Mackenzie Fixed Income Team

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

Steve Locke and Konstantin Boehmer

Team Co-Leads

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, Chief Investment Officer of Fixed Income and Multi-Asset Strategies, Co-Lead of the Fixed Income Team
Mackenzie Fixed Income Team

Investment experience since 1994

Steve Locke, Senior Vice President, Investment Management is Chief Investment Officer (CIO) of Fixed Income and Multi-Asset Strategies in addition to co-lead of the Fixed Income Team. Steve oversees approximately 40 investment professionals involved in the day-to-day management of all institutional and retail fixed income and multi-asset mandates at Mackenzie Investments. As CIO, Steve is responsible for more than $60 billion in fixed income expertise and $23 billion in multi-asset capabilities. Steve is also Chair of Mackenzie’s Global Investment Committee, which oversees global investment strategy recommendations across the organization.

Steve began his investment career in 1994 as a bond trader and credit analyst, with these roles encompassing rates and credit trading, and fundamental corporate credit analysis for public and private debt.  In 1998, Steve took a role as an associate portfolio manager, with management responsibilities covering pension, retail, and balance sheet mandates.  In 2003, Steve joined Howson Tattersall Investment Counsel (HTIC) as a portfolio manager, managing both retail and institutional fixed income portfolios, and in 2005 Steve became head of the fixed income team at HTIC.  Steve came to Mackenzie through the acquisition of HTIC in 2008, and he was appointed Head of the Fixed Income Team in 2010. In 2021, Steve was appointed to his current role as CIO of fixed income and multi-asset strategies. 

Steve is a holder of the Chartered Financial Analyst designation, and he has a Bachelor of Arts degree in economics, and an MBA degree from the Schulich School of Business, both from York University.

Konstantin Boehmer, MBA

Senior Vice President, Co-Lead of the Fixed Income Team and Head of Global Macro and Quantitative Analytics. Portfolio Manager, Global Bonds
Mackenzie Fixed Income Team

Investment experience since 2003

Konstantin Boehmer, Senior Vice President, Investment Management, is Head of Global Macro and Quantitative Analytics, co-lead of the Fixed Income Team, and a Portfolio Manager. Konstantin focuses on actively managing global fixed income mandates using fundamental and quantitative/technical strategies. 

Konstantin joined Mackenzie Investments in July 2013. His portfolio management career began in 2003 at Lazard Asset Management in Germany as a European Fixed Income portfolio manager. He transferred to the company’s New York office in 2009, achieving progressively senior portfolio management positions within the Global Fixed Income team. In 2021, Konstantin was appointed to his current role of co-lead of the Fixed Income Team and Head of Global Macro and Quantitative Analytics. 

Konstantin received his Bachelor degree in European Business and Spanish from the University of Hertfordshire (UK) and a MBA from the Sloan School of Management at the Massachusetts Institute of Technology (US).

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 overseeing the implementation of tactical portfolio management across a variety of Canadian investment-grade portfolios. 

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

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

Investment experience since 1997

Dan Cooper, Senior Vice President, Investment Management, is Head of Credit and a Portfolio Manager on the Mackenzie Fixed Income team. Dan is responsible for the actively managed higher yielding portfolios with AUM of over $10 billion, including; the Unconstrained portfolios, North American and Global High Yield Bond portfolios, and Floating Rate Loan portfolios.

Dan joined Mackenzie in 1997, working in various capacities before joining the investment team in 2003. Since joining the Mackenzie Fixed Income Team as a High Yield Credit Analyst in 2006, Dan has taken on progressively more senior positions and responsibilities. Most recently, Dan was promoted to his current role of Head of Credit with oversight over a group of Portfolio Managers, as well as the Head of Investment Research and the team of 6 analysts. 

Dan has a Bachelor of Commerce degree from York University, and is a CFA charterholder.

Movin Mokbel, MBA, CFA

Vice President, Portfolio Manager, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 1998

Movin Mokbel, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team with a primary responsibility for the loan market. Movin focusses to the management of floating rate loan and high-yield bond mandates, and engages with our credit  and trading teams in the day-to-day selection and trading of loans and high yield bonds. 

Movin’s career in the investment industry began in 1998, and he joined the Mackenzie Fixed Income Team in 2012. His previous experience includes roles with BMO Capital Markets on Wall Street as a High-Yield Analyst working on the trading desk, as a 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, Chief Fixed Income Strategist
Mackenzie Fixed Income Team

Investment experience since 1997

Dustin Reid, Vice President, Investment Management, is Chief Fixed Income Strategist on the Mackenzie Fixed Income Team. Dustin contributes to fixed income portfolio management through his ongoing macro research and analysis on global monetary and fiscal policy, economic data, geopolitical analysis and market positioning helping to determine duration, yield curve, and currency positions for our strategies. 

Dustin began his career in 1997 on the quantitative research team at RBC before working as an economist and FX strategist with UBS.  After working as a trader for the Bank of Canada’s Foreign Reserve Fund,  Dustin relocated to the US and held senior FX strategist roles at ABN Amro, and at BBVA where he was Global Head.  Before joining Mackenzie, Dustin was Chief Market Strategist at Medley Global Advisors, a well-respected, independent macro research house.

Dustin earned a BA in economics from McGill University, and his MBA from the Ivey Business School at the University of Western Ontario.  Additionally, Dustin is a member of Board of Governors for SickKids Foundation. 

Caroline Chan, MBA, CFA

Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 2001

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

She started her career as a management consultant with Deloitte. Caroline has worked in the finance industry for 20 years, on both the sell-side and buy-side of several large institutions beginning with Merrill Lynch, in London and Hong Kong and later with ANZ Group and Wellington Management Company (both in Hong Kong).With roles in both structuring and trading,  Caroline’s focus has been on credit, structured products, and derivatives  throughout her career.

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

Ken Yip

Vice President, Portfolio Manager
Mackenzie Fixed Income Team

Investment experience since 2005

Ken’s career in fixed income began in 2006 as a Financial Analyst with DBRS. Ken joined Scotiabank’s Debt Capital Markets team in 2010, where he played a role in structuring many of Canada’s high yield transactions during a period of substantial growth before joining Mackenzie Investments’ Fixed Income Team in 2014 where he focuses on non-investment grade assets.

Ken has a Bachelor of Arts degree in economics, specializing in finance and international trade, from the University of Waterloo and an MBA from the University of Toronto’s Rotman School of Management. He has also taught the Fixed Income Securities course under the University of Toronto’s Rotman Commerce program.

Awards and rankings

Winner of the 2020 Fundata FundGrade A+ Awards for consistent and outstanding risk-adjusted performance in their respective categories

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 - July 2021

The fixed income market has frayed from the medium-term fundamental outlook

Insights

Monthly Sustainable Investing Newsletter – May 2021

Clearway Energy is one of the largest renewable energy companies in the United States with over 4,200 Megawatts (MW) of installed wind and solar generation projects.

Insights

Global Macroeconomic Update - May 17, 2021

As expected, much of the debatein Q2 has focused on higher inflation, how transitory it may or may not be and how the Fed will react.

Insights

The Looming Pension Crisis Part V: Corporate Pension Plans

In this series, we have previously detailed the critical role that unsustainable defined benefit pension plans will have on the global retirement crisis, as aging demographics force pension plans to transition into a payout phase. 

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.

Education Videos

Key Roles of Fixed Income Part 1

Key Roles of Fixed Income Part 2

Resources

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

The content of this web page (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it.Morningstar Star Ratings reflect performance of Series F as of June 30, 2021 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.

Morningstar Star Ratings reflect performance of Series F as of June 30, 2021 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.

Mackenzie Canadian Bond Fund F, Canadian Fixed Income Category: 3 years - 4 stars (447 funds), 5 years - 4 stars (378 funds), 10 years - 4 stars (197 funds). Mackenzie Canadian Short Term Income Fund F, Canadian Short Term Fixed Income Category: 3 years - 3 stars (231 funds), 5 years - 4 stars (198 funds), 10 years - 4 stars (87 funds). Mackenzie Floating Rate Income Fund F, Floating Rate Loans Category: 3 years - 3 stars (89 funds), 5 years - 5 stars (77 funds), 10 years - n/a stars (n/a funds). Mackenzie Corporate Bond Fund F, High Yield Fixed Income Category: 3 years - 4 stars (394 funds), 5 years - 4 stars (342 funds), 10 years - 4 stars (87 funds). Mackenzie Global Tactical Bond F, Global Fixed Income Category: 3 years - 3 stars (444 funds), 5 years - 4 stars (289 funds), 10 years - n/a stars (n/a funds). Mackenzie Global Strategic Income Fund F, Global Neutral Balanced Category: 3 years - 4 stars (1359 funds), 5 years - 4 stars (1073 funds), 10 years - 5 stars (414 funds). Mackenzie Global Tactical Invest Grade Bond Fund F, Global Fixed Income Category: 3 years - 4 stars (444 funds), 5 years - 4 stars (289 funds), 10 years - n/a stars (n/a funds). Mackenzie Income Fund F, Canadian Fixed Income Balanced Category: 3 years - 4 stars (449 funds), 5 years - 4 stars (383 funds), 10 years - 5 stars (188 funds). Mackenzie North American Corporate Bond Fund F, High Yield Fixed Income Category: 3 years - 4 stars (394 funds), 5 years - 4 stars (342 funds), 10 years - 4 stars (87 funds). Mackenzie Strategic Bond Fund F, Canadian Fixed Income Category: 3 years - 4 stars (447 funds), 5 years - 5 stars (378 funds), 10 years - n/a stars (n/a funds). Mackenzie Strategic Income Class F, Canadian Neutral Balanced Category: 3 years - 4 stars (569 funds), 5 years - 5 stars (511 funds), 10 years - 4 stars (203 funds). Mackenzie USD Global Strategic Income Fund F, Global Neutral Balanced Category: 3 years - 4 stars (1359 funds), 5 years - 4 stars (1073 funds), 10 years - n/a stars (n/a funds). Mackenzie Strategic Income Fund F, Canadian Neutral Balanced Category: 3 years - 4 stars (569 funds), 5 years - 5 stars (511 funds), 10 years - 4 stars (203 funds). 

Mackenzie Income Fund Series A was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the Canadian Fixed Income Balanced category out of a total of 365 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 5.4% (1 year), 4.4% (3 years), 4.8% (5 years), 4.9% (10 years) and7.9 % (since inception- September 1974).

Mackenzie Canadian Growth Balanced Fund Series A was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the Canadian Equity Balanced category out of a total of 284 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 9.9% (1 year), 7.8% (3 years), 8.0% (5 years), 8.2 % (10 years) and 7.0% (since inception - November, 1996).

Mackenzie Core Plus Canadian Fixed Income ETF (MKB) was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the Canadian Fixed Income category out of a total of 315 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 10.6% (1 year), 6.2% (3 years) and 5.0% (since inception - April 2016).

Mackenzie Global High Yield Fixed Income ETF (MHYB) was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the High Yield Fixed Income category out of a total of 254 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 7.6% (1 year), 5.7% (3 years) and 5.3% (since inception - April 2017).

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.