May/June 2025: Marnoa Diversified Income Fund (MDIF)
By
Pedro Ribeiro, Founder, CEO, and Portfolio Manager
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Portfolio Manager Commentary
As of June 30th, 2025, the fund achieved its target to invest at least 75% of its assets.
The fund is diversified amongst private equity, private credit, strategic income, real property, commercial mortgages, royalty and multi-strategy multi-manager. We continue to avoid Canadian Private REITS currently.
For the month of May, MDIF generated a return of 0.39% (class M) and preliminary results show a return of 0.52% for the month of June 2025 (official results are expected towards the end of July).
The fund currently has an annualized distribution of 4% paid out monthly.
Featured Holding: East Coast Strategic Credit Trust
Managed by East Coast Fund Management, the East Coast Strategic Credit Trust fund aims to deliver superior risk-adjusted returns with minimal volatility, prioritizing capital preservation.
The Trust is part of a master-feeder offshore structure. The master fund is predominately comprised of high-quality Canadian investment grade credit.
The fund targets 6-8% return net of fees. As an institutional investor, MDIF is able to invest in the C Class units with a MER of .50% compared to 1.45% for the F Class.
Overview of the Marnoa Diversified Income Fund (MDIF)
The Marnoa Diversified Income Fund (MDIF) will invest primarily in Canadian and foreign income generating investments, including exchange-traded funds, investment pools, alternative funds, private credit funds, real estate investment trusts and mortgage investment corporations.
MDIF strategically combines investments in underlying funds to deliver a robust, income-generating portfolio designed to provide investors with steady monthly income, professional management, diversification and low correlation to traditional public market returns.
Portfolio Manager Commentary
May/June 2025: Marnoa Diversified Income Fund (MDIF)
Share This Post
Portfolio Manager Commentary
As of June 30th, 2025, the fund achieved its target to invest at least 75% of its assets.
The fund is diversified amongst private equity, private credit, strategic income, real property, commercial mortgages, royalty and multi-strategy multi-manager. We continue to avoid Canadian Private REITS currently.
For the month of May, MDIF generated a return of 0.39% (class M) and preliminary results show a return of 0.52% for the month of June 2025 (official results are expected towards the end of July).
The fund currently has an annualized distribution of 4% paid out monthly.
Featured Holding: East Coast Strategic Credit Trust
Managed by East Coast Fund Management, the East Coast Strategic Credit Trust fund aims to deliver superior risk-adjusted returns with minimal volatility, prioritizing capital preservation.
The Trust is part of a master-feeder offshore structure. The master fund is predominately comprised of high-quality Canadian investment grade credit.
The fund targets 6-8% return net of fees. As an institutional investor, MDIF is able to invest in the C Class units with a MER of .50% compared to 1.45% for the F Class.
Overview of the Marnoa Diversified Income Fund (MDIF)
The Marnoa Diversified Income Fund (MDIF) will invest primarily in Canadian and foreign income generating investments, including exchange-traded funds, investment pools, alternative funds, private credit funds, real estate investment trusts and mortgage investment corporations.
MDIF strategically combines investments in underlying funds to deliver a robust, income-generating portfolio designed to provide investors with steady monthly income, professional management, diversification and low correlation to traditional public market returns.
Click here to learn more.
MDIF Top 10 Portfolio Holdings (As of June 30, 2025)
Pedro Ribeiro, CIM, FCSI
Founder, CEO and Portfolio Manager
Marnoa Private Wealth Counsel
pedro.ribeiro@marnoa.ca
519-707-0049
marnoa.ca
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