Closed-End FundsCanoe EIT Income Fund

Key Dates

Distribution
Record Date Jul22
Ex-Distribution Date Jul18
Payment Date Aug15


Investment Highlight and Strategy

Canoe EIT Income Fund (TSX: EIT.UN) is a one of Canada's largest closed-end investment funds, designed to maximize monthly distributions and the potential for capital appreciation by investing in a broadly diversified portfolio of high quality securities.

Fund Manager

Rob Taylor, CA, CFA, is an award winning portfolio manager with more than 15 years of investment management experience. Prior to joining Canoe Financial, Rob was responsible for managing over $4B in his position as Vice President and Portfolio Manager, at BMO Global Asset Management. Rob was also an integral member of the team responsible for asset allocation in institutional and retail mandates.

Rob also manages the Canoe Equity Class, Canoe Canadian Asset Allocation Class and Canoe Canadian Monthly Income Class.

Investment Approach

  • Actively managed portfolio focused on quality franchises, stable businesses and long-term sustainable growth
  • Diversified across sector and market capitalization
  • Managed risk - ensure best risk reward ideas and conviction levels are appropriately reflected in position weights

Fund Highlights

  • One of the largest, most liquid closed-end funds in Canada
  • Income-oriented, actively managed total return fund
  • Growth potential – trades at an approximate 16% discount to NAV
  • Low management fee of 1.1% per annum
  • Monthly distribution of $0.10 per unit/current 10% yield
  • Premium DRIP, DRIP and Optional Cash Optional Cash Purchase Plan*
  • Annual redemption feature -  up to 10% of outstanding units at 95% of NAV

Performance Review

Performance *                  
As of 06/30/2014 YTD 1mo 3mo 6mo 1yr 3yr 5yr 10yr Incep.
EIT.UN 12.3% 1.7% 5.3% 12.3% 28.6% 7.2% 14.0% 9.3% 9.2%
S&P/TSX Composite 12.9% 4.1% 6.4% 12.9% 28.7% 7.6% 11.0% 8.8% -

*Based on NAV

Portfolio Review

Top 25 Holdings (as of May 31, 2014)

Toronto Dominion Bank  
Canadian National Railway Co  
Proctor & Gamble Co  
Wells Fargo & Co  
JPMorgan Chase & Co  
Telus Corp  
Encana Corp  
Mircosoft Corp  
American International Group I   
Bank of Nova Scotia  
Royal Bank of Canada  
Coca-Cola Co  
Paramount Resources Ltd  
Tourmaline Oil Corp  
Parkland Fuel Corp  
Bonavista Energy Corp  
Crescent Point Energy Corp  
JB Hunt Transport Service Inc  
Intact Financial Corp  
Fortis Inc  
T Rowe Price Group Inc  
Arc Resources Ltd  
Calfrac Well Services Ltd  
Lyondellbasell Industries NV  
Suncor Energy Inc  
The top 25 investments make up 63% of the fund.

Sector Breakdown (as of May 31, 2014)

Energy 33.1%
Financials 28.8%
Industrials 8.1%
Consumer Products 7.3%
Information Technology 6.3%
Consumer Staples 4.5%
Telecommunication Services  4.0%
Materials 3.5%
Health Care 2.5%
Utilities 2.0%

 

Fund Facts  
TSX Symbol EIT.UN
Total Assets (June 30, 2014) $1,292.0 million
Inception Date August 7, 1997

* Premium DRIP, DRIP and Optional Cash Optional Cash Purchase Plan available to Canadian investors only

Canoe
EIT Income
Fund

Explore Fund
    *Total distributions since inception.
    Market data provided by GlobeFund. © 2014 Canoe Financial For Canoe EIT Income Fund (EIT.UN), ‘current cash yield’ means the annual cash distribution for the fund (currently $1.20 per unit) divided by its market price. Annual cash distributions may be made up in whole or in part by interest, dividends or return of capital. You should not draw any conclusions about the fund’s investment performance from the amount or percentage of this distribution. Approximately seventy percent of total distributions are reinvested in the fund. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the fund’s prospectus or the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Our communications, websites and tweets are not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Information is for review purposes only, and investors should consult their registered Investment Advisor for complete details and risk factors on specific strategies and various investment products, prior to making any investment decision.