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  3. •

    Investment trusts
Mackenzie Master Limited Partnership

Mackenzie Master Limited Partnership

0.50
CAD
-0.04
(-7.41%)
2.29MMarket Cap
Mackenzie Master Limited Partnership
NEO:MKZ.UN
(Cboe Canada)

Recent

price

0.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2007
2008
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2025
TTM
CAD
0.84
0.62
0.36
0.3
0.29
0.29
0.26
0.22
0.21
0.19
0.18
0.15
0.15
0.13
0.12
0.12
- -
Revenue per Share
0.81
0.59
0.24
0.21
0.2
0.2
0.18
0.15
0.14
0.13
0.12
0.1
0.1
0.09
0.08
0.07
- -
Basic EPS, GAAP
0.82
0.61
0.36
0.18
0.2
0.2
0.17
0.14
0.14
0.1
0.15
0.09
0.09
0.09
0.08
0.07
- -
Free Cash Flow per Basic Share
0.91
0.81
0.4
0.24
0.21
0.2
0.2
0.18
0.15
0.14
0.13
0.12
0.1
0.1
0.09
0.08
- -
Dividend per Share
0.81
0.59
0.24
0.21
0.2
0.2
0.18
0.15
0.14
0.13
0.12
0.1
0.1
0.09
0.08
0.07
0.04
Book Value per Share
0.81
0.59
0.24
0.21
0.2
0.2
0.18
0.15
0.14
0.13
0.12
0.1
0.1
0.09
0.08
0.07
0.04
Tangible Book Value per Share
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Basic Weighted Avg Shares
5
4
2
2
2
2
2
1
1
1
1
1
1
1
1
1
- -
Sales/Revenue/Turnover
96.23
95.61
92.75
92.5
92.71
92.15
92.15
90.62
90.39
89.61
89.54
87.23
86.58
85.3
82.47
75.97
- -
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
5
4
2
1
1
1
1
1
1
1
1
1
1
1
1
- -
- -
Net Income, GAAP
- -
- -
28.46
26.5
26.5
26.5
26.5
26.5
26.5
26.5
26.5
26.5
26.5
26.5
26.5
26.5
- -
Effective Tax Rate (%)
96.23
95.61
66.79
68.64
68.74
68.35
68.18
67.02
67.04
67.38
67.92
64.92
63.84
65.66
69.97
61.31
- -
Profit Margin (%)
5
4
2
1
1
1
1
1
1
1
1
1
1
1
1
- -
- -
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
5
4
2
1
1
1
1
1
1
1
1
1
1
1
1
- -
- -
Total Equity
94.28
84.49
51.84
66.23
71.68
71.98
69.58
66.63
71.01
68.14
68.35
64.55
64.93
57.83
62.67
61.88
- -
Return on Invested Capital (%)
94.28
84.49
58.23
92.32
98.38
98.83
95.29
91.22
97.5
94.84
95.96
88.89
100.36
93.98
98.43
92.45
- -
Return on Capital (%)
94.28
84.49
58.23
92.32
98.38
98.83
95.29
91.22
97.5
94.84
95.96
88.89
100.36
93.98
98.43
92.45
- -
Return on Common Equity (%)

Capital Structure

CAD

•

in mil. unless spec.
Jun'23
Dec'23
Jun'25
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
6
6
6
Market Capitalization
3
2
2

Working Capital

CAD

•

in mil. unless spec.
Jun'23
Dec'23
Jun'25
Total Current Assets
- -
1
- -
Cash, Cash Equivalents & STI
- -
1
- -
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

CAD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-9.54%
-9.55%
-14.04%
Free Cash Flow
-6.95%
-11.55%
-13.21%
Net Income, GAAP
-9.54%
-9.55%
-14.04%
Sales/Revenue/Turnover
-8.58%
-7.73%
-1.91%
Total Cash Common Dividend
-8.82%
-9.21%
-7.65%

Semi-annual Revenue

CAD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
1
2025
- -
- -
1

Semi-annual Earnings Per Share

CAD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.08
2025
- -
- -
0.07

Semi-annual Dividends Per Share

CAD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.09
2025
- -
- -
0.08
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Business
Mackenzie Master Limited Partnership (MKZ-UN.TO) operates as a limited partnership that receives distributor fees on redemption charge securities of select Mackenzie-sponsored mutual funds; it invests excess cash in units of Mackenzie Canadian Money Market Fund. The partnership consolidates revenues from original charge securities, exchange securities issued on reinvestment of redemption proceeds without charges, and reinvested securities from income and capital gains distributions across Mackenzie funds. Headquartered at 180 Queen Street West, Toronto, Ontario, Canada, it was formed on February 15, 1995, under Ontario's Limited Partnerships Act, with units listed on the Toronto Stock Exchange since June 30, 1995; MMLP GP Inc., a wholly owned subsidiary of Mackenzie Financial Corporation, serves as its general partner and manages operations. The partnership generates revenue solely from daily distributor fees calculated as a percentage of the net asset value of outstanding Distributed Securities, with no redemption fees collected since December 31, 2001, following the expiration of charge periods; recent redemption rates for these securities averaged 14-16% annually through 2024. Distributions to limited partners have declined gradually from $0.085 per unit in 2022 to $0.079 per unit in 2024 (paid January 2025), reflecting lower asset values amid market conditions and ongoing redemptions. As revenue diminishes, the general partner continues to assess the economic viability of the Master LP's ongoing operations. Mackenzie Master Limited Partnership focuses exclusively on Canadian operations within the investment trusts/mutual funds segment of corporate financial services, targeting financial advisors and investors holding legacy Mackenzie mutual fund securities. It maintains no subsidiaries and reports no recent partnerships, acquisitions, funding rounds, product launches, strategic expansions, or reorganizations; its most recent material development comprises the audited financial results for the year ended December 31, 2024, announced March 21, 2025, alongside standard annual income distributions. The partnership qualifies as a specified investment flow-through entity under Canadian tax rules, distributing after-tax net income primarily as eligible dividends to its approximately 6.26 million outstanding units.