TREZ CAPITAL YIELD TRUST U.S. (USD) | SERIES I
Net Asset Value
Distributions
Year to Date1
Annualized2
Since Inception
1Based on distributions on I Series units paid as of August 31, 2020. Assumes distributions are reinvested.
2Historical fund returns are reported as at December 31, 2019.
An opportunistic, short-term commercial financing strategy focused on core U.S. markets. Trez Capital Yield Trust US participates primarily in large scale residential lot development projects in major urban centres of Texas. In addition to its commercial loan portfolio, up to 20% of net assets may be invested in equity positions and 10% may be invested in mezzanine loans. Investors can purchase U.S. dollar units or Canadian dollar hedged units. The investment objective is to preserve invested capital, while generating an attractive rate of income in U.S. dollars for distribution to unitholders.
Fund Summary
| Fund Type | Open-Ended pooled mortgage fund |
| FundServ Code | TRZ 320 |
| Inception | January 1, 2013 |
| Eligibility | RRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP |
| Unit Value | $10 |
| Purchase | T + 2 |
| Redemption | Currently the Fund Manager has suspended the ability for investors to redeem from this fund |
| Management Fee | 1.15% |
| Incentive Fee | 10% of Net Operating Income |
| Distribution Frequency | Monthly |
| Target Return | 8.35% per annum |
Manager Summary
| Manager | Trez Capital Fund Management Limited Partnership |
| Manager AUM | Greater than $3.5 Billion CAD (estimated as at June 30, 2020) |
| Fund AUM | $189,527,882 |
Portfolio Metrics
| Number of Loans | 91 |
| Weighted Average LTV | 69.4% |
| Weighted Average Term-to-Maturity (Months) | 12.6 |
GEOGRAPHIC REGION
ASSET CLASS
SECURITY RANK
HISTORICAL PERFORMANCE
* A Series units were introduced on April 1, 2013. Returns are reported as F Series, USD unit returns less 100 bps.
** As of June 30, 2020.
GROWTH OF $10,000
| 2019 | 1 Year | 3 Year | 5 Year | Since Inception | |
|---|---|---|---|---|---|
| Trez Capital Yield Trust US Series I 1 | 9.0% | 9.0% | 9.0% | 9.7% | 9.7% |
1 I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.
2 Due to the inception of the fund in January 2013, the return for 2013 is an annualized return.
Trez Capital Yield Trust US distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 2.0% on Series I units, payable fifteen days following each calendar quarter end. Distributions are paid in the currency of the units denomination. All residual income attribuable to each unit series is distributed by way of an annual top-up distribution, which is paid in mid-March following the conclusion of the annual audit of the Trust.
Distribution History
2020, Trez Capital monthly distributions.
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top-up1 | YTD Distribution | YTD DRIP Return3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | I2 | $0.0650 | $0.0650 | $0.0650 | $0.0690 | $0.0690 | $0.0690 | $0.0690 | $0.0690 | $0.5400 | 5.529% |
In 2019, Trez Capital moved from quarterly to monthly distributions.
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top-up1 | Annual Distribution | Annualized DRIP Return4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 | I2 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.065 | $0.085 | $0.865 | 8.97% |
| Year | Series | Q1 | Q2 | Q3 | Q4 | Quarterly Distribution | Top-up1 | Annual Distribution | Annualized DRIP Return3 |
|---|---|---|---|---|---|---|---|---|---|
| 2018 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.120 | $0.920 | 9.5% |
| 2017 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.035 | $0.835 | 8.6% |
| 2016 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.133 | $0.933 | 9.6% |
| 2015 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.709 | $1.509 | 10.1% |
| 2014 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.303 | $1.103 | 11.4% |
| 2013 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.235 | $1.035 | 10.6% |
1 Based on a weighted average return to Unitholders, this amount is an estimate of the average top up distribution paid. Those invested for less than a full one year period will receive a prorated allocation, and those invested in the dividend reinvestment plan will receive a slightly higher top up due to the effects of compounding.
2 I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.
3 This return is based on all distributions throughout the year being re-invested into the fund. This is a compounded return from the distribution re-investment program.
4 This return is based on all distributions year-to-date being re-invested into the fund, without any year-end top-up distribution. This is a compounded return from the distribution re-investment program.
Distribution Schedule
| Record Date | Expected Pay Date | |
|---|---|---|
| January | January 31 | February 7 |
| February | February 28 | March 8 |
| March | March 31 | April 9 |
| April | April 30 | May 9 |
| May | May 31 | June 7 |
| June | June 30 | July 9 |
| July | July 31 | August 9 |
| August | August 31 | September 9 |
| September | September 30 | October 8 |
| October | October 31 | November 8 |
| November | November 30 | December 9 |
| December | December 31 | January 8 |
| Annual Top Up | December 31 | March 17 |
Note: Distributions are taxed in the year that they are earned. T3 slips are distributed to all unitholders in March of each year following completion of the year end audit and payment of the annual top-up distribution.
Fees
| Management Fee | 1.5% of the Average Annual Gross Assets relating to the F Series and A Series units. |
| Incentive Fee | 10% of the Net Income for each unit series after deduction of the Management fee. |
Minimum Investment
| Management Fee | Percentage negotiated by the Manager and the Unitholder of the Average Annual Gross Assets of the I Series units. |
| Incentive Fee | 10% of the Net Income for each unit series after deduction of the Management fee. |
1 Accredited Investor Exemption: There is no regulatory minimum subscription amount for investors qualifying under the Accredited Investor Exemption. However, the minimum initial purchase amount established by the Manager is $5,000.
2 Offering Memorandum Exemption: There is no regulatory minimum subscription amount for investors qualifying under the Offering Memorandum Exemption. However, the minimum initial purchase amount established by the Manager is $5,000. (Only available for residents of British Columbia, Newfoundland & Labrador, Ontario, Alberta, Saskatchewan, Nova Scotia, and New Brunswick, subject to certain restrictions)
3 Minimum Amount Exemption (not available to individuals): The minimum initial subscription amount for investors qualifying under the Minimum Amount Exemption is $150,000 in each province listed above.
How To Invest
Institutional Investors form a core part of our investor base. As investors seek ways to diversify away from equities and traditional fixed income to both enhance income while mitigating risks, alternative investments such as private mortgage pools provide for an attractive solution.
To learn more about our private mortgage pools for institutional clients please contact:
Senior Vice President, Head of Investor Global Sales
P: 647.778.1780
Fund Fact Sheets
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Fund Fact Sheet (I Series)
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Fiche d’information sur le fonds (Série I)
juin 2020 - Trez Capital Yield Trust US (USD) Fiche d’information sur le fonds - Série I
View/Download »
Subscription/Redemption Documents
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Institutional Investor Application Form
December 2019 - Fund Application form for Institutional, Pension Plan, or Investment Fund
View/Download »
Financial Statements
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Audited Financial Statements
Offering Documents
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Trez Capital Yield Trust US (USD) Offering Memorandum
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TCYT US (USD) notice d'offre
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