Institutional Funds

Investment Strategy

The Fund seeks to mitigate interest rate risks for pension plans by investing primarily in a diversified portfolio of Canadian provincial issued and guaranteed bonds and debentures, and ensuring that the portfolio characteristics are consistent with those of the custom long-term liability benchmark. The Fund utilizes a key duration matching approach, which focuses on minimizing the key sources of risk in a cost-effective manner while ensuring rebalancing flexibility and taking into account the nature of the hedging instruments. The Liability Driven Funds are available in three different durations (Short, Mid, Long) and are designed to be combined with one another and/or with a portfolio of corporate bonds to create a unique, closely matched liability hedging portfolio.

Investment Objective

The Funds seek to mitigate interest rate risks for pension plans by investing in Canadian provincial bonds. Each Fund's performance objective is to provide performance similar to a benchmark derived from the liability cash flows of typical Canadian pension plans. The benchmark differs for each Fund, with associated demographics ranging from plans with a high proportion of retirees to those with a high proportion of active members.

Who Should Invest

The Fund is designed for institutional investors who wish to create a tailored liability hedging strategy in order to hedge the fundamental risk characteristics of their liabilities and those looking to focus on liability funding, the removal of unintended risk, and the improvement of capital efficiency. The TD Emerald Long Liability Driven Provincial Bond PFT's custom benchmark represents pension plan obligations associated with a plan consisting of a high proportion of active members.

Fund Facts

Asset Class	Long Fixed Income
Management Philosophy	Active
Inception Date	April 11, 2016
Benchmark	Long Liability Driven Custom Benchmark

Details

NAV($) / Yield (%)	11.3350 (As of January 20, 2021)
Distribution Date	December 31, 2020
Income Distribution	0.2385
Capital Distribution	0.2210
Total Distribution	0.4595
AUM (in millions)	490.57 (As of December 31, 2020)
Distribution Frequency	Annual

Performance

	1 M	3 M	YTD	1 Y	2 Y	3 Y	4 Y	5 Y	10 Y	Since Inception
Fund	0.02	0.31	11.87	11.87	14.59	8.77	9.11	-	-	7.58
Benchmark	0.01	0.13	12.28	12.28	14.99	9.25	9.46	-	-	7.74

Note: Fund performance is before fees but after expenses

Yearly Performance

	2019	2018	2017	2016	2015
Fund	17.37	-2.00	10.15	-	-
Benchmark	17.75	-1.38	10.09	-	-