Mackenzie Fixed Income Team
Funds under management
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
Steve Locke, Senior Vice President, Investment Management is Chief Investment Officer (CIO) of Fixed Income and Multi-Asset Strategies.
Steve oversees approximately 40 investment professionals involved in the day-to-day management of all institutional and retail fixed income and multi-asset mandates at Mackenzie Investments. As CIO, Steve is responsible for more than $60 billion in fixed income expertise and $23 billion in multi-asset capabilities. Steve is also Chair of Mackenzie’s Global Investment Committee, which oversees global investment strategy recommendations across the organization.
Steve began his investment career in 1994 as a bond trader and credit analyst, with these roles encompassing rates and credit trading, and fundamental corporate credit analysis for public and private debt. In 1998, Steve took a role as an associate portfolio manager, with management responsibilities covering pension, retail, and balance sheet mandates. In 2003, Steve joined Howson Tattersall Investment Counsel (HTIC) as a portfolio manager, managing both retail and institutional fixed income portfolios, and in 2005 Steve became head of the fixed income team at HTIC. Steve came to Mackenzie through the acquisition of HTIC in 2008, and he was appointed Head of the Fixed Income Team in 2010. In 2021, Steve was appointed to his current role as CIO of fixed income and multi-asset strategies.
Steve is a holder of the Chartered Financial Analyst designation, and he has a Bachelor of Arts degree in economics, and an MBA degree from the Schulich School of Business, both from York University.
Konstantin Boehmer, MBA
Portfolio Manager, Global Bonds
Konstantin Boehmer, Senior Vice President, Investment Management, is Head of Global Macro and Quantitative Analytics, co-lead of the Fixed Income Team, and a Portfolio Manager. Konstantin focuses on actively managing global fixed income mandates using fundamental and quantitative/technical 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. In 2021, Konstantin was appointed to his current role of co-lead of the Fixed Income Team and Head of Global Macro and Quantitative Analytics.
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 Sloan School of Management at the Massachusetts Institute of Technology.
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, 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, 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
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, 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.
Ken’s career in fixed income began in 2006 as a Financial Analyst with DBRS. Ken joined Scotiabank’s Debt Capital Markets team in 2010, where he played a role in structuring many of Canada’s high yield transactions during a period of substantial growth before joining Mackenzie Investments’ Fixed Income Team in 2014 where he focuses on non-investment grade assets.
Ken has a Bachelor of Arts degree in economics, specializing in finance and international trade, from the University of Waterloo and an MBA from the University of Toronto’s Rotman School of Management. He has also taught the Fixed Income Securities course under the University of Toronto’s Rotman Commerce program.
Awards and rankings
Winner of the 2020 Fundata FundGrade A+ Awards for consistent and outstanding risk-adjusted performance in their respective categories
Winner of the 2020 Lipper Fund Award from Refinitiv for best 3-year, 5-year and 10-year performance in the Canadian Equity Balanced classification.
The highest ratings given by the independent investment research firm Morningstar
Insights
Resources
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Investor Brochure: Fixed Income Strategies
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Investor Brochure: Fixed Income Capabilities
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506 kb
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Modeling Mackenzie's Fixed Income Funds
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Short Duration Fixed Income Solutions
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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
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Morningstar Star Ratings reflect performance of Series F as of April 30, 2021 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 star ratings and number of funds in each category for the standard periods are: Mackenzie Canadian Bond Fund F, Canadian Fixed Income Category: 3 years - 4 stars (452 funds), 5 years - 4 stars (374 funds), 10 years - 4 stars (193 funds). Mackenzie Canadian Short Term Income Fund F, Canadian Short Term Fixed Income Category: 3 years - 3 stars (229 funds), 5 years - 5 stars (197 funds), 10 years - 4 stars (86 funds). Mackenzie Corporate Bond Fund F, High Yield Fixed Income Category: 3 years - 4 stars (406 funds), 5 years - 4 stars (320 funds), 10 years - 4 stars (83 funds). Mackenzie Floating Rate Income Fund F, Floating Rate Loans Category: 3 years - 3 stars (92 funds), 5 years - 5 stars (80 funds), 10 years - n/a stars (n/a funds). Mackenzie Global Strategic Income Fund F, Global Neutral Balanced Category: 3 years - 4 stars (1376 funds), 5 years - 4 stars (1069 funds), 10 years - 5 stars (413 funds). Mackenzie Global Tactical Bond F, Global Fixed Income Category: 3 years - 3 stars (439 funds), 5 years - 4 stars (275 funds), 10 years - n/a stars (n/a funds). Mackenzie Global Tactical Invest Grade Bond Fund F, Global Fixed Income Category: 3 years - 4 stars (439 funds), 5 years - 4 stars (275 funds), 10 years - n/a stars (n/a funds). Mackenzie Income Fund F, Canadian Fixed Income Balanced Category: 3 years - 5 stars (451 funds), 5 years - 5 stars (383 funds), 10 years - 5 stars (189 funds). Mackenzie North American Corporate Bond Fund F, High Yield Fixed Income Category: 3 years - 4 stars (406 funds), 5 years - 4 stars (320 funds), 10 years - 4 stars (83 funds). Mackenzie Strategic Bond Fund F, Canadian Fixed Income Category: 3 years - 4 stars (452 funds), 5 years - 5 stars (374 funds), 10 years - n/a stars (n/a funds). Mackenzie Strategic Income Class F, Canadian Neutral Balanced Category: 3 years - 4 stars (566 funds), 5 years - 5 stars (505 funds), 10 years - 4 stars (197 funds). Mackenzie Strategic Income Fund F, Canadian Neutral Balanced Category: 3 years - 4 stars (566 funds), 5 years - 5 stars (505 funds), 10 years - 4 stars (197 funds). Mackenzie Unconstrained Fixed Income Fund F, High Yield Fixed Income Category: 3 years - 3 stars (406 funds), 5 years - 4 stars (320 funds), 10 years - n/a stars (n/a funds). Mackenzie USD Global Strategic Income Fund F, Global Neutral Balanced Category: 3 years - 4 stars (1376 funds), 5 years - 4 stars (1069 funds), 10 years - n/a stars (n/a 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. For more information, see 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.
Mackenzie Income Fund Series A was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the Canadian Fixed Income Balanced category out of a total of 365 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 5.4% (1 year), 4.4% (3 years), 4.8% (5 years), 4.9% (10 years) and7.9 % (since inception- September 1974).
Mackenzie Canadian Growth Balanced Fund Series A was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the Canadian Equity Balanced category out of a total of 284 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 9.9% (1 year), 7.8% (3 years), 8.0% (5 years), 8.2 % (10 years) and 7.0% (since inception - November, 1996).
Mackenzie Core Plus Canadian Fixed Income ETF (MKB) was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the Canadian Fixed Income category out of a total of 315 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 10.6% (1 year), 6.2% (3 years) and 5.0% (since inception - April 2016).
Mackenzie Global High Yield Fixed Income ETF (MHYB) was recognized for outstanding fund performance at the 2020 Fundata FundGrade A+ Awards in the High Yield Fixed Income category out of a total of 254 funds. Performance for the fund for the period ended December 31, 2020 is as follows: 7.6% (1 year), 5.7% (3 years) and 5.3% (since inception - April 2017).
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 Refinitiv 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 Refinitiv 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 Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
Mackenzie Canadian Growth Balanced Fund (Series A) was awarded the 2020 Lipper Fund Awards from Refinitiv for best three-, five- and 10-year performance in the Canadian Equity Balanced category for the period ended July 31, 2020, out of a total of 51, 49 and 39 funds, respectively.
Refinitiv Lipper Fund Awards, ©2020 Refinitiv. All rights reserved. Used under license.