ThemainreasonIlikethisfundisitsdefensivepositioning. While I am not expecting that rates will shoot substantially higher in the second half of the year, the reality is that there will be upward pressure on rates sooner than we’d like. And when that happens this is the traditional bond fund you will want to own. It has historically held up better than its peers when the bond markets are falling and remains defensively positioned, indicating that it should do so this time around as well. Yes, you will lag when bond markets are rising, but I like the peace of mind I get from this fund knowing that it has one of the best downside capture ratios of any bond fund in Canada.