Post on 08-Jun-2020
transcript
Scotia Wealth M
anagement’s Recom
mended M
utual Funds and ETFs 2017
Scotia Wealth Management’s Recommended Mutual Funds and ETFs
Enriched Thinking®
James Gauthier, CFA 416.350.3369 j.gauthier@scotiabank.com
Denise Davids, MBA 647.428.8220 denise.davids@scotiawealth.com
Joel Beriault 416.863.5912 joel.beriault@scotiawealth.com
i
®Registered trademark of The Bank of Nova Scotia, used under licence. ™Trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management™ consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management and family office services are provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning and advisory services are provided by Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.
Scotia Wealth Management 40 King Street West, 52nd Floor Toronto, ON, M5H 1H1
scotiawealthmanagement.com
Global Portfolio Advisory Group Scotia Capital Inc.
James Gauthier, CFA 416.350.3369 | j.gauthier@scotiabank.com
Denise Davids, MBA 647.428.8220 | denise.davids@scotiawealth.com
Joel Beriault 416.863.5912 | joel.beriault@scotiawealth.com
2
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
3
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
4
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
5
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Contents
Words from James Gauthier ....................................................................................................................................................................
Scotia Wealth Management’s Recommended Mutual Funds and ETFs 2017 ............................................................................
Changes to the 2017 Recommended List ............................................................................................................................................
The Mutual Fund Numbers Game .........................................................................................................................................................
Reference table 1 — The Funds by Category ......................................................................................................................................
Reference table 2 — Recommended Funds by Company ...............................................................................................................
The Recommended Funds
Canadian Balanced ............................................................................................................................................................................
Canadian Equity ..................................................................................................................................................................................
Canadian Equity Income / Dividend ..............................................................................................................................................
Canadian Small-Cap ..........................................................................................................................................................................
Canadian Fixed Income .....................................................................................................................................................................
High Yield Bond .................................................................................................................................................................................
U.S. Equity .............................................................................................................................................................................................
International Equity ............................................................................................................................................................................
Global Balanced ..................................................................................................................................................................................
Global Equity .......................................................................................................................................................................................
Appendix I – Performance Summary.....................................................................................................................................................
4
5
6
9
11
12
13
21
32
41
46
54
59
69
76
80
90
4
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dear Advisor,
2017’s Recommended List is the 15th edition of this annual publication and we are delighted to be bringing it to the Scotia Wealth Management channel for the first time. This piece represents the cornerstone of the efforts of the GPAG fund research team. Producing it is a long and tedious process, but we truly love putting in the effort and take a lot of pride in the results.
Thanks again to all of the advisors who have helped give our work traction. We really hope this report becomes an important part of your practice too. If you are only going to read one publication the GPAG research team puts out, this should be that piece.
The magnitude of the mutual fund and ETF asset bases under the Scotia umbrella, along with the strength of the relationships we’ve cultivated with manufacturers and money managers over the years mean we have peerless access to PMs, fund company executives and other key players in the investment industry. This matters because when the quality and the quantity of the information we have access to increases, the quality of the research we provide is also enhanced.
Sincerely,
James Gauthier Director, Investment Fund Research
Words from James Gauthier
5
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
We are pleased to present the 2017 edition of Scotia Wealth’s Recommended Fund List. While this list is being launched for the first time into the Scotia Wealth channel, it has been a regular publication for HollisWealth and its predecessor company since 2003. The list is the cornerstone of the GPAG fund research team’s efforts and its purpose is to help you cut through the ever-present clutter that can blur the vision of even the most astute market follower.
For the first time, all of the performance reporting for the mutual funds listed in the pages that follow refers to the F-class version of each product.
Selection
When it comes to selecting the list’s mutual fund constituents, quantitative and qualitative factors are both critical considerations. On the qualitative side of the equation, our preference is for funds that are overseen by managers with a well thought out investment philosophy and a clearly defined process. In addition, the quality of the professionals actually making the investment decisions is a crucial consideration. There must be enough analytical horsepower working on the fund to ensure that management can effectively stick with and execute its stated philosophy and process. We conduct rigorous and ongoing due diligence to ensure all funds that are represented on this List are performing on the highest level on all of these fronts
From a quantitative perspective, we favour funds that have displayed attractive return and risk characteristics throughout their histories relative to their direct competition.
Key factors considered for the ETFs that are on the list include cost, bid/ask spread and liquidity.
The list represents what we believe are some of the best mutual funds and ETFs in Canada, but it is not intended as the be-all and end-all of fund selection, nor is it intended to be a prediction of what we expect will be the best performing products in the short-term. Rather, we see the list as being a tool and we believe that diversified portfolio built using the funds found in these pages will be solid portfolios indeed.
The list only includes categories that we have deemed to be core, and the classifications we consider are similar to those that the CIFSC has established. We have always and will continue to cover some of the more obscure regional or sector-specific categories in our regular research publications.
The list is a very important part of our mandate, and although it is an annual publication, its constituents are monitored constantly. If there is something you need to know about any of the products on the list throughout the year, our job is to ensure you know it.
Scotia Wealth Management’sRecommended Mutual Funds and ETFs 2017
6
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mutual Fund Removals
Global Small/Mid Cap Equity Category
We have elected to discontinue formal coverage of this category. This means that Mackenzie Cundill Recovery, Templeton Global Smaller Companies and Trimark Global Smaller Companies are being removed from the Recommended List. This is a category that represents just 1% of mutual fund industry assets, and we believe our resources would be more productively deployed elsewhere.
Funds with Hard Caps
To make room for the ETFs which are now a part of this list, we are removing BMO Enterprise and Manulife Monthly High Income, both of which are hard capped. We continue to love both funds and investors in either should consider themselves lucky. There is no need to do anything if you have allocated capital to these funds; however, we wish this list to be a showcase for funds that new investors are able to purchase.
CI American Value
We have replaced CI American Value with the Epoch U.S. Large Cap Value fund available from TD. The portfolios are virtually identical, but the F-class version of the TD fund has an MER that comes in 20 basis points lower than the CI product. Note that Epoch is wholly owned by TD. There’s nothing wrong with continuing to hold the CI version; just note that a cheaper alternative exists.
NEI Special Equity
Here we have a fund that is identical to the IA Clarington Canadian Small Cap, with the minor exception that the Ethical fund may, from time to time, leave out a company or two when the ethical screen is not passed. Additionally, the F-class version of the IA fund most recently came in with an MER that was 23 basis points cheaper. Similar situation to the CI fund above – no need to make a change, but it makes sense to allocate new capital to the cheaper option
Mutual Funds Placed Under Review
Dynamic Power Canadian Growth
This is an issue of product dynamics. When Alex Lane took over this fund in 2013, his aim was to better diversify the portfolio plus smooth returns and dampen volatility. At the same time, Dynamic elected to shift 20% of the portfolio into Power American Growth. We are big fans of Power American Growth, but it can be extremely volatile and its inclusion has not assisted in Lane’s goal to dampen volatility.
We are not totally clear as to why Dynamic insists on the 20% allocation to Power American Growth, but if the firm is not comfortable giving Lane complete oversight of this portfolio, we are not comfortable recommending it. We are waiting to see whether Dynamic addresses this issue.
Changes to the 2017 Recommended List
7
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Changes to the 2017 Recommended List
Mutual Fund Additions
Epoch U.S. Large Cap Value
As noted in the Removals section, we have replaced CI American Value with the Epoch U.S. Large Cap Value fund available from TD. The portfolios are virtually identical, but the F-class version of the TD fund has an MER that comes in 20 basis points lower than the CI product.
Fidelity Small Cap America
This fund has done what few others have managed - it has been returned to the Recommended List. We removed it a number of years ago after numerous manager changes and problematic performance. Duties on the fund were then shifted to Toronto-based manager Steve MacMillan in 2011 and he immediately began to apply his portfolio management skills. This fund focuses on smaller U.S. domiciled names. 70% of the portfolio has to be smaller than the largest company in the Russell 2000. MacMillan made dramatic changes to the portfolio at the outset by focusing on quality companies with good valuations and growth potential. We will stress quality again, as the focus here is helpful in avoiding big losers. Things seem to be working, as the fund’s historical volatility has been far less than that of its benchmark. MacMillan also brought down the number of names in the portfolio (there will be about 40 stocks in the fund, on average) and annual portfolio turnover has been reduced to 20-25%. Both of these factors indicate that MacMillan has strong conviction in the names he owns. We’ve been keeping track of MacMillan’s efforts here for some time and we believe this fund is Worthy of being returned to the Recommended List fold.
Manulife Dividend Income
This offering is overseen by Toronto-based Alan Wicks and his 10-person investment team. The group has a track record of success on multiple Manulife funds, including the firm’s flagship Monthly High Income offering. Stocks are evaluated using a discounted cash flow approach, but the key to the process is determining the appropriate discount rate. This figure will be a function of risks related to the company, its industry, etc. That said, if they identify any uncertainty with respect to a company, they simply don’t invest in it. Cash can be high at times and management is not shy about investing in the U.S. While this fund does have an enviable track record, we believe it is the team backing it that makes it worthy of our Recommended List.
PIMCO Monthly Income
PIMCO, the US$1.6 trillion Newport Beach, California-based money management firm has just about all of its assets in bonds or similar vehicles, and virtually all of company’s 700 investment professionals spend most of their time focused on the space. To suggest the firm is perhaps the global subject matter expert is reasonable. The fund strives to generate a monthly income equal to about 4-4.5% annually. Half of the exposure is to higher yielding assets and the other half is in higher quality assets that are a bit more defensive. Derivatives are used liberally to provide the exposure the PMs are looking for. Duration can range from zero to eight years and it can have up to 50% in HY bonds and up to 20% in EM bonds. Additionally, at least 90% of its currency exposure must be hedged back to CAD. The fund is more conservative than a typical HY bond fund and it is not subject to big currency swings, like many global bond funds are. At this time, duration is under three years and the bulk of the exposure is to mortgage bonds and sovereign debt at this time. The fund has CIFSC classifies this as a global bond fund, but we are placing it among the two high yield bond funds on the Recommended List. Frankly speaking, this fund is quite unique and defies classification.
8
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Changes to the 2017 Recommended List
ETF Additions
For the first time, ETFs are a part of this list. 13 offerings have been added.
9
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
To September 30, 2006 To September 30, 2016
Best/Worst Performing Funds in Canada for the Three Years Ended 11/30/16 (Annualized)Source: Morningstar
The past three years have been good for funds focused on U.S.-listed technology and health care names. Not so much for energy and precious metals-focused names.
Largest Fund Companies in Canada ($ millions)
RBC
GAM
TD A
MCI
Inve
stm
ents
Fide
lity I
nv C
anad
aSc
otia
GAM
CIBC
AM
Inve
stor
s Gro
up In
c. BM
O F
inan
cial G
rpM
acke
nzie
Fin
.M
anul
ife In
v
66,
327
58,
260
53,
993
47,
285
46,
166
44,
876
43,
389
36,
108
17,
247
16,
518
194
,471
123
,928
113
,200
104
,916
96,
306
90,
924
78,
881
68,
129
49,
144
48,
701
Largest Funds in Canada ($ millions)
There’s clearly a bit of a conservative tilt to today’s biggest funds. And RBC’s line-up boasts five of the ten largest funds in the land.
RBC
GAM
CI I
nves
tmen
ts
Inve
stor
s Gro
up In
v.
TD
AM
CIB
C AM
Sco
tia G
AM
Mac
kenz
ie F
in.
Fid
elity
Inv C
anad
a
Man
ualif
e In
v.
RBC
Sele
ct C
ons P
fl A
RBC
Sele
ct B
al P
fl A
RBC
CdnD
ivide
nd A
RBC
Bond
Adv
Inve
stor
s Divi
dend
ATD
Can
adia
n Bo
nd -
AFi
delit
y Mon
thly
Inc A
TD C
dn C
ore
Plus
Bon
d - A
RBC
Sel V
ery C
ons P
ort A
Fide
lity C
dn B
ond
Sr A
dnediviD srotsevnI
Fide
lity C
anad
ian
AA
RBC
Bala
nced
RB
C M
onth
ly In
com
e RB
C Cd
n D
ivide
nd
TD C
anad
ian
Bond
Tr
imar
k In
com
e G
rTr
imar
k Se
lect
Gro
wth
CIBC
Mon
thly
Inco
me
CI C
dn In
vest
men
t
To November 30, 2006 To November 30, 2016
11,
991
8,8
20
8,7
23
8,5
76
8,2
14
8,1
83
7,2
46
6,5
55
6,5
45
6,4
10
22,7
21
22,1
21
17,5
38
17,0
62
16,7
15
15,5
33
13,5
29
12,7
57
11,8
42
10,8
26
The Mutual Fund Numbers Game
-20
-15
-10
-5
0
5
10
15
20
25
30
29.7 28.6 25.2 23.2 22.5 21.3 21.2 20.4 19.7 18.9
-19.6 -18.6 -18.3 -18.0 -15.8 -10.1 -9.5 -8.9 -8.8 -6.9
Dyn
amic
Prec
Met
als F
TD S
cienc
e &
Tech
FFi
delit
y Glo
bal T
ech
FEx
cel I
ndia
Ser
ies F
Redw
ood
Glo
b Sm
Cap
Cl F
Pend
er S
mal
l Cap
Opp
s F
TD U
S Lo
w V
olat
ility
Ser
F
Scot
ia P
rivat
e US
LC G
rl F
TD H
ealth
Scie
nces
- F
TD U
S M
id-C
ap G
r Cl -
F
Brom
pton
Res
ourc
e Se
ries F
Mar
ques
t Res
ourc
e Cl
ass F
Mar
ques
t Exp
lore
r FQ
wes
t Ene
rgy C
dn R
es C
l Ser
F
Fran
klin
Biss
ett E
nerg
y Cor
Cl F
Mid
dlefi
eld
Glo
Ene
rgy C
l F
Fron
t St R
es G
r and
Inc C
l F
Trim
ark
Ener
gy C
lass
Ser
ies F
Fron
t Stre
et G
row
th S
erie
s F
Fide
lity F
ront
ier E
M S
r F
Source: IFIC, Morningstar
Source: Morningstar
BM
O F
inan
cial G
rp
Inve
stor
s Divi
dend
Fide
lity C
dn A
sset
Allo
c R
BC B
alan
ced
RBC
Mon
thly
Inco
me
RBC
Cdn
Divi
dend
TD C
dn B
ond
Trim
ark
Inco
me
Gro
wth
Trim
ark
Sele
ct G
row
th
CIBC
Mon
thly
Inco
me
C.I.
Cdn
Inve
stm
ent
RBC
Sele
ct C
ons P
flRB
S Se
lect
Bal
Pfl
RBC
Cdn
Div
RBC
Bon
d In
vest
ors D
ivide
ndTD
Cdn
Bon
d
Fide
lity M
onth
ly In
com
eRB
C Se
l Ver
y Con
s Por
t
RBC
Ass
et M
gmt
CI I
nves
tmen
ts In
vest
ors G
roup
TD
AM
CIB
C AM
AIM
Trim
ark
Inv
Mac
kenz
ie F
inan
cial
Fide
lity I
nv C
anad
a
PH&
N
Dyn
amic
Mut
ual F
unds
RBC
GAM
TD A
M C
I Inv
estm
ents
Fide
lity I
nv C
anad
a S
cotia
GAM
CIBC
AM
Inve
stor
s Gro
up In
c
Mac
kenz
ie F
inan
cial
BMO
Fin
ancia
l Gro
upM
anul
ife In
vest
men
ts
Fid
elity
Cdn
Bon
d
TD C
dn C
ore
Plus
Bon
d
10
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
$1.32 trillion
Canadian Fund Industry Assets
(10/31/16)
33% (4.9 million)
Percentage of Canadian Households Holding Mutual Funds
31%Mutual Funds as % of Canadians’ Financial
Wealth
$17 billionTotal Economic
Footprint of Canadian
Fund Industry in 2012
$7 billionTotal Provincial
and Federal Taxes Generated by
Canadian Mutual
Funds
192,600Fund Industry-Related
Jobs in Canada
Did You Know?
Selected Market Metrics
It hasn’t been a straight line, but someone who socked money away in stocks (especially U.S. stocks), bonds, oil or gold ten years ago and held all the way through would be better off today.
1,37
8
2,12
6
S&P 500 S&P/TSX Composite
MSCI EAFE Gold (USD) WTI Crude CAD/USD Canada10 Year
Bond Yield
Sharesof BNS
12,2
74
14,7
87
1,95
8
1,66
6
$607
$1,2
77
$58.
73
$46.
67
0.89
0.75
4.03
%
1.19
%
$49.
30
$72.
09
Oct. 31, 2006
Oct. 31, 2016
Balanced funds have built a dominant position in the Canadian mutual fund business.
Equity Funds
Balanced Funds
Bond Funds
Money Market Funds
October 2006 October 2016
Market Share by Fund Category
54.1%26.5%
12.1%
7.2%
30.2%
53.8%
14.3%1.7%
Share of Global Fund Industry By Region ($USD Trillion) To June 30, 2016
By Region Assets to 6/30/16 Share
Americas $20 52.0%
Europe $14 36.0%
Asia and Pacific $5 12.0%
$39.3 100%
Globally$39.3 Trillion
Given the dominance of the U.S. market, the North American region has the biggest share of the global fund business.
Source: ICI
Source: Bloomberg
Source: IFIC
Source: IFIC
11
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Canadian BalancedCI Cambridge Asset AllocationDynamic Dividend IncomeFidelity Canadian Balanced Mackenzie Income Mackenzie Ivy Canadian BalancedTD Dividend Income Trimark Income Growth
Canadian EquityBMO S&P/TSX Capped Composite ETF NEW
CI Canadian InvestmentCI Signature Select CanadianCI Synergy Canadian Corporate ClassDynamic Power Canadian Growth UNDER REVIEW
EdgePoint Canadian Portfolio Fidelity Canadian Disciplined Eq Fidelity Canadian Large Cap Franklin Bissett Canadian Equity Horizons S&P/TSX 60 ETF NEW
Canadian Equity Income / DividendBMO Canadian Dividend ETF NEW
BMO Monthly High Income II CI Signature DividendDynamic Equity Income Franklin Bissett Canadian Dividend Horizons Active Preferred Share ETF NEW
IA Clarington Strat Equity IncomeManulife Dividend Income NEW
Canadian Small-CapDynamic Small Business Fidelity Canadian Opportunities IA Clarington Canadian Small Cap Manulife Growth Opportunities
Canadian BondBMO Aggregate Bond ETF NEW
Dynamic Canadian BondFidelity Canadian Bond Horizons Active Corporate Bond ETF NEW
PH&N Total Return Bond TD Canadian Bond Vanguard Canadian Short-Term Bond ETF NEW
High-Yield BondFidelity American High Yield (Curr Neutral)Horizons Active High Yield Bond ETF NEW
Mackenzie Corporate Bond PIMCO Monthly Income NEW
U.S. EquityAGF American Growth BMO US Dividend ETF NEW
Dynamic Power American GrowthEpoch U.S. Large Cap Value NEW
Fidelity Small Cap America NEW
Franklin Mutual U.S. SharesHorizons S&P 500 ETF NEW
Mackenzie U.S. Mid Cap Growth (Unhedged)RBC O’Shaughnessy US Value
International EquityBMO International Dividend ETF NEW
BMO MSCI EAFE ETF NEW
CI Black Creek International Equity CI International Value Invesco International Growth Manulife World Investment Class
Global Balanced / Asset AllocationEdgePoint Global Growth & Income Portfolio Mackenzie Ivy Global BalancedTrimark Global Balanced
Global EquityCapital Group Global EquityCI Black Creek Global Leaders CI Synergy Global Corporate ClassDynamic Global Discovery Franklin Mutual Global DiscoveryHorizons Active Global Dividend ETF NEW
Mackenzie Ivy Foreign EquityTempleton Growth Trimark Global Endeavour
Reference Table 1: Recommended Funds by Category
12
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
AGFAGF American Growth
BMO BMO Aggregate Bond ETF NEW
BMO Canadian Dividend ETF NEW
BMO International Dividend ETF NEW
BMO Monthly High Income II BMO MSCI EAFE ETF NEW
BMO S&P/TSX Capped Composite ETF NEW
BMO US Dividend ETF NEW
Capital Group Capital Group Global Equity
CICI Black Creek Global Leaders CI Black Creek International Equity CI Cambridge Asset AllocationCI Canadian InvestmentCI International Value CI Signature DividendCI Signature Select CanadianCI Synergy Canadian Corporate ClassCI Synergy Global Corporate Class
Dynamic Dynamic Canadian BondDynamic Dividend IncomeDynamic Equity Income Dynamic Global Discovery Dynamic Power American GrowthDynamic Power Canadian Growth UNDER REVIEW
Dynamic Small Business
Edgepoint EdgePoint Canadian Portfolio EdgePoint Global Growth & Income Portfolio
FidelityFidelity American High Yield (Curr Neutral)Fidelity Canadian Balanced Fidelity Canadian Bond Fidelity Canadian Disciplined Eq Fidelity Canadian Large Cap Fidelity Canadian Opportunities Fidelity Small Cap America NEW
Franklin TempletonFranklin Bissett Canadian Dividend Franklin Bissett Canadian Equity Franklin Mutual Global DiscoveryFranklin Mutual U.S. SharesTempleton Growth
Horizons ETFsHorizons Active Corporate Bond ETF NEW
Horizons Active Global Dividend ETF NEW
Horizons Active High Yield Bond ETF NEW
Horizons Active Preferred Share ETF NEW
Horizons S&P 500 ETF NEW
Horizons S&P/TSX 60 ETF NEW
IA ClaringtonIA Clar. Strat Equity Inc. IA Clarington Canadian Small Cap
Invesco Invesco International Growth Trimark Global BalancedTrimark Global EndeavourTrimark Income Growth
ManulifeManulife Dividend Income NEW
Manulife Growth Opportunities Manulife World Investment Class
MackenzieMackenzie Corporate Bond Mackenzie Income Mackenzie Ivy Canadian BalancedMackenzie Ivy Foreign EquityMackenzie Ivy Global BalancedMackenzie U.S. Mid Cap Growth (Unhedged)
PIMCOPIMCO Monthly Income NEW
RBC Asset ManagementPH&N Total Return Bond RBC O’Shaughnessy US Value
TD Mutual FundsEpoch U.S. Large Cap Value NEW
TD Canadian Bond TD Dividend Income
Vanguard Vanguard Canadian Short-Term Bond ETF NEW
Reference Table 2: Recommended Funds by Company
13
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Canadian BalancedBenchmark
Morningstar CAN Bal 50/50 CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 CI Cambridge Asset Alloc Corp Cl F 0.9 1.5 5.3 7.1 5.7 8.1 9.6 — 4.7 5.1 7 — 1.342 Dynamic Dividend Income Series F -0.1 -0.5 2.5 2.5 3.2 5.6 6.9 5.3 4.5 4.4 4 2 1.103 Fidelity Canadian Balanced Class F -0.5 0.0 4.2 6.4 6.7 8.1 8.9 7.0 6.2 5.4 7 8 0.914 Mackenzie Income F -0.3 -0.2 3.2 6.6 6.6 6.2 6.3 4.8 4.1 3.8 4 8 1.015 Mackenzie Ivy Canadian Balanced F 2.7 3.3 5.9 14.6 12.6 9.3 10.1 5.2 6.1 5.6 4 8 1.126 TD Dividend Income - F 1.9 4.1 8.3 16.1 13.0 7.9 9.9 5.8 6.9 6.3 1 8 0.947 Trimark Income Growth F 3.2 3.5 5.8 11.0 9.1 7.9 10.7 5.0 6.3 6.1 4 2 1.29
Morningstar CAN Bal 50/50 CAD 0.1 0.4 3.8 9.5 8.5 5.5 5.1 4.7 4.4 4.3 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
-2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
7
65
4
3
2
1
Category Description
Canadian balanced funds are generally amongst themost diversi�ed in that they have broad exposure toCanadian equity and �xed income securities and manyhave a foreign equity component as well. These productsoften pay regular distributions, or are available inversions that pay regular distributions. Equity and �xed
income allocations should be taken into account whenmaking head-to-head comparisons between balancedofferings. The Canadian balanced fund category alsoincludes a wide array of fund-of-funds. Such products,which typically target a speci�c asset mix and usuallycome with an automatic rebalancing feature, are
designed to be standalone portfolio solutions. Multipleportfolio managers also generally contribute to thecause. Fund-of-funds are intentionally excluded from theRecommended List.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
14
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Cambridge Asset Allocation Corporate Class F
Fund Stats
Portfolio As of 03-31-2016
Asset Allocation % Port
19.0Cash8.5Fixed Income
21.3Canadian Equity18.5US Equity7.4International Equity
25.2Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
23.7Cambridge Bond Fund3.0Walgreens Boots Alliance Inc2.5Tourmaline Oil Corp2.2PrairieSky Royalty Ltd1.8Brook�eld Infrastructure Partners LP
33.3% Portfolio in Top 5 holdings152Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — -17.3 25.1 14.3 0.4 4.7 19.9 11.5 5.2 — Total Return %-14.0 23.9 10.2 -1.8 -3.4 -1.7 -0.9 -13.1 +/- Benchmark %* & * * ( & & & & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 0.9 -0.6 13 Mth 1.5 -0.5 16 Mth 5.3 3.2 11 Yr 5.7 4.8 12 Yr 6.6 9.5 13 Yr 8.1 10.8 15 Yr 9.6 12.2 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 3.92 3.97 Standard Deviation 4.68 5.12Beta 0.33 0.42 Bmrk Standard Deviation 7.89 6.63R-Squared 0.31 0.29 Upside Capture 0.57 0.69Information Ratio -0.43 -0.44 Downside Capture 0.20 0.36
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -26.6Benchmark -12.8
GPAG's Take
This offering is classi�ed as a "Tactical Balanced" fund,meaning management has a good deal of �exibility indetermining the portfolio's asset mix. Indeed, that hasbeen the case here. During its existence, the fund'sequity exposure has been as low as about 45% and ashigh as 93%. There's also no fear in holding huge
amounts of cash. We've seen the weighting there get ashigh as 45%. Industry veteran Bob Swanson heads upthe effort and his models, along with discussions withthe other investment professionals at Cambridge, helpdetermine the asset mix. Where we are in the business/economic cycle is a big driver behind the asset mix
decision. A total of 11 PMs and analysts contribute tothe security selection effort, and Swanson's input alsodrives the composition of the portfolio's equity and �xedincome sleeves.
Fund Manager Robert Swanson, B.S.Brandon Snow, B.A.
Manager Start Date Jun 2011Jun 2011
Fund Inception December 31, 2007
Total Assets as of 09-30-2016 $3,870 Mil
MER % 1.34
Trailing Yield % 0.4
Fund Code
CIG4322Benchmark
Category
Morningstar CAN Bal Glbl 60/40 CAD
Canadian Balanced
15
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Dividend Income Series F
Portfolio As of 08-31-2016Asset Allocation % Port
14.8Cash29.1Fixed Income23.4Canadian Equity29.4US Equity
3.3International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
5.0Dynamic Aurion Total Return Bond3.2US Treasury Bond 3% 15-11-20452.1Visa Inc Class A2.1Royal Bank of Canada2.0Canadian Imperial Bank of Commerce
14.4% Portfolio in Top 5 holdings604Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
9.5 4.3 -20.0 20.6 11.5 8.0 5.7 12.0 7.5 4.6 — Total Return %-0.8 -3.3 -7.5 4.8 -0.6 7.7 0.9 6.8 -1.6 7.0 +/- Benchmark %( & ) * & & ( * ( & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.1 0.1 33 Mth -0.5 0.4 46 Mth 2.5 3.8 31 Yr 3.2 8.5 42 Yr 3.7 3.4 23 Yr 5.6 5.5 25 Yr 6.9 5.1 210 Yr 5.3 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.54 2.97 Standard Deviation 4.45 4.44Beta 0.69 0.71 Bmrk Standard Deviation 4.39 4.28R-Squared 0.47 0.46 Upside Capture 0.79 0.87Information Ratio 0.02 0.52 Downside Capture 0.48 0.24
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -20.5Benchmark -18.6
HollisWealth's Take
This income-oriented fund provides investors withexposure to a basket of higher yielding equities and �xedincome securities. The common equity componentconsists of high yielding securities from a host ofsectors, and U.S. names now make up a fairly largeportion of this part of the fund. The portfolio was alsooriginally designed to provide some exposure to
preferred shares, but management doesn't see muchvalue there at this point and is keeping exposure at nextto nothing. Oscar Belaiche and his team run the equityportion of the fund while Michael McHugh oversees the�xed income component. The two managers work closelytogether to ensure the portfolio is �ring on all cylinders.The �xed income/cash portion of the fund will represent
30% to 40% of the fund most of the time, so despite itsname, this offering really is a balanced fund. Thisproduct spits out a monthly distribution that equates to ayield of roughly 4%, and note that a good chunk of thatpayout comes in the form of return of capital.
Fund Stats
Fund Manager Michael McHugh, M.A.Oscar Belaiche, B.A.
Manager Start DateJan 2003
Fund Inception January 2, 2003
Total Assets as of 12-12-2016 $673 Mil
MER % 1.10
Trailing Yield %
Fund Code
DYN254
Jan 2003 4.3
Benchmark
Category
Morningstar CAN Bal 50/50 CAD
Canadian Balanced
GPAG's Take
16
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity Canadian Balanced Class F
Portfolio As of 09-30-2016Asset Allocation % Port
1.9Cash45.4Fixed Income44.9Canadian Equity
7.1US Equity0.5International Equity0.1Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
4.1Royal Bank of Canada3.7Bank of Nova Scotia2.7Canadian Paci�c Railway Ltd2.7Restaurant Brands International Inc2.6Brook�eld Asset Management Inc Class A
15.8% Portfolio in Top 5 holdings661Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
11.7 9.6 -17.8 23.6 14.6 0.0 7.2 14.0 12.4 4.8 — Total Return %1.3 2.0 -5.3 7.8 2.5 -0.3 2.3 8.8 3.3 7.1 +/- Benchmark %& & ( & & * * & & & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.5 0.1 43 Mth 0.0 0.4 36 Mth 4.2 3.8 11 Yr 6.7 8.5 22 Yr 5.7 3.4 13 Yr 8.1 5.5 15 Yr 8.9 5.1 110 Yr 7.0 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.47 3.81 Standard Deviation 6.22 5.44Beta 1.02 0.97 Bmrk Standard Deviation 4.39 4.28R-Squared 0.52 0.58 Upside Capture 1.10 1.18Information Ratio 0.60 1.10 Downside Capture 0.60 0.46
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -20.8Benchmark -18.6
GPAG's Take
The asset allocation here will tend to be more stablethan that of Fidelity's Canadian Asset Allocation offering,and here investors get exposure to Canadian equities,Canadian investment grade bonds and high yield bonds(limited to 10% with all currency exposure hedged back
into CAD). The asset mix of the fund is overseen by a pairof asset allocation pros at the shop (but again, assetclass shifts will be limited). Darren Lekkerkerker runs theequity component of the portfolio (a third of which isforeign); Catriona Martin oversee the Canadian
investment grade �xed income component while HarleyLank, lead manager of Fidelity American High Yield runsthe high yield bond allocation.
Fund Stats
Fund Manager Geoffrey SteinDarren Lekkerkerker
Manager Start DateNov 2009
Fund Inception September 26, 2001
Total Assets as of 11-30-2016 $1,117 Mil
MER % 0.91
Trailing Yield %
Fund Code
FID626
May 2012 0.8
Benchmark
Category
Morningstar CAN Bal 50/50 CAD
Canadian Balanced
17
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mackenzie Income Fund - F
Portfolio As of 09-30-2016Asset Allocation % Port
3.2Cash66.9Fixed Income14.7Canadian Equity8.2US Equity6.7International Equity0.3Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
4.3Canada Govt 3.5% 01-12-20453.2Prov Of Quebec 3.5% 01-12-20451.6Canada Govt 1.25% 01-12-20471.5Ontario Prov Cda 2.8% 02-06-20481.5British Columbia Prv Cda 2.8% 18-06-2048
12.0% Portfolio in Top 5 holdings623Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
8.5 1.1 -8.8 13.9 8.3 4.0 5.0 7.1 8.8 2.7 — Total Return %0.9 -3.2 -5.4 7.2 0.6 0.3 0.9 1.9 0.4 0.4 +/- Benchmark %& * ( * & * ( * & * & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.3 -0.2 23 Mth -0.2 -0.3 16 Mth 3.2 2.1 11 Yr 6.6 4.9 12 Yr 4.6 3.6 13 Yr 6.2 5.2 15 Yr 6.3 5.0 110 Yr 4.8 4.3 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.38 -0.06 Standard Deviation 4.11 3.75Beta 1.31 1.32 Bmrk Standard Deviation 3.01 2.71R-Squared 0.91 0.90 Upside Capture 1.24 1.30Information Ratio 0.66 0.90 Downside Capture 1.37 1.44
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -13.2Benchmark -8.5
GPAG's Take
This conservative balanced fund is a long-standingmember of our Recommended List. The bond portion ofthe fund will always be at least 60% of the portfolio, andthat component is overseen by Steve Locke andMackenzie’s �xed income team, a group we are big fansof. The equity portion of the fund underwent a
management change late in 2013, as Hovig Moushian,who oversees a number of dividend-oriented strategiesat Mackenzie, was put in charge of the Canadian equityexposure. Darren McKiernan, the �rm's global dividendguru, now runs the fund's foreign equity exposure. Wewere supportive of the management changes when they
were announced, and we believe the managers runningthe show today will continue to deliver decent levels ofincome and limited amounts of volatility to investors.
Fund Stats
Fund Manager Steve Locke, M.B.A.Darren McKiernan, B.S.
Manager Start DateDec 2013
Fund Inception October 22, 2001
Total Assets as of 11-30-2016 $1,156 Mil
MER % 1.01
Trailing Yield %
Fund Code
MFC057
Jun 2010 3.2
Benchmark
Category
Morningstar CAN Bal Cdn Con CAD
Canadian Balanced
18
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mackenzie Ivy Canadian Balanced Fund - F
Portfolio As of 09-30-2016Asset Allocation % Port
0.0Cash22.7Fixed Income50.1Canadian Equity17.0US Equity
6.2International Equity3.9Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
3.8Brook�eld Asset Management Inc Class A3.6Manulife Financial Corp3.2Pembina Pipeline Corp3.0Onex Corp3.0Shaw Communications Inc Class B
16.6% Portfolio in Top 5 holdings454Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
8.2 -2.0 -10.4 5.8 8.1 1.4 6.9 16.4 12.1 1.0 — Total Return %-5.2 -5.6 7.5 -10.5 -3.1 2.6 -0.5 2.9 1.4 -1.4 +/- Benchmark %) ) & ) ) & ( & & * & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.7 0.7 13 Mth 3.3 1.4 16 Mth 5.9 4.9 21 Yr 12.6 8.2 12 Yr 7.1 5.4 13 Yr 9.3 7.6 15 Yr 10.1 8.3 110 Yr 5.2 5.2 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.78 2.31 Standard Deviation 6.10 5.64Beta 0.97 0.91 Bmrk Standard Deviation 5.31 5.14R-Squared 0.71 0.69 Upside Capture 1.10 1.04Information Ratio 0.50 0.56 Downside Capture 0.91 0.70
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -14.5Benchmark -23.7
GPAG's Take
Paul Musson has headed up this fund and the Ivy teamsince early 2009. Upon taking over, big focus of his wasto improve the quality of the investment team, expandthe team's breadth of coverage and improve returns,particularly for the team's Canadian funds. So far, thingshave worked out well. Stocks are chosen using acollaborative research effort, although all team membershave speci�c sector and/or geographical responsibilities.The Ivy philosophy is very simple but it stressessomething that many investors do not have the discipline
for – patience. Management is willing to devotetremendous amounts of time to understanding acompany and the team is willing to wait for a company'sstory to unfold. The �rst key to the approach involvestruly looking at the business. Meeting management is amust and growth in both top and bottom line numbers isdesired. Musson likes to see a return on capital �gurethat is expanding, or at least being maintained.Additionally, it is important for companies to have atleast 10 years of �nancial history. Valuations must be
attractive, but the team will not buy a stock simplybecause it is cheap – the business itself must be strong.Steve Lock and Mackenzie's �xed income team overseethe bond part of the portfolio. A "core-plus" approach isemployed there; meaning up to a quarter of the �xedincome exposure may be to high yield issues. A portionof the fund's foreign currency exposure is hedged backinto Canadian dollars.
Fund Stats
Fund Manager Paul Musson, B.C.Steve Locke, M.B.A.
Manager Start DateMay 2013
Fund Inception December 6, 1999
Total Assets as of 11-30-2016 $1,000 Mil
MER % 1.12
Trailing Yield %
Fund Code
MFC078
Jan 2009 0.5
Benchmark
Category
Morningstar CAN Bal Cdn Agg CAD
Canadian Balanced
19
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
TD Dividend Income - F
Portfolio As of 08-31-2016Asset Allocation % Port
0.8Cash18.2Fixed Income73.5Canadian Equity2.4US Equity1.3International Equity3.8Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
7.4The Toronto-Dominion Bank7.1Royal Bank of Canada6.4Bank of Montreal6.2Bank of Nova Scotia6.1Canadian Imperial Bank of Commerce
33.3% Portfolio in Top 5 holdings370Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
14.5 1.2 -28.0 32.1 10.2 2.7 10.7 13.9 12.3 -4.5 — Total Return %1.0 -2.5 -10.1 15.7 -1.0 3.9 3.3 0.4 1.6 -6.8 +/- Benchmark %& ( ) & ( & & * & ( & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.9 0.7 23 Mth 4.1 1.4 16 Mth 8.3 4.9 11 Yr 13.0 8.2 12 Yr 4.8 5.4 13 Yr 7.9 7.6 15 Yr 9.9 8.3 110 Yr 5.8 5.2 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.98 2.10 Standard Deviation 6.92 6.32Beta 0.91 0.92 Bmrk Standard Deviation 5.31 5.14R-Squared 0.48 0.55 Upside Capture 1.04 1.04Information Ratio 0.06 0.36 Downside Capture 1.03 0.74
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -32.3Benchmark -23.7
GPAG's Take
Managers Doug Warwick and Mike Lough handle theequity component of this well-diversi�ed fund whileGeoff Wilson and Elaine Lindhorst take care of the bondexposure. The names in this fund are very similar to whatyou'd �nd in TD's very popular Monthly Income fund, butthis offering has a smaller allocation to �xed income.Look for a quarter of this mandate to be in bonds andcash. The portfolio will also have a sliver of its assets in
preferreds. For the common equity portion of the fund,management prefers non-cyclical names with belowaverage risk pro�les. And of course, these names have topay a dividend and the preference is for companies thatare growing their payout. Management wants companieswith modest growth potential, low levels of industrychange, sustainable cash �ow, and low capitalinvestment requirements. The bond component consists
primarily of corporate debt, including some high yield.The fund has virtually no foreign exposure becausemanagement is more comfortable staying in Canada,plus dividends from Canadian companies are more taxef�cient. The fund is pretty plain-vanilla in nature andthere's not all that much activity in the portfolio, but ithas delivered over time.
Fund Stats
Fund Manager Geoff WilsonMichael Lough, M.B.A.
Manager Start DateFeb 2000
Fund Inception November 1, 2005
Total Assets as of 11-30-2016 $4,304 Mil
MER % 0.94
Trailing Yield %
Fund Code
TDB455
Jan 2010 2.5
Benchmark
Category
Morningstar CAN Bal Cdn Agg CAD
Canadian Balanced
20
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Trimark Income Growth F
Portfolio As of 11-30-2016Asset Allocation % Port
8.7Cash23.2Fixed Income37.6Canadian Equity29.6US Equity0.9International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
5.1Brook�eld Asset Management Inc Class A3.5Onex Corp3.4Bank of Nova Scotia3.1The Toronto-Dominion Bank3.1CarMax Inc
18.2% Portfolio in Top 5 holdings129Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
13.4 -7.6 -15.8 18.4 7.3 -2.3 10.0 21.4 8.9 2.3 — Total Return %0.0 -11.3 2.0 2.0 -3.9 -1.2 2.6 8.0 -1.9 0.0 +/- Benchmark %& ) & ( ) * & & * & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 3.2 0.7 13 Mth 3.5 1.4 16 Mth 5.8 4.9 21 Yr 9.1 8.2 22 Yr 6.3 5.4 13 Yr 7.9 7.6 15 Yr 10.7 8.3 110 Yr 5.0 5.2 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.47 2.48 Standard Deviation 6.26 6.08Beta 0.98 0.96 Bmrk Standard Deviation 5.31 5.14R-Squared 0.68 0.66 Upside Capture 1.02 1.12Information Ratio 0.08 0.66 Downside Capture 1.00 0.80
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -20.0Benchmark -23.7
GPAG's Take
Lead manager Clayton Zacharias picked up responsibilityon this fund in spring 2012. Zacharias, who also overseesTrimark Canadian Endeavour, quickly moved to betteralign the equity component of Income Growth withCanadian Endeavour. There is not complete overlap,however, as Endeavour is a much smaller portfolio thanthis one and has a bit more �exibility as a result.Zacharias generally sticks with 25 to 35 names on the
equity side of the fund, and he has allocated a quarter ofthe portfolio to Invesco's Toronto-based �xed incometeam. If he feels the need to position the fund moreconservatively, he will simply increase the cashallocation in his 75% sleeve. Neither P/E nor EV/EBITDAhas ever been a primary valuation metric. He places thegreatest emphasis on discounted free cash �ow whendetermining buy/sell prices. He thinks this is a great
determinant of intrinsic value. To supplement that and toprovide other data points, Zacharias considers at P/E andEV/EBITDA multiples as secondary metrics. He isassisted by Mark Uptigrove and Alan Mannick on themandate and a junior equity analyst also contributes tothe cause.
Fund Stats
Fund Manager Jennifer Hartviksen, B.A.Clayton Zacharias, B.B.A.
Manager Start DateJun 2012
Fund Inception February 11, 2000
Total Assets as of 11-30-2016 $2,904 Mil
MER % 1.29
Trailing Yield %
Fund Code
AIM1547
Sep 2013 0.9
Benchmark
Category
Morningstar CAN Bal Cdn Agg CAD
Canadian Balanced
21
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Canadian EquityBenchmark
S&P/TSX Composite TR
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 BMO S&P/TSX Capped Composite ETF 2.2 4.1 8.8 19.0 15.4 7.1 7.4 — 8.3 8.4 4 — 0.062 CI Canadian Investment Class F 2.7 3.7 7.8 11.6 8.6 6.0 9.5 4.7 8.7 9.0 4 — 1.323 CI Signature Select Canadian Class F 4.6 6.1 10.7 12.6 9.9 8.4 10.4 5.8 8.4 8.2 4 — 1.324 CI Synergy Canadian Corporate Class F 2.0 3.0 5.7 4.4 3.3 6.1 9.2 4.4 8.2 8.1 4 — 1.325 Dynamic Power Canadian Growth Class Sr F 2.7 2.1 4.6 0.8 0.6 7.4 7.9 3.8 10.5 10.5 7 — 1.356 EdgePoint Canadian Portfolio Series F 4.3 6.7 11.4 20.9 15.7 10.0 12.7 — 8.9 8.8 5 — 1.007 Fidelity Canadian Disciplined Eq Cl F 0.9 2.7 6.8 12.6 10.8 9.0 9.6 6.1 7.2 7.5 4 — 1.158 Fidelity Canadian Large Cap Class F 1.9 2.3 4.4 10.9 10.1 9.5 14.2 — 5.8 6.7 4 — 1.149 Franklin Bissett Cdn Equity Corp Cl F 2.9 3.6 8.9 20.5 16.6 7.5 11.5 6.4 8.4 7.9 7 — 1.18
10 Horizons S&P/TSX 60 ETF 2.5 5.1 9.8 19.4 15.7 7.9 8.2 — 8.1 8.4 4 — 0.03
S&P/TSX Composite TR 2.2 4.1 8.8 19.1 15.5 7.2 7.5 4.7 8.3 8.4 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
16.0
15.0
14.0
13.0
12.0
11.0
10.0
9.0
8.0
7.0
3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
10
9
8
7
6
5
4
3
2
1
Category Description
Canadian equity funds provide investors with theopportunity to participate in the �nancial success ofCanadian businesses. The Canadian equity market hassigni�cant weightings in the resource and �nancial
services sectors, and many of the players in thosesectors are world-class companies. Many Canadianequity funds also provide material exposure to foreignsecurities, which enhance the diversi�cation bene�ts of
such products.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
22
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO S&P/TSX Capped Composite Index ETF New
Portfolio As of 11-30-2016Asset Allocation % Port
0.3Cash0.0Fixed Income
97.9Canadian Equity1.7US Equity0.1International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
45.2Giant
28.6Large22.3Medium
3.9Small
0.0Micro
Top 5 Holdings % Assets
6.5Royal Bank of Canada5.9The Toronto-Dominion Bank4.5Bank of Nova Scotia3.6Suncor Energy Inc3.5Canadian National Railway Co
24.0% Portfolio in Top 5 holdings249Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — 15.0 -10.5 7.7 17.2 9.4 -6.1 — Total Return %-2.6 -1.7 0.5 4.2 -1.2 2.3 +/- Benchmark %( ( ( ( * ( * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.1 2.2 33 Mth 4.2 4.1 26 Mth 8.6 8.8 21 Yr 15.3 15.5 12 Yr 4.2 4.3 23 Yr 7.0 7.2 25 Yr 7.5 7.5 310 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.26 -0.10 Standard Deviation 8.46 8.62Beta 1.01 1.02 Bmrk Standard Deviation 8.34 8.43R-Squared 1.00 0.99 Upside Capture 1.01 1.02Information Ratio -0.32 0.00 Downside Capture 1.04 1.04
GPAG's Take
For investors seeking broad-based Canadian equityexposure, ZCN is one of the lowest cost options out
there. This ETF closely tracks the S&P/TSX Index and itstight bid/ask spreads make it easy to get in and out of.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception May 29, 2009
Total Assets as of 12-12-2016 $1,705 Mil
MER %
Trailing Yield %
Fund Code
ZCNMay 2009
3.0
0.06
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
23
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Canadian Investment Class F
Portfolio As of 11-30-2016Asset Allocation % Port
2.9Cash0.6Fixed Income
49.6Canadian Equity37.7US Equity9.2International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
50.6Giant
25.7Large22.5Medium1.0Small
0.2Micro
Top 5 Holdings % Assets
4.6Royal Bank of Canada3.8The Toronto-Dominion Bank3.4Bank of Nova Scotia2.3Manulife Financial Corp2.1Canadian National Railway Co
16.1% Portfolio in Top 5 holdings142Total Number of Portfolio Holdings
Performance As of 11-30-2016
68
1012141618
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
15.4 2.5 -26.8 29.0 14.3 -11.7 8.2 27.2 7.8 -2.9 — Total Return %-1.9 -7.3 6.3 -6.1 -3.3 -3.0 1.0 14.2 -2.8 5.4 +/- Benchmark %* ( * * * ( * & ( ( * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.7 2.2 23 Mth 3.7 4.1 26 Mth 7.8 8.8 21 Yr 8.6 15.5 22 Yr 3.8 4.3 33 Yr 6.0 7.2 35 Yr 9.5 7.5 210 Yr 4.7 4.7 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.40 2.35 Standard Deviation 8.72 9.01Beta 0.89 0.93 Bmrk Standard Deviation 8.34 8.43R-Squared 0.73 0.76 Upside Capture 0.82 0.99Information Ratio -0.26 0.44 Downside Capture 0.81 0.78
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -33.1Benchmark -39.0
GPAG's Take
Manager Danny Bubis of Tetrem Capital Managementlooks to buy companies with temporarily depressedpro�tability and low earnings multiples, and we wouldclassify Tetrem as being a relative value shop. Bubisbelieves it is value manager nirvana when you have asituation where both earnings and multiples are rising,although such situations are hard to come by. The beliefis that markets are reasonably ef�cient and that investorbehaviour can create opportunities. A lot of money can
be made when earnings and multiples revert fromdepressed levels back to their means. The ideageneration process involves screening the NorthAmerican stock universe for mean reversion candidates.Proprietary, multi-factor models rate candidates usingfundamental metrics. Names are screened for valuationattractiveness, earnings quality and capital discipline.Analysts then either get the green light to dig deeper, orresearch efforts on the name are terminated. Detailed
fundamental analysis is conducted on names that makeit to the next stage. Scenario analyses are run for thestocks that make it to this stage and an investmentthesis for each name is developed. Downside risk is alsoassessed. A buy-in price is established and Bubis movesin initially by building a position of at least 1% of AUM.Tetrem's investment team consists of two PMs and sixanalysts.
Fund Stats
Fund Manager Daniel Bubis, H.B.A.Alec McIsaac
Manager Start DateDec 2010
Fund Inception November 17, 2000
Total Assets as of 09-30-2016 $1,715 Mil
MER % 1.32
Trailing Yield %
Fund Code
CIG7426
Oct 2006 0.0
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
24
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Signature Select Canadian Class F
Portfolio As of 11-30-2016Asset Allocation % Port
2.5Cash0.0Fixed Income
50.6Canadian Equity31.1US Equity14.8International Equity1.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
53.8Giant
31.8Large10.4Medium3.6Small
0.3Micro
Top 5 Holdings % Assets
4.9Bank of Nova Scotia4.3Manulife Financial Corp3.8The Toronto-Dominion Bank3.7Royal Bank of Canada2.8Suncor Energy Inc
19.5% Portfolio in Top 5 holdings127Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
22.3 4.2 -25.3 29.3 11.5 -7.5 9.3 20.6 12.8 -1.3 — Total Return %5.1 -5.7 7.7 -5.7 -6.1 1.2 2.2 7.6 2.2 7.0 +/- Benchmark %& * & * ( * * ( & ( * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.6 2.2 13 Mth 6.1 4.1 16 Mth 10.7 8.8 11 Yr 9.9 15.5 22 Yr 4.8 4.3 23 Yr 8.4 7.2 25 Yr 10.4 7.5 210 Yr 5.8 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.41 3.89 Standard Deviation 8.39 8.19Beta 0.81 0.82 Bmrk Standard Deviation 8.34 8.43R-Squared 0.65 0.72 Upside Capture 0.90 0.97Information Ratio 0.24 0.63 Downside Capture 0.68 0.64
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -29.9Benchmark -39.0
GPAG's Take
The team behind this fund takes a bottom-up approach tostock selection; however, the top-down, macroeconomicpicture has always been a driver behind sector biases,and that part of the approach has the �nger prints of EricBushell, Signature's CIO, all over it. The team is deep,with about 30 members at this point, and Bushell hasturned the team members into sector specialists who dothe actual stock picking as his belief is that specialists
are better decision makers than generalists. He alsofeels that specialists are better equipped to have foreignnames under their coverage umbrella. Good stock pickersleave if they are not given that type of responsibility,although Bushell has the �nal say on what happens withthe fund. Bushell also shapes the fund's sectorallocations and he determines the appropriate amount ofbeta for the portfolio. Management has no problem
rapidly moving in and out of stocks in an attempt tocapitalize on opportunities and Bushell is willing to letthe cash allocation move above 20% when he sees �t.Signature represents a massive component of CI's overallbusiness, with more than $50 billion in assets undermanagement at this point.
Fund Stats
Fund Manager Eric Bushell, B.A.
Manager Start Date
Fund Inception July 17, 2000
Total Assets as of 09-30-2016 $2,048 Mil
MER %
Trailing Yield %
Fund Code
CIG718May 1998
0.0
1.32
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
25
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Synergy Canadian Corporate Class F
Portfolio As of 08-31-2016Asset Allocation % Port
5.5Cash0.0Fixed Income
56.8Canadian Equity23.3US Equity14.4International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
37.6Giant
24.7Large26.3Medium10.6Small
0.8Micro
Top 5 Holdings % Assets
5.0Royal Bank of Canada4.8The Toronto-Dominion Bank3.5Bank of Nova Scotia2.5Canadian National Railway Co2.2Brook�eld Asset Management Inc Class A
18.0% Portfolio in Top 5 holdings217Total Number of Portfolio Holdings
Performance As of 11-30-2016
68
1012141618
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
19.2 6.8 -33.0 27.3 14.8 -7.6 7.7 25.0 9.4 2.0 — Total Return %2.0 -3.0 0.0 -7.7 -2.8 1.1 0.5 12.0 -1.2 10.3 +/- Benchmark %& * ( ( & * ( * ( & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.0 2.2 33 Mth 3.0 4.1 36 Mth 5.7 8.8 31 Yr 3.3 15.5 42 Yr 2.9 4.3 33 Yr 6.1 7.2 35 Yr 9.2 7.5 210 Yr 4.4 4.7 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.61 2.98 Standard Deviation 8.17 8.12Beta 0.75 0.79 Bmrk Standard Deviation 8.34 8.43R-Squared 0.59 0.68 Upside Capture 0.70 0.87Information Ratio -0.19 0.35 Downside Capture 0.58 0.57
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -36.2Benchmark -39.0
GPAG's Take
Lead manager Dave Picton is also head of PictonMahoney Asset Management. This subadvisory �rm,which also offers a handful of its own hedge funds,oversees CI's four Synergy funds and the company hastotal assets of $7 billion. Picton is a momentum investorand momentum to him means fundamental change forthe better. The core of the process involves a computer-driven model based on quantitative factors that searchesfor companies exhibiting four fundamental changefactors, namely: accelerating earnings or revenues,
positive estimate changes, positive earnings surprises,and strong relative price strength. Once stocks withmomentum characteristics are identi�ed, the company'steam of 30+ PMs and analysts conducts fundamentalanalysis with a focus on assets, earnings, sales,products, management and markets to predict futuretrends. A Barra risk overlay is employed to ensure thereis no over-concentration within the portfolio and atracking error of at least 5% or 6% is targeted to ensurethat the fund doesn't too closely mimic the index. Stocks
are held as long as the momentum criteria are met. Thesell discipline is the opposite of the buy discipline. If acompany's numbers come in below estimates, Pictonusually dumps it within a day. Portfolio turnover is high,averaging well over 100% per year throughout itshistory. That is not surprising given how quicklymomentum within the market can change, but it can leadto potentially hefty capital gains distributions in goodtimes.
Fund Stats
Fund Manager David Picton, B.C.
Manager Start Date
Fund Inception November 13, 2000
Total Assets as of 09-30-2016 $985 Mil
MER %
Trailing Yield %
Fund Code
CIG6403Dec 1997 1.32
0.6
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
26
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Power Canadian Growth Class Sr F Under Review
Portfolio As of 08-31-2016Asset Allocation % Port
0.0Cash0.6Fixed Income
61.0Canadian Equity37.7US Equity0.0International Equity0.7Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
28.4Giant
24.1Large36.3Medium9.9Small
1.4Micro
Top 5 Holdings % Assets
22.1Dynamic Power American Growth Series O4.3Royal Bank of Canada3.8Canadian Imperial Bank of Commerce3.7CGI Group Inc A3.6Alphabet Inc C
37.5% Portfolio in Top 5 holdings66Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
23.9 27.2 -45.9 54.0 16.0 -24.8 6.6 19.2 11.4 7.1 — Total Return %6.7 17.4 -12.9 18.9 -1.6 -16.1 -0.6 6.3 0.8 15.4 +/- Benchmark %& & ) & & ) ( ( * & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.7 2.2 23 Mth 2.1 4.1 36 Mth 4.6 8.8 41 Yr 0.6 15.5 42 Yr 3.4 4.3 33 Yr 7.4 7.2 35 Yr 7.9 7.5 310 Yr 3.8 4.7 3
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.88 1.94 Standard Deviation 10.54 10.53Beta 0.62 0.80 Bmrk Standard Deviation 8.34 8.43R-Squared 0.25 0.41 Upside Capture 0.58 0.79Information Ratio 0.02 0.05 Downside Capture 0.21 0.57
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -49.2Benchmark -39.0
GPAG's Take
Alex Lane was put in charge of this fund in 2013, takingover from long-time lead Rohit Sehgal. Lane has been amember of the Power team since 2000, so he was veryfamiliar with the process and the names in the fundwhen he was put in charge of the strategy. Thosefamiliar with the Power approach know it is growth-oriented. That continues for this fund with Lane at thehelm. Four individuals assist Lane on this fund, and sincetaking over, he has cleaned up the portfolio and re�nedthe process and the roles of the other team members.
We believe the fund has a more de�ned process backingit than has ever been in place, and the goal there is toshore up performance and buffer volatility. When Lanewas named lead manager of this fund, Dynamic alsoelected to shift 20% of the portfolio into NoahBlackstein's Power American Growth. While we do likePower American Growth, we've elected to put PowerCanadian Growth Under Review for reasons related toproduct Dynamics. If Dynamic was comfortable namingLane the lead manager of this fund, the �rm should be
comfortable allowing him to run 100% of the portfolio.This arrangement seems a bit strange to us, and theinclusion of Power American Growth may lead toenhanced portfolio volatility, as it did in early 2016.Reducing volatility was one of Lane's priorities when hewas handed the reins of this fund. Something isinconsistent there. Also note that this fund charges aperformance fee of 10% on returns in excess of thereturn of the S&P/TSX Composite.
Fund Stats
Fund Manager Alexander Lane
Manager Start Date
Fund Inception March 4, 2002
Total Assets as of 12-12-2016 $48 Mil
MER %
Trailing Yield %
Fund Code
DYN244May 2013 1.35
1.1
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
27
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
EdgePoint Canadian Portfolio Series F
Portfolio As of 08-31-2016Asset Allocation % Port
6.9Cash0.1Fixed Income
81.1Canadian Equity7.9US Equity2.8International Equity1.2Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
7.8Giant
23.4Large30.2Medium28.8Small
9.8Micro
Top 5 Holdings % Assets
6.0PrairieSky Royalty Ltd5.5Canadian Energy Services & Techn Corp5.5Granite Real Estate Invest Tr of Granit4.6Restaurant Brands International Inc4.4ATS Automation Tooling Systems Inc
26.0% Portfolio in Top 5 holdings68Total Number of Portfolio Holdings
Performance As of 11-30-2016
5101520253035
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — 52.1 17.9 -6.7 10.1 27.8 10.6 -3.2 — Total Return %17.0 0.3 2.0 2.9 14.8 0.1 5.2 +/- Benchmark %& & & & & * & & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.3 2.2 13 Mth 6.7 4.1 16 Mth 11.4 8.8 11 Yr 15.7 15.5 12 Yr 8.2 4.3 13 Yr 10.0 7.2 15 Yr 12.7 7.5 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.99 5.60 Standard Deviation 8.91 8.82Beta 0.94 0.88 Bmrk Standard Deviation 8.34 8.43R-Squared 0.78 0.70 Upside Capture 1.06 1.06Information Ratio 0.66 1.04 Downside Capture 0.80 0.56
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund 0.0Benchmark -39.0
GPAG's Take
Geoff MacDonald and Tye Bousada lead the effort onthis fund, which got its start in 2008. MacDonald focuseson Canadian ideas and Bousada spends most of his timeon foreign names, although the portfolio constructionprocess is highly collaborative and each manager knowsall of the names in the fund intimately. If both PMs lovea particular name, it gets a big weighting and it will
probably end up in all of the �rm's products. If onemanager loves a name while the other just thinks itsokay, it is given a smaller weighting. Ted Chisholmpitches in as well and his focus is on smaller capopportunities. Each stock that makes it into the fund ispurchased as though it’s the only investment in theportfolio and the PMs see themselves as business
people buying businesses. They focus on stocks thathave big margins of safety and strong barriers to entryand the preference is to own solid companies with goodmanagement teams that can grow their businessregardless of what's happening with the economicenvironment.
Fund Stats
Fund Manager Geoff MacDonaldTye Bousada
Manager Start DateNov 2008
Fund Inception November 17, 2008
Total Assets as of 12-12-2016 $1,243 Mil
MER % 1.00
Trailing Yield %
Fund Code
EDG608
Nov 2008 0.0EDG508
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
28
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity Canadian Disciplined Eq Cl F
Portfolio As of 10-31-2016Asset Allocation % Port
3.6Cash0.0Fixed Income
87.7Canadian Equity6.8US Equity1.1International Equity0.8Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
46.1Giant
28.6Large20.4Medium
4.8Small
0.2Micro
Top 5 Holdings % Assets
8.6Royal Bank of Canada8.5The Toronto-Dominion Bank5.4Suncor Energy Inc4.6Canadian National Railway Co4.3Enbridge Inc
31.4% Portfolio in Top 5 holdings67Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
16.6 14.3 -34.8 40.5 19.0 -11.2 6.5 19.0 15.6 -2.3 — Total Return %-0.6 4.5 -1.8 5.4 1.4 -2.5 -0.7 6.0 5.1 6.0 +/- Benchmark %* & ( & & ( ( * & & ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 0.9 2.2 43 Mth 2.7 4.1 36 Mth 6.8 8.8 31 Yr 10.8 15.5 32 Yr 5.2 4.3 13 Yr 9.0 7.2 15 Yr 9.6 7.5 110 Yr 6.1 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.97 3.01 Standard Deviation 7.17 7.47Beta 0.79 0.84 Bmrk Standard Deviation 8.34 8.43R-Squared 0.85 0.89 Upside Capture 0.86 0.92Information Ratio 0.55 0.74 Downside Capture 0.55 0.63
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -40.3Benchmark -39.0
GPAG's Take
A sector neutral approach is employed for this fund andthe objective is to add value exclusively through stockselection. Under the guidance of Andrew Marchese (whodoes not actually pick stocks for the fund), Fidelity's"Team Canada" analysts, all of whom are based inToronto or Montreal, are assigned sectors to focus onand their job is to conduct their own research andleverage the tremendous research resources at Fidelitywith the ultimate goal of uncovering best opportunities
from their sector(s). This gives each of the 10+ analystsan opportunity to actually pull the trigger on individualstocks. In addition, sector coverage duties are changedregularly and this helps enhance the perspective eachanalyst brings to the table. The fund is run with limitedamounts of foreign exposure and cash levels tend to beminimal. Critics might argue that the portfolio is nothingmore than a closet indexer, and no doubt the portfoliowill bear some resemblance to the benchmark, but to
gauge the success of this approach all one needs to do ischeck the performance stats of the fund. Over time it hasdone a good job against both the S&P/TSX Compositeand the median fund in its peer group. The sectorweights are the same as the index. The individualsecurity weightings are much different.
Fund Stats
Fund Manager Andrew Marchese
Manager Start Date
Fund Inception September 26, 2001
Total Assets as of 11-30-2016 $131 Mil
MER %
Trailing Yield %
Fund Code
FID696Mar 2009
1.0
1.15
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
29
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity Canadian Large Cap Class F
Portfolio As of 09-30-2016Asset Allocation % Port
15.0Cash12.8Fixed Income46.5Canadian Equity23.5US Equity0.0International Equity2.2Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
22.6Giant
28.3Large34.0Medium13.3Small
1.8Micro
Top 5 Holdings % Assets
4.7The Toronto-Dominion Bank3.0CGI Group Inc A3.0Fairfax Financial Holdings Ltd3.0SNC-Lavalin Group Inc2.9Rogers Communications Inc Class B
16.7% Portfolio in Top 5 holdings60Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — 7.1 38.1 11.8 4.8 — Total Return %-0.1 25.1 1.3 13.1 +/- Benchmark %( & * & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.9 2.2 33 Mth 2.3 4.1 36 Mth 4.4 8.8 41 Yr 10.1 15.5 22 Yr 8.0 4.3 13 Yr 9.5 7.2 15 Yr 14.2 7.5 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 6.24 10.03 Standard Deviation 5.84 6.69Beta 0.36 0.40 Bmrk Standard Deviation 8.34 8.43R-Squared 0.27 0.25 Upside Capture 0.66 0.80Information Ratio 0.32 0.86 Downside Capture 0.14 -0.07
GPAG's Take
Montreal-based manager Dan Dupont has been withFidelity since 2001 and like most PMs at the �rm, hestarted as an analyst and covered a variety of sectorsbefore being promoted to PM. He views himself as beingless GARP-y than other Fidelity managers and has afocus on preservation of capital. He doesn’t have adistinct style, but quality is a crucial characteristic thatmust exist before he’d move into a business.Understanding the potential downside for a stock is also
vital. The portfolio tends to be quite concentrated - thetop 15 names generally account for 50% to 60% of totalassets. Dupont also exercises a good amount ofdiscipline when it comes to his entry price. The price youpay is the biggest determinant of returns. His process issomewhat dif�cult to exercise in Canada given that somuch of the market is cyclically biased and cyclicalnames don’t mesh with the approach most of the time,although when these parts of the market become
depressed, he may take a position. When consideringcyclicals, he wants to own best of breed businesses.Consequently, the fund's foreign content has historicallybeen quite high. Dupont is free to build the cashallocation when he believes doing so is appropriate andthe fund has had a cash weighting as high as 20% in thepast. He is very willing to deploy the cash rapidly andhas done so in the past.
Fund Stats
Fund Manager Daniel Dupont, B.A.
Manager Start Date
Fund Inception September 26, 2011
Total Assets as of 11-30-2016 $1,028 Mil
MER %
Trailing Yield %
Fund Code
FID469Sep 2011
1.0
1.14
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
30
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Franklin Bissett Canadian Equity Corporate Class F
Portfolio As of 09-30-2016Asset Allocation % Port
1.5Cash0.0Fixed Income
98.5Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
41.5Giant
26.8Large22.2Medium
9.1Small
0.3Micro
Top 5 Holdings % Assets
100.0Franklin Bissett Cdn Equity O
100.0% Portfolio in Top 5 holdings52Total Number of Portfolio Holdings
Performance As of 11-30-2016
47
1013161922
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
12.5 1.6 -32.1 39.9 19.2 -5.8 15.2 21.5 10.3 -8.0 — Total Return %-4.8 -8.2 0.9 4.8 1.6 2.9 8.0 8.5 -0.2 0.3 +/- Benchmark %) ) * & & & & & * ( & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.9 2.2 23 Mth 3.6 4.1 36 Mth 8.9 8.8 21 Yr 16.6 15.5 12 Yr 4.5 4.3 23 Yr 7.5 7.2 25 Yr 11.5 7.5 110 Yr 6.4 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.79 4.89 Standard Deviation 8.42 7.91Beta 0.93 0.82 Bmrk Standard Deviation 8.34 8.43R-Squared 0.85 0.76 Upside Capture 0.97 1.02Information Ratio 0.11 0.96 Downside Capture 0.91 0.61
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -36.5Benchmark -39.0
GPAG's Take
Lead manager Bissett CIO Garey Aitken has been at thehelm of this mandate since early 2008. Aitken joinedBissett in 1998 and he works closely with Tim Caul�eldon the portfolio. Bissett is a GARP shop and the keyfactors Aitken and Caul�eld consider when selectingstocks are ROE, dividend growth rate, consistency ofearnings growth, and the debt/equity and P/E ratios.
15% to 35% of the portfolio is in mid-cap names andBissett decided in 2005 that the best way to run this fundwas as a pure Canadian offering. As a result, there areno foreign names in the fund today. The portfoliohistorically has been run with a big underweight inmaterials because Bissett has had trouble �ndingcompanies from the space that have the ability to offer
consistent quality earnings over an entire cycle. This isnot a �ashy fund by any stretch of the imagination, butit's been a solid core Canadian equity option for yearsand we believe that will continue to be the case movingforward.
Fund Stats
Fund Manager Garey Aitken, M.B.A.Tim Caul�eld, B.C.
Manager Start DateJan 2011
Fund Inception June 18, 2001
Total Assets as of 11-30-2016 $152 Mil
MER % 1.18
Trailing Yield %
Fund Code
TML932
Jan 2002 1.7
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
31
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Horizons S&P/TSX 60 Index ETF New
Portfolio As of 10-31-2016Asset Allocation % Port
0.0Cash0.0Fixed Income
100.0Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
61.3Giant
32.9Large5.8Medium0.0Small
0.0Micro
Top 5 Holdings % Assets
100.0TRS S&P/TSX 60 TR CAD
100.0% Portfolio in Top 5 holdings60Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — -10.5 7.7 17.2 9.4 -6.1 — Total Return %-1.7 0.5 4.2 -1.2 2.3 +/- Benchmark %* * ( & ( & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.4 2.2 23 Mth 5.1 4.1 16 Mth 9.8 8.8 11 Yr 15.7 15.5 12 Yr 4.5 4.3 23 Yr 7.8 7.2 15 Yr 8.2 7.5 210 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.84 0.78 Standard Deviation 8.17 8.40Beta 0.96 0.98 Bmrk Standard Deviation 8.34 8.43R-Squared 0.97 0.97 Upside Capture 0.99 1.02Information Ratio 0.44 0.51 Downside Capture 0.92 0.97
GPAG's Take
HXT uses a total return swap to gain exposure to the 60largest companies in Canada. The swap enhances thetax ef�ciency of the ETF by providing investors withreturns equal to the appreciation in value the underlying
index plus dividends, only, no distributions are paid outby the ETF. The only taxable event occurs when the ETFis sold. HXT boasts the lowest MER of all Canadian-listed ETFs, and because it is swap based, investors
needn't worry about tracking error. Also, don't worryabout the cost of the swap. In this particular case, it isfree.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception September 13, 2010
Total Assets as of 12-12-2016 $999 Mil
MER %
Trailing Yield %
Fund Code
HXTSep 2010
0.0
0.03
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
32
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Canadian Equity Income / DividendBenchmark
S&P/TSX Composite TR
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 BMO Canadian Dividend ETF 3.8 4.1 8.8 19.9 14.7 4.0 6.9 — 8.9 8.4 1 — 0.392 BMO Monthly High Income II F 1.1 1.7 5.4 18.0 13.8 5.0 7.9 7.8 7.8 7.2 4 — 0.763 CI Signature Dividend Class F 1.8 2.1 5.3 8.4 7.4 6.8 9.5 5.4 7.0 6.4 1 — 1.324 Dynamic Equity Income Series F 1.3 1.0 4.9 12.6 10.5 8.7 9.1 8.6 6.4 6.2 4 — 1.015 Franklin Bissett Cdn Dividend F 3.4 5.9 10.3 — — — — — — — 1 — 1.226 Horizons Active Preferred Share ETF Comm -0.5 1.8 5.9 4.9 6.3 -1.3 0.9 — 9.9 7.9 4 — 0.657 IA Clarington Strategic Equity Income F 1.4 1.5 5.1 10.0 7.9 7.2 10.4 — 6.9 6.5 4 — 0.928 Manulife Dividend Income F -0.1 -0.5 6.3 16.2 14.7 12.5 — — 6.5 — 7 — 1.20
S&P/TSX Composite TR 2.2 4.1 8.8 19.1 15.5 7.2 7.5 4.7 8.3 8.4 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0
7
6
4 3
21
Category Description
This category includes a number of traditional dividend-focused mandates, i.e., funds with big exposure to�nancials, utilities and other areas that have historicallyoffered good dividend yields. It also includes products
that were at one time focused on income trusts. Thesemandates continue to hold REITs as well as securitiesthat were formally structured as trusts, but they alsohave the �exibility to move into traditional dividend
payers. Dividends have historically represented asigni�cant component of long term returns for equities.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
33
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO Canadian Dividend ETF New
Portfolio As of 11-30-2016Asset Allocation % Port
0.2Cash0.0Fixed Income
98.3Canadian Equity1.5US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
22.4Giant
28.7Large43.1Medium
5.9Small
0.0Micro
Top 5 Holdings % Assets
3.3Vermilion Energy Inc3.3Capital Power Corp3.0Veresen Inc2.7Bank of Nova Scotia2.7Agrium Inc
15.0% Portfolio in Top 5 holdings51Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — 7.9 17.0 8.5 -5.4 — Total Return %0.7 4.0 -2.1 3.0 +/- Benchmark %* ) ( ) & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 3.9 2.2 13 Mth 4.3 4.1 26 Mth 9.0 8.8 11 Yr 14.7 15.5 12 Yr 1.7 4.3 33 Yr 3.9 7.2 45 Yr 7.1 7.5 310 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -2.80 0.81 Standard Deviation 9.19 8.65Beta 0.96 0.82 Bmrk Standard Deviation 8.34 8.43R-Squared 0.75 0.65 Upside Capture 0.84 0.84Information Ratio -0.72 -0.08 Downside Capture 1.08 0.75
GPAG's Take
We are fans of the methodology behind BMO's dividendmandates. Companies are selected based on yield, threeyear dividend growth rates and payout ratios. ZDV hasone of the highest yields and lowest MERs in its
category. Investors should note that ZDV has a higherweighting to energy and a lower allocation to �nancialsthan some of its competitor funds. From an overall sectorperspective, however, ZDV offers a more balanced
portfolio than its competitors.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception October 21, 2011
Total Assets as of 12-12-2016 $707 Mil
MER %
Trailing Yield %
Fund Code
ZDVOct 2011
4.1
0.39
Benchmark
Category
S&P/TSX Composite TR
Cdn Equity Income/Dividend
34
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO Monthly High Income II F
Portfolio As of 11-30-2016Asset Allocation % Port
3.9Cash0.5Fixed Income
92.4Canadian Equity3.1US Equity0.0International Equity0.1Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
32.0Giant
23.3Large43.1Medium
1.6Small
0.0Micro
Top 5 Holdings % Assets
5.2The Toronto-Dominion Bank4.5Bank of Nova Scotia4.2Royal Bank of Canada4.1Manulife Financial Corp4.0Pembina Pipeline Corp
22.1% Portfolio in Top 5 holdings52Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
2.6 7.4 -26.9 35.9 22.2 11.8 9.0 15.6 5.1 -8.6 — Total Return %-14.6 -2.5 6.1 0.8 4.6 20.5 1.8 2.6 -5.5 -0.2 +/- Benchmark %) & * & & & * ( ) ( * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.1 2.2 43 Mth 1.7 4.1 36 Mth 5.4 8.8 31 Yr 13.8 15.5 22 Yr 2.8 4.3 33 Yr 5.0 7.2 35 Yr 7.9 7.5 310 Yr 7.8 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.84 2.63 Standard Deviation 7.83 7.21Beta 0.81 0.66 Bmrk Standard Deviation 8.34 8.43R-Squared 0.75 0.59 Upside Capture 0.79 0.77Information Ratio -0.51 0.08 Downside Capture 0.87 0.53
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -34.7Benchmark -39.0
GPAG's Take
This product, overseen by Kevin Hall and MicheleRobitaille of Guardian Capital, began its life as anincome trust offering in 1996. That said, there hasn'tbeen a big shift in the type of names the fund holdsmany former trusts that still offer attractive yields,although the entire universe of dividend paying Canadian
stocks is game for this fund. Each manager focuses on ahandful of the GICS sectors. The portfolio has barely anyforeign exposure, and management strives to keep thisoffering a bit different from plain vanilla dividend funds.The benchmark followed consists of 80% equity incomenames and 20% REITs. The fund continues to pay a
monthly distribution (which equates to a yield in the5-6% range), but investors should expect a good chunk ofthe payouts to come in the form of return of capital.
Fund Stats
Total Assets as of 11-30-2016 $1,390 Mil
MER %
Trailing Yield %
Fund Code
GGF732
5.6
0.76
Benchmark
Category
S&P/TSX Composite TR
Cdn Equity Income/Dividend
Fund Manager Michele RobitailleKevin Hall
Manager Start DateOct 2002
Fund Inception October 10, 2002
Jun 2003
35
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Signature Dividend Class F
Portfolio As of 07-31-2016Asset Allocation % Port
2.0Cash0.1Fixed Income
21.3Canadian Equity27.8US Equity13.5International Equity35.3Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
2.6Bank of Nova Scotia1.7Citigroup Inc1.7Enbridge Inc1.6Synchrony Financial1.6P�zer Inc
9.2% Portfolio in Top 5 holdings223Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
11.5 -4.6 -22.6 32.8 10.0 -0.3 10.4 16.2 12.3 -0.6 — Total Return %-5.1 -1.6 -2.9 21.3 1.9 0.5 -0.5 -8.4 -0.3 -13.0 +/- Benchmark %) ) * & * & & ) & ) & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.8 0.8 13 Mth 2.1 1.3 16 Mth 5.3 4.6 11 Yr 7.4 5.1 12 Yr 3.7 7.9 43 Yr 6.8 10.1 25 Yr 9.5 12.6 210 Yr 5.4 5.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.10 0.30 Standard Deviation 6.95 6.45Beta 0.68 0.72 Bmrk Standard Deviation 7.69 7.02R-Squared 0.56 0.62 Upside Capture 0.74 0.76Information Ratio -0.62 -0.70 Downside Capture 0.83 0.75
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -23.7Benchmark -25.2
GPAG's Take
Once upon a time, preferred shares were a staple of anyproduct that called itself a dividend fund. Today, thereare only a handful of products that have any exposure topreferreds at all. This is one of them. Signature'sinvestment grade corporate bond expert, John Shaw,handles the preferred component, which usually makesup about 30% of the portfolio, and the �rm's �nancial
services guru, John Hadwen, is a key contributor giventhat �nancial services companies make up a big part ofthe preferred market. The rest of the fund consists ofhigher yielding common stocks from Canada, the U.S.and elsewhere, and foreign exposure in the portfoliotends to be a signi�cant weighting. The composition ofthis fund means its volatility will tend to be low, but it
still has the ability to provide a decent stream of income.The allocation to preferreds also suggests that this fundmay suffer more than funds that invest entirely incommon equity in an environment of rising rates.
Fund Stats
Fund Manager John HadwenEric Bushell, B.A.
Manager Start DateOct 1999
Fund Inception July 31, 2001
Total Assets as of 09-30-2016 $1,250 Mil
MER % 1.32
Trailing Yield %
Fund Code
CIG444
Oct 1999 1.9
Benchmark
Category
Morningstar CAN Bal Glbl Agg CAD
Cdn Equity Income/Dividend
36
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Equity Income Series F
Portfolio As of 09-30-2016Asset Allocation % Port
8.6Cash0.0Fixed Income
57.3Canadian Equity31.5US Equity
1.8International Equity0.8Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
56.5Giant
31.2Large6.0Medium5.2Small
1.1Micro
Top 5 Holdings % Assets
3.9TransCanada Corp3.8Bank of Nova Scotia3.8Royal Bank of Canada2.9Canadian Imperial Bank of Commerce2.7Innergex Renewable Energy Inc
17.2% Portfolio in Top 5 holdings60Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
1.4 8.3 -24.0 31.6 23.3 10.7 6.0 13.3 8.8 2.7 — Total Return %-15.9 -1.6 9.0 -3.4 5.7 19.5 -1.2 0.4 -1.8 11.0 +/- Benchmark %) & & * & & ) ) * & ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.3 2.2 33 Mth 1.0 4.1 46 Mth 4.9 8.8 31 Yr 10.5 15.5 32 Yr 7.7 4.3 13 Yr 8.7 7.2 15 Yr 9.1 7.5 210 Yr 8.6 4.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 3.80 4.48 Standard Deviation 6.41 6.15Beta 0.61 0.53 Bmrk Standard Deviation 8.34 8.43R-Squared 0.64 0.53 Upside Capture 0.73 0.68Information Ratio 0.30 0.27 Downside Capture 0.36 0.26
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -31.9Benchmark -39.0
GPAG's Take
This is an all-equity offering that focuses on higheryielding stocks from a host of sectors, and U.S. namesnow make up a fairly large portion of the portfolio. It isoverseen by a deep team of investment professionalsthat is led by long-time Dynamic PM Oscar Belaiche. Infact, the 19 investment professionals on the equity
income team makes it by far 1832's largest. Theobjective of this portfolio is to achieve long-term annualreturns in the mid to high single digits with much of thatconsisting of distribution income. The monthly payout forthe fund equates to an annual yield of a bit less than 5%- although a good chunk of that is return of capital at this
point. This fund now has a track record in excess of tenyears and it has been a consistent creator of wealth fordevotees.
Fund Stats
Fund Manager Jason Gibbs, B.A.Oscar Belaiche, B.A.
Manager Start DateJul 2001
Fund Inception March 4, 2002
Total Assets as of 12-12-2016 $1,992 Mil
MER % 1.01
Trailing Yield %
Fund Code
DYN230
Jan 2015 4.9
Benchmark
Category
S&P/TSX Composite TR
Cdn Equity Income/Dividend
37
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Franklin Bissett Canadian Dividend Fund F
Portfolio As of 09-30-2016Asset Allocation % Port
0.7Cash0.0Fixed Income
95.9Canadian Equity2.8US Equity0.6International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
36.4Giant
23.7Large28.7Medium9.9Small
1.2Micro
Top 5 Holdings % Assets
5.9Canadian Imperial Bank of Commerce5.9Royal Bank of Canada5.7The Toronto-Dominion Bank4.7Bank of Nova Scotia4.5Bank of Montreal
26.7% Portfolio in Top 5 holdings45Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — — — — — Total Return %— +/- Benchmark %
Quartile
Compound Returns % Fund Bmark Quart
1 Mth 3.4 2.2 13 Mth 5.9 4.1 16 Mth 10.3 8.8 11 Yr — — —2 Yr — — —3 Yr — — —5 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha — — Standard Deviation — —Beta — — Bmrk Standard Deviation — —R-Squared — — Upside Capture — —Information Ratio — — Downside Capture — —
GPAG's Take
Ryan Crowther and Les Stelmach lead the effort here. Allof the stocks that end up in the portfolio are pulled fromthe Bissett's research pool. A GARP philosophy isfollowed, but management focuses on stocks withdecent dividend yields and solid dividend growthcharacteristics. The target equity yield is 1.5x thebenchmark. Valuation work is driven by DCF analysis.
The cash �ow pro�les for many businesses differsigni�cantly from their earnings pro�les due toinvestment and working capital requirements. For astock to make it into the fund it must pay a dividend andits cash �ow must be enough to support the continuedpayment of dividends. Management prefers companieswith strong balance sheets, very little leverage, and
lower amounts of capital expenditures. Firms with lowcapex are able to generate higher cash �ows andtherefore are in a better position to sustain theirdividend.
Fund Stats
Total Assets as of 11-30-2016 $734 Mil
MER %
Trailing Yield %
Fund Code
TML1020
0.0
1.22
Benchmark
Category
S&P/TSX Composite TR
Canadian Equity
Fund Manager Les Stelmach, B.A.Ryan Crowther, B.C.
Manager Start DateJun 2011
Fund Inception December 22, 2003
Dec 2012
38
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Horizons Active Preferred Share ETF Common New
Portfolio As of 11-30-2016Asset Allocation % Port
0.6Cash2.0Fixed Income0.1Canadian Equity0.0US Equity0.0International Equity
97.3Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
25.8High34.2Medium
0.0Low40.0NR/NA
Top 5 Holdings % Assets
1.7Bank of Nova Scotia Pfd1.6Toronto Dominion Bank Pfd1.4Enbridge Pfd1.4National Bank Of Canada Pfd1.3Toronto Dominion Bank Pfd
7.4% Portfolio in Top 5 holdings318Total Number of Portfolio Holdings
Performance As of 11-30-2016
89
1011121314
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — -3.8 7.1 -10.7 — Total Return %-5.8 -5.5 -1.2 0.3 4.3 +/- Benchmark %& & & * * * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.3 -0.7 23 Mth 2.0 1.5 26 Mth 6.2 5.7 31 Yr 5.9 5.6 22 Yr -4.3 -6.4 23 Yr -1.2 -2.6 25 Yr 0.9 -0.5 210 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.77 1.15 Standard Deviation 9.69 7.74Beta 0.84 0.84 Bmrk Standard Deviation 11.45 9.06R-Squared 0.98 0.97 Upside Capture 0.85 0.90Information Ratio 0.57 0.72 Downside Capture 0.79 0.77
GPAG's Take
This is an active ETF and we believe this sort of strategyin the preferred share arena is bene�cial for investorslooking to navigate the space given the volatility of thepref space at this time. The active nature of the
mandate allows for the sub advisor, Fiera Capital, to takeadvantage of areas of opportunity it sees in the market; i.e. credit downgrades, redemption potential, mispricing,etc. HPR has consistently outperformed the S&P/TSX
Preferred Share Index over the last several years. Wealso believe that HPR's slightly higher MER than itspassive competitors is justi�ed given its active nature.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception November 22, 2010
Total Assets as of 12-12-2016 $888 Mil
MER %
Trailing Yield %
Fund Code
HPRNov 2010
4.5
0.65
Benchmark
Category
S&P/TSX Preferred Share TR
Canadian Equity
39
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
IA Clarington Strategic Equity Income Fund F
Portfolio As of 10-31-2016Asset Allocation % Port
24.4Cash0.0Fixed Income
58.6Canadian Equity11.6US Equity
4.9International Equity0.5Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
39.5Giant
26.8Large25.7Medium
8.1Small
0.0Micro
Top 5 Holdings % Assets
3.1Loblaw Companies Ltd3.0Royal Bank of Canada2.9BCE Inc2.9Waste Connections Inc2.8TransCanada Corp
14.8% Portfolio in Top 5 holdings55Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — 10.8 19.6 12.5 -1.6 — Total Return %3.6 6.7 1.9 6.8 +/- Benchmark %& & & * ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.4 2.2 33 Mth 1.5 4.1 46 Mth 5.1 8.8 31 Yr 7.9 15.5 42 Yr 3.2 4.3 33 Yr 7.2 7.2 25 Yr 10.4 7.5 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.16 5.54 Standard Deviation 6.94 6.51Beta 0.66 0.56 Bmrk Standard Deviation 8.34 8.43R-Squared 0.62 0.54 Upside Capture 0.69 0.74Information Ratio 0.00 0.51 Downside Capture 0.44 0.22
GPAG's Take
Manager Dan Bastasic moved to IA Clarington fromMackenzie in June 2011. At that time, he was handedthe keys to this and a number of other funds. The focushere is on dividend-paying stocks. Bastasic valuescompanies on a going concern basis as well as on aliquidation basis. He suggests the approach is 80%
bottom up and 20% top down. The macro view helpsdetermine what the risk level in the portfolio looks like.When analyzing individual securities, the process beginsby looking at EBITDA, return on invested capital and freecash �ow. He digs deeper by taking a look at accountingpractices, management, competition, and capital
structure. Bastasic is a patient investor and has noproblem holding a good amount of cash whenopportunities are scare. We have been very pleased withhis efforts on this fund.
Fund Stats
Fund Manager Dan Bastasic
Manager Start Date
Fund Inception August 29, 2011
Total Assets as of 11-30-2016 $686 Mil
MER %
Trailing Yield %
Fund Code
CCM3503Aug 2011
1.8
0.92
Benchmark
Category
S&P/TSX Composite TR
Cdn Equity Income/Dividend
40
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Manulife Dividend Income Fund Series F New
Portfolio As of 10-31-2016Asset Allocation % Port
3.2Cash14.6Fixed Income57.7Canadian Equity20.6US Equity
0.9International Equity3.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
21.7Giant
36.2Large35.8Medium
5.2Small
1.1Micro
Top 5 Holdings % Assets
5.2Canada T-Bill 20-04-20174.3Open Text Corp3.8Brook�eld Asset Management Inc Class A3.4Restaurant Brands International Inc3.3Canadian Paci�c Railway Ltd
19.9% Portfolio in Top 5 holdings97Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — 26.6 20.6 0.0 — Total Return %13.6 10.0 8.4 +/- Benchmark %& & & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.1 2.2 43 Mth -0.5 4.1 46 Mth 6.3 8.8 31 Yr 14.7 15.5 12 Yr 7.9 4.3 13 Yr 12.5 7.2 15 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 7.46 — Standard Deviation 6.46 —Beta 0.59 — Bmrk Standard Deviation 8.34 —R-Squared 0.59 — Upside Capture 0.88 —Information Ratio 1.00 — Downside Capture 0.22 —
GPAG's Take
This offering is overseen by Toronto-based Alan Wicksand his 10-person investment team. The group has atrack record of success on multiple Manulife funds,including the �rm's �agship Monthly High Incomeoffering. Stocks are evaluated using a discounted cash
�ow approach, but the key to the process is determiningthe appropriate discount rate. This �gure will be afunction of risks related to the company, its industry, etc.That said, if they identify any uncertainty with respect toa company, they simply don't invest in it. Cash can be
high at times and management is not shy about investingin the U.S. While this fund does have an enviable trackrecord, we believe it is the team backing it that makes itworthy of our Recommended List.
Fund Stats
Total Assets as of 11-30-2016 $1,508 Mil
MER %
Trailing Yield %
Fund Code
MMF4629
1.9
1.20
Benchmark
Category
S&P/TSX Composite TR
Cdn Equity Income/Dividend
Fund Manager Alan Wicks, B.A.Jonathan Popper
Manager Start DateMar 2012
Fund Inception March 21, 2012
Mar 2012
41
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Canadian Small-CapBenchmark
S&P/TSX Composite TR
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 Dynamic Small Business Series F 1.6 1.0 7.1 20.3 16.1 9.1 9.0 — 7.5 6.9 8 — 1.332 Fidelity Canadian Opportunities Sr F -0.9 0.7 7.6 22.5 22.2 8.9 10.2 8.4 9.2 8.0 5 — 1.133 IA Clarington Canadian Small Cap F 3.4 3.4 7.5 19.6 15.8 7.5 16.0 9.0 8.4 8.2 2 — 1.354 Manulife Growth Opportunities F 1.7 3.2 7.2 8.5 6.4 6.2 7.4 5.3 12.2 12.1 9 — 1.29
S&P/TSX Composite TR 2.2 4.1 8.8 19.1 15.5 7.2 7.5 4.7 8.3 8.4 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0
4
3
21
Category Description
According to Ibbotson Associates, small cap stocks haveoutperformed large caps over the very long term. Thereare several reasons for this. First, smaller companiesoften experience a disconnect between their stock pricesand their fundamentals due to their lack of visibilitywithin the investment community. Skilled investors areable to exploit this disconnect. Second, small caps are
often thinly traded and a well-performing company cansee rapid increases in its stock price as demand grows.Finally, small cap names are not widely followed by sellside analysts, meaning shrewd investors may be able touncover outsized winners. Small cap names also cancome with higher levels of volatility, but when properlyutilized, they can enhance the return pro�le of a
portfolio. A unique bene�t of global small cap funds isthat they allows investors to get exposure to companiesthat they likley would not be able to get exposure to inany other way.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
42
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Small Business Series F
Portfolio As of 08-31-2016Asset Allocation % Port
21.5Cash0.0Fixed Income
56.8Canadian Equity21.1US Equity
0.7International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
0.0Giant
7.9Large57.1Medium28.5Small
6.5Micro
Top 5 Holdings % Assets
3.6Maple Leaf Foods Inc3.5Sleep Country Canada Holdings Inc3.2Morneau Shepell Inc3.1Seven Generations Energy Ltd3.0Waste Connections Inc
16.5% Portfolio in Top 5 holdings52Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — 2.6 6.6 11.1 9.8 -3.0 — Total Return %10.4 1.9 -1.1 4.1 7.0 +/- Benchmark %& ( ) * ( & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.6 1.4 33 Mth 1.0 1.0 46 Mth 7.1 5.9 31 Yr 16.1 14.9 12 Yr 7.6 3.3 23 Yr 9.1 4.9 25 Yr 9.0 5.5 310 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 5.57 5.25 Standard Deviation 7.46 6.88Beta 0.59 0.56 Bmrk Standard Deviation 10.07 9.56R-Squared 0.63 0.62 Upside Capture 0.75 0.72Information Ratio 0.67 0.59 Downside Capture 0.35 0.29
GPAG's Take
Management duties for this fund were handed off toTom Dicker and Steve Hall in early 2014. Oscar Belaicheand Jason Gibbs remain named PMs on the strategy, buttheir roles are more passive. The feeling was that Dickerand Hall would be very effective leads on the strategygiven their backgrounds. Dicker focuses on real estateideas; Hall brings expertise in the consumer space to thetable, and many ideas are sourced from other membersof the Dynamic's very deep equity income team. Perhapsmost notably, Jennifer Stevenson plays a key role in
picking the energy names that end up in the fund.Management looks for high quality companies that arerunning with great business models that are fairly simpleto understand. They want to invest in companies withlimited amounts of competition, solid levels of free cash�ow and a dividend is preferable, but not a requirement.If there is no dividend, management wants to be surethat the company in question is generating a solidamount of free cash �ow where the possibility of aneventual dividend introduction exists. The fund’s focus is
on companies with market caps of less than $10 billionand it rarely dabbles in names with sub-$100 millionmarket caps. The sweet spot market cap for the fund isthe $1 billion to $5 billion range. The fund has becomemore concentrated since Dicker and Hall took over, andthe hefty cash allocation that the fund had historicallyheld has been reduced.
Fund Stats
Fund Manager Tom DickerSteve Hall
Manager Start DateJan 2014
Fund Inception January 8, 2010
Total Assets as of 12-12-2016 $991 Mil
MER % 1.33
Trailing Yield %
Fund Code
DYN1287
Jan 2014 2.1
Benchmark
Category
S&P/TSX Completion
Cdn Small Cap
43
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity Canadian Opportunities Sr F
Portfolio As of 09-30-2016Asset Allocation % Port
21.5Cash2.9Fixed Income
64.6Canadian Equity2.7US Equity2.4International Equity5.9Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
4.5Giant
37.6Large24.7Medium13.3Small
19.8Micro
Top 5 Holdings % Assets
5.6Constellation Software Inc4.0Metro Inc3.6PrairieSky Royalty Ltd3.0Loblaw Companies Ltd2.5Rogers Communications Inc Class B
18.6% Portfolio in Top 5 holdings89Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
10.3 13.5 -35.8 62.5 26.4 -9.1 11.1 17.5 10.6 -7.8 — Total Return %-3.4 7.7 3.0 14.9 -3.9 -1.3 6.3 5.2 4.9 2.2 +/- Benchmark %( * & & ( * * ( & ( & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.9 1.4 43 Mth 0.7 1.0 36 Mth 7.6 5.9 11 Yr 22.2 14.9 12 Yr 8.0 3.3 13 Yr 8.9 4.9 15 Yr 10.2 5.5 210 Yr 8.4 4.4 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 5.29 6.21 Standard Deviation 9.18 8.02Beta 0.64 0.62 Bmrk Standard Deviation 10.07 9.56R-Squared 0.50 0.55 Upside Capture 0.81 0.81Information Ratio 0.53 0.73 Downside Capture 0.44 0.32
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -37.4Benchmark -40.3
GPAG's Take
Hugo Lavallee has been the lead PM on this mandatesince September 2008 and he started as co-manager in2006. A stock by stock approach is followed, but macrothemes do play a role in the process. The fund focuseson mid-cap plays, although Lavallee has the �exibility toget involved in very small or very large opportunities. Hisbenchmark is the S&P/TSX Completion Index and thefund's average market cap is more than $2 billion, socomparisons to small cap benchmarks may be a bit
misleading. To assess valuation, he considers P/E, PE/G,EV/EBITDA and P/CF. He has a slight value bias and heeven owns a few Graham/Dodd-style value names. Riskcontrol is a very important consideration and he is notcomfortable having much more than 5% of the fund’sassets in any single name but he is comfortable makingactive sector bets. He is also comfortable aggressivelyrepositioning the portfolio accordingly when he seeschallenges or opportunities on the horizon and he is not
afraid to hold signi�cant amounts of cash. Our view isthat Lavallee has been an extremely effective portfoliomanager and his bold calls have bene�tted investors.Just note that the portfolio's high level of turnover maylead to big year end capital gains distributions duringgood times.
Fund Stats
Total Assets as of 11-30-2016 $921 Mil
MER % 1.13
Trailing Yield %
Fund Code
FID615
0.6
Benchmark
Category
S&P/TSX Completion
Cdn Small Cap
Fund Manager Hugo Lavallée
Manager Start Date
Fund Inception October 10, 2000
Dec 2006
44
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
IA Clarington Canadian Small Cap F
Portfolio As of 10-31-2016Asset Allocation % Port
1.8Cash5.5Fixed Income
92.7Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
0.0Giant
0.0Large52.2Medium45.3Small
2.5Micro
Top 5 Holdings % Assets
6.1Canadian Western Bank5.5AltaGas Ltd4.5Parkland Fuel Corp4.3Lassonde Industries Inc4.3Laurentian Bank of Canada
24.7% Portfolio in Top 5 holdings48Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
11.3 10.5 -32.0 31.5 15.6 -1.8 22.0 39.6 7.6 -5.3 — Total Return %-2.5 4.7 6.8 -16.1 -14.7 6.1 17.3 27.3 1.9 4.7 +/- Benchmark %( * & ) ) & & & * ( & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 3.4 1.4 13 Mth 3.4 1.0 26 Mth 7.5 5.9 11 Yr 15.8 14.9 22 Yr 6.0 3.3 23 Yr 7.5 4.9 25 Yr 16.0 5.5 110 Yr 9.0 4.4 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 3.80 11.49 Standard Deviation 8.36 8.23Beta 0.66 0.60 Bmrk Standard Deviation 10.07 9.56R-Squared 0.63 0.49 Upside Capture 0.67 0.92Information Ratio 0.41 1.51 Downside Capture 0.35 0.01
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -33.0Benchmark -40.3
GPAG's TakeThe team from QV Investors that oversees this fundhunts for quality companies, all of which have to have amarket cap less than the average market cap of the BMOSmall Cap index (about $2 billion currently). A number ofthe names in the fund have grown into much biggercompanies, and management is ok with that. Theapproach can accurately be described as being GARP.
Companies with steady ROEs, low debt levels, strongmanagement and reasonable valuations are idealcandidates for the portfolio. Joe Jugovic and Ian Cookehave the �nal say in terms of what makes it into thefund. Management has a list of portfolio objectives thatit believes will lead to superior performance over time.These include maintaining: (1) overall valuation at a more
attractive level than the benchmark; (2) a portfolio withbetter growth characteristics than the benchmark, and;(3) better credit quality overall than the benchmark.Additionally, when dealing with smaller �rms, companymanagement is always a crucial consideration.
Fund Stats
Fund Manager Joe JugovicIan Cooke, B.A./B.S.
Manager Start DateJun 2008
Fund Inception July 5, 2004
Total Assets as of 11-30-2016 $982 Mil
MER % 1.35
Trailing Yield %
Fund Code
CCM1450
Jan 2003 1.0
Benchmark
Category
S&P/TSX Completion
Cdn Small Cap
45
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Manulife Growth Opportunities Fund Series F
Portfolio As of 10-31-2016Asset Allocation % Port
0.8Cash1.9Fixed Income
89.9Canadian Equity2.8US Equity2.6International Equity2.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
0.0Giant
0.0Large35.6Medium60.3Small
4.1Micro
Top 5 Holdings % Assets
4.0AGT Food and Ingredients Inc4.0Richelieu Hardware Ltd3.8Parex Resources Inc3.2Crew Energy Inc3.1Chemtrade Logistics Income Fund
18.2% Portfolio in Top 5 holdings137Total Number of Portfolio Holdings
Performance As of 11-30-2016
47
1013161922
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
11.3 5.4 -39.7 59.7 31.1 -14.6 -0.4 27.5 6.8 0.2 — Total Return %-2.5 -0.4 -0.9 12.0 0.7 -6.8 -5.2 15.3 1.0 10.2 +/- Benchmark %( ( * * * ( ) * * & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.7 1.4 33 Mth 3.2 1.0 26 Mth 7.2 5.9 21 Yr 6.4 14.9 42 Yr 2.9 3.3 33 Yr 6.2 4.9 25 Yr 7.4 5.5 310 Yr 5.3 4.4 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.42 1.86 Standard Deviation 12.20 12.12Beta 1.00 1.05 Bmrk Standard Deviation 10.07 9.56R-Squared 0.68 0.69 Upside Capture 0.96 1.04Information Ratio 0.18 0.29 Downside Capture 0.85 0.89
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -42.0Benchmark -40.3
GPAG's Take
Manager Ted Whitehead seeks companies that underpromise and over deliver, and to that end, his approachcombines a quantitative screen with fundamentalanalysis. He focuses on mid cap names, although thereare a number of smaller ideas in the portfolio. The stocksin Whitehead's universe are �rst sorted from best toworst using metrics such as P/B ratio, price momentum,earnings revisions and earnings surprises. The bias is for
growth companies. These quantitative factors are usedbecause back testing indicates that favourable numberstend to lead to value creation. The names are re-sortedby sector, basic fundamental analysis is conducted, andthe top names from each sector are scrutinized further.Ultimately, the portfolio will have representation from allsectors. To control risk, Whitehead limits sector weightsto +/-3% versus the benchmark and individual stocks
weightings remain within 2% of the benchmark. Hetypically monitors between 100 and 125 names and thereare usually about 90 stocks in the portfolio. Liquidity isan important consideration and the fund's foreign equityexposure will not exceed 10% to ensure it remains in theCanadian Focused Small Cap category.
Fund Stats
Total Assets as of 11-30-2016 $531 Mil
MER % 1.29
Trailing Yield %
Fund Code
MMF688
0.6
Benchmark
Category
S&P/TSX Completion
Cdn Small Cap
Fund Manager Ted Whitehead, B.C.
Manager Start Date
Fund Inception January 4, 2002
Nov 1998
46
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Canadian Fixed IncomeBenchmark
BofAML Canada Broad Market TR CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 BMO Aggregate Bond ETF -2.0 -2.7 -0.1 2.0 3.2 4.4 3.4 — 4.0 3.7 — 8 0.212 Dynamic Canadian Bond Series F -0.8 -0.6 0.2 1.3 1.7 2.7 2.7 — 2.2 2.3 — 5 0.853 Fidelity Canadian Bond Sr F -2.0 -2.6 0.0 2.2 3.1 4.2 3.4 4.4 3.9 3.6 — 8 0.674 Horizons Active Corporate Bond ETF Comm -1.2 -1.1 1.6 3.9 4.4 4.1 4.3 — 3.1 3.0 — 5 0.605 PH&N Total Return Bond F -2.0 -2.6 0.1 2.7 3.7 4.6 3.8 — 4.0 3.6 — 8 0.616 TD Canadian Bond - F -2.0 -2.6 0.0 2.2 3.2 4.0 3.3 4.5 3.7 3.5 — 8 0.617 Vanguard Canadian Short-Term Bond ETF -0.5 -0.3 0.3 0.8 1.3 2.0 2.0 — 1.4 1.3 — 1 0.11
BofAML Canada Broad Market TR CAD -2.1 -2.9 -0.1 2.2 3.4 4.8 3.7 4.8 4.1 3.8 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
1.4 1.8 2.2 2.6 3.0 3.4 3.8 4.2 4.6 5.0
6
5
4
3
2
1
Category Description
High quality domestic bonds generally have low levels ofcorrelation versus equities and a fund of suchinstruments can be an effective portfolio diversi�er.Given how razor thin yields are at this point, fees are animportant consideration when assessing bond funds, butour view is that talented managers do exist in this spaceand value can be added by an active manager. We often
use a simple analogy when describing the bene�t ofbonds in a portfolio. Imagine that the portfolio is a car.The engine is the equity component that drives the car,or the portfolio, forward. In the event of a crash, it paysto have some protection in the form of seatbelts, airbags,etc. Using the car analogy, the protection comes in theform of the bond component. It is important to
remember, however, that bond prices have an inverserelationship with interest rates. In a rising rateenvironment, it is possible for bond funds to go down invalue.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
47
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO Aggregate Bond Index ETF New
Portfolio As of 11-30-2016Asset Allocation % Port
0.8Cash99.2Fixed Income
0.0Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
66.6High31.8Medium
0.0Low0.9NR/NA
Top 5 Holdings % Assets
21.5BMO Short Federal Bond ETF16.5BMO Long Provincial Bond ETF15.4BMO Short Corporate Bond ETF10.0BMO Mid Provincial Bond ETF
8.3BMO Short Provincial Bond ETF
71.7% Portfolio in Top 5 holdings752Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — 7.0 3.7 -1.1 6.9 2.2 — Total Return %-2.6 1.5 1.2 -0.5 -1.5 +/- Benchmark %& ( ( & & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -2.0 -2.1 33 Mth -2.8 -3.1 36 Mth -0.1 -1.0 31 Yr 3.2 1.7 22 Yr 3.1 2.4 13 Yr 4.4 3.6 15 Yr 3.4 2.5 210 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.81 0.96 Standard Deviation 3.88 3.63Beta 0.97 0.98 Bmrk Standard Deviation 3.85 3.52R-Squared 0.92 0.91 Upside Capture 1.02 1.07Information Ratio 0.70 0.89 Downside Capture 0.80 0.84
GPAG's Take
BMO slashed it he management fee on ZAG in 2016making it a very appealing option for investors lookingfor exposure to the Canadian broad bond market. For a
management for of only 9bps, ZAG is now the cheapestETF of its kind. It also trades very well, generally withpenny-wide spreads.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception January 19, 2010
Total Assets as of 12-12-2016 $2,115 Mil
MER %
Trailing Yield %
Fund Code
ZAGJan 2010
3.1
0.21
Benchmark
Category
Citi Canadian GBI CAD
Canadian Fixed Income
48
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Canadian Bond Series F
Portfolio As of 08-31-2016Asset Allocation % Port
8.6Cash91.3Fixed Income
0.0Canadian Equity0.0US Equity0.0International Equity0.1Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
58.0High39.2Medium
0.0Low1.2NR/NA
Top 5 Holdings % Assets
5.1Canada Govt 4.25% 01-12-20215.1Canada Govt 0.25% 01-05-20184.4Ontario Prov Cda 2.85% 02-06-20234.4Ontario Prov Cda 3.15% 02-06-20223.3Quebec Prov Medium Term Nt Cds 2.75%
01-09-2025
22.3% Portfolio in Top 5 holdings190Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — 7.8 3.7 -0.2 5.2 2.3 — Total Return %-1.8 1.5 2.1 -2.2 -1.5 +/- Benchmark %* * & ) * ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.8 -2.1 13 Mth -0.6 -3.1 16 Mth 0.2 -1.0 21 Yr 1.7 1.7 42 Yr 1.8 2.4 33 Yr 2.7 3.6 45 Yr 2.7 2.5 310 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.61 0.94 Standard Deviation 2.22 2.31Beta 0.47 0.55 Bmrk Standard Deviation 3.85 3.52R-Squared 0.67 0.70 Upside Capture 0.49 0.66Information Ratio -0.40 0.10 Downside Capture 0.19 0.34
GPAG's Take
Manager Michael McHugh has been at the helm of thisfund since 1998 and he has provided investors withconsistent returns while keeping volatility at low levelsrelative to this fund's peer group. The approach relies ontechnical analysis and focuses on shifts in both durationand the yield curve. McHugh believes that fundamentalanalysis leaves room for subjective errors so having anobjective tool is important. Domenic Bellissimo and Bill
Kim work closely with McHugh and the team leveragesthe efforts of 1832's newly-formed credit research group.The portfolio’s corporate bond weighting is dependentupon economic conditions and market perceptions.Government bonds are seen as being safe haven vehiclesand the primary decision is whether or not to overweightcredit. If the credit pro�le of a company is improving, itsweighting will be increased. Relative value trades are
another part of the approach and McHugh feels that theoverlapping of strategies has allowed him to uncoveropportunities on an ongoing basis. The fund has beenrunning with a low duration for some time, so returnsversus the benchmark have been challenged, but lowduration also means investors will have some protectionin a rising rate environment.
Fund Stats
Fund Manager Michael McHugh, M.A.
Manager Start Date
Fund Inception January 11, 2010
Total Assets as of 12-12-2016 $1,614 Mil
MER %
Trailing Yield %
Fund Code
DYN1342Nov 1998
3.1
0.85
Benchmark
Category
Citi Canadian GBI CAD
Canadian Fixed Income
49
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity Canadian Bond Sr F
Portfolio As of 10-31-2016Asset Allocation % Port
0.6Cash99.4Fixed Income0.0Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
52.7High45.6Medium0.0Low1.3NR/NA
Top 5 Holdings % Assets
3.2Ontario Prov Cda 4.2% 02-06-20202.8Ontario Prov Cda 2.85% 02-06-20232.5Canada Govt 5.75% 01-06-20332.2Canada Govt 5% 01-06-20371.9Ontario Prov Cda 2.6% 02-06-2025
12.5% Portfolio in Top 5 holdings520Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
3.6 2.7 4.7 7.1 6.7 8.8 4.0 -1.5 8.3 2.7 — Total Return %0.1 -2.3 -7.3 8.8 0.5 -0.8 1.8 0.8 0.8 -1.0 +/- Benchmark %& & & * * & * ( & & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -2.0 -2.1 33 Mth -2.6 -3.1 36 Mth 0.0 -1.0 31 Yr 3.1 1.7 22 Yr 2.7 2.4 13 Yr 4.2 3.6 15 Yr 3.4 2.5 110 Yr 4.4 4.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.64 0.96 Standard Deviation 3.89 3.63Beta 0.96 0.98 Bmrk Standard Deviation 3.85 3.52R-Squared 0.90 0.91 Upside Capture 0.98 1.06Information Ratio 0.46 0.86 Downside Capture 0.79 0.82
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund 1.9Benchmark 6.6
GPAG's Take
Catriona Martin and Sri Tella head up Fidelity's Canadian�xed income efforts and work closely together on thismandate. The team of credit and quant analysts backingthe two PMs is very deep as well. The talents ofFidelity’s broader �xed income team are also leveragedwherever possible and management has the bene�t ofbeing able to tap into Fidelity’s huge pool of equity
analysts when working on credit. The fund is duration-neutral for the most part and it is almost alwaysoverweighted in spread products such as corporates,provincials, etc. The logic there is that if you start outwith more yield, you don’t have to do much to win.Management does not make top down rate or curve betsand trades are made opportunistically. There are
typically 100 to 150 securities in the portfolio. Thesources of value-add for the fund as are as follow: sectorselection – 60% to 80%; security selection – 10% to30%; yield curve positioning; 0% to 10%.
Fund Stats
Total Assets as of 11-30-2016 $10,826 Mil
MER %
Trailing Yield %
Fund Code
FID633
2.6
0.67
Benchmark
Category
Citi Canadian GBI CAD
Canadian Fixed Income
Fund Manager Catriona MartinSrikanth Tella
Manager Start DateApr 2015
Fund Inception October 10, 2000
Jul 2007
50
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Horizons Active Corporate Bond ETF Common New
Portfolio As of 11-30-2016Asset Allocation % Port
0.7Cash99.3Fixed Income
0.0Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
12.4High81.4Medium
1.9Low2.4NR/NA
Top 5 Holdings % Assets
2.2Bk N S Halifax FRN 18-10-20241.6Hm Tr 3.4% 10-12-20181.6Lavalin Innisfree Mcgill 6.63% 30-06-20441.5Health Montreal Cl 144A 6.721% 30-09-20491.4Cibc Cap Tr FRN 30-06-2108
8.3% Portfolio in Top 5 holdings165Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — 7.0 3.7 -1.1 6.9 2.2 — Total Return %-2.6 1.5 1.2 -0.5 -1.5 +/- Benchmark %( & & ( * & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -1.4 -2.1 13 Mth -1.4 -3.1 16 Mth 1.3 -1.0 11 Yr 4.3 1.7 12 Yr 3.0 2.4 13 Yr 4.1 3.6 15 Yr 4.1 2.5 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.42 2.04 Standard Deviation 3.21 3.16Beta 0.68 0.73 Bmrk Standard Deviation 3.85 3.52R-Squared 0.65 0.65 Upside Capture 0.77 0.96Information Ratio 0.22 0.78 Downside Capture 0.35 0.43
GPAG's Take
This is an actively managed ETF which is overseen byFiera Capital. To achieve the ETF’s investment objectives,the Fiera uses technical, macro-economic andfundamental credit research to select companies that,
based on growth prospects for the company and itsindustry, are believed to offer superior risk adjustedreturns. Management also has the �exibility to makecalls on duration and yield curve positioning. We believe
this �exibility justi�es the slightly higher cost this ETFhas versus its primary passive competitor, XCB.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception July 14, 2010
Total Assets as of 12-12-2016 $525 Mil
MER %
Trailing Yield %
Fund Code
HABJul 2010
3.4
0.60
Benchmark
Category
Citi Canadian GBI CAD
Canadian Fixed Income
51
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
PH&N Total Return Bond F
Portfolio As of 11-30-2016Asset Allocation % Port
3.7Cash96.3Fixed Income
0.0Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
62.6High29.6Medium
0.7Low5.9NR/NA
Top 5 Holdings % Assets
5.2Ontario Prov Cda 7.6% 02-06-20274.4Canada Govt 0.75% 01-09-20213.8Canada Govt 0.5% 01-03-20222.7Ontario Prov Cda 3.5% 02-06-20432.4Ontario Prov Cda 6.2% 02-06-2031
18.5% Portfolio in Top 5 holdings1,741Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Calendar Year
— — 0.9 11.2 6.5 8.1 3.9 -1.0 8.6 3.1 — Total Return %-11.1 12.9 0.3 -1.4 1.7 1.3 1.1 -0.6 +/- Benchmark %
( & * * * * & & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -2.0 -2.1 33 Mth -2.6 -3.1 36 Mth 0.1 -1.0 21 Yr 3.7 1.7 12 Yr 3.2 2.4 13 Yr 4.6 3.6 15 Yr 3.8 2.5 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.06 1.33 Standard Deviation 3.98 3.59Beta 0.97 0.96 Bmrk Standard Deviation 3.85 3.52R-Squared 0.89 0.88 Upside Capture 1.01 1.06Information Ratio 0.77 1.05 Downside Capture 0.71 0.72
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -2.2Benchmark 6.6
GPAG's Take
PH&N is one of Canada’s largest bond managers and the�rm was acquired by RBC in 2008. The company's �xedincome desk has been in existence since 1984 and morethan 30 investment professionals contribute to thecause. The primary objective at PH&N is to add valuewhile controlling risk. The Will John-led managementteam backing this fund has no trouble getting veryconservative when deemed appropriate. Management
aims to exploit differences between its economic andmarket outlook and the market’s. This is done by playingthe yield curve and through active duration calls. Oncethe market call has been established, managementconsiders the issuers it is interested in and extensiveresearch is conducted during the security selectionprocess. PH&N also has developed a proprietary risk-management system, BondLab. This helps to increase
�exibility and transparency and allows for improvedperformance attribution. This fund builds on PH&N’splain vanilla bond mandates in that it is enabled to usederivatives to implement strategies where appropriate. Itcan have up to 70% of its assets in credit, and it mayhold a bit of high yield through the PH&N High YieldBond fund. Fees on this mandate are also razor thin.
Fund Stats
Fund Manager PH&N Team
Manager Start Date
Fund Inception June 29, 2007
Total Assets as of 12-12-2016 $8,048 Mil
MER %
Trailing Yield %
Fund Code
RBF5340Oct 2015
2.6
0.61
Benchmark
Category
Citi Canadian GBI CAD
Canadian Fixed Income
52
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
TD Canadian Bond - F
Portfolio As of 06-30-2016Asset Allocation % Port
8.0Cash91.5Fixed Income
0.0Canadian Equity0.0US Equity0.0International Equity0.5Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
59.2High32.4Medium
0.0Low8.4NR/NA
Top 5 Holdings % Assets
3.3Canada Govt 3.5% 01-12-20453.1Canada Govt 4% 01-06-20412.8Canada Govt 5% 01-06-20372.0Ontario Prov Cda 2.9% 02-12-20461.8Ontario Prov Cda 5.6% 02-06-2035
13.0% Portfolio in Top 5 holdings225Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
3.0 2.2 3.0 10.4 6.7 8.9 4.0 -1.4 7.8 2.7 — Total Return %-0.5 -2.8 -9.0 12.1 0.6 -0.7 1.8 0.8 0.4 -1.0 +/- Benchmark %( * ( & * & * * * & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -2.0 -2.1 23 Mth -2.6 -3.1 36 Mth 0.0 -1.0 21 Yr 3.2 1.7 22 Yr 2.7 2.4 13 Yr 4.0 3.6 15 Yr 3.3 2.5 210 Yr 4.5 4.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.61 0.93 Standard Deviation 3.73 3.48Beta 0.93 0.94 Bmrk Standard Deviation 3.85 3.52R-Squared 0.92 0.92 Upside Capture 0.95 1.03Information Ratio 0.38 0.84 Downside Capture 0.75 0.79
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund 0.1Benchmark 6.6
GPAG's Take
Rob Pemberton, head of TDAM's �xed income group,oversees this mandate on a day-to-day basis, and theeffort is supported by a deep team of fundamental andquant analysts. The objective here is to achieve superiorrisk-adjusted returns with consistency and sustainabilityover the long term. The �rst step of the process is toestablish a long-term macroeconomic outlook.Management then puts its quantitative toolkit to work.
Here, risks and opportunities are measured, correlationsand volatility are evaluated and detailed risk/returnmodels are developed. Next, management ensures theproper risk management elements are in place. Once thispart of the process is completed, the securitiessometimes just fall into place. When it comes tocorporate debt, securities are typically held to maturityand issues with more than 10 years to maturity are not
purchased. Duration is never changed quickly, and anyshifts are taken care of by fund �ows. The durationposition is intended to exploit a 10-year trend. Corporatedebt has almost always been a huge overweight,typically making up 50% to 70% of assets. The allocationto credit is so high because these issues pay juicer yieldsthan government bonds.
Fund Stats
Fund Manager Rob Pemberton
Manager Start Date
Fund Inception November 1, 2000
Total Assets as of 11-30-2016 $15,533 Mil
MER %
Trailing Yield %
Fund Code
TDB406Dec 2013
2.7
0.61
Benchmark
Category
Citi Canadian GBI CAD
Canadian Fixed Income
53
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Vanguard Canadian Short-Term Bond Index ETF New
Portfolio As of 10-31-2016Asset Allocation % Port
0.0Cash100.0Fixed Income
0.0Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
79.5High19.7Medium0.0Low0.8NR/NA
Top 5 Holdings % Assets
3.7Canada Govt 3.75% 01-06-20192.9Canada Govt 1.25% 01-02-20182.6Canada Govt 0.75% 01-03-20212.6Canada Govt 0.75% 01-09-20212.6Canada Govt 0.25% 01-05-2018
14.5% Portfolio in Top 5 holdings338Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — 1.7 1.1 2.4 1.8 — Total Return %0.7 0.2 -1.7 -1.8 +/- Benchmark %* & * & ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.5 -1.0 33 Mth -0.4 -1.1 36 Mth 0.4 -0.6 31 Yr 1.2 0.3 22 Yr 1.6 1.6 13 Yr 2.0 2.2 15 Yr 1.9 1.9 210 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.44 0.46 Standard Deviation 1.45 1.39Beta 0.57 0.59 Bmrk Standard Deviation 2.20 2.01R-Squared 0.78 0.73 Upside Capture 0.66 0.73Information Ratio -0.18 -0.01 Downside Capture 0.30 0.40
GPAG's Take
VSB is the cheapest Canadian short term bond ETF outthere. The ETF uses an index sampling strategy thatholds over 300 bonds with about 70% of that in
government and 30% in corporates. VSB tracks theBloomberg Barclays Global Aggregate Canadian Credit1-5 Year Float Adjusted Bond Index. This ETF trades very
well so investors should have no trouble getting in andout of positions.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception November 30, 2011
Total Assets as of 12-12-2016 $794 Mil
MER %
Trailing Yield %
Fund Code
VSBNov 2011
2.4
0.11
Benchmark
Category
Citi Canadian GBI 3-5 Yr CAD
Canadian Fixed Income
54
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
High Yield BondBenchmark
Barclays Global High Yield TR CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 Fidelity American High Yield Curr Neut F -0.3 0.1 4.6 10.2 7.4 3.8 6.8 6.2 5.4 5.2 4 6 1.102 Horizons Active High Yield Bond ETF Comm 0.0 1.0 6.6 13.3 10.4 3.7 — — 6.1 — — 6 0.703 Mackenzie Corp Bond F -0.5 0.4 4.7 10.2 7.2 2.8 5.6 5.2 5.3 4.7 2 6 0.984 PIMCO Monthly Income F -0.4 0.7 3.3 6.6 5.7 5.6 9.6 — 2.8 3.9 — — 0.84
Barclays Global High Yield TR CAD -1.3 1.3 7.2 8.7 11.2 11.9 13.6 9.0 7.4 6.3 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
4
3
2
1
Category Description
The high yield bond universe consists of corporate debtissues that are rated BB or lower. These issues comewith a higher risk of default versus investment gradeissues, but in exchange for that higher level of risk,
investors earn a higher yield. High yield bonds typicallyhave a low correlation to both equities and investmentgrade bonds. Note that the Canadian high yield market isvery small and most funds in this category invest heavily
in the U.S. and abroad. You will �nd that most productsin the category tend to hedge a signi�cant portion oftheir foreign currency exposure.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
55
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity American High Yield Curr Neut F
Portfolio As of 09-30-2016Asset Allocation % Port
6.2Cash90.9Fixed Income
0.0Canadian Equity1.5US Equity0.2International Equity1.2Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
0.0High6.7Medium
68.9Low24.2NR/NA
Top 5 Holdings % Assets
1.7Gmac 8% 01-11-20311.3Apx Grp 8.75% 01-12-20201.0Engy Future Intl Hldg 11.75% 01-03-20220.9Mhge Parent LLC/Fin 144A 8.5% 01-08-20190.9Ally Finl 5.75% 20-11-2025
5.8% Portfolio in Top 5 holdings638Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— 0.1 -21.6 44.1 12.9 3.7 14.9 6.2 3.7 -2.7 — Total Return %12.6 -13.0 8.7 4.1 -2.0 -2.1 -8.4 -5.3 -19.3 +/- Benchmark %* ( & & ( & * * ( * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.3 -1.3 23 Mth 0.1 1.3 26 Mth 4.6 7.2 21 Yr 7.4 11.2 22 Yr 3.0 12.1 23 Yr 3.8 11.9 35 Yr 6.8 13.6 110 Yr 6.2 9.0 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.43 3.52 Standard Deviation 5.44 5.20Beta 0.16 0.20 Bmrk Standard Deviation 7.39 6.34R-Squared 0.05 0.06 Upside Capture 0.37 0.47Information Ratio -1.00 -0.95 Downside Capture 0.50 0.28
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -19.3Benchmark -5.9
GPAG's Take
Fidelity runs more high yield bond money than just aboutany other company in the world - roughly U.S. $70 billion- and its 30+ person high yield team is as deep as you'll�nd anywhere. The PM on this product is Harley Lank. Heis very much a bottom-up investor and it is crucial for himto understand the business he's looking at, its industryand its management. There are too many factors to keyin on when looking at things from the top down so hefocuses on bottom up research. Lank recognizes that
playing the high yield space is all about understanding acompany’s ability to cover its debt obligations. Heassesses the fund on a yield basis rather than on ratingbasis because ratings agencies often lag the market.He’ll be an aggressive manager from time to time but hegoes where there’s value. A key advantage for the highyield team is that it is located in Boston. That's wheremost of Fido's equity analysts and PMs are based, so anytime a company's executives come through the doors, the
high yield team is able to participate in any meeting. Inaddition, the team is able to leverage the efforts ofFidelity's equity research team. This fund invests entirelyin the debt issues of American companies and Fidelityoffers a currency neutral version of this fund. Our view isthat the currency neutral version is the ideal option formost clients.
Fund Stats
Fund Manager Harley Lank, M.B.A.
Manager Start Date
Fund Inception November 6, 2006
Total Assets as of 11-30-2016 $528 Mil Mil
MER %
Trailing Yield %
Fund Code
FID1655Aug 2007
5.1
1.10
Benchmark
Category
Barclays Global High Yield TR CAD
High Yield Bond
56
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Horizons Active High Yield Bond ETF Common New
Portfolio As of 11-30-2016Asset Allocation % Port
0.4Cash99.5Fixed Income
0.0Canadian Equity0.1US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
3.2High5.9Medium
73.0Low17.0NR/NA
Top 5 Holdings % Assets
2.0Sprint Nextel 6% 15-11-20221.9Hca 5.875% 15-03-20221.6Sprint 7.625% 15-02-20251.6T Mobile Usa 6.625% 01-04-20231.5Jbs Invts Gmbh 144A 7.75% 28-10-2020
8.8% Portfolio in Top 5 holdings186Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — 4.5 4.5 0.5 — Total Return %-10.0 -4.5 -16.2 +/- Benchmark %& ( ) & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.4 -1.3 13 Mth 0.2 1.3 26 Mth 5.7 7.2 11 Yr 10.7 11.2 12 Yr 2.4 12.1 23 Yr 3.2 11.9 35 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.83 — Standard Deviation 5.82 —Beta 0.17 — Bmrk Standard Deviation 7.39 —R-Squared 0.05 — Upside Capture 0.40 —Information Ratio -1.04 — Downside Capture 0.76 —
GPAG's Take
HYI is an actively managed high yield ETF. The sub-advisor, Fiera Capital, uses a combination of top-downand bottom-up analysis in order to achieve the fund's
objectives. More speci�cally, the investment team willseek to generate value where they feel they can takeadvantage of opportunities whether from their
positioning across the credit spectrum, security analysisand active duration management.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception February 14, 2012
Total Assets as of 12-12-2016 $88 Mil
MER %
Trailing Yield %
Fund Code
HYIFeb 2012
5.8
0.70
Benchmark
Category
Barclays Global High Yield TR CAD
High Yield Bond
57
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mackenzie Corporate Bond Fund - F
Portfolio As of 09-30-2016Asset Allocation % Port
3.2Cash93.5Fixed Income
0.5Canadian Equity1.6US Equity0.0International Equity1.2Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
0.0High27.7Medium54.5Low13.8NR/NA
Top 5 Holdings % Assets
2.8Cenovus Engy 6.75% 15-11-20391.4Brook�eld Res Pptys 144A 6.5% 15-12-20201.4Fairfax Finl Hldgs 7.375% 15-04-20181.2Fairfax Finl Hldgs 7.5% 19-08-20191.1Molson Coors Intl 3.95% 06-10-2017
7.9% Portfolio in Top 5 holdings366Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
9.2 0.3 -16.6 30.3 12.0 5.0 12.2 5.9 1.9 -3.7 — Total Return %-4.0 12.8 -8.1 -5.0 3.2 -0.7 -4.8 -8.7 -7.1 -20.4 +/- Benchmark %& * ( * & & * * ) ( * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.5 -1.3 23 Mth 0.4 1.3 26 Mth 4.7 7.2 21 Yr 7.2 11.2 22 Yr 1.9 12.1 33 Yr 2.8 11.9 35 Yr 5.6 13.6 210 Yr 5.2 9.0 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.02 3.20 Standard Deviation 5.30 4.75Beta 0.11 0.13 Bmrk Standard Deviation 7.39 6.34R-Squared 0.02 0.03 Upside Capture 0.32 0.40Information Ratio -1.09 -1.11 Downside Capture 0.57 0.30
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -12.8Benchmark -5.9
GPAG's Take
The Paul Scanlon-led team at Boston-based PutnamInvestments picked up the duties on this fund in early2011. Like Mackenzie, Putnam is controlled by PowerCorp. and the group behind this fund has been running asimilar product for Investors Group since 2008. Putnamruns more than U.S. $11 billion in high yield bond assets
and a team of roughly 20 investment professionalscovers the asset category for the �rm. The approach isvery process-driven and the team meets regularly todiscuss positioning. Half of the fund is in Canadianissues, the balance is in U.S. issues and all of the foreigncurrency exposure is hedged back into CAD, by policy.
The team behind this fund has a tremendous amount ofdepth, breadth, and experience - including in theCanadian market - and we believe this fund represents agood pure play option within the high yield bondcategory.
Fund Stats
Total Assets as of 11-30-2016 $987 Mil
MER %
Trailing Yield %
Fund Code
MFC056
4.7
0.98
Benchmark
Category
Barclays Global High Yield TR CAD
High Yield Bond
Fund Manager Paul Scanlon, M.B.A.Norman Boucher, M.B.A.
Manager Start DateJun 2011
Fund Inception November 3, 2000
Jun 2011
58
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
PIMCO Monthly Income F New
Portfolio As of 09-30-2016Asset Allocation % Port
0.0Cash99.4Fixed Income0.6Canadian Equity0.0US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Fixed Income Style
Ltd Mod ExtHigh
Medium Low
Credit Quality %
18.3High5.2Medium
30.3Low46.2NR/NA
Top 5 Holdings % Assets
10.7Fin Fut Us 10yr Cbt 12/20/16 21-12-20168.3Irs Aud 4.00000 03/15/13-10y Cme
15-03-20233.9Fin Fut Us 5yr Cbt 12/30/16 31-12-20163.8Canada T-Bill 26-01-20173.1Cdx Hy25 5y Ice 20-12-2020
29.7% Portfolio in Top 5 holdings1,239Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — 24.6 6.8 7.1 2.8 — Total Return %22.6 2.9 -2.6 -13.4 +/- Benchmark %& & * * & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.4 -3.7 13 Mth 0.7 -3.8 16 Mth 3.3 -0.4 11 Yr 5.7 4.1 12 Yr 4.1 7.8 23 Yr 5.6 8.0 25 Yr 9.6 6.2 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 5.37 9.13 Standard Deviation 2.82 3.88Beta -0.08 -0.11 Bmrk Standard Deviation 8.91 7.49R-Squared 0.06 0.05 Upside Capture 0.17 0.35Information Ratio -0.25 0.38 Downside Capture -0.43 -0.83
GPAG's Take
PIMCO, the US$1.6 trillion Newport Beach, California-based money management �rm has just about all of itsassets in bonds or similar vehicles, and virtually all ofcompany's 700 investment professionals spend most oftheir time focused on the space. To suggest the �rm isperhaps the global subject matter expert is reasonable.The company offers a suite of products to Canadians,and we believe this one is the most compelling offering(it is, by far, the �rm's biggest fund as well). The fundstrives to generate a monthly income equal to about
4-4.5% annually. Half of the exposure is to higheryielding assets and the other half is in higher qualityassets that are a bit more defensive. Derivatives areused liberally to provide the exposure the PMs arelooking for. Duration can range from zero to eight years,it can have up to 50% in HY bonds and up to 20% in EMbonds. Additionally, at least 90% of its currencyexposure must be hedged back to CAD. The fund is moreconservative than a typical HY bond fund and it is notsubject to big currency swings, like many global bond
funds are. At this time, duration is under three years andthe bulk of the exposure is to mortgage bonds andsovereign debt at this time. The fund has CIFSC classi�esthis as a global bond fund, but we are placing it amongthe two high yield bond funds on the Recommended List.Frankly speaking, this fund is quite unique and de�esclassi�cation.
Fund Stats
Total Assets as of 12-12-2016 $9,134 Mil
MER %
Trailing Yield %
Fund Code
PMO205
6.0
0.84
Benchmark
Category
Barclays Global Aggregate TR CAD
High Yield Bond
Fund Manager Alfred Murata, Ph.D.Daniel Ivascyn, M.B.A.
Manager Start DateJan 2011
Fund Inception January 20, 2011
Jan 2011
59
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
U.S. EquityBenchmark
S&P 500 TR (Bank of Canada) CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 AGF American Growth Class Series F 3.3 4.0 7.5 2.2 4.7 14.8 19.0 8.3 15.0 13.4 7 — 1.222 BMO US Dividend ETF (CAD) 4.9 6.3 14.0 19.5 23.0 22.0 — — 9.1 — 1 — 0.333 Dynamic Power American Growth Ser F -0.8 -3.0 3.3 -10.2 -9.0 9.9 13.1 9.5 19.6 17.9 8 — 1.314 Epoch US Large-Cap Value - F 4.5 4.9 9.1 3.8 4.6 14.7 19.0 6.9 12.0 10.4 4 — 1.095 Fidelity Small Cap America Sr F 2.4 -1.2 -0.1 -1.7 0.0 14.9 23.0 11.4 12.4 11.2 9 — 1.176 Franklin Mutual US Shares F 4.3 5.0 10.1 13.8 11.3 9.2 14.3 3.6 9.9 9.5 1 — 1.467 Horizons S&P 500 ETF 3.8 4.2 8.4 6.2 8.2 17.4 20.6 — 10.7 10.2 4 — 0.148 Mackenzie US Mid Cap Growth Cl F 4.5 4.8 11.7 13.0 12.5 14.1 17.9 11.9 11.8 11.0 8 — 1.339 RBC O'Shaughnessy US Value Sr F 9.3 8.6 13.8 13.5 7.0 6.3 14.3 5.0 13.6 12.6 1 — 0.94
S&P 500 TR (Bank of Canada) CAD 3.9 4.2 8.6 6.5 8.8 18.0 20.9 8.6 10.4 9.5 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
26.0
23.0
20.0
17.0
14.0
11.0
8.0
5.0
2.0
-1.0
-7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0
9
8
7
6
5
4
3
2
1
Category Description
Because non-Canadian equity markets are subject todifferent earnings dynamics, interest rates, �scalpolicies, regulations, demographics, market dynamics,saving rates, energy self suf�ciency, etc., they can
behave differently than the Canadian equity market,meaning they have the ability to enhance portfoliodiversi�cation. The U.S. equity market is by far theworld’s largest as measured by market cap, and many of
the worlds’ best known and most respected companiesare domiciled in the U.S.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
60
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
AGF American Growth Class Series F
Portfolio As of 11-30-2016Asset Allocation % Port
2.2Cash0.0Fixed Income0.0Canadian Equity
97.8US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
19.7Giant
50.9Large27.0Medium
2.4Small
0.0Micro
Top 5 Holdings % Assets
5.6Amazon.com Inc5.4Facebook Inc A4.6Alphabet Inc A4.1T-Mobile US Inc3.7Raymond James Financial Inc
23.4% Portfolio in Top 5 holdings39Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
12.6 3.6 -34.1 17.3 15.5 -3.4 13.5 46.8 14.3 25.1 — Total Return %-3.2 14.1 -12.2 9.2 6.1 -7.8 0.0 5.3 -9.7 4.1 +/- Benchmark %( & ) * & ( & & ) & ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 3.3 3.9 33 Mth 4.0 4.2 26 Mth 7.5 8.6 21 Yr 4.7 8.8 32 Yr 13.4 14.2 13 Yr 14.8 18.0 25 Yr 19.0 20.9 110 Yr 8.3 8.6 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -7.77 -6.38 Standard Deviation 14.98 13.41Beta 1.34 1.28 Bmrk Standard Deviation 10.43 9.45R-Squared 0.86 0.81 Upside Capture 1.07 1.07Information Ratio -0.48 -0.30 Downside Capture 1.58 1.61
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -26.5Benchmark -26.9
GPAG's Take
Manager Tony Genua has done a solid job of guiding thisportfolio since picking up responsibility on it in early2005. Genua is an experienced portfolio manager and hisprocess and philosophy are well de�ned. He is a growthmanager and his focus is on innovative companies but hefully recognizes that growth opportunities change fromcycle to cycle. In his opinion, companies that can deliveron innovation very often have the most compellinggrowth prospects so much of the focus is on trying toidentify such opportunities. When looking at individual
names he always wants to see improving free cash �ow,positive EPS revisions as well as above average revenueand earnings growth. He is not a momentum investor,but he does pay some attention to relative price strength.Metrics such as P/E, P/CF, etc. relative to a company’shistory, its industry, the market and its growth rate arethe key valuation elements he considers. The fundtypically holds between 30 and 50 names, with theminimum weighting for an individual holding being 1%and the maximum allocation being 7% to 8%. If an
individual sector represents less than 10% of the S&P500, the maximum overweight is ten percentage pointsabove the sector weighting. If the sector represents morethan 10% of the index, the maximum overweight is thesector weighting plus 15%. Genua also attempts tomaintain exposure to at least eight of the ten GICS at alltimes.
Fund Stats
Fund Manager Tony Genua, B.A.
Manager Start Date
Fund Inception January 20, 2000
Total Assets as of 11-30-2016 $1,022 Mil
MER %
Trailing Yield %
Fund Code
AGF854Jan 2005
0.0
1.22
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
61
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO US Dividend ETF (CAD) New
Portfolio As of 11-30-2016Asset Allocation % Port
0.2Cash0.0Fixed Income0.0Canadian Equity
97.4US Equity2.4International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
21.6Giant
36.3Large42.0Medium0.0Small
0.0Micro
Top 5 Holdings % Assets
2.4Seagate Technology PLC2.1Williams Companies Inc2.0Kohl's Corp1.9Nordstrom Inc1.8Macy's Inc
10.1% Portfolio in Top 5 holdings100Total Number of Portfolio Holdings
Performance As of 11-30-2016
8101214161820
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — — 18.3 13.6 — Total Return %-5.7 -7.4 +/- Benchmark %& * & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.9 3.9 23 Mth 6.4 4.2 16 Mth 14.0 8.6 11 Yr 23.0 8.8 12 Yr 19.4 14.2 13 Yr 22.0 18.0 15 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 6.59 — Standard Deviation 9.18 —Beta 0.80 — Bmrk Standard Deviation 10.43 —R-Squared 0.82 — Upside Capture 0.97 —Information Ratio 0.90 — Downside Capture 0.47 —
GPAG's Take
We are fans of the methodology behind BMO's dividendmandates. The approach not only analyzes companiesbased on their dividend growth rates, but also gradesthem on the likelihood that they will be able to sustain
dividend payouts. These screening criteria are rareamongst ZDY’s competitors, most of which followpassive indexes. ZDY has also made the RecommendedList because it has one of the lowest MERs in its
category.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception March 19, 2013
Total Assets as of 12-08-2016 $1,240 Mil
MER %
Trailing Yield %
Fund Code
ZDYMar 2013
2.6
0.33
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
62
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Power American Growth Ser F
Portfolio As of 08-31-2016Asset Allocation % Port
0.8Cash0.0Fixed Income0.0Canadian Equity
99.2US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
11.8Giant
20.6Large27.3Medium37.8Small
2.5Micro
Top 5 Holdings % Assets
6.8Amazon.com Inc6.5Abiomed Inc5.8NVIDIA Corp5.1Gigamon Inc5.0Facebook Inc A
29.2% Portfolio in Top 5 holdings29Total Number of Portfolio Holdings
Performance As of 11-30-2016
5101520253035
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
-0.2 30.8 -43.5 14.6 40.7 6.7 1.9 50.6 12.4 28.1 — Total Return %-15.9 41.3 -21.6 6.5 31.3 2.3 -11.6 9.1 -11.6 7.2 +/- Benchmark %) & ) * & & ) & ) & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.8 3.9 43 Mth -3.0 4.2 46 Mth 3.3 8.6 41 Yr -9.0 8.8 42 Yr 6.6 14.2 33 Yr 9.9 18.0 45 Yr 13.1 20.9 410 Yr 9.5 8.6 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -10.47 -9.38 Standard Deviation 19.64 17.93Beta 1.28 1.20 Bmrk Standard Deviation 10.43 9.45R-Squared 0.46 0.40 Upside Capture 0.96 0.95Information Ratio -0.55 -0.56 Downside Capture 1.81 1.96
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -42.3Benchmark -26.9
GPAG's Take
The core philosophy of manager Noah Blackstein is thatearnings growth drives stock prices, and he hasemployed the same approach since he started on thisfund in 1998. Blackstein's aim is to create a portfolio thathas all of the characteristics of the ultimate growth stockby combining the attributes of 20 to 30 individual names,and he focuses exclusively on secular growers. He is notinterested in cyclical growth names. He admits thatgrowth stocks are typically more expensive and can be
more volatile than other names, but his view is thatgrowth outperforms in the long term. The traitsBlackstein is most interested in include solid upwardearnings revisions, strong sales and earnings growth,low debt levels and positive earnings surprises, so thereclearly is an element of momentum to the approach aswell. He also conducts a secondary screen that considerscash �ows and various balance sheet metrics. If aparticular name disappoints him in any way, he might
blow out the entire position immediately. Blacksteintrades a lot and the fund has regularly racked up annualturnover in excess of 300%, but that �gure is a lot lowerthan where it was a decade ago. Blackstein doesn'tmake currency calls, but a currency-neutral version of thefund is available. Note that the fund charges aperformance fee of 10% on returns that are above andbeyond the return of the S&P 500.
Fund Stats
Fund Manager Noah Blackstein, B.S.
Manager Start Date
Fund Inception March 4, 2002
Total Assets as of 12-12-2016 $820 Mil
MER %
Trailing Yield %
Fund Code
DYN253Jul 1998
0.0
1.31
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
63
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Epoch U.S. Large-Cap Value Fund - F series New
Portfolio As of 06-30-2016Asset Allocation % Port
8.9Cash0.0Fixed Income0.0Canadian Equity
87.1US Equity4.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
43.2Giant
33.8Large23.0Medium
0.0Small
0.0Micro
Top 5 Holdings % Assets
3.8Apple Inc3.8Microsoft Corp3.3UnitedHealth Group Inc2.8Boeing Co2.7Seagate Technology PLC
16.4% Portfolio in Top 5 holdings55Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
18.3 -12.8 -20.3 5.2 8.3 0.9 13.7 41.0 22.5 15.1 — Total Return %2.6 -2.3 1.6 -2.9 -1.1 -3.5 0.2 -0.6 -1.5 -5.9 +/- Benchmark %& ( & ) ( * & * & ( ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.5 3.9 23 Mth 4.9 4.2 16 Mth 9.1 8.6 11 Yr 4.6 8.8 32 Yr 10.2 14.2 23 Yr 14.7 18.0 25 Yr 19.0 20.9 110 Yr 6.9 8.6 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -4.61 -2.70 Standard Deviation 11.97 10.38Beta 1.12 1.06 Bmrk Standard Deviation 10.43 9.45R-Squared 0.94 0.93 Upside Capture 1.02 1.00Information Ratio -1.07 -0.71 Downside Capture 1.42 1.31
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -23.5Benchmark -26.9
GPAG's TakeWe are replacing CI American Value with this fund. Theportfolios are virtually identical, but this fund has anMER that comes in 20 basis points lower than the CIproduct. Note that Epoch is wholly owned by TD. BillPriest, an industry veteran of more than 40 years, headsup the team that oversees this fund. He works closelywith David Pearl and the other members of the deepteam that contribute to the portfolio are tremendously
experienced. The key consideration in the investmentprocess is cash �ow and the thesis is that free cash �owdrives shareholder value. Management believes thatcash �ow investing is very transparent, increasescon�dence in economic value creation, helps to enhancedownside protection and reduces portfolio volatility. Theprocess begins with quantitative and qualitative screensthat work to bring the list of potential candidates for the
fund to 100 names. That’s followed up with fundamentalanalysis where factors such as management quality and�nancial strength are considered. Management isalways cognizant of a company’s shareholder yield. Debtreduction, share repurchases and dividends all provideshareholders with yield in one form or another. There aretypically between 40 and 60 names in the fund.
Fund Stats
Fund Manager Michael Welhoelter, B.A.William Priest, B.A.
Manager Start DateMay 2013
Fund Inception December 1, 2003
Total Assets as of 09-30-2016 $1,045 Mil
MER % 1.09
Trailing Yield %
Fund Code
TDB448
May 2013 0.5
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
64
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Fidelity Small Cap America Sr F New
Portfolio As of 09-30-2016Asset Allocation % Port
10.1Cash0.0Fixed Income1.0Canadian Equity
88.9US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
0.9Giant
0.0Large54.8Medium37.5Small
6.8Micro
Top 5 Holdings % Assets
4.9Hanesbrands Inc4.8Maximus Inc4.7Dun & Bradstreet Corp4.7DST Systems Inc4.7Euronet Worldwide Inc
23.8% Portfolio in Top 5 holdings38Total Number of Portfolio Holdings
Performance As of 11-30-2016
5101520253035
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
11.9 -7.5 -36.0 33.5 20.2 9.0 21.2 55.9 18.9 25.7 — Total Return %-6.1 9.0 -18.9 25.5 0.0 10.8 7.5 7.8 4.5 11.1 +/- Benchmark %* * ( & * & & & & & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.4 11.5 43 Mth -1.2 9.7 46 Mth -0.1 18.6 41 Yr 0.0 13.2 42 Yr 12.3 17.0 23 Yr 14.9 15.3 15 Yr 23.0 20.5 110 Yr 11.4 8.6 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 4.55 7.99 Standard Deviation 12.37 11.16Beta 0.64 0.67 Bmrk Standard Deviation 15.08 13.30R-Squared 0.62 0.64 Upside Capture 0.81 0.88Information Ratio -0.04 0.31 Downside Capture 0.66 0.51
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -35.9Benchmark -31.9
GPAG's Take
This fund has done what few others have managed - ithas been returned to the Recommended List. Weremoved it a number of years ago after numerousmanager changes and problematic performance. Dutieson the fund were then shifted to Toronto-based managerSteve MacMillan in 2011 and he immediately began toapply his portfolio management skills. This fund focuseson smaller U.S. domiciled names. 70% of the portfolio
has to be smaller than the largest company in the Russell2000. MacMillan made dramatic changes to the portfolioat the outset by focusing on quality companies with goodvaluations and growth potential. We will stress qualityagain, as the focus here is helpful in avoiding big losers.Things seem to be working, as the fund's historicalvolatility has been far less than that of its benchmark.MacMillan also brought down the number of names in
the portfolio (there will be about 40 stocks in the fund,on average) and annual portfolio turnover has beenreduced to 20-25%. Both of these factors indicate thatMacMillan has strong conviction in the names he owns.We've been keeping track of MacMillan's efforts here forsome time and we believe this fund is worthy ofreturning to the Recommended List fold.
Fund Stats
Fund Manager Steve MacMillan
Manager Start Date
Fund Inception October 10, 2000
Total Assets as of 11-30-2016 $2,510 Mil
MER %
Trailing Yield %
Fund Code
FID661May 2011
0.0
1.17
Benchmark
Category
Russell 2000 TR CAD
U.S. Equity
65
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Franklin Mutual U.S. Shares Fund F
Portfolio As of 09-30-2016Asset Allocation % Port
8.4Cash7.5Fixed Income0.0Canadian Equity
75.7US Equity8.4International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
41.2Giant
36.3Large22.0Medium0.6Small
0.0Micro
Top 5 Holdings % Assets
3.9Microsoft Corp3.8Merck & Co Inc3.6Medtronic PLC2.7International Automotive Components Grp2.4Eli Lilly and Co
16.4% Portfolio in Top 5 holdings87Total Number of Portfolio Holdings
Performance As of 11-30-2016
26
1014182226
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
17.7 -3.7 -44.2 24.3 8.9 -2.0 15.6 30.5 13.2 -0.7 — Total Return %2.0 6.9 -22.2 16.2 -0.4 -6.4 2.1 -11.0 -10.8 -21.6 +/- Benchmark %& * ) & ( ( & ) ) ) & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.3 3.9 23 Mth 5.0 4.2 16 Mth 10.1 8.6 11 Yr 11.3 8.8 12 Yr 6.0 14.2 43 Yr 9.2 18.0 45 Yr 14.3 20.9 410 Yr 3.6 8.6 4
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.72 1.11 Standard Deviation 9.91 9.48Beta 0.56 0.64 Bmrk Standard Deviation 10.43 9.45R-Squared 0.35 0.40 Upside Capture 0.57 0.72Information Ratio -0.96 -0.82 Downside Capture 0.67 0.82
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -43.2Benchmark -26.9
GPAG's Take
Mutual Series CEO Peter Langerman heads things uphere, and he is assisted by David Segal and DeborahTurner. The PMs are also supported by the overall teamof nearly 20 investment professionals at Mutual Series.All of the �rm's mandates are run using a deep valueapproach. The most important element of the approachinvolves selecting companies on a bottom-up, absolutevalue basis. The idea is to buy a dollar of assets for �ftycents (or less, if possible). Rather than focusing on DCF
analysis, management considers what a business personwould be willing to pay for an asset, so hard corebalance sheet analysis is key here. The bulk of thenames in the fund make it in on the basis of this prong.Risk arbitrage opportunities and distressed debt issueswill also make up small portions of the fund whenmanagement sees �t. Management is also not shy aboutholding heavy amounts of cash when bargains arescarce, and the portfolio's foreign currency exposure is
hedged back to CAD at all times. This point is importantbecause it means this fund has experiencedunderperformance relative to its unhedged peers sinceCAD began to weaken. It's too bad that the currencypositioning has impacted returns so detrimentally assecurity selection has been solid.
Fund Stats
Total Assets as of 11-30-2016 $58 Mil
MER %
Trailing Yield %
Fund Code
TML243
7.3
1.46
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
Fund Manager Deborah Turner, B.A.Peter Langerman, B.A.
Manager Start DateFeb 2014
Fund Inception November 24, 2000
Feb 2014
66
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Horizons S&P 500 Index ETF New
Portfolio As of 10-31-2016Asset Allocation % Port
0.0Cash0.0Fixed Income0.0Canadian Equity
99.6US Equity0.4International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
49.1Giant
36.7Large14.1Medium
0.1Small
0.0Micro
Top 5 Holdings % Assets
100.0TRS S&P 500 TR Hdg CAD
100.0% Portfolio in Top 5 holdings506Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — -1.0 10.5 39.2 18.3 13.6 — Total Return %-5.4 -3.0 -2.3 -5.7 -7.4 +/- Benchmark %* & ( & & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.1 3.9 23 Mth 4.7 4.2 26 Mth 8.6 8.6 21 Yr 8.4 8.8 22 Yr 13.4 14.2 13 Yr 17.3 18.0 15 Yr 20.7 20.9 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -1.24 -0.83 Standard Deviation 10.97 10.42Beta 1.04 1.04 Bmrk Standard Deviation 10.43 9.45R-Squared 0.98 0.89 Upside Capture 1.01 1.03Information Ratio -0.44 -0.06 Downside Capture 1.09 1.17
GPAGs Take
HXS uses a total return swap to gain exposure to theS&P 500 which means it has no tracking error. While theMER and swap fee make HXS more expensive than itscompetitors from a fee perspective, we believe the tax
ef�ciencies those using HXS in a non-registered accountoutweigh its costs. A big reason for this is because theuse of the swap means the fund does not paydistributions. A taxable event only occurs when the
investor sells their units and triggers a capital gain orloss. For registered accounts, we recommend iShares’Core S&P 500 ETF (XUS) which has an MER of 0.10%.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception November 30, 2010
Total Assets as of 12-12-2016 $553 Mil
MER %
Trailing Yield %
Fund Code
HXSNov 2010
0.0
0.14
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
67
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mackenzie US Mid Cap Growth Class - F
Portfolio As of 09-30-2016Asset Allocation % Port
7.9Cash0.0Fixed Income0.0Canadian Equity
92.1US Equity0.0International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
0.0Giant
0.6Large63.6Medium32.2Small
3.6Micro
Top 5 Holdings % Assets
4.7Spirit Airlines Inc4.4CommVault Systems Inc4.1DexCom Inc4.0Progressive Corp3.8Bio-Techne Corp
20.9% Portfolio in Top 5 holdings45Total Number of Portfolio Holdings
Performance As of 11-30-2016
0102030405060
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
16.0 0.7 0.5 12.4 12.9 1.5 12.9 40.0 17.3 10.0 — Total Return %-1.9 17.2 17.7 4.4 -7.3 3.3 -0.9 -8.1 2.9 -4.6 +/- Benchmark %& & & ( ) & * ( & * * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.5 11.5 33 Mth 4.8 9.7 36 Mth 11.7 18.6 21 Yr 12.5 13.2 12 Yr 12.8 17.0 23 Yr 14.1 15.3 15 Yr 17.9 20.5 210 Yr 11.9 8.6 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.86 2.34 Standard Deviation 11.80 10.99Beta 0.71 0.74 Bmrk Standard Deviation 15.08 13.30R-Squared 0.82 0.81 Upside Capture 0.82 0.83Information Ratio -0.17 -0.45 Downside Capture 0.73 0.76
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -15.0Benchmark -31.9
GPAG's Take
Lead manager Phil Taller has been on this fund since itsinception in 2006. Taller looks for companies that candeliver solid growth over �ve or ten years that trade atreasonable valuations. Most of the names that areconsidered are mid-caps and the preference here is forcompanies with market caps of U.S.$5 billion or less.Everyone has a different notion of what value is andbecause of this Taller doesn’t try to pin a precise dollaramount on a stock. More typically, securities are given a
price range and they are purchased when they reach thelower end of the price range. Taller also wants to investin companies with strong competitive positioning andhigh barriers to entry. Intrinsic value estimates are basedon DCF analysis. Models are constructed for companiesTaller is interested in and these models are based onvery detailed work that involves diving into annualreports with a �ne-toothed comb. Taller believes that ifyou read a company’s annual report from cover to cover,
you are ahead of 99% of your competition and the key tomaking the models most effective is to makeassumptions that are conservative. Creating the modelsis a very labour-intensive process and as a result thenumber of names that can be covered is limited. That’sokay though because this fund tends to only hold 25 to35 stocks.
Fund Stats
Fund Manager Philip Taller, B.S.
Manager Start Date
Fund Inception January 9, 2003
Total Assets as of 11-30-2016 $1,440 Mil
MER %
Trailing Yield %
Fund Code
MFC1802Nov 2002
0.4
1.33
Benchmark
Category
Russell 2000 TR CAD
U.S. Equity
68
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
RBC O'Shaughnessy US Value Sr F
Portfolio As of 11-30-2016Asset Allocation % Port
0.2Cash0.0Fixed Income0.0Canadian Equity
95.6US Equity4.2International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
11.3Giant
51.5Large37.2Medium0.0Small
0.0Micro
Top 5 Holdings % Assets
4.7The Travelers Companies Inc4.6LyondellBasell Industries NV3.6Valero Energy Corp3.4Northrop Grumman Corp3.4Marriott International Inc Class A
19.7% Portfolio in Top 5 holdings59Total Number of Portfolio Holdings
Performance As of 11-30-2016
26
1014182226
Growth of $10,000Fund
Benchmark
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Calendar Year
17.8 -5.3 -43.7 25.5 15.2 7.3 13.0 48.4 11.3 -8.4 — Total Return %2.1 5.3 -21.7 17.4 5.8 2.9 -0.5 6.8 -12.7 -29.3 +/- Benchmark %* & * ) & & & * & ) ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 9.3 3.9 13 Mth 8.6 4.2 16 Mth 13.8 8.6 11 Yr 7.0 8.8 22 Yr 2.1 14.2 43 Yr 6.3 18.0 45 Yr 14.3 20.9 410 Yr 5.0 8.6 3
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -3.78 0.42 Standard Deviation 13.59 12.61Beta 0.61 0.69 Bmrk Standard Deviation 10.43 9.45R-Squared 0.22 0.27 Upside Capture 0.54 0.80Information Ratio -0.93 -0.59 Downside Capture 0.94 1.12
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -48.2Benchmark -26.9
GPAG's Take
All of RBC's O'Shaughnessy's mandates are managedusing a purely quantitative approach and the investmentthesis is that stocks with certain attributes tend tooutperform over time. For this fund, stocks with a largerthan average market cap and above average sharesoutstanding versus the Russell 1000 are considered. Inaddition, all names in the fund must have above averagecash �ows and above average sales over the previous12-months. The top 50 names, as measured by
shareholder yield (equal to dividend yield plus sharebuyback yield), are then selected for the portfolio. It'spretty cut-and-dried. All positions are equally weightedinitially and the portfolio is rebalanced in tranches 12times annually. Each month, one-twelfth of the portfoliois rebalanced while the rest of it remains the same. Thiscontinues monthly until the entire fund is rebalanced bythe end of the year. Changes can be made in betweenrebalancing periods, however, and reasons for such
action include certain corporate events or a 50% drop inshare price during the period. When a stock is soldfollowing a 50% decline it is automatically replaced withthe best security the model spits out that is not alreadyin the fund. The fund is fully invested at all times and theU.S. dollar exposure is hedged back into Canadiandollars. Note that much of the fund's recentunderperformance is attributable to the currency hedge.
Fund Stats
Fund Manager James O'Shaughnessy, B.A.
Manager Start Date
Fund Inception August 13, 2001
Total Assets as of 12-12-2016 $1,708 Mil
MER %
Trailing Yield %
Fund Code
RBF616Nov 1997
1.8
0.94
Benchmark
Category
S&P 500 TR (Bank of Canada) CAD
U.S. Equity
69
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
International EquityBenchmark
MSCI EAFE GR CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 BMO International Dividend ETF -1.1 0.7 2.3 1.4 2.7 — — — — — 1 — 0.442 BMO MSCI EAFE ETF -1.6 -0.4 2.2 -4.2 -2.8 — — — — — 4 — 0.233 CI Black Creek International Equity F -1.4 1.5 3.4 -2.2 1.4 7.2 16.2 — 14.8 14.7 7 — 1.364 CI International Value Class F -1.1 -0.1 6.1 3.1 4.8 8.2 11.3 3.2 11.7 10.8 4 — 1.365 Invesco International Growth Class F -2.4 -3.6 -2.8 -6.4 -4.3 7.0 11.7 4.1 10.9 10.1 7 — 1.436 Manulife World Investment F -3.7 -5.2 -2.8 -4.1 -2.0 8.4 — — 11.4 — 7 — 1.24
MSCI EAFE GR CAD -1.7 -0.3 1.6 -5.0 -2.2 6.4 12.2 2.9 12.0 11.4 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
19.0
17.0
15.0
13.0
11.0
9.0
7.0
5.0
3.0
1.0
-1.0 1.0 3.0 5.0 7.0 9.0 11.0 13.0 15.0 17.0
5 4
3
Category Description
Because non-Canadian equity markets are subject todifferent earnings dynamics, interest rates, �scalpolicies, regulations, demographics, market dynamics,saving rates, energy self suf�ciency, etc., they can
behave differently than the Canadian equity market,meaning they have the ability to enhance portfoliodiversi�cation. Global equity offerings differ frominternational equity offerings in that the latter focus on
the EAFE region and remain out of the U.S.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
70
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO International Dividend ETF New
Portfolio As of 11-30-2016Asset Allocation % Port
0.1Cash0.0Fixed Income0.0Canadian Equity0.0US Equity
99.9International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
31.7Giant
44.3Large23.9Medium
0.0Small
0.0Micro
Top 5 Holdings % Assets
1.8Total SA1.8Hugo Boss AG1.8Spark New Zealand Ltd1.8Bouygues1.8EDP - Energias de Portugal SA
9.1% Portfolio in Top 5 holdings101Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — — — 15.9 — Total Return %-3.6 +/- Benchmark %) & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -1.0 -1.7 23 Mth 0.4 -0.3 26 Mth 1.9 1.6 21 Yr 2.0 -2.2 12 Yr 3.4 5.5 33 Yr — — —5 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha — — Standard Deviation — —Beta — — Bmrk Standard Deviation — —R-Squared — — Upside Capture — —Information Ratio — — Downside Capture — —
GPAG's Take
ZDI utilizes a proprietary rules based methodologydesigned by BMO Asset Management to screeninternational equities based on their three year dividendgrowth rates, the likelihood that dividends will besustained and yield. In order to avoid over representation
to one particular sector or large overweight to a speci�ccountry, the individual sectors are capped at 35% and25% for geographic allocations. We like that this ETF hasthe �exibility to change its country allocations,something that is unique relative to its passive
competitors that stick with whatever the EAFE index tellsthem to do.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception November 5, 2014
Total Assets as of 12-13-2016 $156 Mil
MER %
Trailing Yield %
Fund Code
ZDINov 2014
4.9
0.44
Benchmark
Category
MSCI EAFE GR CAD
International Equity
71
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
BMO MSCI EAFE Index ETF New
Portfolio As of 11-30-2016Asset Allocation % Port
0.6Cash0.0Fixed Income0.0Canadian Equity1.2US Equity
97.0International Equity1.2Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
59.4Giant
34.7Large5.8Medium0.0Small
0.0Micro
Top 5 Holdings % Assets
6.4iShares MSCI EAFE1.8Nestle SA1.3Roche Holding AG Dividend Right Cert.1.3Novartis AG1.2Toyota Motor Corp
12.1% Portfolio in Top 5 holdings985Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — — — 15.9 — Total Return %-3.6 +/- Benchmark %* * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -1.2 -1.7 23 Mth -0.3 -0.3 26 Mth 2.2 1.6 21 Yr -2.9 -2.2 32 Yr 5.3 5.5 23 Yr — — —5 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha — — Standard Deviation — —Beta — — Bmrk Standard Deviation — —R-Squared — — Upside Capture — —Information Ratio — — Downside Capture — —
GPAG's Take
ZEA provides investors with reasonably priced exposureto developed markets in Europe, Australasia and the Far
East. Compared to other EAFE funds, ZEA tracks itsindex better and offers tighter bid/ask spreads. Investors
should have no problem getting in and out of this ETF.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception February 10, 2014
Total Assets as of 09-30-2016 $1,117 Mil
MER %
Trailing Yield %
Fund Code
ZEAFeb 2014
2.9
0.23
Benchmark
Category
MSCI EAFE GR CAD
International Equity
72
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Black Creek International Equity Fund Class F
Portfolio As of 08-31-2016Asset Allocation % Port
0.7Cash0.0Fixed Income0.0Canadian Equity3.2US Equity
96.1International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
26.8Giant
43.4Large19.3Medium9.0Small
1.5Micro
Top 5 Holdings % Assets
6.1Galaxy Entertainment Group Ltd5.3ICICI Bank Ltd ADR5.3Wienerberger AG4.9Accor SA4.6Carnival PLC
26.2% Portfolio in Top 5 holdings30Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — 34.4 7.4 -16.2 31.9 39.9 -1.2 24.4 — Total Return %21.9 4.8 -6.7 16.6 8.3 -5.3 4.9 +/- Benchmark %& & ) & & ) & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -1.4 -1.7 23 Mth 1.5 -0.3 16 Mth 3.4 1.6 21 Yr 1.4 -2.2 12 Yr 8.8 5.5 13 Yr 7.2 6.4 15 Yr 16.2 12.2 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.40 2.75 Standard Deviation 14.77 14.69Beta 1.12 1.11 Bmrk Standard Deviation 12.01 11.36R-Squared 0.83 0.73 Upside Capture 1.18 1.30Information Ratio 0.13 0.52 Downside Capture 1.20 1.28
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -11.3Benchmark -34.1
GPAG's Take
Lead PM Richard Jenkins signed up with Black Creek in2008, reuniting with former Trimark colleague Bill Kanko.While Kanko and Jenkins do bounce ideas off of oneanother, this is Jenkins’ fund and he calls the shots. Heapproaches stocks as though he is interested in buyingthe entire business and he aims to develop a proprietary
or unique viewpoint on a company that is different fromthat of other investors. The objective is to pay a pricethat will deliver meaningful returns to clients in the longterm and cash �ow analysis is a crucial tool for Jenkins.This is a high conviction fund. It will always beconcentrated, with the top ten holdings typically
accounting for about 50% of assets. Jenkins pays noattention to what's happening within the index, but thosewho have been paying attention to this fund have nodoubt been very pleased with its performance.
Fund Stats
Total Assets as of 09-30-2016 $978 Mil
MER %
Trailing Yield %
Fund Code
CIG11018
1.0
1.36
Benchmark
Category
MSCI EAFE GR CAD
International Equity
Fund Manager Evelyn HuangRichard Jenkins, B.C.
Manager Start DateSep 2008
Fund Inception September 24, 2008
Sep 2013
73
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI International Value Class F
Portfolio As of 08-31-2016Asset Allocation % Port
0.8Cash0.0Fixed Income3.0Canadian Equity
11.3US Equity84.9International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
61.4Giant
28.9Large9.6Medium0.0Small
0.0Micro
Top 5 Holdings % Assets
3.7Tokio Marine Holdings Inc3.4Chubb Ltd3.2Mitsubishi UFJ Financial Group Inc3.1Aon PLC3.1Willis Towers Watson PLC
16.5% Portfolio in Top 5 holdings65Total Number of Portfolio Holdings
Performance As of 11-30-2016
68
1012141618
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
20.9 -10.8 -20.7 10.6 5.3 -8.5 9.5 27.3 3.2 17.6 — Total Return %-5.5 -5.4 8.1 -1.9 2.8 1.0 -5.8 -4.2 -0.9 -1.9 +/- Benchmark %( ) & ( * & ) * * * & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -1.1 -1.7 23 Mth -0.1 -0.3 26 Mth 6.1 1.6 11 Yr 4.8 -2.2 12 Yr 9.2 5.5 13 Yr 8.2 6.4 15 Yr 11.3 12.2 110 Yr 3.2 2.9 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.07 0.21 Standard Deviation 11.72 10.78Beta 0.94 0.90 Bmrk Standard Deviation 12.01 11.36R-Squared 0.92 0.90 Upside Capture 0.94 0.87Information Ratio 0.54 -0.26 Downside Capture 0.77 0.80
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -19.6Benchmark -34.1
GPAG's Take
Manager John Hock of Altrinsic Global Advisors breaksthe investment process behind this fund into four parts.Idea generation is the �rst step. Ideas can come fromanywhere, including from quantitative screens or fromthe due diligence conducted at various levels of theindustry food chain. The second part of the process isfundamental company and industry analysis. This iswhere Hock and his team attempt to identify theeconomic drivers of the business. It is also important toassess management’s capabilities, strategy and ability to
execute. In this step an intrinsic value is also determinedfor each name and target prices are established. Thethird part of the process is portfolio construction. Sectoranalysts present their best ideas based on conviction andtargeted risk-adjusted return potential to the portfoliomanagement team. The portfolio management team thenreviews the best ideas within each industry and attemptsto construct a portfolio that offers the best combinationof attractive valuations and improving returns on capital.Geographic and industrial weightings may be 0.5 to 2
times the benchmark (MSCI EAFE) weighting, whileindividual securities may be no more than 5% of the fundand are more typically given weightings in the 1% to2.5% range. These three steps effectively cut a universeof 1,500 names down to a 60 to 100 stock portfolio. Riskmanagement is the fourth part of the investmentprocess, although this element is considered duringevery step of the investment process.
Fund Stats
Fund Manager John Hock, M.B.A.
Manager Start Date
Fund Inception July 31, 2001
Total Assets as of 09-30-2016 $55 Mil
MER %
Trailing Yield %
Fund Code
CIG452Aug 1998
1.3
1.36
Benchmark
Category
MSCI EAFE GR CAD
International Equity
74
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Invesco International Growth Class F
Portfolio As of 06-30-2016Asset Allocation % Port
7.7Cash0.0Fixed Income0.0Canadian Equity2.3US Equity
88.3International Equity1.7Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
47.8Giant
30.6Large21.0Medium
0.5Small
0.0Micro
Top 5 Holdings % Assets
2.9DCC PLC2.6SAP SE2.6CK Hutchison Holdings Ltd2.6Taiwan Semiconductor Manufacturing2.4WH Group Ltd
13.1% Portfolio in Top 5 holdings73Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
33.7 -1.5 -34.4 18.9 8.5 -4.7 14.2 29.3 9.1 16.9 — Total Return %7.3 3.9 -5.6 6.4 5.9 4.9 -1.1 -2.3 5.0 -2.6 +/- Benchmark %& & ( & & & ( * & * ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth -2.4 -1.7 33 Mth -3.6 -0.3 46 Mth -2.8 1.6 41 Yr -4.3 -2.2 32 Yr 4.0 5.5 23 Yr 7.0 6.4 15 Yr 11.7 12.2 110 Yr 4.1 2.9 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.45 1.36 Standard Deviation 10.91 10.07Beta 0.85 0.83 Bmrk Standard Deviation 12.01 11.36R-Squared 0.87 0.87 Upside Capture 0.94 0.90Information Ratio 0.15 -0.13 Downside Capture 0.86 0.84
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -30.7Benchmark -34.1
GPAG's Take
A team of 13 Austin, Texas-based money managers isthis portfolio's brain trust. The lead PM on the mandateis Clas Olsson. He ultimately decides what gets boughtand sold, but his decisions are heavily in�uenced by theother professionals on the team. The focus of theapproach is on earnings, quality and valuation, or EQV.Earnings: the belief is that earnings growth drives stockprices in the long run and that investors under-react topositive earnings news. Quality: companies that are
ef�cient allocators of capital are the best creators oflong term value and management wants to own namesthat have good track records of capital allocation.Valuation: companies with underappreciated growthprospects provide relatively attractive risk-rewardopportunities. Today you can buy good amounts ofgrowth at a decent price. Management is much quickerto sell stocks when they are fully priced, and qualitativeas well as quantitative elements are part of the valuation
assessment. The portfolio is typically made up of 75 to105 names and it may have an Emerging Marketsallocation of up to 35%, but management has run withan EM weighting in the 15%-20% range for the past �veyears or so. Small to mid-cap names also play aprominent role in the portfolio and generally make up30% to 40% of the fund.
Fund Stats
Total Assets as of 11-30-2016 $587 Mil
MER %
Trailing Yield %
Fund Code
AIM637
0.0
1.44
Benchmark
Category
MSCI EAFE GR CAD
International Equity
Fund Manager Richard Nield, B.A.Mark Jason, B.S.
Manager Start DateAug 2011
Fund Inception November 1, 2000
Mar 2013
75
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Manulife World Investment Fund Series F
Portfolio As of 10-31-2016Asset Allocation % Port
1.6Cash0.0Fixed Income0.0Canadian Equity8.9US Equity
88.8International Equity0.7Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
29.2Giant
42.0Large26.3Medium
2.5Small
0.0Micro
Top 5 Holdings % Assets
5.0Aon PLC4.1Intertek Group PLC4.0IHS Markit Ltd A3.4Tsuruha Holdings Inc3.2Air Liquide SA
19.7% Portfolio in Top 5 holdings65Total Number of Portfolio Holdings
Performance As of 11-30-2016
9101112131415
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — — — — 7.6 20.3 — Total Return %3.5 0.8 +/- Benchmark %& & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth -3.7 -1.7 43 Mth -5.2 -0.3 46 Mth -2.8 1.6 41 Yr -2.0 -2.2 22 Yr 7.5 5.5 13 Yr 8.4 6.4 15 Yr — — —10 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 2.74 — Standard Deviation 11.45 —Beta 0.84 — Bmrk Standard Deviation 12.01 —R-Squared 0.79 — Upside Capture 0.99 —Information Ratio 0.36 — Downside Capture 0.84 —
GPAG's Take
David Ragan of Mawer Investment Management has�nal say on this fund, but he works closely with companyCIO Jim Hall and a small group of analysts on thestrategy. The fund is intended to mirror the MawerInternational Equity fund. Ragan started on this fund in2007, working with Gerald Cooper-Key until hisretirement in 2010. Cooper-Key did an exceptional job ofgenerating solid risk adjusted returns during his tenure,
and Ragan has continued to carry that baton. Theinvestment approach across all Mawer mandates issimilar. The focus is on wealth creating companies,which are �rms that earn a return on capital which isgreater than their cost of capital. Excellent managementis a must and stocks must trade at a discount to intrinsicvalue if they are to be considered. A Monte Carloanalysis is used to provide a range of fair value under
thousands of different scenarios. The maximumweighting in any single industry is 20% and no morethan 6% is permitted in any individual name. There areno constraints on regional exposure - managementsimply wants to own the best names availableregardless of where they are based.
Fund Stats
Total Assets as of 11-30-2016 $402 Mil
MER %
Trailing Yield %
Fund Code
MMF4636
0.0
1.24
Benchmark
Category
MSCI EAFE GR CAD
International Equity
Fund Manager David Ragan, B.C.Jim Hall, M.B.A.
Manager Start DateAug 2013
Fund Inception August 1, 2013
Aug 2013
76
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Global BalancedBenchmark
Morningstar CAN Bal Glbl 60/40 CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 EdgePoint Global Growth & Inc Port Sr F 4.7 5.2 7.6 11.5 9.5 13.2 15.7 — 8.4 8.3 5 3 0.882 Mackenzie Ivy Global Balanced F 0.2 -0.6 3.0 4.7 5.5 9.1 11.8 6.7 7.8 6.9 4 5 1.123 Trimark Global Balanced Series F -0.6 0.2 3.6 1.7 3.4 6.1 10.4 4.7 7.7 7.2 4 5 1.36
Morningstar CAN Bal Glbl 60/40 CAD -0.6 -0.5 3.2 1.1 4.8 10.8 12.2 5.8 7.9 6.6 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
17.0
16.0
15.0
14.0
13.0
12.0
11.0
10.0
9.0
8.0
6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6 10.0
3
2
1
Category Description
Global balanced funds are generally amongst the mostdiversi�ed in that they have broad exposure to numerousequity and �xed income markets. These products oftenpay regular distributions, or are available in versions thatpay regular distributions. Equity and �xed incomeallocations should be taken into account when making
head-to-head comparisons between balanced offerings.The global balanced fund category also includes a widearray of fund-of-funds. Such products, which typicallytarget a speci�c asset mix and usually come with anautomatic rebalancing feature, are designed to bestandalone portfolio solutions. Multiple portfolio
managers also generally contribute to the cause. Fund-of-funds are intentionally excluded from theRecommended List.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
77
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
EdgePoint Global Growth & Inc Port Sr F
Portfolio As of 08-31-2016Asset Allocation % Port
4.9Cash26.0Fixed Income4.1Canadian Equity
53.1US Equity9.8International Equity2.1Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
3.8WESCO International Inc3.4American International Group Inc3.2Wells Fargo & Co3.2TE Connectivity Ltd3.2WABCO Holdings Inc
16.7% Portfolio in Top 5 holdings118Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — 30.6 10.3 0.7 10.3 34.0 15.2 10.3 — Total Return %19.1 2.2 1.5 -0.6 9.5 2.7 -2.1 +/- Benchmark %& * & & & & & & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 4.7 0.8 13 Mth 5.2 1.3 16 Mth 7.6 4.6 11 Yr 9.5 5.1 12 Yr 11.2 7.9 13 Yr 13.2 10.1 15 Yr 15.7 12.6 110 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 5.48 4.99 Standard Deviation 8.40 8.33Beta 0.72 0.81 Bmrk Standard Deviation 7.69 7.02R-Squared 0.44 0.46 Upside Capture 1.04 1.11Information Ratio 0.48 0.50 Downside Capture 0.63 0.81
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -6.0Benchmark -25.2
GPAG's Take
Tye Bousada and Geoff MacDonald lead the effort onthis fund, which got its start in 2008. Bousada spendsmost of his time on foreign names while MacDonaldfocuses on Canadian ideas, although the portfolioconstruction process is highly collaborative and bothmanagers know all of the names in the fund intimately.Ted Chisholm pitches in as well and his focus is onsmaller cap opportunities. The fund's bond allocation hasaveraged around the 30% level since inception, although
it can be between 25% and 60%. This component isoverseen by Frank Mullen, although Bousada andMacDonald direct what happens here and determine theportfolio's asset mix. The bond portion is investedentirely in credit and most of that is in issues with shortmaturities at this time. Additionally, up to 40% of the�xed income book can be in high yield issues. Each stockthat makes it into the fund is purchased as though it’sthe only investment in the portfolio and the PMs see
themselves as business people buying businesses. Theyfocus on stocks that have big margins of safety andstrong barriers to entry and the preference is to ownsolid companies with good management teams that cangrow their business regardless of what's happening withthe economic environment.
Fund Stats
Total Assets as of 12-12-2016 $3,000 Mil
MER %
Trailing Yield %
Fund Code
EDG680
1.1
0.88
Benchmark
Category
Morningstar CAN Bal Glbl Agg CAD
Global Balanced
Fund Manager Geoff MacDonaldTye Bousada
Manager Start DateNov 2008
Fund Inception November 17, 2008
Nov 2008EDG580
78
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mackenzie Ivy Global Balanced Fund - F
Portfolio As of 09-30-2016Asset Allocation % Port
2.4Cash22.7Fixed Income3.5Canadian Equity
40.8US Equity30.3International Equity0.2Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
4.1Omnicom Group Inc3.5Brook�eld Asset Management Inc Class A3.4Amcor Ltd3.4United Parcel Service Inc Class B3.1Johnson & Johnson
17.6% Portfolio in Top 5 holdings388Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
16.1 -3.2 -2.1 4.3 4.2 4.3 7.7 26.4 9.2 12.2 — Total Return %-0.6 -0.3 17.6 -7.1 -3.9 5.2 -3.2 1.8 -3.3 -0.1 +/- Benchmark %& ( & ) ) & ( & * & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 0.2 0.8 33 Mth -0.6 1.3 46 Mth 3.0 4.6 31 Yr 5.5 5.1 22 Yr 8.5 7.9 13 Yr 9.1 10.1 15 Yr 11.8 12.6 110 Yr 6.7 5.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.05 1.16 Standard Deviation 7.82 6.85Beta 0.90 0.83 Bmrk Standard Deviation 7.69 7.02R-Squared 0.78 0.72 Upside Capture 0.91 0.90Information Ratio -0.26 -0.22 Downside Capture 0.92 0.81
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -5.5Benchmark -25.2
GPAG's Take
Lead manager and Ivy team head Paul Musson haseffectively guided this portfolio for more than a decade.The equity component of the fund looks virtually identicalto what's in Ivy Foreign Equity and stocks are chosenusing a collaborative research effort. Musson focuses oninternational stocks and the other team members haveindividual sector and geographical responsibilities. TheIvy philosophy is simple but it stresses something thatmany investors do not have the discipline for – patience.
Management is willing to devote huge amounts of timeto understanding a company and the team is willing towait for a company's story to unfold. The �rst key to theapproach involves truly looking at the business. Meetingmanagement is a must and growth in both top andbottom line numbers is desired. Musson likes to see areturn on capital �gure that is expanding, or at leastbeing maintained. Additionally, it is important forcompanies to have at least 10 years of �nancial history.
Valuations must be attractive, but the team will not buya stock simply because it’s cheap – the business itselfmust be strong. Steve Lock and Mackenzie's �xedincome team oversee the bond part of the portfolio. A"core-plus" approach is employed, meaning up to aquarter of the �xed income exposure may be to highyield issues.
Fund Stats
Total Assets as of 11-30-2016 $1,080 Mil
MER %
Trailing Yield %
Fund Code
MFC395
0.9
1.12
Benchmark
Category
Morningstar CAN Bal Glbl Agg CAD
Global Balanced
Fund Manager Paul Musson, B.C.Steve Locke, M.B.A.
Manager Start DateMay 2013
Fund Inception December 6, 1999
May 2001
79
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Trimark Global Balanced Series F
Portfolio As of 11-30-2016Asset Allocation % Port
2.4Cash24.6Fixed Income1.3Canadian Equity
32.2US Equity38.0International Equity1.6Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Fixed Income Style
Ltd Mod Ext
HighM
edium LowTop 5 Holdings % Assets
4.3Anthem Inc3.6Cisco Systems Inc3.5Ross Stores Inc3.5Hyundai Mobis Co Ltd3.0Microsoft Corp
18.0% Portfolio in Top 5 holdings130Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
21.8 -7.0 -18.2 7.9 9.7 2.9 11.1 25.8 7.1 8.2 — Total Return %5.2 -4.1 1.5 -3.6 1.6 3.7 0.2 1.3 -5.4 -4.2 +/- Benchmark %& ) & ) * & & & ) & ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.6 0.8 43 Mth 0.2 1.3 36 Mth 3.6 4.6 31 Yr 3.4 5.1 32 Yr 5.0 7.9 23 Yr 6.1 10.1 35 Yr 10.4 12.6 110 Yr 4.7 5.7 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -2.72 -1.00 Standard Deviation 7.66 7.19Beta 0.89 0.91 Bmrk Standard Deviation 7.69 7.02R-Squared 0.80 0.79 Upside Capture 0.77 0.89Information Ratio -1.14 -0.67 Downside Capture 1.03 1.02
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -22.2Benchmark -25.2
GPAG's Take
Jeff Hyrich, lead manager of Trimark Global Endeavour,took over this fund in August 2009. He's worked closelywith Erin Green�eld for a number of years and Green�eldwas promoted to this fund's lead manager in 2013. Theequity portion of this fund has a lot of overlap withTrimark Global Endeavour, but this one will generallyfocus on larger names. Given how closely Green�eld and
Hyrich work together, the overlap will be high most ofthe time, but the funds are in no way tied to one another.Green�eld prefers to own strong companies with goodmanagement teams and he takes a blended value/growth approach. He aims to invest in industry leaders,and because he focuses on mid-sized names, thecompanies he deals with are often in very focused
industries. In terms of valuation metrics, the focus is ondiscounted free cash �ow, price to free cash �ow, P/E,and EV to EBIT. The �xed income portion of the fund isoverseen by Invesco's in-house bond team, and most ofthe exposure there is to be invested in domestic andforeign corporate issues.
Fund Stats
Total Assets as of 11-30-2016 $844 Mil
MER %
Trailing Yield %
Fund Code
AIM1777
1.0
1.36
Benchmark
Category
Morningstar CAN Bal Glbl Agg CAD
Global Balanced
Fund Manager Jennifer Hartviksen, B.A.Erin Green�eld, B.B.A.
Manager Start DateAug 2009
Fund Inception February 11, 2000
Sep 2013
80
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Global EquityBenchmark
MSCI World GR CAD
Performance as of 11-30-2016Funds Trailing Returns Standard Deviation Statistics
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr Eqt. Style FI Style MER1 Capital Group Global Equity-Canada F 1.2 2.9 8.1 4.6 5.8 12.7 16.8 7.3 10.8 9.7 7 — 0.932 CI Black Creek Global Leaders Class F -0.2 1.2 6.3 7.8 10.6 12.3 17.8 8.1 12.1 11.6 4 — 1.363 CI Synergy Global Corporate Class F 2.2 2.6 4.2 -2.4 -1.6 10.2 15.3 5.0 11.1 10.5 4 — 1.344 Dynamic Global Discovery Series F 0.7 0.0 6.0 0.7 6.3 13.3 13.7 6.6 11.6 9.8 7 — 1.315 Franklin Mutual Global Discovery F 2.7 4.2 7.6 7.0 4.4 5.0 11.2 5.3 10.0 9.6 1 — 1.456 Horizons Active Global Dividend ETF Comm 2.2 2.5 3.0 0.9 2.7 13.2 13.3 — 10.2 9.0 4 — 0.927 Mackenzie Ivy Foreign Equity F 0.2 -0.7 0.8 0.9 3.2 9.6 13.3 7.4 8.8 7.8 4 — 1.338 Templeton Growth Ltd F 2.4 4.9 7.9 1.6 2.1 8.5 14.5 4.5 11.7 11.1 1 — 1.359 Trimark Global Endeavour Class F 1.0 0.3 2.6 1.7 4.5 11.6 15.6 7.4 10.1 9.3 5 — 1.37
MSCI World GR CAD 1.8 2.6 6.3 2.2 4.8 12.9 16.9 6.1 10.2 9.3 — — —
5 Year Risk/Returns as of 11-30-20165 Yr Return
5 Yr Standard Deviation
Fund Category
19.0
18.0
17.0
16.0
15.0
14.0
13.0
12.0
11.0
10.0
4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0
9
8
7 6
5
4
3
2
1
Category Description
Because non-Canadian equity markets are subject todifferent earnings dynamics, interest rates, �scalpolicies, regulations, demographics, market dynamics,saving rates, energy self suf�ciency, etc., they can
behave differently than the Canadian equity market,meaning they have the ability to enhance portfoliodiversi�cation. Global equity offerings differ frominternational equity offerings in that the former have the
ability to invest in stocks from international markets aswell as the U.S.
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
81
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Capital Group Global Equity Fund (Canada) Series F
Portfolio As of 09-30-2016Asset Allocation % Port
6.4Cash0.0Fixed Income7.3Canadian Equity
45.7US Equity39.9International Equity
0.7Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
50.8Giant
31.7Large17.2Medium
0.2Small
0.0Micro
Top 5 Holdings % Assets
2.4Amazon.com Inc2.2Nintendo Co Ltd1.8Taiwan Semiconductor Manufacturing1.7Baidu Inc ADR1.7Microsoft Corp
9.8% Portfolio in Top 5 holdings180Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
18.6 -2.4 -27.0 17.4 9.8 -4.0 17.7 34.2 11.7 19.3 — Total Return %-1.6 4.7 -1.7 6.3 3.3 -1.3 3.8 -1.7 -3.3 -0.2 +/- Benchmark %* * * * * * & & * & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.2 1.8 23 Mth 2.9 2.6 16 Mth 8.1 6.3 11 Yr 5.8 4.8 12 Yr 11.5 10.5 13 Yr 12.7 12.9 15 Yr 16.8 16.9 110 Yr 7.3 6.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.47 -0.08 Standard Deviation 10.83 9.72Beta 1.02 1.01 Bmrk Standard Deviation 10.25 9.28R-Squared 0.94 0.92 Upside Capture 1.00 1.00Information Ratio -0.10 -0.01 Downside Capture 1.03 0.99
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -27.3Benchmark -30.9
GPAG's Take
This portfolio is backed by Los Angeles-based CapitalGroup of Companies, one of the biggest asset managerson the planet. The investment approach at Capital ismulti-manager in nature. There is no optimal number ofmanagers for a single fund, but typically three to tenprofessionals contribute ideas (three contribute to thisfund - Carl Kawaja, Dina Perry and Galen Hoskin). Eachmanager brings his or her own style to the table, and the
combination of managers leads to portfolios that are very“core” in nature. Capital refers to this as the “multipleportfolio counselor system”. The funds also contain anallocation to what’s referred to as the “researchportfolio”. In this component, analysts, all of whom areindustry specialists, do the stock picking. Here researchportfolio is a quarter of the fund and 43 analystscontribute ideas to it. This fund is the broadest mandate
of all of Capital’s Canadian offerings. It is also a uniquepool that is only available in the Canadian market. Thefund holds more than 150 names and is easily the largestof Capital's Canadian product offerings. Long terminvestors have been rewarded by this fund - it hasexcelled versus its peer group from a performancestandpoint over �ve and ten years.
Fund Stats
Total Assets as of 12-12-2016 $4,066 Mil
MER %
Trailing Yield %
Fund Code
CIF823
0.4
0.93
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager Dina Perry, M.A.F. Galen Hoskin
Manager Start DateAug 2012
Fund Inception November 1, 2002
Nov 2002
82
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Black Creek Global Leaders Fund Class F
Portfolio As of 08-31-2016Asset Allocation % Port
4.4Cash0.0Fixed Income0.0Canadian Equity
26.9US Equity68.7International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
23.7Giant
39.4Large24.4Medium12.6Small
0.0Micro
Top 5 Holdings % Assets
4.8FTI Consulting Inc4.6Accor SA4.5Galaxy Entertainment Group Ltd4.3Capgemini SA4.1Christian Dior SE
22.2% Portfolio in Top 5 holdings32Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— -8.7 -19.8 24.3 13.3 -13.8 21.3 42.7 4.4 22.1 — Total Return %-1.6 5.6 13.2 6.8 -11.2 7.3 6.8 -10.7 2.5 +/- Benchmark %( & & & ) & & ) & & Quartile
Compound Returns % Fund Bmark Quart
1 Mth -0.2 1.8 43 Mth 1.2 2.6 26 Mth 6.3 6.3 11 Yr 10.6 4.8 12 Yr 14.5 10.5 13 Yr 12.3 12.9 15 Yr 17.8 16.9 110 Yr 8.1 6.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -0.82 0.49 Standard Deviation 12.11 11.56Beta 1.04 1.04 Bmrk Standard Deviation 10.25 9.28R-Squared 0.77 0.69 Upside Capture 0.95 1.02Information Ratio -0.11 0.15 Downside Capture 0.94 0.94
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -21.3Benchmark -30.9
GPAG's Take
Lead manager Bill Kanko is a long-time player in theCanadian fund biz and is perhaps best known for hisefforts at Trimark. He and another former Trimarkmanager, Richard Jenkins, head up Black CreekInvestment Management and this �rm has an exclusiveretail distribution arrangement with CI. The duo runsdifferent strategies, but they regularly debate ideas andthere is a good amount of commonality across the �rm'sportfolios. Five seasoned analysts also contribute to thecause. While collaboration is encouraged at the �rm,
Kanko makes the �nal calls on this fund. When pickingstocks, Kanko endeavours to think like a business owner.He looks at opportunities as though he intends to buy100% of the company with his own money. He strives todevelop a proprietary or unique viewpoint on companieshe is considering and the aim is to pay a price that willdeliver meaningful returns to clients in the long term.This is a high conviction fund - there are generally just 20to 25 names in the portfolio - and turnover is typically inthe 25% to 30% range. What that means is that returns
will tend to be a lot different from what you'll see out ofthe MSCI World index, and we see that as being a goodthing. Kanko uses a straightforward DCF analysis whenevaluating stocks. You can plug in numbers and go, butthere are many variables at play so he prefers to comeup with a range of valuations for the companies he'sconsidering.
Fund Stats
Total Assets as of 09-30-2016 $1,758 Mil
MER %
Trailing Yield %
Fund Code
CIG11006
0.3
1.36
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager Bill KankoMatias Galarce
Manager Start DateOct 2006
Fund Inception June 13, 2006
Jun 2006HIC616
83
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
CI Synergy Global Corporate Class F
Portfolio As of 08-31-2016Asset Allocation % Port
3.7Cash0.0Fixed Income0.2Canadian Equity
63.3US Equity32.8International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
31.9Giant
33.6Large28.6Medium4.9Small
1.0Micro
Top 5 Holdings % Assets
2.3Apple Inc1.9Synchrony Financial1.7UnitedHealth Group Inc1.7Alphabet Inc A1.6Microsoft Corp
9.2% Portfolio in Top 5 holdings198Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
18.9 -3.4 -28.3 8.4 9.3 -7.5 14.1 39.3 12.4 18.1 — Total Return %-1.3 3.7 -3.0 -2.7 2.9 -4.8 0.1 3.3 -2.7 -1.4 +/- Benchmark %* * * ) * ( * & * * ) Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.2 1.8 13 Mth 2.6 2.6 16 Mth 4.2 6.3 21 Yr -1.6 4.8 42 Yr 7.3 10.5 23 Yr 10.2 12.9 25 Yr 15.3 16.9 110 Yr 5.0 6.1 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -2.89 -2.54 Standard Deviation 11.06 10.46Beta 1.04 1.08 Bmrk Standard Deviation 10.25 9.28R-Squared 0.92 0.93 Upside Capture 0.94 1.00Information Ratio -0.91 -0.52 Downside Capture 1.15 1.19
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -30.7Benchmark -30.9
GPAG's Take
Mike Kuan and Mike Kimmel have risen through theranks at Picton Mahoney Asset Management and nowhandle the day-to-day duties on this mandate. The �rm isa momentum shop, and for management, momentummeans fundamental changes for the better. Researchconducted by company CEO Dave Picton has concludedthat positive change leads to more positive change andnegative change leads to more negative change. The
core of the process involves a computer-driven modelbased on quantitative factors that searches forcompanies exhibiting four fundamental change factors,namely: accelerating earnings or revenues, positiveestimate changes, positive earnings surprises, andstrong relative price strength. Once management hasidenti�ed stocks with momentum characteristics thecompany's team of 30+ PMs and analysts conducts
fundamental analysis with a focus on assets, earnings,sales, products, management and markets to predictfuture trends. Finally, a risk control overlay is employedto ensure that there is no over concentration within thefund.
Fund Stats
Total Assets as of 09-30-2016 $181 Mil
MER %
Trailing Yield %
Fund Code
CIG6409
0.5
1.34
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager David Picton, B.C.Michael Kimmel, B.C.
Manager Start DateDec 2010
Fund Inception November 13, 2000
Dec 2010
84
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Dynamic Global Discovery Series F
Portfolio As of 08-31-2016Asset Allocation % Port
0.2Cash0.0Fixed Income0.0Canadian Equity
36.9US Equity62.4International Equity0.5Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
25.5Giant
19.4Large48.0Medium7.0Small
0.0Micro
Top 5 Holdings % Assets
10.2Schweiter Technologies AG8.2Frutarom Industries Ltd7.7Tamedia AG7.0In�con Holding AG6.8Keyence Corp
39.9% Portfolio in Top 5 holdings22Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
27.6 8.3 -29.5 25.0 17.6 -14.3 7.9 29.4 6.6 28.7 — Total Return %7.4 15.4 -4.2 14.0 11.1 -11.7 -6.1 -6.5 -8.4 9.2 +/- Benchmark %& & ( & & ) ) * ) & ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 0.7 1.8 33 Mth 0.0 2.6 36 Mth 6.0 6.3 21 Yr 6.3 4.8 12 Yr 14.2 10.5 13 Yr 13.3 12.9 15 Yr 13.7 16.9 210 Yr 6.6 6.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.86 -0.60 Standard Deviation 11.58 9.84Beta 0.97 0.86 Bmrk Standard Deviation 10.25 9.28R-Squared 0.73 0.66 Upside Capture 0.95 0.81Information Ratio 0.06 -0.54 Downside Capture 0.85 0.80
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -27.8Benchmark -30.9
GPAG's Take
Lead PM David Fingold is a value-oriented investor andhis view is that free cash �ow (FCF) yield, combined witha focus on balance sheet quality, is the most powerfulvaluation metric out there. He is not a quant manager,but his investment universe consists of the top 50% ofstocks in terms of balance sheet quality. He then focuseson the companies with the most attractive FCF yields. A
company with an attractive FCF yield with a rock-solidbalance sheet is always at least worth a look. Fingolddoesn't go after companies lacking in redeemingqualities simply because they are cheap. Rather, hewants to own exciting names – �rms that are best inclass and that have a moat around their business. Hebelieves this approach works, but it’s crucial for him to
have conviction and he knows that if he wavers from theapproach the results could be disastrous. Fingold makesvery active bets in this fund - take a look at it. It doesn'tlook like any index we are aware of. He is also nothesitant to run the portfolio with signi�cant amounts ofcash when deemed appropriate.
Fund Stats
Fund Manager David Fingold, B.S.
Manager Start Date
Fund Inception April 5, 2002
Total Assets as of 12-12-2016 $429 Mil
MER %
Trailing Yield %
Fund Code
DYN3011Sep 2004
0.0
1.31
Benchmark
Category
MSCI World GR CAD
Global Equity
85
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Franklin Mutual Global Discovery F
Portfolio As of 09-30-2016Asset Allocation % Port
4.5Cash4.6Fixed Income0.6Canadian Equity
50.4US Equity36.8International Equity
3.1Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
43.6Giant
41.6Large14.4Medium
0.4Small
0.0Micro
Top 5 Holdings % Assets
2.7Microsoft Corp2.6Hightower Holding Llc, Pfd., A2.1Merck & Co Inc2.1Medtronic PLC1.8Novartis AG ADR
11.4% Portfolio in Top 5 holdings118Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
20.3 5.0 -25.4 15.1 8.9 -2.3 13.9 29.5 7.2 -0.3 — Total Return %0.1 12.0 -0.1 4.1 2.4 0.4 0.0 -6.4 -7.8 -19.9 +/- Benchmark %& & * ( * & * * ) ) & Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.7 1.8 13 Mth 4.2 2.6 16 Mth 7.6 6.3 11 Yr 4.4 4.8 22 Yr 2.8 10.5 43 Yr 5.0 12.9 45 Yr 11.2 16.9 310 Yr 5.3 6.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -3.63 -1.65 Standard Deviation 9.98 9.56Beta 0.69 0.78 Bmrk Standard Deviation 10.25 9.28R-Squared 0.50 0.57 Upside Capture 0.59 0.75Information Ratio -1.03 -0.86 Downside Capture 0.88 0.92
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -19.7Benchmark -30.9
GPAG's Take
This deep value offering is overseen by Peter Langerman,President, CEO, CIO and Chairman of Franklin MutualAdvisers , and Philippe Brugere-Trelat, whose �rst stintat the �rm started in 1984. Brugere-Trelat also runs theMutual European fund that is available to U.S. investors.Ideas are generated across a team of close to 20investment professionals and all PMs are also analysts.This portfolio makes smaller bets across a relativelylarge number of names in an attempt to spread risk
around. Most of the stocks in the portfolio are plain oldvalue plays where the idea is to buy a dollar of assets for�fty cents. Rather than focusing on DCF analysis, thefocus is on what a businessperson would be willing topay for an asset. From time to time, smaller parts of thefund will be in distressed debt and/or risk arbitrageopportunities. Mutual carries a big stick on Wall Streetand has partnered with big players like Carl Icahn andWilbur Ross on potential takeout opportunities. The fund
has historically had very little exposure to Asia and allcurrency exposure is hedged back into CAD. This point isimportant because it means this fund has experiencedunderperformance relative to its unhedged peers sinceCAD began to weaken. It's too bad that the currencypositioning has impacted returns so detrimentally assecurity selection has been solid.
Fund Stats
Total Assets as of 11-30-2016 $938 Mil
MER %
Trailing Yield %
Fund Code
TML225
2.5
1.45
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager Philippe Brugere-TrelatPeter Langerman, B.A.
Manager Start DateDec 2009
Fund Inception February 17, 2003
Dec 2009
86
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Horizons Active Global Dividend ETF Common New
Portfolio As of 11-30-2016Asset Allocation % Port
1.6Cash0.0Fixed Income3.0Canadian Equity
74.5US Equity20.9International Equity0.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
55.9Giant
33.1Large10.1Medium0.8Small
0.0Micro
Top 5 Holdings % Assets
3.8Illinois Tool Works Inc3.1Lockheed Martin Corp3.1Altria Group Inc2.9Apple Inc2.9JPMorgan Chase & Co
15.8% Portfolio in Top 5 holdings61Total Number of Portfolio Holdings
Performance As of 11-30-2016
7101316192225
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
— — — — — -6.7 12.0 28.6 9.9 11.9 — Total Return %-4.1 -2.0 -7.3 -5.1 -7.7 +/- Benchmark %& ) ( & * ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.3 1.8 13 Mth 2.6 2.6 26 Mth 3.4 6.3 31 Yr 2.7 4.8 32 Yr 8.5 10.5 23 Yr 13.0 12.9 15 Yr 13.4 16.9 210 Yr — — —
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 1.30 -0.34 Standard Deviation 10.19 9.29Beta 0.90 0.82 Bmrk Standard Deviation 10.25 9.28R-Squared 0.81 0.68 Upside Capture 0.90 0.76Information Ratio 0.02 -0.62 Downside Capture 0.75 0.65
GPAG's Take
HAZ is subadvised by Guardian Capital, which leans on aproprietary model to search for what it deems to be thebest dividend stocks based on payout, sustainability and
growth. The ETF gives investors exposure to a portfolioof dividend stocks from around the world, and because itis geographically agnostic, management has the
�exibility to select the best dividend opportunities at anygiven time in any sector of the global economy.
Fund Stats
Fund Manager Not Disclosed
Manager Start Date
Fund Inception July 20, 2010
Total Assets as of 12-12-2016 $264 Mil
MER %
Trailing Yield %
Fund Code
HAZJul 2010
2.5
0.92
Benchmark
Category
MSCI World GR CAD
Global Equity
87
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Mackenzie Ivy Foreign Equity Fund - F
Portfolio As of 09-30-2016Asset Allocation % Port
32.3Cash0.0Fixed Income3.4Canadian Equity
37.8US Equity26.3International Equity0.1Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
48.3Giant
36.1Large15.7Medium0.0Small
0.0Micro
Top 5 Holdings % Assets
3.9Omnicom Group Inc3.4Brook�eld Asset Management Inc Class A3.3Amcor Ltd3.3United Parcel Service Inc Class B3.0Johnson & Johnson
16.9% Portfolio in Top 5 holdings36Total Number of Portfolio Holdings
Performance As of 11-30-2016
6101418222630
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
17.2 -3.2 -5.7 6.9 4.7 4.3 9.1 32.4 9.5 17.3 — Total Return %-3.0 3.9 19.7 -4.1 -1.8 7.0 -4.9 -3.5 -5.5 -2.2 +/- Benchmark %* * & ) ( & ( * ( * ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 0.2 1.8 33 Mth -0.7 2.6 46 Mth 0.8 6.3 41 Yr 3.2 4.8 22 Yr 8.9 10.5 23 Yr 9.6 12.9 25 Yr 13.3 16.9 210 Yr 7.4 6.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.12 1.05 Standard Deviation 8.77 7.83Beta 0.73 0.72 Bmrk Standard Deviation 10.25 9.28R-Squared 0.73 0.73 Upside Capture 0.72 0.75Information Ratio -0.62 -0.74 Downside Capture 0.68 0.63
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -9.5Benchmark -30.9
GPAG's Take
Lead manager and Ivy team head Paul Musson has donea great job on this portfolio for more than a decade. Thefund has delivered solid returns on a relative basis whileat the same time subjecting investors to far less volatilitythan the market, and indeed, most other global equitymandates. Just don't expect it to shoot the lights outwhen market performance is excessively bullish. Stocksare chosen using a collaborative research effort. Mussonfocuses on international stocks and the other teammembers have individual sector and geographical
responsibilities. The Ivy philosophy is very simple but itstresses something that many investors do not have thediscipline for – patience. Management is willing todevote tremendous amounts of time to understanding acompany and the team is willing to wait for a company'sstory to unfold. The �rst key to the approach involvestruly looking at the business. Meeting management is amust and growth in both top and bottom line numbers isdesired. Musson likes to see a return on capital �gurethat is expanding, or at least being maintained.
Additionally, it is important for companies to have atleast 10 years of �nancial history. Valuations must beattractive, but the team will not buy a stock simplybecause it is cheap – the business itself must be strong.Currency exposure is not actively hedged, although afully currency-hedged version of this mandate isavailable.
Fund Stats
Total Assets as of 11-30-2016 $4,504 Mil
MER %
Trailing Yield %
Fund Code
MFC077
0.2
1.33
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager Paul Musson, B.C.Matt Moody, B.B.A.
Manager Start DateJan 2009
Fund Inception December 6, 1999
Jan 2001
88
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Templeton Growth Fund, Ltd. F
Portfolio As of 09-30-2016Asset Allocation % Port
3.0Cash0.0Fixed Income0.6Canadian Equity
39.5US Equity56.7International Equity
0.2Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
59.5Giant
26.1Large11.3Medium
2.5Small
0.6Micro
Top 5 Holdings % Assets
2.9Samsung Electronics Co Ltd2.4Microsoft Corp2.3Apple Inc2.2Comcast Corp Class A2.0Citigroup Inc
11.9% Portfolio in Top 5 holdings101Total Number of Portfolio Holdings
Performance As of 11-30-2016
47
1013161922
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
22.4 -5.9 -29.3 12.2 3.9 -4.2 15.8 37.0 10.3 12.4 — Total Return %2.2 1.2 -3.9 1.1 -2.6 -1.5 1.8 1.1 -4.8 -7.1 +/- Benchmark %& ( ( ( ) * & & * ( ( Quartile
Compound Returns % Fund Bmark Quart
1 Mth 2.4 1.8 13 Mth 4.9 2.6 16 Mth 7.9 6.3 11 Yr 2.1 4.8 32 Yr 6.8 10.5 23 Yr 8.5 12.9 35 Yr 14.5 16.9 110 Yr 4.5 6.1 2
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha -4.88 -3.72 Standard Deviation 11.73 11.07Beta 1.08 1.12 Bmrk Standard Deviation 10.25 9.28R-Squared 0.89 0.88 Upside Capture 0.94 1.01Information Ratio -1.12 -0.59 Downside Capture 1.33 1.35
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -30.3Benchmark -30.9
GPAG's Take
James Harper was appointed this fund's lead PMfollowing the departure of Lisa Myers in April 2015.Harper was the back-up manager for the fund beforetaking over. Harper sees himself as perhaps being a bitmore deep value-oriented than Myers. Although theperson in charge of this fund is important and acts as thetrigger puller, the driving force behind it is Templeton'sstable of 30 analysts. All of the company's PMs are also
analysts, including Harper. The analysts are locatedaround the globe and cover all sectors across multiplegeographies. Their responsibility is to feed ideas to thecompany's PMs, but of course, the PMs are ultimatelyresponsible for the positioning of their portfolios. Thecore of the selection process involves calculating thevalue of a business by discounting a �ve year earningsstream. Those stocks that trade at the biggest discount
relative to their prevailing share price are added toTempleton's "bargain list" and the PMs make their stockselections from that list. What's amazing about thisproduct is that in the late nineties it was the biggestfund in the country. Since then it has lost close to 90% ofits assets.
Fund Stats
Total Assets as of 11-30-2016 $1,497 Mil
MER %
Trailing Yield %
Fund Code
TML740
0.0
1.35
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager Norman Boersma, B.A.James Harper, M.A.
Manager Start DateJun 2015
Fund Inception November 24, 2000
Jun 2015
89
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Trimark Global Endeavour Class F
Portfolio As of 06-30-2016Asset Allocation % Port
6.1Cash0.0Fixed Income3.7Canadian Equity
43.6US Equity45.7International Equity1.0Other
Morningstar Style BoxTM
Equity Style
Value Blend GrowthLarge
Mid
Small
Market Cap %
15.1Giant
32.2Large28.5Medium17.1Small
7.0Micro
Top 5 Holdings % Assets
8.1Ross Stores Inc5.9Anthem Inc5.3Hyundai Mobis Co Ltd4.1Microsoft Corp3.8Aramex PJSC
27.2% Portfolio in Top 5 holdings43Total Number of Portfolio Holdings
Performance As of 11-30-2016
26
1014182226
Growth of $10,000Fund
Benchmark
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Calendar Year
30.4 -14.8 -36.0 33.5 21.5 3.0 15.9 33.2 12.3 20.2 — Total Return %10.2 -7.8 -10.6 22.4 15.0 5.6 2.0 -2.7 -2.7 0.6 +/- Benchmark %& ) ) & & & & & * & * Quartile
Compound Returns % Fund Bmark Quart
1 Mth 1.0 1.8 33 Mth 0.3 2.6 36 Mth 2.6 6.3 31 Yr 4.5 4.8 22 Yr 10.8 10.5 13 Yr 11.6 12.9 15 Yr 15.6 16.9 110 Yr 7.4 6.1 1
Statistics 3 Year 5 Year 3 Year 5 Year
Alpha 0.71 1.12 Standard Deviation 10.09 9.34Beta 0.84 0.86 Bmrk Standard Deviation 10.25 9.28R-Squared 0.73 0.72 Upside Capture 0.87 0.89Information Ratio -0.24 -0.25 Downside Capture 0.82 0.81
Crisis Test 08-31-2008 to 02-26-2009 % Rtrn
Fund -35.5Benchmark -30.9
GPAG's Take
Jeff Hyrich has been in charge of this offering sinceJanuary 2007 and he was originally named a co-managerin early 2006. Hyrich, who is assisted by Erin Green�eld,focuses on businesses with market caps of between $1billion and $15 billion and he prefers to own strongcompanies with good management teams. He takes a
blended value/growth approach and always tries jumpon good opportunities when they present themselves,but he is still a very patient investor. He aims to invest inindustry leaders, and because he focuses on mid-sizednames, the companies he deals with are often in veryfocused industries. When conducting valuation analysis
Hyrich pays little attention to any EBITDA metrics andinstead considers discounted free cash �ow, price to freecash �ow, P/E, and EV to EBIT. Hyrich typically hedgeshalf of the fund’s exposure to Emerging Marketscurrencies back into Canadian dollars.
Fund Stats
Total Assets as of 11-30-2016 $536 Mil
MER %
Trailing Yield %
Fund Code
AIM5507
0.0
1.41
Benchmark
Category
MSCI World GR CAD
Global Equity
Fund Manager Erin Green�eld, B.B.A.Jeff Hyrich, B.A.
Manager Start DateAug 2002
Fund Inception August 29, 2002
Dec 2008
90
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Appendix I: Performance Summary to 11/30/16
Canadian Balanced Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
CI Cambridge Asset Alloc Corp Cl F 0.9 1.5 5.3 7.1 5.7 8.1 9.6 4.7 5.1 1.33
Dynamic Dividend Income Series F -0.1 -0.5 2.5 2.5 3.2 5.6 6.9 5.3 4.5 4.4 1.10
Fidelity Canadian Balanced Series F -0.5 0.0 4.2 6.4 6.7 8.1 9.0 6.9 6.2 5.4 0.92
Mackenzie Income F -0.3 -0.2 3.2 6.6 6.6 6.2 6.3 4.8 4.1 3.8 1.01
Mackenzie Ivy Canadian Balanced F 2.7 3.3 5.9 14.6 12.6 9.3 10.1 5.2 6.1 5.6 1.12
TD Dividend Income — F 1.9 4.1 8.3 16.1 13.0 7.9 9.9 5.8 6.9 6.3 0.94
Trimark Income Growth F 3.2 3.5 5.8 11.0 9.1 7.9 10.7 5.0 6.3 6.1 1.26
Canadian Equity Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
BMO S&P/TSX Capped Composite ETF NEW ZCN 2.2 4.1 8.8 19.0 15.4 7.1 7.4 8.3 8.4 0.06
CI Canadian Investment Class F 2.7 3.7 7.8 11.6 8.6 6.0 9.5 4.7 8.7 9.0 1.33
CI Signature Select Canadian Class F 4.6 6.1 10.7 12.6 9.9 8.4 10.4 5.8 8.4 8.2 1.32
CI Synergy Canadian Corporate Class F 2.0 3.0 5.7 4.4 3.3 6.1 9.2 4.4 8.2 8.1 1.32
Dynamic Power Cdn Growth F UNDER REVIEW 2.9 2.3 4.7 0.9 0.4 7.4 8.0 2.8 10.7 10.6 1.35
EdgePoint Canadian Portfolio Series F 4.3 6.7 11.4 20.9 15.7 10.0 12.7 8.9 8.8 1.01
Fidelity Canadian Disciplined Eq Ser F 0.9 2.7 6.8 12.6 10.8 9.0 9.7 6.2 7.2 7.5 1.11
Fidelity Canadian Large Cap Class F 1.9 2.3 4.4 10.9 10.1 9.5 14.2 5.8 6.7 1.14
Franklin Bissett Cdn Equity F 2.9 3.6 9.0 20.7 16.7 7.7 11.8 6.5 8.5 8.0 1.15
Horizons S&P/TSX 60 ETF NEW HXT 2.5 5.1 9.8 19.4 15.7 7.9 8.2 8.1 8.4 0.05
Canadian Equity Income/Dividend Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
BMO Canadian Dividend ETF NEW ZDV 3.8 4.1 8.8 19.9 14.7 4.0 6.9 8.9 8.4 0.39
BMO Monthly High Income II F 1.1 1.7 5.4 18.0 13.8 5.0 7.9 7.8 7.8 7.2 0.76
CI Signature Dividend Class F 1.8 2.1 5.3 8.4 7.4 6.8 9.5 5.4 7.0 6.4 1.32
Horizons Active Preferred Share ETF NEW HPR -0.5 1.8 5.9 4.9 6.3 -1.3 0.9 10.0 7.9 0.64
Dynamic Equity Income Series F 1.3 1.0 4.9 12.6 10.5 8.7 9.1 8.6 6.4 6.2 1.01
Franklin Bissett Cdn Dividend F 3.4 5.9 10.3 1.22
IA Clarington Strategic Equity Income F 1.4 1.5 5.1 10.0 7.9 7.2 10.4 6.9 6.5 0.92
Manulife Dividend Income F NEW -0.1 -0.5 6.3 16.2 14.7 12.5 6.5 1.20
Canadian Fixed Income Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
BMO Aggregate Bond ETF NEW ZAG -2.0 -2.7 -0.1 2.0 3.2 4.4 3.4 4.0 3.7 0.23
Dynamic Canadian Bond Series F -0.8 -0.6 0.2 1.3 1.7 2.7 2.7 2.2 2.3 0.85
Fidelity Canadian Bond Sr F -2.0 -2.6 0.0 2.2 3.1 4.2 3.4 4.4 3.9 3.6 0.67
Horizons Active Corporate Bond ETF NEW HAB -1.2 -1.1 1.6 3.9 4.4 4.1 4.3 3.1 3.0 0.60
Vanguard Canadian Short-Term Bond ETF NEW VSB -0.5 -0.3 0.3 0.8 1.3 2.0 2.0 1.4 1.3 0.11
PH&N Total Return Bond F -2.0 -2.6 0.1 2.7 3.7 4.6 3.8 4.0 3.6 0.61
TD Canadian Bond — F -2.0 -2.6 0.0 2.2 3.2 4.0 3.3 4.5 3.7 3.5 0.61
Canadian Small/Mid Cap Equity Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
Dynamic Small Business Series F 1.6 1.0 7.1 20.3 16.1 9.1 9.0 7.5 6.9 1.33
Fidelity Canadian Opportunities Sr F -0.9 0.7 7.6 22.5 22.2 8.9 10.2 8.4 9.2 8.0 1.13
IA Clarington Canadian Small Cap F 3.4 3.4 7.5 19.6 15.8 7.5 16.0 9.0 8.4 8.2 1.35
Manulife Growth Opportunities F 1.7 3.2 7.2 8.5 6.4 6.2 7.4 5.3 12.2 12.1 1.25
91
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
US Equity Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
AGF American Growth Class Series F 3.3 4.0 7.5 2.2 4.7 14.8 19.0 8.3 15.0 13.4 1.23
BMO US Dividend ETF NEW ZDY 4.9 6.3 14.0 19.5 23.0 22.0 9.1 0.34
Dynamic Power American Growth Ser F -0.8 -3.0 3.3 -10.2 -9.0 9.9 13.1 9.5 19.6 17.9 1.31
Epoch US Large-Cap Value — F NEW 4.54 4.91 9.06 3.82 4.64 14.74 18.97 6.88 11.97 10.38 1.08
Fidelity Small Cap America Sr F NEW 2.4 -1.2 -0.1 -1.7 0.0 14.9 23.0 11.4 12.4 11.2 1.17
Franklin Mutual US Shares F 4.3 5.0 10.1 13.8 11.3 9.2 14.3 3.6 9.9 9.5 1.46
Horizons S&P 500 ETF NEW HXS 3.8 4.2 8.4 6.2 8.2 17.4 20.6 10.7 10.2 0.17
Mackenzie US Mid Cap Growth Cl F 4.5 4.8 11.7 13.0 12.5 14.1 17.9 11.9 11.8 11.0 1.33
RBC O'Shaughnessy US Value Sr F 9.3 8.6 13.8 13.5 7.0 6.3 14.3 5.0 13.6 12.6 0.94
Global Equity Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
Capital Group Global Equity-Canada F 1.2 2.9 8.1 4.6 5.8 12.7 16.8 7.3 10.8 9.7 0.92
CI Black Creek Global Leaders Class F -0.2 1.2 6.3 7.8 10.6 12.3 17.8 8.1 12.1 11.6 1.36
CI Synergy Global Corporate Class F 2.2 2.6 4.2 -2.4 -1.6 10.2 15.3 5.0 11.1 10.5 1.32
Dynamic Global Discovery Series F 0.7 0.0 6.0 0.7 6.3 13.3 13.7 6.6 11.6 9.8 1.31
Horizons Active Global Dividend ETF NEW HAZ 2.2 2.5 3.0 0.9 2.7 13.2 13.3 10.2 9.0 0.91
Franklin Mutual Global Discovery F 2.7 4.2 7.6 7.0 4.4 5.0 11.2 5.3 10.0 9.6 1.45
Mackenzie Ivy Foreign Equity F 0.2 -0.7 0.8 0.9 3.2 9.6 13.3 7.4 8.8 7.8 1.33
Templeton Growth Ltd F 2.4 4.9 7.9 1.6 2.1 8.5 14.5 4.5 11.7 11.1 1.34
Trimark Global Endeavour Class F 1.0 0.3 2.6 1.7 4.5 11.6 15.6 7.4 10.1 9.3 1.37
International Equity Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
BMO International Dividend ETF NEW ZDI -1.1 0.7 2.3 1.4 2.7 0.45
BMO MSCI EAFE ETF NEW ZEA -1.6 -0.4 2.2 -4.2 -2.8 0.23
CI Black Creek Intl Eq Corp Cl F -1.4 1.5 3.3 -2.2 1.4 7.1 16.1 14.7 14.6 1.37
CI International Value Class F -1.1 -0.1 6.1 3.1 4.8 8.2 11.3 3.2 11.7 10.8 1.35
Invesco International Growth F -2.4 -3.6 -3.0 -6.6 -4.5 6.9 11.4 11.0 10.1 1.46
Manulife World Investment F -3.7 -5.2 -2.8 -4.1 -2.0 8.4 11.4 1.24
Global Balanced Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
EdgePoint Global Growth & Inc Port Sr F 4.7 5.2 7.6 11.5 9.5 13.2 15.7 8.4 8.3 0.88
Mackenzie Ivy Global Balanced F 0.2 -0.6 3.0 4.7 5.5 9.1 11.8 6.7 7.8 6.9 1.13
Trimark Global Balanced Series F -0.6 0.2 3.6 1.7 3.4 6.1 10.4 4.7 7.7 7.2 1.31
High Yield Fixed Income Ticker 1 Mo 3 Mo 6 Mo YTD Ret 1 yr Ret 3 yr Ret 5 Yr Ret 10 Yr Ret 3 yr SD 5 yr SD MER
Fidelity American High Yield Curr Neut F -0.3 0.1 4.6 10.2 7.4 3.8 6.8 6.2 5.4 5.2 1.10
Horizons Active High Yield Bond ETF NEW HYI 0.0 1.0 6.6 13.3 10.4 3.7 6.1 0.69
Mackenzie Corp Bond F -0.5 0.4 4.7 10.2 7.2 2.8 5.6 5.2 5.3 4.7 0.99
PIMCO Monthly Income F NEW -0.4 0.7 3.3 6.6 5.7 5.6 9.6 2.8 3.9 0.83
Appendix I: Performance Summary to 11/30/16
92
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
93
?©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary inthe course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
Important Disclosures
This material does not include or constitute an investment recommendation, and is not intended to take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and talk to your investment advisor.
The author(s) of the report own(s) securities of the following companies.None.
The supervisors of the Portfolio Advisory Group own securities of the following companies.None.
Scotia Capital Inc. is what is referred to as an “integrated” investment firm since we provide a broad range of corporate finance, investment banking, institutional trading and retail client services and products. As a result we recognize that we there are inherent conflicts of interest in our business since we often represent both sides to a transaction, namely the buyer and the seller. While we have policies and procedures in place to manage these conflicts, we also disclose certain conflicts to you so that you are aware of them. The following list provides conflict disclosure of certain relationships that we have, or have had within a specified period of time, with the companies that are discussed in this report.
General Disclosures
The ScotiaMcLeod Portfolio Advisory Group prepares this report by aggregating information obtained from various sources as a resource for ScotiaMcLeod Wealth Advisors and their clients. Information may be obtained from the Equity Research and Fixed Income Research departments of the Global Banking and Markets division of Scotiabank. Information may be also obtained from the Foreign Exchange Research and Scotia Economics departments within Scotiabank. In addition to information obtained from members of the Scotiabank group, information may be obtained from the following third party sources: Standard & Poor’s, Valueline, Morningstar CPMS and Bloomberg. The information and opinions contained in this report have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness.
While the information provided is believed to be accurate and reliable, neither Scotia Capital Inc., which includes the ScotiaMcLeod Portfolio Advisory Group, nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Neither Scotia Capital Inc. nor its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents.
This report is provided to you for informational purposes only. This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Investors should seek advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized.
Nothing contained in this report is or should be relied upon as a promise or representation as to the future. The pro forma and estimated financial information contained in this report, if any, is based on certain assumptions and management’s analysis of information available at the time that this information was prepared, which assumptions and analysis may or may not be correct. There is no representation, warranty or other assurance that any projections contained in this report will be realized
Opinions, estimates and projections contained in this report are our own as of the date hereof and are subject to change without notice.
Copyright 2012 Scotia GBM Inc. All rights reserved
® Registered trademark of The Bank of Nova Scotia, used by ScotiaMcLeod under license. ScotiaMcLeod is a division of Scotia Capital Inc. Scotia Capital Inc. is a member of Canadian Investor Protection Fund.
Scotia Wealth M
anagement’s Recom
mended M
utual Funds and ETFs 2017
Scotia Wealth Management’s Recommended Mutual Funds and ETFs
Enriched Thinking®
James Gauthier, CFA 416.350.3369 j.gauthier@scotiabank.com
Denise Davids, MBA 647.428.8220 denise.davids@scotiawealth.com
Joel Beriault 416.863.5912 joel.beriault@scotiawealth.com
i
®Registered trademark of The Bank of Nova Scotia, used under licence. ™Trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management™ consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management and family office services are provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning and advisory services are provided by Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.
Scotia Wealth Management 40 King Street West, 52nd Floor Toronto, ON, M5H 1H1
scotiawealthmanagement.com