Savings Fund

March 31, 2024

Market Context

  • The Bank of Canada has held its key short-term lending rate steady at 5.0% since last July. The rate is currently the highest it’s been in over 20 years.
  • The Governing Council is still concerned about the outlook for inflation and wants to see it ease further before implementing any interest rate cuts.
  • In its latest statement, the central bank noted that while the economy continues to grow, the pace has weakened and is below potential. Population growth is exceeding employment, and there are signs that wage pressures may be easing. CPI inflation fell below 3% in January, although shelter price inflation remains elevated.


  • T-Bills comprise 54% of the portfolio, while corporate paper makes up 46%.
  • We reduced our weighting in Government of Canada T-Bills and increased our holdings in bank paper in the quarter.
  • The pre-fee yield of the portfolio at the end of March was 5.1%.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Important information about the Steadyhand funds is contained in our Simplified Prospectus. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.