Rates of Return
Actual Rates of Return as of August 30, 2024
| Return | Tradex Equity Fund Limited | Tradex Bond Fund | Tradex Global Equity Fund |
| Latest 3 months* | 4.55% | 3.44% | 4.47% |
| Latest 6 months* | 8.59% | 5.03% | 9.01% |
| 1 year* | 17.63% | 10.73% | 22.23% |
| 2 years** | 11.58% | 5.11% | 18.24% |
| 3 years** | 3.27% | 0.58% | 3.09% |
| 4 years** | 9.67% | 2.90% | 10.37% |
| 5 years** | 9.60% | 2.98% | 10.22% |
| 10 years** | 7.69% | 2.85% | 9.63% |
| Since Inception** | (April 1960) 9.28% | (September 1989) 5.32% | (May 1999) 7.04% |
*Total return
** Average annual compound return
Management fees and expenses may be associated with mutual fund investments. The rates of return include reinvestment of all distributions and do not take into account income taxes payable by the investor that could have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
Management Expense Ratios
Since Tradex operates at an “at cost” basis, any excess revenue earned goes back to the Tradex Funds to reduce their management expense ratio. In 2023, we were able to reduce management expenses for the three Tradex Funds by a total of $339,000 (versus $734,500 in 2022, $649,750 in 2021, $550,310 in 2020 and $440,700 in 2019) through rebating a portion of our dealer operations revenue.
| Fund | 2023 MER | 2022 MER | 2021 MER | 2020 MER | 2019 MER | Median MER for Fund Category* |
| Tradex Equity Fund | 1.18% | 1.02% | 1.00% | 1.03% | 1.10% | 2.28% |
| Before Rebates | 1.31% | 1.32% | 1.25% | 1.30% | 1.30% | |
| Tradex Bond Fund | 1.21% | 1.06% | 0.90% | 0.95% | 0.97% | 1.29%/1.77% |
| Before Rebates | 1.57% | 1.44% | 1.19% | 1.22% | 1.24% | |
| Tradex Global Equity Fund | 3.06% | 2.85%# | 2.71%# | 2.79%# | 2.85%# | 2.29% |
| Before Rebates | 3.23% | 3.25% | 3.06% | 3.20% | 3.20% | |
| Underlying Funds | 1.00% | 1.06% | 0.99% | 1.09% | 1.07% |
*Source: Morningstar
^ Canadian fixed income/Canadian fixed income balanced
# Amendments to Canadian security regulations now require the MER calculation to include the underlying expenses charges against the net assets of foreign listed closed-end fund companies.
1)Management expense ratio is based on total expenses (excluding broker commission and other portfolio transaction costs) of the fund and the underlying funds where applicable, for the year and is ex-pressed as an annualized percentage of daily average net asset value during the year.
2) The fund invests in closed-end fund companies listed on global stock exchanges whose investments are principally in a diversified portfolio of equity securities. Each closed-end fund will have expenses charged against the underlying Net Assets of the fund. Purchasing at a significant discount to these NAVs is a key component of this fund.
3)The movements in the discounts applicable to the underlying fund prices frequently offsets the potential impact of the underlying incremental expenses.
Attribution analysis for the year indicated a 0.72% positive contribution from discount movements for 2021 and and average 1.8% per annum for the past 5 years.
