AGF Global Convertible Bond Fund Update

By: David Stonehouse, Izabela Siwoski Uliana • November 8, 2022

To state the obvious, 2022 has been a very challenging year in the capital markets. Investors are keenly aware of the adverse impact high inflation and rapidly rising central bank rates have had on bonds, which have suffered their worst returns in many decades. Coupled with slowing earnings growth, rising interest rates have also precipitated a bear market in equities. Even natural resource prices have declined significantly from their peaks in the spring as the initial shock of the Russian-Ukrainian conflict started to wear off and the relentless rise of the US dollar dampened commodity returns. Indeed, this year has been rare in that there have been very few places to hide outside cash (ironically, since the value of cash is eroded in high inflation environments).

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The commentaries contained herein are provided as a general source of information based on information available as of October 31, 2022, and are not intended to be comprehensive investment advice applicable to the circumstances of the individual. Every effort has been made to ensure accuracy in these commentaries at the time of publication, however, accuracy cannot be guaranteed. Market conditions may change and AGF Investments accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained here. References to specific securities are presented to illustrate the application of our investment philosophy only and do not represent all of the securities purchased, sold or recommended for the portfolio. It should not be assumed that investments in the securities identified were or will be profitable and should not be considered recommendations by AGF Investments.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets. “Bloomberg®” and Bloomberg Global Convertibles Index and Bloomberg Global Aggregate Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by AGF Management Limited and its subsidiaries. Bloomberg is not affiliated with AGF Management Limited or its subsidiaries, and Bloomberg does not approve, endorse, review or recommend AGF Global Convertible Bond Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness, of any data or information relating to AGF Global Convertible Bond Fund.

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Publication date: November 8, 2022