Top Holdings
The holdings as at December 31, 2021 are listed below.
Note: In certain cases, TRAF does not directly hold title to the individual securities noted but, rather, owns interests in one or more pooled investment vehicles which in turn hold title to such securities. In these situations, the information in this summary shows TRAF's indirect holdings and equivalent economic interests in the underlying securities.
Cash & Short-Term
| Type | % |
| Treasury Bills | 16 |
| Bankers' Acceptances | 74 |
| Provincial | 0 |
| Cash | 10 |
| 100 |
| Type | % |
| Federal | 28 |
| Provincial | 33 |
| Corporate | 34 |
| Municipal | 0 |
| Other | 5 |
| 100 |
Long-Term Bonds
| Type | % |
| Federal | 16 |
| Provincial | 49 |
| Corporate | 33 |
| Municipal | 2 |
| 100 |
Real Estate Debt
| Sector | % |
| Industrial | 18 |
| Office | 29 |
| Residential | 36 |
| Retail | 14 |
| Other | 3 |
| 100 |
| Region | % |
| Canada | 89 |
| US | 9 |
| Europe | 2 |
| 100 |
High Yield Debt
| Sector | % |
| Banking | 0 |
| Brokerage | 0 |
| Finance & Investment | 13 |
| Insurance | 0 |
| Basic Industry | 6 |
| Capital Goods | 6 |
| Consumer Cyclical | 9 |
| Energy | 16 |
| Media | 12 |
| Real Estate | 4 |
| Services Cyclical | 20 |
| Services Non-Cyclical | 3 |
| Technology & Electronics | 3 |
| Telecommunications | 7 |
| Utilities | 1 |
| 100 |
Private Debt
| Holdings by Manager |
Market Value1 ($ thousands) |
%2 |
| Northleaf Capital Partners | 155,055.7 | 54.2 |
| New Mountain Capital | 113,711.2 | 39.8 |
| Other | 17,219.6 | 6.0 |
| 285,986.5 | 100.0 |
1 Includes co-investments as applicable.
2 Of total Private Debt holdings.
Top 10 Holdings |
Market Value ($ thousands) |
%1 |
| Royal Bank of Canada | 53,536.4 | 5.7 |
| Toronto-Dominion Bank | 51,458.1 | 5.5 |
| Shopify Inc. | 32,212.2 | 3.4 |
| Bank of Nova Scotia | 30,400.4 | 3.3 |
| Bank of Montreal | 28,660.4 | 3.1 |
| Constellation Software Inc. | 24,396.7 | 2.6 |
| Brookfield Asset Management Inc. | 23,144.6 | 2.5 |
| Waste Connections Inc. | 23,084.1 | 2.5 |
| Canadian Imperial Bank of Commerce | 22,254.6 | 2.4 |
| Canadian National Railway Company | 21,594.5 | 2.3 |
| 310,742.0 | 33.3 | |
1 Of total Canadian Equity holdings.
Top 10 Holdings |
Market Value ($ thousands) |
%1 |
| Microsoft Corporation | 67,544.4 | 6.5 |
| Apple Inc. | 50,918.1 | 4.9 |
| Alphabet Inc. | 36,505.2 | 3.5 |
| Amazon.com Inc. | 22,057.4 | 2.1 |
| Walmart Inc. | 15,974.5 | 1.5 |
| Tesla Inc. | 13,657.0 | 1.3 |
| AT&T Inc. | 13,179.1 | 1.3 |
| Meta Platforms, Inc. | 13,083.1 | 1.3 |
| NVIDIA Corporation | 12,396.6 | 1.2 |
| Merck & Company Inc. | 11,677.2 | 1.1 |
| 256,965.6 | 24.7 | |
1 Of total US Equity holdings.
International Equity
Top 10 Holdings |
Market Value ($ thousands) |
%1 |
| Roche Holding AG | 19,971.4 | 1.5 |
| Taiwan Semiconductor Ltd. | 19,966.4 | 1.5 |
| ASML Holding NV | 18,685.7 | 1.4 |
| Samsung Electronics Company Ltd. | 13,895.0 | 1.1 |
| Rio Tinto Ltd. | 12,767.4 | 1.0 |
| BHP Group | 12,397.7 | 0.9 |
| Nestlé SA | 8,921.6 | 0.7 |
| Novartis AG | 8,724.5 | 0.7 |
| Petróleo Brasileiro SA | 8,688.6 | 0.7 |
| Novo Nordisk A/S | 8,006.9 | 0.6 |
| 132,025.2 | 10.1 | |
1 Of total International Equity holdings.
Private Equity
| Holdings by Manager |
Market Value1 ($ thousands) |
%2 |
| Adams Street Partners |
348,256.5 | 41.1 |
| Northleaf Capital Partners | 164,562.6 | 19.4 |
| Brookfield Asset Management | 91,696.2 | 10.8 |
| Advent International | 72,962.5 | 8.6 |
| TorQuest Partners | 52,245.3 | 6.2 |
| New Mountain Capital | 44,939.7 | 5.3 |
| Pantheon Ventures | 34,215.7 | 4.0 |
| Clayton, Dubilier & Rice | 20,586.7 | 2.4 |
| Other | 18,810.2 | 2.2 |
| 848,275.4 | 100.0 |
1 Includes co-investments as applicable.
2 Of total Private Equity holdings.
Real Estate
| Top 10 Holdings | Market Value1 ($ thousands) |
%2 |
| Glenwood Industrial Estates (Burnaby) | 39,147.7 | 3.3 |
| TELUS Garden (Vancouver) | 26,811.1 | 2.3 |
| Crossroads Shopping Centre (Winnipeg) | 24,719.5 | 2.1 |
| King George Hub (Surrey) | 23,522.1 | 2.0 |
| Sugar Wharf (Toronto) | 23,439.4 | 2.0 |
| 10254 Hurontario (Brampton) | 22,789.1 | 1.9 |
| Gateway Business Park (Edmonton) | 22,260.2 | 1.9 |
| Lougheed Town Centre (Burnaby) | 21,949.5 | 1.8 |
| Uptown (Victoria) | 19,301.5 | 1.6 |
| Border Business Park (Edmonton) | 15,020.2 | 1.3 |
| 238,960.3 | 20.2 | |
1 Appraised value of TRAF's interest, adjusted for proportionate share of working capital and mortgage debt.
2 Of total Real Estate holdings.
| Sector | % |
| Industrial | 34 |
| Office | 25 |
| Residential | 22 |
| Retail | 16 |
| Other | 3 |
| 100 |
| Region | % |
| Canada | 84 |
| US | 14 |
| Other | 2 |
| 100 |
Infrastructure Holdings
| Holdings by Manager |
Market Value1 ($ thousands) |
%2 |
| Macquarie Infrastructure and Real Assets | 125,916.6 | 21.4 |
| Kindle Capital Management | 112,886.7 | 19.2 |
| Brookfield Asset Management | 109,139.1 | 18.5 |
| Stonepeak Infrastructure Partners | 81,976.5 | 13.9 |
| Global Infrastructure Partners | 64,928.5 | 11.0 |
| Fiera Infrastructure | 52,554.0 | 8.9 |
| IFM Investors | 41,714.5 | 7.1 |
| 589,115.9 | 100.0 |
1 Includes co-investments as applicable.
2 Of total Infrastructure holdings.
