The fund invests mainly in non-CAD-denominated fixed income securities of short and medium-term maturities. The funds average portfolio duration will not exceed one year. The fund is actively-managed and aims to exceed the performance of the 3-month Canadian Dealer Offered Rate (CDOR). The issuer uses both top-down approach, by focusing on duration, yield curve positioning, volatility and sector rotation, as well as bottom-up strategies by employing proprietary analytics to identify undervalued securities. The portfolio includes investment grade bonds, rated Baa or higher and can allocate up to 5% in emerging markets. There is no limit on the number of securities denominated in foreign currency. PMNT may have a high portfolio turnover rate and in turn high trading costs, which can result in receiving a taxable capital gain.