Fund Category List
When evaluating funds for category placement the committee first screens for the narrowest, most precise definitions. Examples of categories with narrow definitions would be Target Date Portfolios, Financial Services Equity, Real Estate Equity, Small/Mid Cap Equity, and Alternative Strategies. If funds meet the narrower definitions, they are categorized in the appropriate CIFSC category. If not, the funds are subjected to the criteria of other fund categories. Because this methodology is employed, it is important to be aware of all fund category definitions. It is insufficient to apply the criteria of a single fund category to determine a fund's candidacy, for any given CIFSC category.
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MSCI Indices Country Constituents
2015 Target Date Portfolio
These are target-date funds that mature in 2015 or earlier and after 2010.
Show Member Funds2020 Target Date Portfolio
These are target-date funds that mature in 2020 or earlier and after 2015.
Show Member Funds2025 Target Date Portfolio
These are target-date funds that mature in 2025 or earlier and after 2020.
Show Member Funds2025+ Target Date Portfolio
These are target-date funds that mature after 2025.
Show Member FundsAlternative Strategies
Funds in the Alternative Strategies category employ alternative strategies such as short selling or other forms of leverage. Funds may use speculative strategies as well as hedging strategies. A fund is classified as Alternative Strategies if 1) short selling exceeds 2% in any one security or if total short positions exceed 10% of the total fund value; and/or 2) the fund's investment mandate specifically includes use of alternative strategies.
Show Member FundsAsia Pacific Equity
Funds in the Asia Pacific Equity category must invest at least 90% of their equity holdings in securities domiciled in 2 or more countries in the Asia/Pacific region. This category excludes any funds that meet the requirements of the Asia Pacific ex-Japan, Greater China, or Japanese Equity categories.
Show Member FundsAsia Pacific ex-Japan Equity
Funds in the Asia Pacific ex-Japan Equity category must invest at least 90% of their equity holdings in securities domiciled in 2 or more countries in the Asia/Pacific Rim region. Funds that qualify for Greater China Equity, or funds with more than 5% of equity holdings in Japanese equity securities are excluded from the category.
Show Member FundsCanadian Dividend & Income Equity
Funds in the Canadian Dividend & Income Equity category must have a stated mandate to invest primarily in income-generating securities and must invest at least 70% of their equity holdings in securities domiciled in Canada. In addition, these funds must invest at least 50% of their non-cash assets in income-generating securities such that the 3-year weighted average yield on the equity component of the fund’s portfolio is above the 3-year weighted average yield of the S&P/TSX Composite Dividend Index. The fund’s average capitalization must exceed the Canadian and Canadian Focused small/mid cap threshold.
Show Member FundsCanadian Equity
Funds in the Canadian Equity category must invest at least 90% of their equity holdings in securities domiciled in Canada, and their average market capitalization must be greater than the Canadian small/mid cap threshold.
Show Member FundsCanadian Equity Balanced
Funds in the Canadian Equity Balanced category must invest at least 70% of total assets in a combination of equity securities domiciled in Canada and Canadian dollar-denominated fixed income securities*. In addition, they must invest greater than 60% but less than 90% of their total assets in equity securities.
Show Member FundsCanadian Fixed Income
Funds in the Canadian Fixed Income category must invest at least 90% of their fixed income holdings in Canadian dollars with an average duration greater than 3.5 years and less than 9.0 years. In addition, these funds must invest primarily in investment-grade fixed-income securities, such that the average credit quality of the portfolio as a whole is investment grade (BBB or equivalent rating or higher) and not more than 25% of the portfolio’s holdings are invested in high yield fixed income securities. For purposes of the category definition, up to 30% of a Fund’s assets may be held in Foreign Fixed Income products which will be treated as Canadian content provided that the currency exposure on those holdings is hedged into Canadian Dollars.
Show Member FundsCanadian Fixed Income Balanced
Funds in the Canadian Fixed Income Balanced category must invest at least 70% of total assets in a combination of equity securities domiciled in Canada and Canadian dollar-denominated fixed income securities*. In addition, they must invest greater than 5% but less than 40% of their total assets in equity securities.
Show Member FundsCanadian Focused Equity
Funds in the Canadian Focused Equity category must invest at least 50% and less than 90% of their equity holdings in securities domiciled in Canada, and their average market capitalization must be greater than the Canadian focused small/mid cap threshold.
Show Member FundsCanadian Focused Small/Mid Cap Equity
Funds in the Canadian Focused Small/Mid Cap Equity category must invest at least 50% and less than 90% of their equity holdings in securities domiciled in Canada, and their average market capitalization must be lower than the Canadian focused small/mid cap threshold.
Show Member FundsCanadian Income Trust Equity
Show Member Funds
Canadian Inflation Protected Fixed Income
Funds in the Canadian Inflation Protected Fixed Income category must invest at least 90% of their fixed income holdings in inflation protected fixed-income securities denominated in Canadian dollars. In addition, these funds must invest primarily in investment-grade fixed-income securities, such that the average credit quality of the portfolio as a whole is investment grade (BBB or equivalent rating or higher) and not more than 25% of the portfolio’s holdings are invested in high yield fixed income securities. For purposes of the category definition, up to 30% of a Fund’s assets may be held in Foreign Fixed Income products which will be treated as Canadian content provided that the currency exposure on those holdings is hedged into Canadian Dollars.
Show Member FundsCanadian Long Term Fixed Income
Funds in the Canadian Long Term Fixed Income category must invest at least 90% of their fixed income holdings in fixed-income securities denominated in Canadian dollars with an average duration greater than 9.0 years. In addition, these funds must invest primarily in investment-grade fixed-income securities, such that the average credit quality of the portfolio as a whole is investment grade (BBB or equivalent rating or higher) and not more than 25% of the portfolio’s holdings are invested in high yield fixed income securities. For purposes of the category definition, up to 30% of a Fund’s assets may be held in Foreign Fixed Income products which will be treated as Canadian content provided that the currency exposure on those holdings is hedged into Canadian Dollars.
Show Member FundsCanadian Money Market
Funds assigned to the Canadian Money Market category must be designated as Money Market funds in accordance with National Instrument 81-102 and maintain a minimum weighting of 95% in Canadian dollar-denominated investments.
Show Member FundsCanadian Neutral Balanced
Funds in the Canadian Neutral Balanced category must invest at least 70% of total assets in a combination of equity securities domiciled in Canada and Canadian dollar-denominated fixed income securities*. In addition, they must invest greater than or equal to 40% but less than or equal to 60% of their total assets in equity securities.
Show Member FundsCanadian Short Term Fixed Income
Funds in the Canadian Short Term Fixed Income category must invest at least 90% of their fixed income holdings in fixed-income securities denominated in Canadian dollars with an average duration of less than 3.5 years. In addition, these funds must invest primarily in investment-grade fixed-income securities, such that the average credit quality of the portfolio as a whole is investment grade (BBB or equivalent rating or higher) and not more than 25% of the portfolio’s holdings are invested in high yield fixed income securities. For purposes of the category definition, up to 30% of a Fund’s assets may be held in Foreign Fixed Income products which will be treated as Canadian content provided that the currency exposure on those holdings is hedged into Canadian Dollars.
Show Member FundsCanadian Small/Mid Cap Equity
Funds in the Canadian Small/Mid Cap Equity category must invest at least 90% of their equity holdings in securities domiciled in Canada, and their average market capitalization must be lower than the Canadian small/mid cap threshold.
Show Member FundsCanadian Synthetic Money Market
The Canadian Synthetic Money Market Fund category includes funds that seek to obtain money-market-like returns by investing in a basket of equity securities or in one or more equity funds and then entering into forward, swap or similar derivatives contracts with a counter party or counterparties in order to replicate the returns of: A) A specific Canadian Money Market fund ("a reference fund") that satisfies the money market fund definition as set out in National Instrument 81-102 or, B) A portfolio of Canadian dollar denominated money market securities ("a reference portfolio") that would satisfy the money market fund definition as set out in National Instrument 81-102 if that portfolio were offered for sale publicly. Canadian Synthetic Money Market funds may also invest directly in Canadian dollar denominated money market securities or in the underlying Canadian Money Market fund, at any time, in cases where the fund manager considers it would be beneficial to security holders to do so. Note: The CIFSC has made the decision to categorize synthetic funds in the same category as the underlying funds that they track except in the case of Money Market funds where this new fund category was created to explicitly delineate between 'money market' funds that meet the strict Money Market fund definition as set out in National Instrument 81-102 and those that do not.
Show Member FundsCommodity
Funds in the Commodity category must invest primarily in physical commodities or gain exposure to commodities using derivatives. The commodity exposure must be primarily long and must not be greater than 100% (i.e. not leveraged).
Show Member FundsEmerging Markets Equity
Funds in the Emerging Markets Equity category must invest at least 90% of their equity holdings in a broadly based portfolio of securities from emerging markets countries. Funds with a consistently narrow focus on a single country, group of countries or single region within the emerging markets will be excluded from the category.
Show Member FundsEuropean Equity
Funds in the European Equity category must invest at least 90% of their equity holdings in a diversified portfolio of securities domiciled in 2 or more countries in Europe.
Show Member FundsFinancial Services Equity
Funds in the Financial Services Equity category must invest at least 90% of their equity holdings in the Financial Services sector.
Show Member FundsGlobal Equity
Funds in the Global Equity category must invest in securities domiciled anywhere across the globe such that their average market capitalization is greater than the small/mid cap threshold, and invest more than 10% and less than 90% of their equity holdings in Canada or the U.S. Funds that do not meet any of the requirements of other geographic equity categories and have no formal restrictions that limit where they can invest will be assigned to this category.
Show Member FundsGlobal Equity Balanced
Funds in the Global Equity Balanced category must invest less than 70% of total assets in a combination of equity securities domiciled in Canada and Canadian dollar-denominated fixed income securities*. In addition, they must invest greater than 60% but less than 90% of their total assets in equity securities.
Show Member FundsGlobal Fixed Income
Funds in the Global Fixed Income category must invest less than 90% of their fixed income holdings in Canadian dollar issues. In addition, these funds must invest primarily in investment-grade fixed income securities (BBB or equivalent rating or higher) and not more than 25% of the portfolio’s holdings are invested in non-investment grade securities.
Show Member FundsGlobal Fixed Income Balanced
Funds in the Global Fixed Income Balanced category must invest less than 70% of total assets in a combination of equity securities domiciled in Canada and Canadian dollar-denominated fixed income securities*. In addition, they must invest greater than 5% but less than 40% of their total assets in equity securities.
Show Member FundsGlobal Neutral Balanced
Funds in the Global Neutral Balanced category must invest less than 70% of total assets in a combination of equity securities domiciled in Canada and Canadian dollar-denominated fixed income securities*. In addition, they must invest greater than or equal to 40% but less than or equal to 60% of their total assets in equity securities.
Show Member FundsGlobal Small/Mid Cap Equity
Funds in the Global Small/Mid Cap Equity category must invest in securities domiciled anywhere across the globe such that their average market capitalization is within the small/mid cap threshold and must invest more than 10% and less than 90% of their Equities Assets in Canada or the U.S.. Funds that do not meet any of the requirements of other geographic equity categories and have no formal restrictions that limit where they can invest will be assigned to this category.
Show Member FundsGreater China Equity
Funds in the Greater China Equity category must invest at least 90% of their equity holdings in securities domiciled in China, Hong Kong or Taiwan.
Show Member FundsHealth Care Equity
Funds in the Health Care Equity category must invest at least 90% of their equity holdings in the Health Care sector.
Show Member FundsHigh Yield Fixed Income
Funds in the High Yield Fixed Income category must invest primarily in fixed-income securities with a non-investment-grade credit rating, such that their average credit quality is below investment grade (Lower than BBB or equivalent) or in excess of 25% of the portfolio’s holdings are invested in high yield fixed income securities.
Show Member FundsInternational Equity
Funds in the International Equity category must invest at least 90% of their equity assets in countries other than Canada and the United States and at least 70% of their equity assets in developed countries. Funds that do not meet any of the requirements of the more focused geographic equity categories and that invest less than 90% of their assets in any single country or region will be assigned to the International Equity category.
Show Member FundsJapanese Equity
Funds in the Japanese Equity category must invest at least 90% of their equity holdings in securities domiciled in Japan.
Show Member FundsMiscellaneous - Geographic Equity
Funds in this sub-category invest in equity securities focused on a specific geographic area or areas and do not qualify for any of the existing geographic equity categories.
Show Member FundsMiscellaneous - Income & Real Property
These are funds that focus on fixed income type securities and do not qualify for any of the existing fixed income fund categories. Similarly, funds in this sub-category may use real property as a substitute for traditional income securities.
Show Member FundsMiscellaneous - Other
Funds in this sub-category have a unique strategy that does not belong to any other category or any other Miscellaneous sub-category.
Show Member FundsMiscellaneous - Sector Equity
Funds in this sub-category invest in equity securities focused on a specific sector or sectors and do not qualify for any of the existing sector equity categories.
Show Member FundsMiscellaneous - Undisclosed Holdings
Funds in this sub-category do not report their holdings to any of the data providers that are members of the CIFSC. The CIFSC requires fund companies to submit full holdings data for their funds at least quarterly, lagged by no more than one quarter in order to be classified. If holdings are not provided according to this standard, then the respective fund or funds will be moved into this category until such time as the minimum holding requirement is met.
Show Member FundsNatural Resources Equity
Funds in the Natural Resources Equity category must invest at least 90% of their equity holdings in the securities of companies whose primary line of business is in any combination of Energy and Basic Materials. This excludes any funds that meet the definition for the Precious Metals Equity category.
Show Member FundsNorth American Equity
Funds in the North American Equity Category must invest at least 90% of their equity holdings in securities domiciled in Canada and/or the United States but less than 50% of their equity holdings in securities domiciled in Canada. This category excludes any fund that meets the requirements of the U.S. Equity and U.S. Small/Mid Cap Equity categories.
Show Member FundsPassive Inverse/Leveraged
Funds in the Passive Inverse/Leveraged category are available for sale to retail investors and employ a passive investment strategy with one of the following objectives: A) Seek to gain more than 100% exposure to an index or asset class. B) Seek to gain inverse exposure to an index or asset class.
Show Member FundsPrecious Metals Equity
Funds in the Precious Metals Equity category must invest at least 90% of their equity holdings in the securities of companies in the Gold and Precious Metals sector.
Show Member FundsPreferred Share Fixed Income
Funds in the Preferred Share Fixed Income category must invest at least 90% of their fixed income holdings in preferred shares.
Show Member FundsReal Estate Equity
Funds in the Real Estate Equity category must invest at least 90% of their equity holdings in the Real Estate sector.
Show Member FundsRetail Venture Capital
Funds in the Retail Venture Capital funds include but are not limited to Labour Sponsored Investment Funds (LSIF) and other related Funds that receive special tax benefits for investing in Canadian venture capital as defined by the applicable federal and provincial statutes.
Show Member FundsTactical Balanced
Funds in the Tactical Balanced category must have a flexible asset allocation policy ranging from 40% (or less) to 60% (or more) in each of equity and fixed income securities. Inclusion in this category may be based on: i) a written asset allocation policy meeting the above definition (i.e. in a fund’s prospectus or written investment policy); ii) a portfolio manager’ or sub-adviser’s stated or known approach to managing portfolios; or iii) the fund’s historical asset allocation tendencies. The portfolio manager or sub-adviser may employ one or more methods to make their asset allocation decisions.
Show Member FundsU.S. Equity
Funds in the U.S. Equity category must invest at least 90% of their equity holdings in securities domiciled in the United States, and their average market capitalization must be greater than the U.S. small/mid cap threshold.
Show Member FundsU.S. Money Market
Funds assigned to the U.S. Money Market category must be designated as Money Market funds in accordance with National Instrument 81-102 and maintain a minimum weighting of 95% in U.S. dollar-denominated investments.
Show Member FundsU.S. Small/Mid Cap Equity
Funds in the U.S. Small/Mid Cap category must invest at least 90% of their equity holdings in securities domiciled in the United States such that their average market capitalization is within the U.S. small/mid cap threshold.
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