Mackenzie Fixed Income Team

Striving for the best possible risk-adjusted return for the investor.

Steve Locke

Senior Vice President, Portfolio Manager, Head of Team

Philosophy and process

The Mackenzie Fixed Income Team believes that fixed income management today must be rooted in a deep, multifaceted understanding of risk. Extensive collaboration among our team members, each with their own area of expertise in a segment of the fixed income markets, achieves a holistic understanding of the interdependent market drivers affecting portfolios. We integrate qualitative and quantitative research perspectives to formulate views on interest rates, currencies, and credit risk. We augment that research with rigorous fundamental credit analysis which seeks to identify companies with stability in earnings and strong free cash flow, but which also assesses company risks and asset values designed to manage downside risk at all points during the credit cycle. We actively manage a diverse array of fixed income strategies with the philosophy to always strive for the best risk-adjusted return for the investor.

Portfolio Managers

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Fixed Income Team

Investment experience since 1995

Steve Locke, Senior Vice President, Investment Management, is Head of the Mackenzie Fixed Income Team.

Steve’s career in the investment industry began in 1995. He joined Howson Tattersall Investment Counsel in 2003, and the company became part of Mackenzie Investments in 2008. Prior to 2003, Steve’s work experience included five years managing insurance, pension, and retail segregated fund portfolios in Canada, as well as several years as a Credit Analyst and Bond Trader.

Steve has a BA from York University and an MBA from the Schulich School of Business. He is also a CFA charterholder.

Konstantin Boehmer, MBA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Konstantin Boehmer, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. He focuses on actively managing global fixed income using qualitative and quantitative strategies.

Konstantin joined Mackenzie Investments in July 2013. His portfolio management career began in 2003 at an asset management company in Germany. He transferred to the company’s New York office in 2009, achieving progressively senior portfolio management positions. Konstantin’s focus throughout his career has been the active management of global sovereign, quasi-sovereign, and emerging markets yield curves and currencies. He has also managed inflation-linked fixed income products.

Konstantin has a Bachelor First Class Honours degree (European Business and Spanish) from the University of Hertfordshire in the UK. In 2017, he earned his Master’s degree in Business Administration from the Massachusetts Institute of Technology.

Felix Wong, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 1988

Felix Wong, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. In his current role, he is responsible for developing trade ideas and overseeing the implementation of tactical portfolio management across investment-grade portfolios. Felix also contributes to corporate credit research on Canadian companies in various market sectors.

Felix’s career in the investment industry began in 1988. He joined Howson Tattersall Investment Counsel in 1999, and the company became part of Mackenzie Investments in 2008. His previous roles included serving as Assistant Vice President of credit at a large international bank, where he analyzed corporate lending transactions to Canadian corporations, as well as acting as a Research Analyst covering Asian-Pacific industries and companies.

Felix has BSc and MBA degrees from the University of Toronto. He is also a CFA charterholder.

Dan Cooper, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Dan Cooper, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. His current role encompasses the management of over $1.7 billion of high-yield bonds and loans.

Dan joined Mackenzie Investments in 1997, working in various non-investment related capacities before joining the Mackenzie Fixed Income Team as a High-Yield Analyst in 2006.

Dan has a Bachelor of Administrative Studies degree from York University, and he is a CFA charterholder.

Movin Mokbel, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2000

Movin Mokbel, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. Movin contributes to the management of high-yield bond mandates, including analyzing corporate issuers across several high-yield bond sectors and in the leveraged loan market.

Movin’s career in the investment industry began in 2000, and he joined the Mackenzie Fixed Income Team in 2012. His previous experience includes roles as a High-Yield Analyst and deal-structuring investment banker.

Movin received a BSc from York University, as well as an MBA from the University of Toronto. He is also a CFA charterholder.

Dustin Reid, MBA

Vice President, Investment Management, Chief Fixed Income Strategist

Mackenzie Fixed Income Team

Investment experience since 1997

Dustin Reid, Vice President, Investment Management is Mackenzie's Chief Fixed Income Strategist. He helps determine macro positioning by providing views on central banks, monetary and fiscal policy, macroeconomic data, inflation, sovereign debt dynamics, and geopolitics.

Dustin has been working in the investment industry since 1997. Prior to joining Mackenzie in 2018, he held a Chief Market Strategist position and other advisory roles at several US-based firms. His Canadian experience includes senior roles in quantitative research and trading roles in the financial services sector.

Dustin has a Bachelor of Arts in Economics from McGill University and an MBA from the Ivey School of Business at the University of Western Ontario.

Caroline Chan, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2002

Caroline Chan, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Fixed Income Team. Caroline primarily focusses on the day-to-day management of investment-grade portfolios.

She brings a wide range of experience to her role. She began her career with an industry-leading professional services consulting firm. Following a two-year stint as a software engineer at a Boston-based insurance company, she worked on both the sell-side and buy-side at several international financial institutions in London and Hong Kong.

Caroline has a Bachelor of Applied Science degree in Electrical Engineering and Mathematics from the University of Waterloo and holds an MBA from the Sloan School of Management at the Massachusetts Institute of Technology. She is also a CFA charterholder.

Awards and rankings

Mackenzie Income Fund (Series A)
Winner of the 2018 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance.

Mackenzie Canadian Growth Balanced Fund (Series A)
Winner of the 2018 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance.

Mackenzie Canadian Growth Balanced Fund (Series A)­
Winner of the 2019 Lipper Fund Award from Refinitiv for best 3-year and 5-year performance in the Canadian Equity Balanced classification.

Mackenzie Floating Rate Income Fund (Series A)­
Winner of the 2019 Lipper Fund Award from Refinitiv for the best 3-year performance in the Canadian Fixed Income classification.

Mackenzie Core Plus Canadian Fixed Income ETF­ 
Winner of the 2019 Lipper Fund Award from Refinitiv for the best 3-year performance in the Floating Rate Loan classification.

The highest ratings given by the independent investment research firm Morningstar

Insights

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2019 FIxed Income Q4 Outlook

During the third quarter, the U.S. Federal Reserve (Fed) and the ongoing U.S.-China trade saga continued to be main drivers for fixed income and global financial markets.

5 minute read

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Global Macroeconomic Update - November 2019

The October 30 Federal Open Market Committee meeting coupled with Fed speak over the past week has helped to solidify what, we believe, the Fed is likely thinking and doing in terms of policy action in the coming months and quarters – a key driver for markets.

5 minute read

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Why Choose a Bond Fund Over a GIC?

During times of market volatility, the natural tendency for investors is to shift their mindset from capital growth to capital preservation.

5 minute read

The Looming Pension Crisis: Why it Matters and How to Prepare

Retirement planning requires plenty of thought and substantive analysis. Many pieces of that process include vague estimates about potential return, potential income growth, potential life span, and potential spending habits and obligations.

5 minute read

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Global Macroeconomic Update – February 2019

Fixed Income folks are always worried about inflation: too much of it erodes bonds’ real returns, but too little generally is not great for risk sentiment and hard asset prices. Central banks’ dominant mandate over the past generation or two has been to keep inflation at bay, often with a strong preference for slow-and-steady or gradual inflation.

5 minute read

Is it Time for a New Fixed Income Approach?

Fixed-income investing is at a crossroad. Bond strategies that have served investors well for several decades are now poised to fall short in delivering on some or all of the traditional objectives for fixed-income allocations: to provide an income stream, preserve capital and mitigate equity volatility.

5 minute read

Resources

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus of before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

Morningstar Star Ratings reflect performance of Series F as of October 31, 2019 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund's historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund's 3, 5, and 10-year returns, as available, measured against the 91-day Treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see www.morningstar.ca.

The CIFSC categories, Star Ratings, number of funds in each category, and annual compounded performance for the standard periods are: Mackenzie Canadian Bond Fund Series F, Canadian Fixed Income category: 3 years – 4 stars (462 funds), 5 years – 4 stars (350 funds), 10 years – 4 stars (166 funds). Mackenzie Unconstrained Fixed Income Fund Series F, High Yield Fixed Income category: 3 years – 4 stars (378 funds), 5 years – n/a, 10 years – n/a. Mackenzie Strategic Bond Fund Series F, Canadian Fixed Income category: 3 years – 4 stars (462 funds), 5 years – 5 stars (350 funds), 10 years – n/a. Mackenzie Floating Rate Income Fund Series F, Floating Rate Loans category: 3 years – 4 stars (96 funds), 5 years – 4 stars (65 funds), 10 years – n/a. Mackenzie Canadian Short Term Income Fund Series F, Canadian Short Term Income category: 3 years – 5 stars (209 funds), 5 years – 4 stars (178 funds), 10 years – 4 stars (64 funds).

FundGrade A+ is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the "best of the best" among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from "A" to "E" receives a score from 4 to 0, respectively. A fund's average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award.

  • Mackenzie Income Fund Series A, Canadian Fixed Income Balanced category: 1 year - (533 funds) - 5 2.2%, 3 years - (438 funds) 2.7%, 5 years - (358 funds) 3.5%, 10 years - (143 funds) 5.1%, since inception - 7.8% (September 30, 1974)
  • Mackenzie Canadian Growth Balanced Fund Series A, Canadian Equity Balanced category: 1 year - (471 funds) -2.1%, 3 years - (378 funds) 4.7%, 5 years - (310 funds) 8.2%, 10 years - (161 funds) 7.1%, since inception - 6.4% (November 28, 1996)

For more information, see http://www.fundgradeawards.com/. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

The Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see lipperfundawards.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

Mackenzie Canadian Growth Balanced Fund (Series A) was awarded the 2019 Lipper Fund Awards from Refinitiv Trophy for best three-year performance in the Canadian Equity Balanced category for the period ended July 31, 2019, out of a total of 53 funds and the 2019 Lipper Fund Awards from Refinitiv Certificate for best five-year performance in the Canadian Equity Balanced category for the period ended July 31, 2019, out of a total of 48 funds. Performance for the fund for the period ended September 30, 2019 is as follows: 6.0% (1 year), 7.4% (3 years), 8.8% (5 years), 7.8% (10 years) and 6.8% (since inception) in November 1996.

Mackenzie Floating Rate Income Fund (Series A) was awarded the 2019 Lipper Fund Awards from Refinitiv Trophy for best three-year performance in the Floating Rate Loan category for the period ended July 31, 2019, out of a total of 10 funds. Performance for the fund for the period ended September 30, 2019 is as follows: 0.2% (1 year), 4.4% (3 years), 3.3% (5 years) and 4.0% (since inception) in May 2013.

Mackenzie Core Plus Canadian Fixed Income ETF was awarded the 2019 Lipper Fund Awards from Refinitiv Trophy for best three-year performance in the Canadian Fixed Income category for the period ended July 31, 2019, out of a total of 14 funds. Performance for the fund for the period ended September 30, 2019 is as follows: 8.96% (1 year), 3.23% (3 years) and 4.02% (since inception) in April 2016.

Lipper Fund Awards from Refinitiv, ©2019 Refinitiv. All rights reserved. Used under license.