Goodwood Milford Funds – Goodwood Funds

Goodwood Milford Fund

Fund Objective/Description:

The Goodwood Milford Fund LP (the “Fund”) and RRSP eligible version of the long/short investment Fund, the Goodwood Milford Fund Trust (together, the “Funds”) seek to maximize capital appreciation and income while offering investors the benefit of portfolio diversification and capital growth. The core strategy consists of investing primarily in liquid fixed income securities issued by Canadian corporations that are selected to provide higher coupon income and capital gains due to credit upgrades or other credit enhancing events.

The portfolio asset allocation is typically 70%-to-80% short and medium term investment-grade corporate bonds with 20%-to-30% invested in mid-to-large cap dividend-paying equities, thereby seeking to provide inflation protection and portfolio growth. The investment team incorporates credit income and equity analysis through fundamental securities selection to determine the most attractive capital structure investment for a given public company. This investment methodology has consistently generated superior risk-adjusted results. The investment team actively reallocates the fixed-income and equity asset allocation percentage to reduce risk and augment return. As such, the Fund can be used as a core investment (balance fund) or included as a complementary investment within a portfolio’s fixed-income allocation sleeve.

The Fund has provided investors with a net +10.11% compound annual return with low monthly return volatility since its inception in 2006. Since then, the Fund has won multiple industry awards for best Sharpe ratio and best 1, 3, 5, and 10-year annualized returns, outperforming leading alternative credit-focused and balanced Canadian funds.

The Funds offer weekly liquidity and the strategy is available to registered and taxable accounts (RRSP, TFSA, RESP, RRIF) and provides a 4% annual cash distribution yield or total return unit.

Long-Term Performance

Value of $100,000 invested since inception of Fund

Goodwood Milford Fund

$580,177

S&P / TSX Comp TRI

$336,630

iShares Core Canadian Universe Bond Index ETF

$174,311

In the News

Awards:

Portfolio Manager:

Christopher Currie, CFA

Chris joined Goodwood as Portfolio Manager in 2013, bringing his successful Milford Capital Growth Fund onto the Goodwood Funds platform. Previously, Chris was President and Portfolio Manager of Milford Capital Management Inc. and has managed the Milford Capital Growth Fund for 10 years.

Key Reasons to Own this Fund:

Offers investors a unique and proven strategy with a long-term track record of return outperformance
Provides investors access to the institutional fixed-income market
Provides investors with a return profile that cannot be manufactured by passive or quantitative vehicles

Adding the Fund provides existing portfolios with a higher return potential per unit of risk
The Fund has a low correlation to broader equity or fixed-income macro factors
Balanced approach provides investors with an actively managed investment throughout business cycles

Compound Return %	1 Mo.	1 Yr	3 Yr	5 Yr	10 Yr	Inception	Distribution Yield	Effective Duration
Goodwood Milford Fund LP*	0.97	1.43	0.41	4.38	4.63	10.11	4.0%*	2.9
iShares Core Canadian Universe Bond ETF	0.50	2.05	-1.60	0.19	1.85	N/A	3.3%	7.1
iShares Canadian Corporate Bond ETF	0.54	5.42	-0.17	1.44	2.43	N/A	4.1%	5.7
S&P/TSX Composite TR Index	4.14	13.96	9.11	9.96	7.67	6.87	N/A	N/A

*Performance returns above are calculated for the founding Class of Units for the Fund – Goodwood Milford Fund LP Class S Units. Other classes or series, including the Goodwood Milford Fund Trust may charge different fees and therefore returns between classes and Funds may vary. The returns are net of all management fees, expenses, and incentive performance fees.

As at March 31, 2024

PERFORMANCE DISCLAIMER:

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the offering memorandum or prospectus before investing. The indicated rates of return of the Fund are the historical annual compounded total return including changes in unit value and assume that all distributions made by the Fund were reinvested in additional units of the Fund. The rates of return do not include deduction of sales, transfer, redemption, income taxes payable, or other charges (which distributors may charge) that would have reduced returns. The rates of return are net of all management fees, performance incentive fees and expenses. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Investment funds can involve significant risks and the value of an investment may go down as well as up. There is no guarantee of trading performance. An investment in the Fund is not intended as a complete investment program and should only be made after consultation with independent investment and tax advisors.

Performance data from certain market indices (S&P/TSX Composite TRI, iShares Core Canadian Universe Bond ETF, iShares Canadian Corporate Bond ETF) are provided in this presentation for information purposes only. These Indices are not benchmarks of the Funds but rather are displayed for comparison purposes to the broad market. A comparison of the Fund’s performance to such market indices is of limited use because the composition of the Fund’s portfolio may contain other securities not found in the market index. As a result, no market indices are directly comparable to the results of the Funds.