Commentary – Mackenzie Income Fund Series F MFC057 | Mackenzie Investments

Mackenzie Income Fund Series F

Asset Class: Canadian Balanced

Fund Commentary

Q1 2019 Commentary

The equity and credit market volatility of Q4 2018 made a complete 180 degree turn in the first quarter of the new year. While a fair amount of the blame for the sell-off that ended 2018 lays at the feet of the Federal Reserve and its hawkish monetary policy stance at the time, the ensuing bounce this year is mainly thanks to the Fed’s “dovish” pivot.

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Q4 2018 Commentary

The focus for markets through much of the fourth quarter was the political drama surrounding the US tax bill and, of course, the price of Bitcoin. The US tax bill was debated and passed by both the House and Senate, and signed by President Trump before year-end. 

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Q3 2018 Commentary

This year, US stock markets seem to have given investors somewhat distinctive price action in each quarter. In Q1 there were large swings in volatility and prices, after what had been a low volatility experience in 2018.

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Q2 2018 Commentary

The first half of 2018 presented investors with potential reasons to be either optimistic or uncertain about markets looking ahead. On the one hand, the domestic growth story in the US seems to be relatively strong, braced by the tax cuts, fiscal, and deregulation agenda put in place by the Trump administration.

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Fund Commentary

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Other Canadian Balanced Funds

Portfolio Managers

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Fixed Income Team

Investment experience since 1995

Felix Wong, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 1988

Konstantin Boehmer, MBA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Dan Cooper, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Movin Mokbel, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2000

Martin Downie, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie North American Equities Team

Investment experience since 1984

Tim Johal, CFA

Vice President, Portfolio Manager

Mackenzie North American Equities Team

Investment experience since 2000

Darren McKiernan, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Global Equity & Income Team

Investment experience since 1995

The Series G versions of this fund are closed to new investments.

Fund Risk Measures:
  • Annualized Standard Deviation: A measure of how widely returns varied over a period. A lower standard deviation means the returns of the fund have historically been less volatile and vice-versa. Standard deviation is a measure of historical risk; future risk may be different.
  • Annualized Standard Deviation Benchmark: A measure of how widely returns varied over a period. A lower standard deviation means the returns of the benchmark have historically been less volatile, and vice-versa.
  • Alpha: A measure of the difference between a portfolio's actual return and its expected return given its level of risk. Risk is measured by beta. A positive number indicates that it has performed better than beta would predict.
  • Beta: A measure of the tendency of the value of the fund and the value of the benchmark to move together. The market has a beta of 1. If beta of a fund is higher than 1, the movement in value compared to the benchmark tends to be amplified. A beta less than 1 means the movement in value tends to be dampened.
  • R2: A measure that represents the percentage of a fund's movements that can be attributed to movements of a benchmark index.
  • Sharpe Ratio: A measure of how much of a fund's excess return is achieved for a certain level of risk. The greater a fund's Sharpe Ratio, the higher the risk-adjusted returns.

Effective June 1, 2018, the management fee and/or administration fee of series F, PW, PWB, PWT, PWFB, and PWX of the fund was reduced. The new fees will not be fully reflected in the current MER until the semi-annual MER for the period ended September 30, 2019.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investment funds. 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 does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

For changes in the business, operations or affairs of an investment fund, and reorganization or acquisition of assets in an investment fund during the most recent 10 years that could have materially affected the performance of the investment fund, please refer to the "Major Changes During the Last 10 Years” section in the most recent Annual Information Form.

Mutual Fund US Dollar Settlement Option details.

Index performance does not include the impact of fees, commissions, and expenses that would be payable by investors in the investment products that seek to track an index.

The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or asset allocation service or returns on investment in the investment fund or from the use of the asset allocation service.

* The blended index is composed of 30% S&P/TSX Composite Index and 70% FTSE Canada Universe Bond Index.