 years – 3 stars (99 funds), 5 years – 5 stars (63 funds), 10 years – n/a. Mackenzie Global Tactical Investment Grade Bond Fund Series F, Global Fixed Income category: 3 years – 4 stars (389 funds), 5 years – 4 stars (246 funds), 10 years –  n/a. Mackenzie Global Tactical Bond Fund Series F, Global Fixed Income category: 3 years – 3 stars (389 funds), 5 years – 4 stars (246 funds), 10 years –  n/a.

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

  • Mackenzie Income Fund Series A was recognized for outstanding fund performance at the 2019 Fundata FundGrade A+ Awards in the Canadian Fixed Income Balanced category out of a total of 355 funds.  Performance for the fund for the period ended December 31, 2019 is as follows: 10.4% (1 year), 4.0% (3 years), 4.0% (5 years), 4.9% (10 years) and 7.9% (since inception- September, 1974).

  • Mackenzie Canadian Growth Balanced Fund Series A was recognized for outstanding fund performance at the 2019 Fundata FundGrade A+ Awards in the Canadian Equity Balanced category out of a total of 308 funds.  Performance for the fund for the period ended December 31, 2019 is as follows: 16.5% (1 year), 7.8% (3 years), 7.9% (5 years), 7.3% (10 years) and 6.8% (since inception- November, 1996).

  • Mackenzie Core Plus Canadian Fixed Income ETF (MKB) was recognized for outstanding fund performance at the 2019 Fundata FundGrade A+ Awards in the Canadian Fixed Income category out of a total of 310 funds.  Performance for the fund for the period ended December 31, 2019 is as follows: 6.9% (1 year), 3.7% (3 years) and 3.5% (since inception- April, 2016).

  • Mackenzie Floating Rate Income ETF (MFT) was recognized for outstanding fund performance at the 2019 Fundata FundGrade A+ Awards in the Floating Rate Loan category out of a total of 62 funds.  Performance for the fund for the period ended December 31, 2019 is as follows: 5.3% (1 year), 5.5% (3 years) and 6.3% (since inception- April, 2016).

For more information, see http://www.fundgradeawards.com/. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

Mackenzie Canadian Growth Balanced Fund (Series A) was awarded the 2020 Lipper Fund Awards from Refinitiv for best three-, five- and 10-year performance in the Canadian Equity Balanced category for the period ended July 31, 2020, out of a total of 51, 49 and 39 funds, respectively.

Refinitiv Lipper Fund Awards, ©2020 Refinitiv. All rights reserved. Used under license.