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ALL CREATIVE DISCIPLINESDesign, digital, editorial, social
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BOUTIQUEServing public & private sector clients
• Infographics, charts & diagrams
• Annual reports, legal, financial & technical materials
• Visual identity & logos
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• Website & mobile design
• Print & digital design
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Our Approach to Delivering Results
1. Creative Brief Captures strategy and objectives; drives creative process
2. Concept Range From conservative to innovative, options that meet your strategy
3. Iterations & Finessing Working through copy & design aspects, perfecting the details
4. Disciplined Process All phases tightly managed to deliver results on time and on budget
MarcomCentral.ca
MARCOM CENTRAL is a Toronto-based integrated marketing boutique. We work in the area of “the complex,” serving clients in knowledge-based industries. Our adaptable approach supports our clients’ diverse needs, from specialized project support to fully integrated campaigns.
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Infographics Visual Identities & Logos
01000000020000000300000004000000050000000600000007000000080000000
Richard Rooney,President & CIO
Allan MacDonald, Senior Vice President & Portfolio Manager,
Investment Team
Fund launched: Canadian Small Cap Fund
Moved to Brook� eld Place, Canada Trust Tower, 46th Floor
David Vanderwood, Senior Vice President & Portfolio Manager,
Investment Team
Jennifer Dunsdon, Vice President,
U.S. Client Group
Performance Achievement Awards: Partners’ Global Fund,
Partners’ Balanced RSP Fund, Canadian Equity Fund,
Canadian Small Cap Fund, American Equity Fund, Foundation Trust Fund
Moved to Brook� eld Place, Bay Wellington Tower,
45th Floor
Craig Pho, Senior Vice President & Portfolio Manager,
Investment Team
Franca DeBartolo, Vice President & Treasurer
Funds launched: Partners’ Equity RSP Fund,
Japanese Equity Fund
Moved to The Exchange Tower, 23rd Floor
Ken Jesudian, Senior Vice President & Portfolio Manager,
Investment Team
Robert Sankey, Vice President,
Investment Team
Katie Taylor,CCO, Compliance
Funds launched: Global Focused
Opportunities Fund, U.S. Small/Mid Cap Fund,
EAFE Fund, Total Return Bond Fund
Morningstar Canadian Investment Awards:
Partners’ Global Fund, Partners’ Balanced RSP Fund,
Canadian Equity Fund, Canadian Small Cap Fund
Ken Broekaert, Senior Vice President,
Portfolio Manager & Director of Research, Investment Team
Eric Goldstrand, Vice President, International
Business
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
80
70
60
40
(In millions of dollars)
50
30
10
20
Implementation of succession plan:
Ken Jesudian appointed CEO
Steve Boutin, Vice President & Portfolio
Manager, Investment Team
Fund launched: Canadian Large Cap Fund
Launched the Burgundy Blog
Morningstar Canadian Investment Awards:
Partners’ Global Fund, Partners’ Balanced RSP Fund,
Canadian Equity Fund, Canadian Small Cap Fund,
U.S. Smaller Companies Fund, Balanced Pension Fund,
EAFE Fund
Expanded to Bay Wellington Tower, 46th Floor
Inception and incorporation of Burgundy Asset Management Ltd.
Original employees: - Tony Gri� ths - Bryan Smith - John Di Tomasso
70 University Avenue
Funds launched: Canadian Equity Fund,
Bond Fund Tony Arrell,
Chairman & CEO Stephen Mitchell,
Senior Vice President & Portfolio Manager,
Investment Team
Funds launched: Partners’ Global Fund,
Partners’ Balanced RSP Fund
Lloyd Barbara, Vice Chairman
Fund launched: Balanced Income Fund
Funds launched: American Equity Fund, Foundation Trust Fund
Funds launched: U.S. Smaller Companies Fund,
Money Market Fund
Fund launched: Focus Canadian Equity Fund
Funds launched: European Equity Fund,
Pension Trust Fund
Performance Achievement Awards:
Partners’ Balanced RSP Fund, Canadian Equity Fund,
Canadian Small Cap Fund
First Client Day
Claude Bédard, Vice President,
Private Client Group
Steve Malcolm, Vice President, Trading
Joe Rooney, Vice President, U.S. Client Group
Implementation of the Associates Program
Fund launched: Compound Reinvestment
Fund
Doug Winslow, Vice President,
Investment Team
Frances Lee, Vice President
Fixed income fees reduced
Japanese Equity Fund renamed to Asian Equity
Fund; Focus Japanese Equity Fund renamed to Focus Asian
Equity Fund
Mark Gallien, Vice President,
Private Client Group
Funds launched: Balanced Foundation Fund,
Balanced Pension Fund, European Foundation Fund
Vince Hunt, Vice President & Portfolio
Manager, Investment Team
Launched Beaujolais Private Investment Management
Opened Montreal o� ce
Fund launched: Focus Japanese Equity Fund
Anne-Mette de Place Filippini, Senior Vice President & Portfolio Manager,
Investment Team
Funds launched: Core Plus Bond Fund,
Global Equity Fund (ex-Canada)
First client conference call
Tony Arrell receives Honorary Doctorate of Laws from
York University
Greg Dowdall, Vice President,
Private Client Group
Jock Fleming, Vice President,
Private Client Group
Richard Rooney receives honorary Fellow (FCA)
designation from the Institute of Chartered Accountants
20TH ANNIVERSARY
Fund launched: Emerging Markets Fund
Shihab Zubair, Vice President, Canadian Institutional Client Group
Fund launched: Emerging Markets Foundation Fund
Investment Team trip to China
Morningstar Canadian Investment Awards:
Partners’ Global Fund
25TH ANNIVERSARY
Jennifer Dunsdon appointed COO, Client Administration
Fund launched: EAFE Foundation Fund
Launched the Women of Burgundy initiative
Morningstar Canadian Investment Awards:
Partners’ Global Fund, Balanced Pension Fund,
EAFE Fund, Canadian Small Cap Fund
20-year clients recognized
Pro-Europe protests destabilize Ukrainian government
Savings & Loan Crisis
Breakup of Soviet Union
European Union formed
Russian economic collapse
Web browser, Netscape Navigator, becomes freely downloadable
Rogue trader brings down Barings Bank
Hong Kong returns to China
East Asian � nancial crisis
Tech bubble era Terrorist attacks on U.S.; hijackers ram jetliners into New York City’s Twin Towers
Euro currency debuts in 13 European countries
WorldCom goes down
� e Sarbanes-Oxley Act
Hyper resource valuations
Series of co-ordinated suicide bombings target London’s public transit system
Warren Bu� ett donates 85% of his fortune
C$1 equal to US$1 for the � rst time in 31 years
Global � nancial crisis takes hold:
- JP Morgan Chase acquires Bear Stearns
- Fannie Mae and Freddie Mac bailout
- Lehman Brothers � les for Chapter 11
Fitch downgrades Greece’s credit rating
European debt crisis hits
Abenomics in Japan
Original & Independent ResearchGlobal ManagerClient-focused Service
FOR ILLUSTRATIVE PURPOSES ONLY. Results of $3,000,000 investment – inception date through March 31, 2015: Burgundy Canadian Equity Fund – May 31, 1991; Burgundy Partners’ Balanced RSP Fund – February 28, 1993; Burgundy Partners’ Global Fund – March 31, 1993.
All rates of return are time-weighted historical annual compounded total returns and are before investment management fees, but after administrative expenses. Investors are advised that their investments are not guaranteed, their values may change frequently and past performance may not be repeated. Investments in Burgundy Funds assume the reinvestment of all dividends and distributions and do not attract any sales, redemption, distribution or optional charges or commissions or trailing commissions that would have reduced returns. The rates of return also do not take into account any income taxes payable by any unitholder.
burgundyasset.com
$70,232,843CANADIAN EQUITY FUND
March 31, 2015
$30,578,103PARTNERS’ BALANCED
RSP FUNDMarch 31, 2015
$31,386,251PARTNERS’ GLOBAL FUND
March 31, 2015
celebrating 25 years of protecting & building wealth
RESULTS OF $3,000,000 INVESTMENT
10-05-005 BAM Timeline 2015_FINAL.indd 1 2015-05-07 3:10 PM
ACCREDITED INVESTOR (No OM required)
Total net worth of $5 million
Financial assets of $1 million
or Individual income greater than $200,000 in past 2 years or household income greater than $300,0002
NOTE: All trades sold through a registrant are subject to suitability, regardless of investor category. Twelve month investment limits for both non-eligible and eligible investors are in aggregate under the OM exemption, not on a per company/issuer basis.1. Investor has a personal income of at least $75,000, or combined income with their spouse of $125,000 in the past 2 years, and reasonably expects to meet or exceed the applicable amount in the current calendar year.2. Investor has a personal income of at least $200,000, or combined income with their spouse of $300,000 in the past 2 years, and reasonably expects to meet or exceed the applicable amount in the current calendar year.
or
For more information visit: exempteducation.ca
ELIGIBLE INVESTOR DIRECT
DIRECT OR EMD
EXEMPT MARKETDEALER EMD
Total net worth of $400,000 orIndividual income of $75,000 or $125,000 combined spousal income1
Can invest up to $30,000 directly in any 12 month period with an OM
Can invest up to $100,000 through an O�ering Memorandum (OM) in a 12 month period provided positive suitability advice received from a portfolio manager, investment dealer or EMD
Can invest a maximum of $10,000 in a 12 month period with an OM
NON-ELIGIBLEINVESTOR
Net worth of LESS than $400,000 andIndividual income of less than $75,000 and combined spousal income of less than $125,000
Access to a broad range of
alternative investments+ $400K
– $400K
Roadmapto Private Investments
$100,000
$30,000
$10,000
Strengthening Your Financial Fou
ndat
ion
1st GENERATIO
N
2nd
GEN
ERAT
ION
3rd GENERATION
Building a Professional Infrastructure
AssetManage-
ment
Retire-ment
Planning
EstatePlanning
FinancialManage-
ment
TaxPlanning
RiskManage-
ment OurFamilyOffice
Business
Family
Strengthening Your Financial Fou
ndat
ion
1st GENERATIO
N
2nd
GEN
ERAT
ION
3rd GENERATION
Building a Professional Infrastructure
AssetManage-
ment
Retire-ment
Planning
EstatePlanning
FinancialManage-
ment
TaxPlanning
RiskManage-
ment OurFamilyOffice
3rddd GGENERAARR
TTTAA
IIOOON
Lorem ipsum dolor sit amet, consectetuer adipiscing:• Sed diam nonummy nibh euismod tincidunt ut laor eet dolore magna • Sed diam nonummy nibh euismod tincidunt
Ownership Business
Family
Ownership
Contact your account representative today. 416.775.3666 MarcomCentral.ca
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Marketing &Communications CENTRALMarcomCentral.ca
Beutel Goodman Web – Selected Pages FinalNovember 7, 2016
Home
FPO
Your Success is Our Success
Beutel, Goodman & Company Ltd.20 Eglinton Avenue West, Suite 2000, P.O. Box 2005Toronto, Ontario, Canada M4R 1K8Tel: (416) 485-1010Toll Free: 1 (800) 461-4551
Copyright 2016 Beutel, Goodman & Company Ltd. SITE MAPLEGALCONTACT US CAREERS
Beutel, Goodman & Company Ltd. We define our success by the success of our clients.
As value managers, our primary objective is the delivery of enhanced, risk-adjusted long term performance. This is achieved through the consistent application of our investment philosophy, which stresses capital preservation and risk management above all else.We take great pride in our ability to cater to the needs of our institutional, private (high net worth), and advisor client base.
Latest NewsNews item headline and link text hereJuly 2016
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H2 Central Marketing & Communications
H2central.ca H2central.ca
Big Box – Elephant
Mawer Investment ManagementFebruary 10, 2014
Learn how successful investingstarts with a disciplined process tame your inner elephant.
Learn how successful investingstarts with a disciplined process
When emotions run wild,
Frame 1 – Close up of elephant, zoom out...
Frame 4 – Call to action transitions in...Frame 3 – ...headline continues...
Frame 5 – Mawer replaces elephant
Frame 2 – Full view of elephant. Stick taps slightly, elephant’s trunk skews slightly to the right as headline transitions in.
H2 Central Marketing & Communications
H2central.ca H2central.ca
Big Box – Elephant
Mawer Investment ManagementFebruary 10, 2014
Learn how successful investingstarts with a disciplined process tame your inner elephant.
Learn how successful investingstarts with a disciplined process
When emotions run wild,
Frame 1 – Close up of elephant, zoom out...
Frame 4 – Call to action transitions in...Frame 3 – ...headline continues...
Frame 5 – Mawer replaces elephant
Frame 2 – Full view of elephant. Stick taps slightly, elephant’s trunk skews slightly to the right as headline transitions in.
H2 Central Marketing & Communications
H2central.ca H2central.ca
Big Box – Elephant
Mawer Investment ManagementFebruary 10, 2014
Learn how successful investingstarts with a disciplined process tame your inner elephant.
Learn how successful investingstarts with a disciplined process
When emotions run wild,
Frame 1 – Close up of elephant, zoom out...
Frame 4 – Call to action transitions in...Frame 3 – ...headline continues...
Frame 5 – Mawer replaces elephant
Frame 2 – Full view of elephant. Stick taps slightly, elephant’s trunk skews slightly to the right as headline transitions in.
H2 Central Marketing & Communications
H2central.ca H2central.ca
Big Box – Elephant
Mawer Investment ManagementFebruary 10, 2014
Learn how successful investingstarts with a disciplined process tame your inner elephant.
Learn how successful investingstarts with a disciplined process
When emotions run wild,
Frame 1 – Close up of elephant, zoom out...
Frame 4 – Call to action transitions in...Frame 3 – ...headline continues...
Frame 5 – Mawer replaces elephant
Frame 2 – Full view of elephant. Stick taps slightly, elephant’s trunk skews slightly to the right as headline transitions in.
Contact your account representative today. 416.775.3666 MarcomCentral.ca
Marketing Material Financial Documents
OPERATION: GLOBAL SSU Global Surgery Start-Up
Ground floor DONOR OPPORTUNITY:address a massive unmet need with a smart, business-like approach
Initiated by the University of Toronto in Partnership with Harvard University, University of Oxford
Dr. Who?Under the direction of Dr. Lee Errett, Professor Global Surgery, University of Toronto
Beyond Bandages – Why Support Global Surgery?• Largest global health issue with NO systematic
plan of attack• Basic surgical care is relatively easy to teach
and sustain once the infrastructure has been established and there is a protocol for training and follow-up
Why Operation: Global Surgery Start-Up• Start-up, business-like approach: low overhead,
focused on concrete results, metrics and deliverables
• Bottom-up approach – building on success – one Surgical Base at a time – and growing outwardly from there with local support
• Mentor, teach and train local staff to upgrade surgical care and sustain delivery
• Using tele-health communication to maintain contact, follow-up and for training purposes
• Local community and government commitments for sustainability
• Fix it, action mindset – to get results
Invitation to YouGet in on the ground floor of starting to make a concrete and measurable difference to massive global problem. • Invest your donor capital in surgical start-ups
designed for local communities to assume, sustain and expand.
• Aimed at a sustainable fix – one Surgical Base at a time – and growing from there.
• A new, fresh, entrepreneurial start-up approach aimed at making a massive difference
• Help seed this solutions-based effort to getting basic surgical care to people in need.
• Donate to Operation: Global Surgery Start-Up
Contact information:
Dr. Lee Errett, Department of Surgery 149 College St, 5th Floor, Toronto, ON M5T 1P5
Tel: 416-978-1662 Fax: 416-978-3928 Cell: 647-618-7978
[email protected] surgery.utoronto.ca
OPERATION: GLOBAL SSUGlobal Surgery Start-Up is a systematic and sustainable approach to increase access to basic surgical and anesthesia care for some of the most vulnerable populations around the globe.
Basic Surgeries• Fractures• Appendicitis• Hernias• Obstructed labour
Common needs that can result in unnecessary death and morbidity if not treated
Fighting These Facts In the last decade, mortality rates:
• HIV: 1.46 million people
• Malaria: 1.17 million people
• TB: 1.2 million people
• Surgical Fatalities: 18.6 million people
• Does not include 5 billion people who globally do not have access to surgical care for common conditions
• 25% of people who receive treatment will suffer financial ruin after surgical treatment – due to the cost
• The World Bank has estimated cost to correct surgical inequity is $359 billion USD – BUT NOT TREATING will mount to $12.3 trillion by 2030.
Operation: Global SSU is completely about starting up and sustaining surgical infrastructure and know-how to chip away at the inadequate and inequitable access to care.
Surgical Start-Up Teams• Training surgeons• Nurses• Anesthetists• Paramedics• Medical equipment
technicians
Beyond Medical Mission to a Catalyst for Sustainable ChangeMedical missions relieve the situation, but there is no systematic attempt to leave behind skill sets, infrastructure so locals can sustain.
World Bank has estimated that improved surgical care can increase a country’s GDP by up to 2% annually
2%
Breaking Down the Problem for Action: Operation: Global Surgery Start-Up aims to become a “Doctors without Borders” for global surgeries – we strive for sustainability.
OPERATION: Global SSU Has a Bottom-Up and Sustainable Approach to Increase Access to Basic Surgical and Anesthesia Care: Start-Up, Train & Sustain
Start Up Phase
Identify Potential Surgical Bases• Local stakeholders and governments must agree to work with Operation: Global SSU: – Provide some infrastructure, medical people – Commit to assume and sustain their Surgical Base once it is up and running
• Operation: Global SSU conducts scope trip to assess needs
Train Phase
• Medical Team will partner with staff at Surgical Base
• Team performs surgeries and trains local medical staff
• Medical Team upgrades and “operationalizes” systems and procedures with local Surgical Base medical staff
Sustain Phase
• Medical Team develops follow-up protocol for Surgical Base: – Tele-health communications to maintain regular contact – Surgical training trips for local medical staff to University of Toronto – Regular return trips for skill development and expansion
• Local community develops plan to assume, sustain and expand quality and access to surgical care• Create a repeatable process that can be enacted by other medical teams and universities
• Operation: Global SSU is focused on starting up, training and sustaining infrastructure to provide access to basic surgical and anesthesia care.
• We aim to start up a repeatable process to:
1. Increase access to care
2. Train for effective care
3. Collaborate with NGOs, Ministries of Health and local healthcare providers to provide and strengthen provision of surgical care
Global Surgery Project Brochure FINAL2.indd 4-5 2015-11-20 1:38 PM
Protecting your rights and ensuring a sustainable energy sector.
Your feedback about what we do makes a difference. If you have any comments or questions, please connect with us.
ONLINEoeb.ca
Email: [email protected]
@OntEnergyBoard
WRITE OR VISIT US
Ontario Energy Board PO Box 2319 2300 Yonge Street, 27th Floor Toronto, ON M4P 1E4
PHONE1-877-632-2727(toll-free within Ontario)
416-314-2455(within the Greater Toronto Area or from outside Ontario)
TTY
1-844-621-9977 (toll-free within Ontario)
416-544-5190 (within the Greater Toronto Area or from outside Ontario)
We do this by:
• Establishing rates and prices that are reasonable to consumers and that allow utilities to invest in the system
• Encouraging higher performance from natural gas and electricity utilities and measuring progress
• Making the consumer’s own usage, and broader energy issues, easier to understand
• Looking out for consumer interests, investigating complaints and applying penalties, where appropriate
• Thinking about the long-term needs of the energy sector and developing regulatory policy to meet emerging challenges
The Ontario Energy Board (OEB) is Ontario’s independent energy regulator. Our goals are to contribute to a sustainable, reliable energy sector and to help consumers get value from their natural gas and electricity services.
03/2019
Margin of Safety: Margin of safety is the difference between Burgundy’s internal estimation of the intrinsic value of a company and its current market value. Burgundy’s intrinsic value estimates are subjective and determined by internal models based on tangible and intangible factors. If the intrinsic value and current market value are the same then there is no margin of safety. The lower the current market value compared to the intrinsic value, the greater margin of safety.
Intrinsic Value: Intrinsic value refers to the value of a company that Burgundy has determined by internal models based on tangible and intangible factors without reference to the company’s current market value. Intrinsic value models may rely on such inputs as brand name, trademarks, copyrights, business models, governance, financial statement analysis, the company’s free cash flow and cost of capital.
BURGUNDY CANADIAN SMALL CAP FUND
June 30, 2019
FUND FACTS
PORTFOLIO MANAGER: Andrew Iu*
INCEPTION DATE: June 30, 1995
CURRENCY: CAD/USD
RRSP ELIGIBLE: yes
GEOGRAPHY: Canada, up to 30% may be invested outside of Canada
NUMBER OF HOLDINGS: 30-75
SECURITY WEIGHT: maximum 10% of market value in any one company
MARKET CAPITALIZATION: maximum of C$2 billion at initial purchase
SECTOR WEIGHT: maximum 40% of market value in any one sector
CANADIAN EQUITIES
ASIAN EQUITIES
EMERGING MARKETS EQUITIES
EUROPEAN EQUITIES
U.S. EQUITIES
FIXED INCOME
CANADIAN FIXED INCOME
EUROPEAN FIXED INCOME
U.S. FIXED INCOME
CASH
OTHER INVESTMENTS
?
GEOGRAPHY ALLOCATION
GEOGRAPHIC ALLOCATION*
CHARACTERISTICS OF A HIGH QUALITY PORTFOLIOBurgundy Canadian
Small Cap Fund
QUALITY Return on equity (current) 9%
EBIT margin (current) 11%
Net debt/total capital 15%
Dividend yield 4%
VALUATION EV/EBIT (current) 16x
Price to earnings (next twelve months) 15x
MARGIN OF SAFETY Discount to intrinsic value 23-25%
* Portfolio allocation may not total to 100% due to rounding.
72.3% CANADIAN EQUITIES
13.2% ASIAN EQUITIES
12.7 % EUROPEAN EQUITIES
1.8% CASH AND CASH EQUIVALENTS
19.5% CONSUMER DISCRETIONARY
17.7 % INDUSTRIALS
14.5% ENERGY
13.9% REAL ESTATE
10.4% INFORMATION TECHNOLOGY
6.6% CONSUMER STAPLES
5.4% COMMUNICATION SERVICES
5.0% UTILITIES
3.4% HEALTH CARE
1.8% MATERIALS
1.8% CASH AND CASH EQUIVALENTS
CONSUMER DISCRETIONARY
CONSUMER STAPLES
ENERGY
FINANCIALS
HEALTH CARE
INDUSTRIALS
INFORMATION TECHNOLOGY
MATERIALS
REAL ESTATE
COMMUNICATION SERVICES
UTILITIES
CASH AND CASH EQUIVALENTS
SECTOR ALLOCATION
SECTOR ALLOCATION*
* Andrew Iu assumed the role of Portfolio Manager on July 1, 2019
2018 ANNUAL REPORT
Get CIPF ProtectionInvest with an IIROC Regulated Member
CANADIAN INVESTOR PROTECTION FUND ANNUAL REPORT 20182 3
CIPF’S ROLE IN THE CANADIAN REGULATORY SYSTEM
Governed by Two AgreementsThe Canadian Investor Protection Fund (CIPF) is the compensation fund approved by the Canadian Securities Administrators (CSA) for investment dealers regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
The CSA consists of the authority in each Canadian province and territory that, under statute, regulates the securities industry within its jurisdiction. Each regulator is responsible for promoting both investor protection and fair and efficient capital markets in its jurisdiction. IIROC operates under Recognition Orders from the CSA as the national self-regulatory organization that oversees all investment dealers and trading activity on both debt and equity marketplaces in Canada. CIPF is funded by IIROC-regulated Dealer Members, and all IIROC Dealer Members are also automatically members of CIPF (Members).
CIPF’s role in the Canadian regulatory system is governed by the following agreements:
• A Memorandum of Understanding (MOU) between CIPF and the CSA setting out a program of oversight for CIPF to ensure that CIPF is appropriately discharging its responsibilities as a compensation fund. As provided by securities laws and regulations in many Canadian provinces and territories, certain securities regulators have also issued approval orders in relation to CIPF that address CIPF’s responsibilities for investor protection, as well as the governance, funding and maintenance of CIPF and reporting to the CSA.
• An Industry Agreement between CIPF and IIROC that establishes the respective responsibilities of CIPF and IIROC. One key term in the agreement is that IIROC must provide prompt notice to CIPF of any situation that is likely to require a payment by CIPF.
MEMORANDUM OF UNDERSTANDING
RECOGNITION ORDERS REGARDINGMEMBER OVERSIGHT
PROTECTION FOR CUSTOMER PROPERTY
HELD BY MEMBERS
MEMBERREGULATION AND ENFORCEMENT MEMBERS
INVESTMENT INDUSTRYREGULATORY ORGANIZATION
OF CANADA (IIROC)INDUSTRY AGREEMENT
CANADIAN SECURITIES ADMINISTRATORS (CSA)
PROTECTION FOR ELIGIBLE CUSTOMERS
Bay Wellington Tower Brookfield Place
181 Bay Street Suite 4510, PO Box 778 Toronto ON M5J 2T3
Main: (416) 869-3222 Toll Free: 1 (888) 480-1790
Fax: (416) 869-1700
Reproduction in part or whole is prohibited without written permission from Burgundy Asset Management Ltd.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
www.burgundyasset.com
AN INVITATION TO WORK TOGETHERWe would be honoured to meet with you to understand your philanthropic organization’s unique needs and develop an investment strategy that aligns with your goals.
Contact us to arrange a meeting: Philip Doyle, CFA, Investment Counsellor [email protected] (416) 869-6469 or 1 (888) 480-1790 ext. 6469
LONG-TERM INVESTING WITH BURGUNDY An invitation for philanthropic organizations
ONE INVESTMENT PHILOSOPHYValue investors with a quality bias
GLOBAL Investing outside of North America for more than 20 years
INDEPENDENT & EMPLOYEE OWNEDTwo‐thirds of employees are shareholders
STABILITY & SUCCESSIONDepth of talent promotes long-term stability
CLIENT CENTRICExisting clients are the first priority; history of managing growth
IN‐DEPTH, FUNDAMENTAL RESEARCH850+ company meetings annually with senior executives across the globe
HIGH CONVICTIONConcentrated portfolios that stand apart from the index
100% BOTTOM UPFocus on long‐term company thesis, not short‐term catalyst or macro events “Someone’s sitting in the shade today
because someone planted a tree a long time ago.”
Warren Buffett
Aligning Investment Strategy with Our Clients’ Objectives
Philanthropic organizations have the benefit of flexibility with respect to their investment strategy. They can design a portfolio with a mix of equities, bonds and cash equivalents that specifically meets their short-term spending obligations and long-term investment objectives. Furthermore, they can adapt to market conditions by timing their spending to maximize the long-term interests of the organization, beyond the minimum required by tax regulations.
Burgundy ensures that all clients’ asset allocation aligns with their investment objectives, spending and liquidity needs. Our clients are able to take advantage of our Investment Team’s independent research and global capabilities to diversify their portfolio across asset classes and geographies.
Our Clients Are Our PartnersBoard members of philanthropic organizations have a responsibility to the cause or community that the organization serves. In carrying out their responsibilities, board members must call on experienced professionals to ensure that their duties are fulfilled to the highest standard.
Burgundy’s independent structure aligns the firm’s interests with our clients’ interests. Our firm is owned by our employees so that our clients’ success is our success. Furthermore, our employees are invested in the Burgundy funds alongside our clients.
Our firm is built around the core value of always acting in our clients’ best interests. We apply the principles of honesty, integrity and full accountability to all our client relationships.
UNDERSTANDING THE CHALLENGEFor more than 20 years, Burgundy has worked with the boards and staff of foundations, endowments and other philanthropic organizations to help guide each unique strategic mission and vision, and to translate these into investment objectives.
We believe that philanthropic organizations have three main goals when stewarding their organizations’ investment portfolios:
1 Align with an investment philosophy and approach that will foster long-term capital preservation and growth
2 Structure an investment strategy that meets short-term spending obligations and long-term investment objectives
3 Choose an investment firm that is committed to its clients’ success
THE BURGUNDY ADVANTAGE An Investment Approach Focused on Preserving
and Growing Capital for the Long Term Philanthropic organizations have the great advantage of a long time horizon. This advantage provides the opportunity to align with an investment philosophy that looks beyond short-term stock price to invest in companies based on long-term value.
Burgundy’s investment approach is a natural fit given our long-term focus. We follow a disciplined, bottom-up, value-driven investment approach supported by intensive fundamental research. Our investment philosophy is firmly founded on the tenet that you must protect capital to make money. We believe that the best way to achieve this objective is to buy great businesses at attractive valuations and hold them for the long term.
VALU
E $
T IME
BUY
30% DISCOUNT Intrinsic ValueShare PriceMargin of Safety
SELL
THE THEORY BEHIND OUR INVESTMENT APPROACH ONE INVESTMENT APPROACH AROUND THE WORLD
COMMITMENT TO PHILANTHROPIC ORGANIZATIONSBurgundy has managed assets on behalf of philanthropic organizations since 1994.
As a firm, Burgundy contributes directly to a range of causes and offers a generous matching program for employees’ own philanthropic commitments. The firm sponsors volunteer opportunities for employees and fosters a culture of community involvement. Many of our people serve as board members and volunteers for philanthropic organizations.
Canadian Equity Strategy since 1991
Fixed Income Strategy since 2004
U.S. Equity Strategy since 1996
Emerging Markets Equity Strategy since 2010
European Equity Strategy since 2000
Your Key Contact for Prompt Creative Services:Don Hall President & Creative Director416.775.3666 Ext. [email protected] MarcomCentral.ca
Graphics, Diagrams & Templates
Endurance MattersWHEN IT COMES TO GLOBAL EXPERIENCE
30+ Years 35+ Years
1,097 18 7
BRANDESGLOBAL EQUITY
We’re proud to share our long-term historical performance—a key metric in comparing funds. Of 1,097 asset managers offering Global Equity Mandates, Brandes is one of seven
with a 35-year track record.
Note: #s will need to be updated based on adjustment from 40 years to 35 years.
TeraGo’s wireless technology avoids many of the hazards that disrupt landlines, ensuring true redundancy – with no new hardware required.
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ADVISORS INVESTORS
THE VALUE OF
ADVICELow value
Fair value
Good value
Great value
Strengthening Your Financial Fou
ndat
ion
1st GENERATIO
N
2nd
GEN
ERAT
ION
3rd GENERATION
Building a Professional Infrastructure
AssetManage-
ment
Retire-ment
Planning
EstatePlanning
FinancialManage-
ment
TaxPlanning
RiskManage-
ment OurFamilyOffice
Business
Family
Strengthening Your Financial Fou
ndat
ion
1st GENERATIO
N
2nd
GEN
ERAT
ION
3rd GENERATION
Building a Professional Infrastructure
AssetManage-
ment
Retire-ment
Planning
EstatePlanning
FinancialManage-
ment
TaxPlanning
RiskManage-
ment OurFamilyOffice
3rddd GGENERAARR
TTTAA
IIOOON
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Ownership Business
Family
Ownership
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Contact:Chris Lindsay, Business Development ManagerRegistered Plans and TFSA Division
WHAT IS YOUR RETIREMENT INVESTMENT PATH?
A GROWTH COMPARISON OF $5,000 BETWEEN A TFSA & RRSP
$300K$600K$900K$1M$1.2M $300K $600K $900K $1M $1.2M
YEARS OLD
30
40
50
60
90
80
RRSP REGISTERED RETIREMENT SAVINGS PLAN
TAX Contribution amount is tax deductibleTaxable withdrawals
BORROWINGFunds can be used (borrowed) for Home Buyer’s Plan and/or Life Long Learning Plan and repaid to the RRSP
TAXABLE EARNINGS Savings grow tax free
*AGE LIMITClose RRSP account or roll into a RRIF (Registered Retirement Income Fund) the year account holder turns 71 years old. Mandatory withdrawals commence at age 71.
CONTRIBUTION Annual contribution limit
LEGACY Whole plan is taxable when passed to beneficiary
RATES OF RETURN
TFSA TAX-FREE SAVINGS ACCOUNT
TAX Contribution amount is after taxTax free withdrawals
BORROWING N/A
TAXABLE EARNINGS No tax on earnings
AGE LIMIT Eligible to individuals 18 years and older with no age limit
CONTRIBUTION Annual contribution limit
LEGACY 100% goes to beneficiary
RATES OF RETURN
$174,248 @ 10% $248,925 @ 10%
$1,065,685 @ 10%
$62,997 @ 10%
$56,079 @ 7%$80,113 @ 7%
$202,812 @ 7%
$19,928 @ 7%
$17,475 @ 4%$24,965 @ 4%
$36,818 @ 4%
$6,093 @ 4%
$5,263 @ 1%$7,518 @ 1%
$6,358 @ 1%
$1,797 @ 1%
71*
$3,500INITIAL INVESTMENT
(less tax of $1,500)
$5,000INITIAL INVESTMENT
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