Key Morningstar Metrics for CI Corporate Bond Class CI Corporate Bond Class
- : NeutralMorningstar Medalist Rating
- : AverageProcess Pillar
- : Above AveragePeople Pillar
- : AverageParent Pillar
CI Corporate Bond has a seasoned management team with strong credit selection, but its flexible process relies heavily on manager discretion.
Portfolio managers John Shaw and Geof Marshall have run the strategy for two decades and bring complementary strengths: Shaw offers three decades of investment-grade credit expertise, while Marshall, the firm’s head of fixed income, brings decades of experience in asset allocation and high-yield credit. CI Global Asset Management appointed Bradley Benson as a third manager in September 2024; he has worked with Marshall since joining in 2007 and became head of high-yield credit in 2025. The managers draw on dedicated analyst teams for investment-grade and high-yield credit research.
The team’s credit selection stands out from most peers in the global corporate fixed-income Morningstar Category, and it allocates across the credit ratings spectrum with a focus on North American issuers. Macro inputs guide credit quality and sector positioning, while fundamental research drives security selection, often steering the portfolio toward potential pricing inefficiencies and higher yields in the lowest-rated investment-grade bonds and highest-rated high-yield bonds. The managers may also invest in other income-oriented assets, including convertibles, contingent convertibles, and preferred shares.
High-yield bonds are an important lever. The January 2026 portfolio’s 36.5% high-yield stake far exceeded the typical peer’s 7.0%. Non-investment-grade exposure in this category ranges from 0% to 40%, placing the fund’s allocation near the higher-risk end of the spectrum. The strategy moved from the high-yield fixed-income category in 2022 after capping its high-yield exposure at 40%.
The environment has been favorable for lower-quality corporate bonds. So, although the team tends to stick to better-quality high-yield issuers, the strategy could face headwinds if the backdrop changes quickly.
CI Corporate Bond Class: Performance Highlights
The strategy has outpaced relevant peers over the manager’s tenures.
Since John Shaw and Geof Marshall began managing the strategy in January 2006, the F series has delivered a 5.1% annualized return through January 2026, placing it in the top quartile of relevant peers. Over this period, it delivered better volatility-adjusted results than the average fund in its global corporate fixed-income peer group and its former high-yield fixed-income peer group.
Since the strategy entered the global corporate fixed-income category in January 2022, it gained 3.6% annualized through January 2026, ahead of the Morningstar Global Corporate Bond Index’s 2.1% and the peer average of 2.0%. Its volatility-adjusted results surpassed both measures, showing that investors were rewarded for taking on more risk over the period.
The strategy has seen setbacks and rebounds. Performance weakened in 2022 as rising interest rates and high-yield security selection drove a 9.8% loss, trailing the peer group’s 8.3% decline. It lagged again in early 2023 during the US regional banking turmoil, reflecting the portfolio’s greater sensitivity to credit risk. Results recovered quickly, and the strategy ended 2023 in the category’s top decile. The strategy outperformed the category index and peers since then, through January 2026. The environment has been particularly favorable for lower-quality corporate bonds, and although the managers have flexibility to dial down risk, the strategy’s assertive approach could face headwinds if the backdrop changes quickly.
