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Top Holdings

The holdings as at December 31, 2020 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 38
Bankers' Acceptances 29
Provincial 25
Cash 8
  100


Universe Bonds

Type %
Federal 26
Provincial 35
Corporate 39
Municipal 0
  100


Long-Term Bonds

Type %
Federal 16
Provincial 58
Corporate 23
Municipal 3
  100


Real Estate Debt

Sector %
Industrial 15
Office 35
Residential 31
Retail 18
Other 1
  100
Property Location %
Ontario 37
Alberta 16
British Columbia 21
Quebec 11
Atlantic Canada 2
Saskatchewan 2
Manitoba 2
US 7
Europe 2
  100


High Yield Debt

Sector %
Banking 0
Brokerage 0
Finance & Investment 8
Insurance 0
Basic Industry 10
Capital Goods 10
Consumer Cyclical 9
Energy 14
Media 10
Real Estate 2
Services Cyclical 20
Services Non-Cyclical 0
Technology & Electronics 8
Telecommunications 8
Utilities 1
  100


Private Debt

Holdings by Manager

Market Value1
($ thousands)
%2
Northleaf Capital Partners 162,826.1 55.0
New Mountain Capital 114,192.8 38.6
Other 19,029.1 6.4
  296,048.0 100.0

1 Includes co-investments as applicable.
2 Of total Private Debt holdings.

Canadian Equity


Top 10 Holdings
Market Value
($ thousands)

%1
Royal Bank of Canada 49,594.9 5.3
Toronto-Dominion Bank 38,607.5 4.1
Shopify Inc. 34,221.2 3.7
Canadian National Railway Company 33,464.7 3.6
Bank of Nova Scotia 23,297.9 2.5
Constellation Software Inc. 20,954.0 2.3
Canadian Pacific Railway Ltd. 20,442.0 2.2
Enbridge Inc. 20,102.6 2.2
BCE Inc. 19,405.7 2.1
Alimentation Couche-Tard Inc. 18,519.0 2.0
    30.0

1 Of total Canadian Equity holdings.


US Equity


Top 10 Holdings
Market Value
($ thousands)

%1
Apple Inc. 39,092.3 4.4
Amazon.com Inc.  37,268.4 4.2
Microsoft Corporation 32,560.4 3.7
Alphabet Inc. 20,451.5 2.3
The Procter & Gamble Company 16,041.3 1.8
Johnson & Johnson 15,047.8 1.7
Facebook Inc. 13,496.3 1.5
McDonald's Corporation 9,730.3 1.1
Adobe Inc. 8,129.5 0.9
Cisco Systems Inc. 7,363.6 0.8
  199,181.4 22.4

1 Of total US Equity holdings.


International Equity


Top Ten Holdings
Market Value
($ thousands)

%1
Samsung Electronics Company Ltd. 14,433.3 1.3
Taiwan Semiconductor Limited 12,534.8 1.1
Roche Holding AG 11,791.4 1.0
Rio Tinto Ltd. 10,032.2  0.9
BHP Group 8,992.8 0.8
Tencent Holdings Ltd. 8,773.1 0.8
Nestle SA 8,682.5 0.8
Nippon Telegraph and Telephone Corporation 7,278.3 0.6
GlaxoSmithKline PLC 7,030.9 0.6
Nintendo Co. Ltd. 6,524.7 0.6
  96,074.1 8.5

 1 Of total International Equity holdings.

Private Equity Holdings

Holdings by Manager

Market Value1
($ thousands)
%2
Adams Street Partners
292,475.8 44.1
Northleaf Capital Partners 134,274.2 20.2
Brookfield Asset Management 70,025.0 10.6
Advent International 60,568.3 9.1
TorQuest Partners 32,564.1 4.9
New Mountain Capital 27,530.8 4.2
Pantheon Ventures 21,659.1 3.3
Clayton Dubilier & Rice 14,548.3 2.2
Other 9,213.4 1.4
  662,859.0 100.0

1 Includes co-investments as applicable.
2
Of total Private Equity holdings.


Real Estate

Top Ten Holdings Market Value1
($ thousands)
%2
Glenwood Industrial Estates (Burnaby) 34,029.4 3.3
TELUS Garden (Vancouver) 27,172.2 2.6
Lougheed Town Centre (Burnaby) 24,814.6 2.4
Crossroads Shopping Centre (Winnipeg) 24,260.5 2.3
Gateway Business Park (Edmonton) 21,676.9 2.1
Uptown (Victoria) 18,966.2 1.8
Sugar Wharf (Toronto) 18,922.0 1.8
Heron Gate Village (Ottawa) 17,839.5 1.7
Constitution Square (Ottawa 17,455.5 1.7
King George Hub (Surrey) 16,244.3 1.6
  221,381.1 21.3

1 Appraised value of TRAF's interest, adjusted for proportionate share of working capital and mortgage debt.
2
Of total Real Estate holdings.

Sector %
Office 27
Industrial 29
Retail 19
Residential 23
Other 2
  100
Property Location %
Ontario 43
Alberta 12
British Columbia 20
Manitoba 4
Saskatchewan 3
Atlantic Canada 2
Quebec 5
Global (except Canada) 11
  100


Infrastructure Holdings

Holdings by Manager

Market Value1
($ thousands)
%2
Macquarie Infrastructure and Real Assets 103,150.7 21.6
Brookfield Asset Management 96,635.9 20.2
Kindle Capital Management 92,478.6 19.4
Fiera Infrastructure 53,218.3 11.1
Global Infrastructure Partners 51,339.6 10.8
Stonepeak Infrastructure Partners 45,048.1 9.4
IFM Investors 35,887.2 7.5
  477,758.4 100.0

1 Includes co-investments as applicable.
2 Of total Infrastructure holdings.