Performance universe of pension managers’ pooled funds · 12/31/2016 · Performance universe of...

Knowledge & Insights

Performance universe of pension managers’ pooled fundsAs at December 31, 2016

Performance universe of pension managers’ pooled funds as at December 31, 2016 | February 2017 Morneau Shepell 2

The managers who contribute to the Universe manage assets totaling approximately $470 billion, including pension funds assets of some $230 billion. Rates of return are calculated before deduction of management fees and in Canadian dollars.

You may wish to complete your review of rates of return by consulting our risk analysis. It illustrates the manager’s risk and style.

This brochure presents excerpts from our Performance Universe – produced quarterly. Complete and Express versions of the Performance Universe are available by subscription. If you would like more information or to subscribe to one or more Universes, please contact us at 514.878.9090, local 8304.

Jeannette Moussally, AnalystJean Bergeron, PartnerAsset & Risk Management


Fund name Manager style Quarter Year to dateAnnualized rate of return

1 year 3 years 5 years% R % R % R % R % R

AGF Pooled Canadian Balanced GARP 2.83 14 13.40 6 13.40 6 4.33 41 4.41 41AGF Pooled High Income GARP 3.69 7 19.26 2 19.26 2 3.90 42 4.09 42Burgundy Balanced Foundation Value 2.11 19 10.17 13 10.17 13 9.80 3 11.90 5Burgundy Balanced Pension Value 2.82 15 13.01 8 13.01 8 9.63 5 11.41 7Burgundy Partners’ Balanced RSP Value 3.18 12 13.47 5 13.47 5 9.26 8 11.75 6CC&L Balanced Plus Fund II1 Core 0.73 31 7.81 24 7.81 24 7.31 31 10.06 18CC&L Genesis Fund1 Core 0.76 29 7.83 23 7.83 23 7.29 32 10.00 19CGOV Balanced Core 1.19 24 5.70 38 5.70 38 8.37 16 10.64 12CGOV Equity Fund Core 2.78 16 8.59 17 8.59 17 11.25 2 15.08 2CI Signature Canadian Balanced Core 3.53 8 8.24 21 8.24 21 7.47 29 9.26 33CI Signature Income & Growth Fund Core 4.16 6 10.34 12 10.34 12 7.52 28 10.22 15CIBC Pooled Balanced Fund Core 1.06 25 8.74 16 8.74 16 6.93 36 8.47 39Co-operators Value 0.95 26 8.31 20 8.31 20 8.49 13 9.20 34Duncan Ross Equity Fund Value 5.92 2 9.12 15 9.12 15 11.67 1 15.58 1Fidelity Strategic Balanced Trust Core -0.23 39 5.44 39 5.44 39 8.65 12 9.92 23Fidelity Tactical Asset Allocation Trust Other 0.08 36 5.72 37 5.72 37 6.92 37 9.67 27Fiera Capital Balanced Fund1 Core 0.26 35 7.04 29 7.04 29 7.63 26 9.33 31Fiera Sceptre Balanced - Core Fund1 Core 0.05 37 6.84 32 6.84 32 8.45 14 9.98 20Foyston, Gordon & Payne Value 3.13 13 10.89 11 10.89 11 6.50 40 9.31 32Franklin Bissett Canadian Balanced Fund1 GARP 3.44 9 13.91 3 13.91 3 6.56 39 10.11 17Franklin Bissett Dividend Income Fund1 GARP 6.00 1 21.02 1 21.02 1 6.94 35 9.76 25Franklin Quotential Balanced Growth1 Growth 1.47 21 4.60 40 4.60 40 7.34 30 9.61 28Franklin Templeton Institutional Balanced Trust1 GARP 2.76 17 9.56 14 9.56 14 7.98 23 10.76 11Gryphon Balanced Fund GARP 3.44 10 8.44 19 8.44 19 7.25 33 9.46 29

Gryphon Total Equity GARP 5.62 3 11.22 10 11.22 10

Diversified fundsAs at December 31, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI




Guardian Balanced Fund Growth 1.82 20 7.17 28 7.17 28 8.17 19 8.86 36Industrial Alliance Diversified Fund Mixte -0.40 41 6.89 31 6.89 31 8.00 22 9.19 35Industrial Alliance Opportunity Fund Mixte 0.31 34 7.44 26 7.44 26 8.24 18 9.91 24Industrial Alliance Security Fund Mixte -1.06 43 4.18 43 4.18 43 7.21 34 7.01 40Invesco (Growth)1 Growth 0.33 33 6.16 33 6.16 33 8.13 21 10.22 14Invesco (Trimark Value)1 Value 4.35 5 13.01 7 13.01 7 8.87 11 12.04 4Jarislowsky Fraser1 GARP 2.30 18 6.91 30 6.91 30 8.97 9 11.17 9Leith Wheeler1 Value 4.42 4 13.47 4 13.47 4 8.25 17 10.62 13Manulife AM Monthly High Income1 Value -0.10 38 7.98 22 7.98 22 9.48 6 11.26 8Manulife Asset Management Diversified Fund1 Core 1.40 23 4.33 41 4.33 41 6.68 38 8.72 38Mawer Balanced Pooled Fund GARP -0.99 42 4.31 42 4.31 42 9.63 4 12.41 3MFS Balanced Fund1 Core 0.90 28 6.04 36 6.04 36 8.15 20 9.93 22MFS Balanced Growth Fund1 Growth -0.26 40 6.04 35 6.04 35 8.41 15 10.17 16MFS Balanced Value Fund1 Value 0.94 27 7.32 27 7.32 27 9.28 7 11.14 10PH&N Balanced Pension Trust GARP 0.75 30 8.48 18 8.48 18 8.89 10 9.96 21Scheer Rowlett & Associates Value 3.40 11 11.34 9 11.34 9 7.80 24 9.72 26SEI Investments Value 0.71 32 6.14 34 6.14 34 7.61 27 9.39 30TD Emerald Balanced Fund1 Passive 1.40 22 7.69 25 7.69 25 7.67 25 8.75 37

Number of funds 43 43 43 42 42

Diversified fundsAs at December 31, 2016 (cont’d)



Diversified fundsAs at December 31, 2016 (cont’d)

Rank Quarter Year to date 1 year 3 years 5 years

% % % % %5th percentile 5.50 13.87 13.87 9.79 12.391st quartile 3.29 10.61 10.61 8.81 10.73Median 1.40 7.98 7.98 8.07 9.943rd quartile 0.52 6.50 6.50 7.29 9.3295th percentile -0.39 4.35 4.35 6.51 7.08

Benchmark2 -0.22 7.81 7.81 7.91 8.28∆ Benchmark3 0.25 8.33 8.33 8.07 8.69

5 years3 years1 yearYearto date

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2 45% fixed income/55% equity3 40% fixed income/60% equity


Fund name Quarter Year to dateAnnualized rate of return


Addenda (Government Long Term Active Duration)1 -7.29 66 1.91 60 1.91 60 7.47 10 4.00 30Addenda Bonds Corporate Core Pooled Fund1 -1.80 16 4.00 18 4.00 18 4.97 31 4.69 14Addenda Core Bond Pooled Fund1 -3.84 58 1.89 61 1.89 61 4.67 46 3.52 49Addenda Corporate Long Bond Pooled Fund1 -4.70 60 6.89 8 6.89 8 7.83 5 6.19 6Addenda Universe Active Duration1 -2.27 20 2.83 30 2.83 30 4.70 44 3.67 40AGF Pooled Fixed Income1 -2.96 28 1.99 56 1.99 56 4.82 39 4.16 22AlphaFixe Capital Floating Rate Bank Loans 1.34 5 6.17 9 6.17 9 3.75 65AlphaFixe Capital Return Plus -0.65 12 3.20 25 3.20 25AlphaFixe Capital Universe Active -2.95 27 2.59 35 2.59 35 5.04 28 3.79 35Baker Gilmore Bond Fund1 -2.57 21 2.44 43 2.44 43 4.46 61 3.51 50Burgundy Bond Fund -3.27 42 1.97 57 1.97 57 4.64 52 3.32 54Burgundy Core Plus Bond Fund -1.34 13 5.66 10 5.66 10 4.64 51 4.33 20Burgundy Total Return Bond Fund 1.62 4 11.54 6 11.54 6 4.69 45 5.96 7Casgrain S.E.C. 0.24 9 12.71 4 12.71 4 -0.75 69 -0.92 65CC&L Core Bond Composite1 -3.26 41 2.36 46 2.36 46 5.03 29 4.09 25CC&L Long Bond Fund1 -7.55 69 2.74 32 2.74 32 7.84 4 4.79 12CI Signature Core Bond Fund -3.12 31 2.46 40 2.46 40 5.39 20 4.37 18CI Signature Canadian Bond Fund -3.19 36 2.21 50 2.21 50 5.19 24 4.05 27CI Signature Corporate Bond Fund 1.13 6 10.30 7 10.30 7 6.56 12 7.65 2CIBC Pooled Canadian Bond Index Fund -3.43 51 1.81 62 1.81 62 4.72 42 3.34 53CIBC Pooled Canadian Bond Overlay Fund -3.30 45 2.19 51 2.19 51 5.31 21 3.92 33CIBC Pooled Fixed Income Fund -3.13 33 2.78 31 2.78 31 4.91 35 3.65 45Co-operators -3.81 56 2.24 49 2.24 49 4.74 41 3.54 47FIAM Canadian Long Bond Core Plus Trust -6.78 62 4.57 14 4.57 14 7.52 9 4.53 15Fidelity Bond Core Plus -2.94 26 3.58 22 3.58 22 4.78 40 3.96 31

Canadian bondsAs at December 31, 2016

1 Investment Manager Signatory of UN PRI




Fidelity Canadian Bond Trust -3.18 34 2.42 44 2.42 44 4.88 37 3.73 38Fidelity Canadian Long Bond Trust -7.09 64 3.38 23 3.38 23 7.75 7 4.47 17Fiera Capital Active Fixed Income Universe Fund1 -3.46 52 2.02 55 2.02 55 4.63 53 3.39 51Fiera Capital Blended Active Fixed Income Fund1 -3.38 47 1.70 64 1.70 64 4.46 60 3.17 59Fiera Capital Corporate Mid-Term Bond Fund1 -1.82 18 4.62 13 4.62 13 5.73 17 5.28 9Fiera Capital Corporate Universe Bond Fund1 -1.80 17 4.14 17 4.14 17 4.93 33 4.52 16Fiera Capital Ethical Active Fixed Income Universe1 -3.54 54 1.38 70 1.38 70 4.39 63 3.19 58Fiera Capital High Yield Strategy1 2.64 3 16.25 2 16.25 2 4.85 38 7.44 4Fiera Capital Tactical Fixed Income1 -4.86 61 0.79 71 0.79 71 4.18 64 3.12 61Fiera Credit Fund1 -1.59 15 4.20 16 4.20 16 4.70 43Fiera Integrated Fixed Income - Universe Fund1 -3.11 30 2.27 48 2.27 48 4.90 36 3.76 36Foyston, Gordon & Payne -2.64 22 2.07 54 2.07 54 4.46 62 3.53 48Franklin Bissett Bond Fund1 -2.07 19 4.81 12 4.81 12 5.28 22 4.16 23Guardian Canadian Bond Fund -3.83 57 1.41 69 1.41 69 4.49 59 3.23 55Guardian High Yield 3.46 2 12.42 5 12.42 5 6.21 13 7.87 1Guardian Short Duration Bond Fund -0.22 10 1.96 58 1.96 58 2.72 67Industrial Alliance Bond Fund -3.08 29 2.64 34 2.64 34 5.05 27 3.65 44Industrial Alliance Long Term Bond Fund -7.30 67 3.11 26 3.11 26 7.78 6 4.35 19Industrial Alliance Short Term Bond Fund -0.45 11 1.65 65 1.65 65 2.72 68 2.51 63Invesco (Trimark Core)1 -3.27 43 2.42 45 2.42 45 4.66 50 3.64 46Jarislowsky Fraser1 -2.67 24 2.88 27 2.88 27 4.67 47 4.04 28Leith Wheeler1 -3.34 46 2.14 53 2.14 53 4.91 34 3.67 41Leith Wheeler Core Active Bond Fund1 -3.25 40 2.45 41 2.45 41 4.98 30 3.85 34Manulife AM Index1 -3.42 49 1.70 63 1.70 63 4.60 56 3.21 57

Manulife Asset Management Real Return Bond Fund1 -4.56 59 2.85 28 2.85 28 6.15 14 1.33 64

Canadian bondsAs at December 31, 2016 (cont’d)




1 Investment Manager Signatory of UN PRI 2 Not eligible for Group RRSP money



Manulife Canadian Core Fixed Income1 -3.39 48 1.94 59 1.94 59 4.59 57 3.66 43Manulife Canadian Core Plus Fixed Income1 -1.58 14 5.31 11 5.31 11 4.66 49 4.78 13Manulife Canadian Long Duration Fixed Income1 -7.40 68 2.68 33 2.68 33 7.94 3 4.81 11Mawer Canadian Bond Pooled Fund -3.67 55 1.63 67 1.63 67 4.67 48 3.34 52MFS Canadian Fixed Income Fund1 -3.13 32 2.56 36 2.56 36 4.96 32 3.70 39MFS Canadian Long Term Fixed Income Fund1 -7.11 65 3.68 20 3.68 20 8.01 2 4.81 10Optimum Relative Value Bonds1 -7.66 71 3.96 19 3.96 19Optimum Short Term Canadian Bonds1 0.53 8 3.22 24 3.22 24 3.40 66 2.95 62Optimum Universe Canadian Bonds1 -3.20 37 2.55 37 2.55 37 5.55 18 4.08 26Optimum Universe Quantitative Canadian Bonds1 -3.23 38 2.54 38 2.54 38 5.40 19 4.02 29PH&N Bond Fund -3.29 44 2.44 42 2.44 42 5.15 25 3.74 37PH&N Core Plus Bond Fund -2.89 25 4.28 15 4.28 15 5.90 16PH&N Enhanced Total Return Bond Fund -3.18 35 2.85 29 2.85 29 5.23 23 3.95 32PH&N High Yield Bond Fund 3.81 1 18.50 1 18.50 1 6.73 11 7.51 3PIMCO Canada Canadian Core Plus Bond Trust1 -2.66 23 2.54 39 2.54 39 5.12 26 4.27 21PIMCO Canada Canadian Core Plus Long Bond Trust1 -6.93 63 3.65 21 3.65 21 8.56 1 5.50 8RBC High Yield Bond Fund 0.90 7 13.57 3 13.57 3 5.99 15 7.03 5SEI Investments (Fixed Income) -3.24 39 2.29 47 2.29 47 4.63 54 3.67 42TD Emerald CDN Bond Index Fund1 -3.48 53 1.49 68 1.49 68 4.54 58 3.12 60

TD Emerald CDN Bond PFT1,2 -3.42 50 1.64 66 1.64 66 4.61 55 3.22 56TD Emerald CDN Long Bond PFT1 -7.57 70 2.19 52 2.19 52 7.58 8 4.14 24Number of funds 71 71 71 69 65




% % % % %5th percentile 1.48 12.57 12.57 7.84 7.361st quartile -1.95 3.98 3.98 5.55 4.47Median -3.19 2.56 2.56 4.91 3.923rd quartile -3.51 2.10 2.10 4.64 3.5295th percentile -7.35 1.56 1.56 3.54 2.98


Quarter-10%

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15%

∆ Benchmark




Addenda Active Duration1 -2.27 3 2.83 5 2.83 5 4.67 21 3.52 26Addenda Core Bond Pooled Fund1 -3.84 36 1.89 28 1.89 28 4.70 20 3.67 17AGF Pooled Fixed Income1 -2.96 8 1.99 26 1.99 26 4.82 17 4.16 3AlphaFixe Capital Universe Active -2.95 7 2.59 8 2.59 8 5.04 9 3.79 12Baker Gilmore Universe Bond Fund1 -2.57 4 2.44 15 2.44 15 4.64 25 4.33 2Burgundy Core Plus Bond Fund -1.34 1 5.66 1 5.66 1 5.19 6 4.05 7CC&L Core Bond Fund1 -3.26 21 2.36 18 2.36 18 5.39 3 4.37 1CI Signature Canadian Bond Fund -3.19 16 2.21 22 2.21 22 4.72 19 3.34 30CI Signature Core Bond Fund -3.12 11 2.46 12 2.46 12 4.91 14 3.65 22CIBC Pooled Canadian Bond Index Fund -3.43 29 1.81 29 1.81 29 4.74 18 3.54 24CIBC Pooled Fixed Income Fund -3.13 13 2.78 6 2.78 6 4.88 16 3.73 15Co-operators -3.81 34 2.24 21 2.24 21 4.46 33 3.17 35Fidelity Canadian Bond Trust -3.18 14 2.42 16 2.42 16 4.39 36 3.19 34Fiera Capital Active Fixed Income Universe Fund1 -3.46 30 2.02 25 2.02 25 4.63 26 3.39 28Fiera Capital Blended Active Fixed Income Strategy1 -3.38 25 1.70 31 1.70 31 4.18 37 3.12 37Fiera Capital Ethical Active Fixed Income Universe1 -3.54 32 1.38 36 1.38 36 4.90 15 3.76 13Fiera Capital Tactical Fixed Income1 -4.86 37 0.79 37 0.79 37 4.96 12 3.70 16Fiera Integrated Fixed Income - Universe Fund1 -3.11 10 2.27 20 2.27 20 5.03 10 4.09 5Foyston, Gordon & Payne -2.64 5 2.07 24 2.07 24 4.46 34 3.51 27Franklin Bissett Bond Fund1 -2.07 2 4.81 2 4.81 2 4.46 35 3.53 25Guardian Canadian Bond Fund -3.83 35 1.41 35 1.41 35 5.28 4 4.16 4Industrial Alliance Bond Fund -3.08 9 2.64 7 2.64 7 4.49 32 3.23 31Invesco (Trimark Core)1 -3.27 22 2.42 17 2.42 17 5.05 8 3.65 21Jarislowsky Fraser1 -2.67 6 2.88 3 2.88 3 4.66 24 3.64 23

Leith Wheeler1 -3.25 20 2.45 13 2.45 13 4.91 13 4.04 8

Canadian bonds Universe mandateAs at December 31, 2016





Leith Wheeler Core Active Bond Fund1 -3.34 24 2.14 23 2.14 23 4.67 22 3.67 18Manulife AM Canadian Bond Index1 -3.42 27 1.70 30 1.70 30 4.98 11 3.85 11Manulife AM Canadian Core Fixed Income1 -3.39 26 1.94 27 1.94 27 4.60 29 3.21 33Mawer Canadian Bond Pooled Fund -3.67 33 1.63 33 1.63 33 4.59 30 3.66 20MFS Canadian Fixed Income Fund1 -3.13 12 2.56 9 2.56 9 4.67 23 3.34 29Optimum Universe Canadian Bonds1 -3.20 17 2.55 10 2.55 10 5.40 2 4.02 9Optimum Universe Quantitative Canadian Bonds1 -3.23 18 2.54 11 2.54 11 5.55 1 4.08 6PH&N Bond Fund -3.29 23 2.44 14 2.44 14 5.15 7 3.74 14PH&N Enhanced Total Return Bond Fund -3.18 15 2.85 4 2.85 4 5.23 5 3.95 10SEI Investments (Fixed Income) -3.24 19 2.29 19 2.29 19 4.63 27 3.67 19TD Emerald CDN Bond Index Fund1 -3.48 39 1.49 41 1.49 41 4.54 38 3.12 44TD Emerald CDN Bond PFT1,2 -3.42 33 1.64 38 1.64 38 4.61 34 3.22 39Number of funds 37 37 37 37 37

Canadian bonds Universe mandateAs at December 31, 2016 (cont’d)

1 Investment Manager Signatory of UN PRI 2 Not eligible for Group RRSP money


Canadian bonds Universe mandateAs at December 31, 2016 (cont’d)


Quarter-4%

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6%Rank Quarter Year

to date 1 year 3 years 5 years

% % % % %5th percentile -2.23 3.27 3.27 5.39 4.191st quartile -3.11 2.55 2.55 5.03 3.95Median -3.24 2.29 2.29 4.72 3.673rd quartile -3.42 1.89 1.89 4.61 3.3995th percentile -3.83 1.41 1.41 4.44 3.16

∆ Benchmark




Addenda Canadian Equity Pooled Fund1 Value 2.97 52 17.04 41 17.04 41 9.12 16 10.38 36BlackRock Active Canadian Equity Core 5.17 27 19.03 24 19.03 24 6.00 55 7.90 56BlackRock Canada Alpha Advantage Fund Core 6.47 13 21.40 17 21.40 17 6.95 48 9.54 41Burgundy Canadian Large Cap Fund Value 8.39 8 28.67 4 28.67 4 7.10 42Burgundy Focus Canadian Equity Value 9.77 4 31.12 1 31.12 1 6.97 46 11.20 24CC&L Canadian Equity Fund1 Core/GARP 3.93 39 20.12 21 20.12 21 9.47 11 12.38 10CC&L Q Canadian Equity Core Fund1 Core 2.77 55 19.09 23 19.09 23 7.43 38 10.38 35CC&L Q Canadian Equity Growth Fund1 Growth 1.85 60 17.33 40 17.33 40 7.70 33 11.24 23CGOV Canadian Equity Fund GARP 7.99 9 29.40 3 29.40 3 7.10 43 10.05 38CGOV Dividend Fund Core 5.76 18 19.41 22 19.41 22 8.99 18 14.43 4CI Cambridge All Canadian Equity GARP 2.58 57 17.34 39 17.34 39 10.84 4 16.01 2CI Signature Canadian Equity Plus Core 6.76 11 16.11 49 16.11 49 9.83 8 12.47 9CI Signature Dividend Core 4.49 34 12.37 59 12.37 59 8.78 21 11.15 25CIBC (Value) Value 2.83 54 17.53 35 17.53 35 6.04 54 8.23 54CIBC S&P/TSX Index Fund Passive Index 4.53 32 20.91 19 20.91 19 7.00 45 8.21 55Co-operators Value 2.95 53 16.60 45 16.60 45 9.17 15 10.42 34Cote 100 Canadian Large Cap Core 6.31 15 12.24 60 12.24 60 12.06 1 16.56 1Fidelity Canadian Core Equity Trust Core 3.64 43 16.72 44 16.72 44 9.60 9 10.70 30Fidelity Canadian Focused Equity Trust Core 2.36 58 15.58 55 15.58 55 9.89 6 13.43 6Fidelity Canadian Systematic Equity Trust Core 2.98 51 15.73 52 15.73 52 9.88 7 11.39 20Fiera Capital Canadian Equity - Growth1 Growth 3.42 47 17.52 36 17.52 36 9.06 17 9.76 39Fiera Capital Canadian Equity - Selexia1 Value 10.84 1 27.17 8 27.17 8 6.95 47 12.04 13Fiera Capital Canadian Equity - Value1 Value 3.38 48 15.92 51 15.92 51 5.53 58 8.26 52Fiera Capital Canadian Equity Core1 Core 3.10 50 15.60 53 15.60 53 8.02 30 9.66 40

Fiera Capital Canadian Equity ESG - Selexia1 Value 10.67 2 27.94 6 27.94 6 6.94 49 12.04 12

Canadian equityAs at December 31, 2016





Fiera Capital Canadian Equity Value ESG1 Value 4.05 36 20.39 20 20.39 20 6.28 51 8.88 49Foyston, Gordon & Payne Value 10.30 3 27.70 7 27.70 7 7.50 36 11.54 17Franklin Bissett Canadian Equity Fund1 Growth 5.40 22 23.86 9 23.86 9 8.84 20 13.20 7Gryphon GARP 8.60 7 23.33 11 23.33 11 7.39 39 10.55 32Guardian Canadian Equity Fund Growth 4.77 30 18.21 30 18.21 30 8.77 22 10.94 29Guardian Equity Income GARP 3.53 45 21.90 14 21.90 14 5.75 56 8.70 50Guardian Growth Income GARP 4.03 37 18.55 28 18.55 28 5.45 59Heward Canadian Dividend Growth Fund Core 5.30 26 17.99 32 17.99 32 8.16 29 11.59 16Hexavest1 Core -1.68 61 17.82 34 17.82 34 7.45 37 7.05 57Hillsdale Canadian Core Equity Fund Core 3.92 40 18.72 27 18.72 27 9.31 13 11.77 15Industrial Alliance (Growth) Growth 4.61 31 18.14 31 18.14 31 8.56 24 10.60 31Industrial Alliance Canadian Equity Value Valeur 4.09 35 14.49 58 14.49 58 6.08 53Industrial Alliance Dividend Fund Large cap Value 6.96 10 21.53 15 21.53 15 10.10 5 11.51 18Invesco (Growth)1 Growth 2.16 59 6.50 61 6.50 61 9.50 10 13.71 5Invesco (Trimark Value)1 Value 5.86 17 17.85 33 17.85 33 -1.19 61 6.80 58Jarislowsky Fraser1 GARP 6.47 14 18.85 26 18.85 26 9.36 12 12.04 14Leith Wheeler1 Value 8.65 6 30.71 2 30.71 2 7.91 32 12.61 8Manulife AM Canadian Large Cap Growth1 Growth 3.56 44 15.35 56 15.35 56 8.71 23 10.48 33Manulife AM Large Cap Value1 Value 6.48 12 17.46 37 17.46 37 5.57 57 10.34 37

Manulife Capped Canadian Equity Fund1 Core 5.04 29 16.18 48 16.18 48 7.67 34 8.95 47Mawer Canadian Equity Pooled Fund GARP 5.36 24 17.43 38 17.43 38 11.68 3 14.94 3MFS Canadian Equity Core Fund1 Core 5.31 25 16.23 47 16.23 47 8.47 26 11.03 26MFS Canadian Equity Growth Fund1 Growth 5.13 28 15.34 57 15.34 57 8.35 27 10.94 28MFS Canadian Equity Value Fund1 Value 5.44 21 16.99 43 16.99 43 8.51 25 11.01 27

MFS Responsible Canadian Equity Fund1 Core 5.45 20 15.97 50 15.97 50 8.20 28 11.33 22

Canadian equityAs at December 31, 2016 (cont’d)






Optimum Canadian Equity1 Value 5.91 16 21.47 16 21.47 16 5.44 60 6.75 59PCJ Investment Counsel1 Growth 3.50 46 18.42 29 18.42 29 6.16 52 8.90 48PH&N Canadian Equity Fund Growth 5.38 23 23.67 10 23.67 10 8.97 19 11.33 21PH&N Canadian Equity Value Fund Value 5.53 19 22.03 13 22.03 13 9.26 14 11.45 19RBC QUBE Canadian Equity Fund Growth 4.01 38 17.03 42 17.03 42 6.71 50 9.33 44RBC QUBE Low Volatility Canadian Equity Fund Core 2.68 56 16.44 46 16.44 46 11.71 2 12.21 11Scheer Rowlett Canadian Equity Fund Value 9.56 5 28.01 5 28.01 5 7.17 41 9.44 42SEI Investments Other 3.75 41 15.59 54 15.59 54 7.63 35 9.43 43SSGA Canadian Equity Pooled Fund (GEAM) Core 3.75 42 22.27 12 22.27 12 7.36 40 9.31 45TD Emerald CDN Equity Index Fund1 Passive Index 4.52 33 20.99 18 20.99 18 7.05 44 8.23 53TD Emerald Systematic Alpha CDN Eq. Pooled Fund Trust1 Index 3.31 49 18.86 25 18.86 25 8.01 31 9.12 46Number of funds 61 61 61 61 59





% % % % %5th percentile 9.77 28.67 28.67 10.84 14.481st quartile 5.91 21.47 21.47 9.12 11.68Median 4.61 18.14 18.14 8.01 10.703rd quartile 3.50 16.44 16.44 6.97 9.3295th percentile 2.36 14.49 14.49 5.53 7.82

S&P/TSX 4.54 21.08 21.08 7.06 8.25∆ S&P/TSX cap. 4.54 21.08 21.08 7.06 8.25


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30%




BlackRock Active Canadian Small Cap Equity Fund Core 2.45 6 20.46 7 20.46 7 6.42 7 9.58 9CIBC Pooled Smaller Companies Fund Growth 2.18 7 23.17 4 23.17 4 6.84 6 8.09 10Cote 100 Premier Growth 9.56 2 13.67 11 13.67 11 17.33 1 21.69 1Fiera Capital Canadian Equity Small Cap Core1 Core 0.76 9 14.42 9 14.42 9 9.08 4 12.15 6Fiera Capital Small Cap Equity1 Growth 4.61 5 21.92 6 21.92 6 12.25 2 14.45 2Foyston, Gordon & Payne Canadian Small Cap Value 8.83 3 22.61 5 22.61 5 4.10 9 11.39 7Franklin Bissett Small Cap Fund1 Growth 11.63 1 32.26 1 32.26 1 2.08 10 12.73 4Guardian Small Mid Cap Equity GARP 0.88 8 17.52 8 17.52 8 1.03 11 5.67 11Hillsdale Core -1.24 11 29.27 2 29.27 2 9.64 3 13.18 3Laurus Enterprise Small Cap Fund Core 5.92 4 14.18 10 14.18 10 6.23 8 12.51 5PCJ Canadian Small Capitalization Fund1 Growth -0.31 10 26.10 3 26.10 3 7.43 5 9.79 8Number of funds 11 11 11 11 11

Small cap Canadian equityAs at December 31, 2016



Small cap Canadian equityAs at December 31, 2016 (cont’d)


% % % % %5th percentile 10.59 30.77 30.77 14.79 18.071st quartile 7.38 24.64 24.64 9.36 12.96Median 2.45 21.92 21.92 6.84 12.153rd quartile 0.82 15.97 15.97 5.16 9.6995th percentile -0.78 13.92 13.92 1.55 6.88 SS&P/TSX small cap. 3.12 38.48 38.48 5.44 4.28

∆ BMO small cap. weighted 3.03 35.38 35.38 5.27 5.19


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35%

40%




Addenda U.S. Equity Pooled Fund1 GARP 6.18 11 2.16 26 2.16 26 15.47 22 20.83 12Burgundy American Equity Value 6.48 10 8.03 12 8.03 12 18.70 4 21.01 11Burgundy Smaller Companies Fund Value 9.52 2 15.23 2 15.23 2 15.86 18 23.09 2Burgundy U.S. Small/Mid Cap Value 7.48 6 13.34 4 13.34 4 15.03 24 21.84 8CC&L Q U.S. Equity Fund1 Core 7.13 7 9.53 10 9.53 10 17.43 11 22.47 5Co-operators Value 6.17 12 1.95 28 1.95 28 15.08 23 20.36 16Cote 100 US Core 7.01 8 10.33 8 10.33 8 20.01 1 22.18 6Duncan Ross Pooled Trust Value -0.26 29 2.15 27 2.15 27 10.18 29 17.90 23Fidelity U.S. Large Cap Core Trust Core 4.39 21 2.98 25 2.98 25 15.76 19 20.20 18Fiera Capital U.S. Equity ESG1 Core 3.33 27 6.51 19 6.51 19 18.39 6 22.82 3Fiera Capital U.S. Equity Fund1 Core 3.43 26 7.27 14 7.27 14 18.51 5 22.80 4Foyston, Gordon & Payne Value 5.46 17 6.97 16 6.97 16 11.49 27 16.69 26Franklin U.S. Opportunities Fund1 Growth -1.11 30 -5.31 30 -5.31 30 11.33 28 16.84 25Franklin U.S. Rising Dividends Fund1 Value 3.93 23 12.07 5 12.07 5 15.65 21 18.51 22Hexavest1 Core 3.79 24 10.24 9 10.24 9 18.02 7 19.38 21Hillsdale U.S. Equity Core 12.62 1 20.81 1 20.81 1 18.78 3 26.02 1Industrial Alliance U.S. Equity Core 4.75 20 1.32 29 1.32 29 16.28 17 20.19 19Jarislowsky Fraser1 GARP 6.59 9 6.15 21 6.15 21 17.68 9 21.49 9Manulife AM U.S. Large Cap Core Pooled Fund1 Core 7.65 5 7.22 15 7.22 15 17.38 12 21.94 7Mawer U.S. Equity GARP 3.06 28 6.76 18 6.76 18 16.34 16 20.63 15MFS U.S. Equity Core Fund1 Core 5.17 19 5.48 22 5.48 22 15.76 20PH&N U.S. Equity Fund GARP 5.67 15 4.11 23 4.11 23 12.57 26 17.11 24RBC QUBE U.S. Equity Fund Core 8.35 3 6.80 17 6.80 17 17.70 8RBC QUBE U.S. Low Volatility Equity Fund Core 5.66 16 10.69 7 10.69 7 19.69 2SEI U.S. Large Company Core 5.38 18 3.57 24 3.57 24 14.64 25 20.20 17

U.S. equityAs at December 31, 2016





Sprucegrove Value 8.17 4 13.38 3 13.38 3 16.60 15 19.85 20TD Emerald HDG Syn U.S. Equity PFT1,2,3 Index 3.62 26 11.14 6 11.14 6 8.34 31 14.36 28TD Emerald U.S. Market Index1 Index 5.84 15 7.66 14 7.66 14 17.26 14 20.74 15TD Emerald U.S. Pooled Fund1 Core 5.94 14 8.04 12 8.04 12 17.62 11 21.12 11UBS (Canada) American Equity Fund1 Core 4.28 22 6.44 20 6.44 20 16.71 14 20.77 13Number of funds 30 30 30 30 27

U.S. equityAs at December 31, 2016 (cont’d)

1 Investment Manager Signatory of UN PRI2 Not eligible for Group RRSP money3 Hedged


Quarter0%

5%

10%

15%

20%

25%Rank Quarter Year


% % % % %5th percentile 8.99 14.40 14.40 19.28 23.011st quartile 6.91 10.31 10.31 17.70 21.89Median 5.67 7.10 7.10 16.47 20.743rd quartile 4.02 4.45 4.45 15.18 19.6295th percentile 1.23 1.60 1.60 10.70 16.73∆ S&P 500 6.28 8.62 8.62 17.67 21.21




Addenda Capital’s EAFE Equity Pooled1 GARP -1.16 22 -2.57 21 -2.57 21 7.17 14Burgundy EAFE Value -5.44 30 0.80 5 0.80 5 13.44 2 17.42 4CC&L Q International Equity Fund1 Core 0.99 12 0.54 7 0.54 7 7.41 12 15.03 8CIBC Pooled EAFE Equity Growth -6.87 31 -13.04 31 -13.04 31 5.84 26 12.43 25CIBC Pooled International Equity Index Fund Index 1.28 11 -2.40 19 -2.40 19 6.30 22 12.41 26Fidelity Concentrated International Small Cap1 Value -2.05 23 -1.70 12 -1.70 12 11.82 3 18.01 2Fidelity International Growth Trust1 Growth -0.50 18 -5.43 27 -5.43 27 5.18 31 12.80 20Fidelity Select International Equity Trust1 Value 0.08 17 -5.36 26 -5.36 26 5.30 28 12.66 24Fidelity Select International Plus Trust1 Value -0.78 20 -2.29 17 -2.29 17 6.11 24 11.75 29Fiera Capital International Equity ESG1 Core -2.47 26 -1.87 14 -1.87 14 8.95 7 15.22 6Foyston, Gordon & Payne Value -3.40 27 -1.83 13 -1.83 13 5.19 30 10.42 30Franklin Bissett International Equity1 Value 5.14 3 -1.11 9 -1.11 9 6.89 17 15.10 7Global Alpha International Small Cap Equity Fund1 Core -0.61 19 2.60 4 2.60 4 16.36 1 21.52 1Gryphon Europac GARP 0.31 14 -2.89 23 -2.89 23 6.86 19 13.10 15Guardian International Equity Fund GARP 3.08 6 -2.16 16 -2.16 16 8.64 8 13.75 11Hexavest (Europac)1 Core 1.30 10 0.63 6 0.63 6 7.93 10 12.69 22Hexavest (Europac) Class B1,2 Core 7.26 1 9.15 1 9.15 1 7.43 11 12.37 28Industrial Alliance International Equity Core -2.10 25 -5.59 28 -5.59 28 6.93 16 13.23 13International Alpha Tilts Core 2.31 7 -2.75 22 -2.75 22 9.03 6 15.45 5Invesco (Growth)1 Growth -2.06 24 -3.67 25 -3.67 25 8.15 9 13.89 10

Jarislowsky Fraser1 GARP 0.12 16 -1.15 10 -1.15 10 6.16 23 13.02 17Mawer International Equity Fund GARP -5.22 29 -1.91 15 -1.91 15 9.81 5 14.77 9MFS International Equity Fund I1 Core 0.29 15 -2.31 18 -2.31 18 6.72 20 13.19 14NS Partners International Equity Fund GARP -1.03 21 -6.57 30 -6.57 30 5.98 25 13.26 12

PH&N Overseas Equity Pension Trust Value -4.22 28 -6.47 29 -6.47 29 6.94 15 12.80 19

International equityAs at December 31, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




SEI Investments (Active) Value 0.51 13 -3.32 24 -3.32 24 6.88 18 12.85 18Setanta EAFE Equity Fund Value 1.55 8 6.99 3 6.99 3 11.82 4 17.82 3Sprucegrove Value 5.30 2 7.96 2 7.96 2 7.40 13 12.38 27TD Emerald International Equity1 Passive Index 1.31 9 9.07 11 -2.45 20 6.42 21 12.67 23Templeton International Equity Trust1 Value 3.42 5 -1.03 8 -1.03 8 5.24 29 12.79 21Templeton International Stock Trust1 Value 3.57 4 -1.32 11 -1.32 11 5.50 27 13.06 16Number of funds 31 31 31 31 30

International equityAs at December 31, 2016 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 E.A.F.E.: Europe, Australasia and Far East


Quarter-10%

-5%

0%

5%

10%

15%



% % % % %5th percentile 5.22 7.47 7.47 12.63 17.931st quartile 1.43 -1.07 -1.07 8.40 14.97Median 0.12 -2.16 -2.16 6.93 13.083rd quartile -2.06 -3.10 -3.10 6.13 12.6895th percentile -5.33 -6.52 -6.52 5.22 12.02∆ E.A.F.E3 1.31 -2.49 -2.49 6.34 12.56




AGF Global Core Equity Pooled Fund1 Core 3.75 15 7.31 11 7.31 11 12.78 17 17.09 15Addenda Capital’s Global Equity Pooled1 Core 0.05 41 0.24 40 0.24 40 10.29 32Burgundy Global Equity Fund Value 0.89 35 3.79 23 3.79 23 15.57 4 19.12 4Burgundy Global Focused Opportunities Fund Value 0.92 34 5.18 18 5.18 18 13.71 8 17.58 12Burgundy Partners’ Global Value 3.28 20 9.99 6 9.99 6 13.71 9 17.51 13CC&L Q Global Equity Fund1 Core 3.09 21 3.39 24 3.39 24 11.01 29 18.13 8CGOV Equity Fund Core -3.02 47 -1.40 46 -1.40 46 9.94 35CI Signature Global Equity Fund Core 6.34 3 5.30 16 5.30 16 11.49 22 15.88 25Fidelity Select Global Core 2.87 23 0.52 38 0.52 38 11.44 24 17.05 17Fidelity Select Global Plus Trust Core 2.21 26 1.30 33 1.30 33 11.14 28 16.06 23Fiera Capital Global Equity Fund1 Core 0.12 40 2.79 27 2.79 27 13.50 11 18.74 5Fiera Capital Global Small Cap Strategy1 Growth 2.05 28 -1.59 47 -1.59 47 7.17 41 13.33 32Franklin World Growth Corporate Class (O)1 Growth -0.08 42 -1.88 48 -1.88 48 9.93 36 15.40 29Global Alpha Global Small Cap1 Core 5.24 6 9.58 8 9.58 8 15.92 2 20.45 3Global Dividend Income Fund Growth 0.74 36 3.13 26 3.13 26 12.87 16Gryphon (GIIC Global Fund) GARP 2.27 24 -0.21 42 -0.21 42 10.22 33 15.80 26Guardian Fundamental Global Equity Fund Core 2.26 25 4.30 21 4.30 21Guardian Global Dividend Growth Equity GARP 3.40 17 -0.20 41 -0.20 41 10.95 30 12.31 34Hexavest1 Core 4.10 12 8.87 9 8.87 9 14.59 6 16.99 18

Hexavest Global Equities All Countries1 Core 3.80 14 8.79 10 8.79 10 13.45 12 15.60 28Hexavest Global Equities All Countries Class B1,2 Core 4.73 11 13.66 3 13.66 3Hexavest World Class B1,2 Core 5.01 7 14.21 2 14.21 2 9.25 38 13.27 33Industrial Alliance Global Equity Core 1.62 31 -1.38 45 -1.38 45 11.47 23 16.53 19Invesco (Trimark Value)1 Value 0.32 39 7.12 12 7.12 12 13.27 14 17.07 16

Invesco Global Small Cap1 Core 2.90 22 4.24 22 4.24 22 10.85 31

Global equityAs at December 31, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




Jarislowsky Fraser1 GARP 3.52 16 4.63 20 4.63 20 12.31 20 17.36 14Manulife AM Global Equity Pooled Fund1 Core -3.24 48 -0.50 43 -0.50 43 6.90 42Mawer Global Equity Core -1.07 44 0.94 37 0.94 37 12.92 15 18.30 7Mawer Global Small Cap Core -2.72 46 1.07 35 1.07 35 14.78 5 24.30 1MFS Blended Research Global Eq. Extension Fund1 Core 4.92 8 -1.03 44 -1.03 44 9.98 34 16.34 21MFS Global Equity Growth Fund1 Growth -1.96 45 2.49 28 2.49 28 11.83 21 16.35 20MFS Global Research Fund1 Core 1.43 32 2.07 29 2.07 29 11.18 27 15.68 27MFS Low Volatility Global Equity Fund1 Core -0.25 43 3.35 25 3.35 25 15.84 3Optimum Foreign Equity1 Value 5.80 5 6.03 14 6.03 14 12.56 18 16.29 22Orbis SICAV Global Equity Fund Core 3.96 13 16.33 1 16.33 1 13.38 13 21.16 2PH&N Global Equity Fund GARP 0.40 37 1.24 34 1.24 34 14.11 7 17.66 11RBC Global Equity Focus Fund Core 0.33 38 1.03 36 1.03 36RBC QUBE Global Equity Fund Core 3.34 18 0.45 39 0.45 39 12.46 19RBC QUBE Low Volatility Global Equity Fund Core 1.07 33 5.04 19 5.04 19 16.24 1Schroder Global Alpha Fund (Canada)1 Core 2.02 29 1.69 31 1.69 31 11.31 25 15.98 24Setanta Global Dividend Fund Core 1.80 30 5.40 15 5.40 15

Setanta Global Equity Core 3.29 19 9.66 7 9.66 7 13.54 10 18.12 9Setanta Global SRI Equity Fund Core 2.21 27 7.04 13 7.04 13

Sprucegrove Value 6.75 1 12.48 4 12.48 4 11.30 26 15.34 30Templeton Global Equity Trust1 Value 6.40 2 1.64 32 1.64 32 9.29 37 18.34 6Templeton Global Smaller Companies1 Value 4.74 10 10.39 5 10.39 5 7.62 40 14.23 31Templeton Global Stock Trust1 Value 6.33 4 1.74 30 1.74 30 9.09 39 17.99 10UBS (LUX) Global Sustainable Equity Fund - (CAD) I-X acc1,3 Growth (ESG) 4.81 9 5.27 17 5.27 17Number of funds 48 48 48 42 34

Global equityAs at December 31, 2016 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 Not eligible for Group RRSP money


Global equityAs at December 31, 2016 (cont’d)


Quarter-5%

0%

5%

10%

15%

20%



% % % % %5th percentile 6.33 13.24 13.24 15.83 20.701st quartile 4.00 7.06 7.06 13.49 18.08Median 2.26 3.37 3.37 11.66 17.023rd quartile 0.66 1.01 1.01 10.43 15.8295th percentile -2.45 -1.40 -1.40 7.69 13.31∆ MSCI World 3.93 3.79 3.79 12.18 16.66


Other fundsAs at December 31, 2016

Emerging markets


% % % % %5th percentile 0.00 16.54 16.54 10.04 11.501st quartile -1.48 9.89 9.89 8.73 9.68Median -2.37 7.46 7.46 7.70 8.593rd quartile -3.53 5.78 5.78 6.19 7.3195th percentile -5.85 3.21 3.21 4.36 5.41MSCI Emerging Markets -2.13 7.74 7.74 5.71 7.40Number of funds 14 14 14 14 12

Mortgages


% % % % %5th percentile 0.43 2.75 2.75 4.07 3.941st quartile 0.28 2.70 2.70 3.98 3.80Median 0.09 2.65 2.65 3.87 3.623rd quartile -0.09 2.59 2.59 3.75 3.4595th percentile -0.24 2.55 2.55 3.66 3.31Number of funds 2 2 2 2 2

Hedge fundsAs at December 31, 2016



CC&L All Strategies Fund -2.92 3 2.79 3 2.79 3 15.28 2 27.81 1CC&L Market Neutral Fund -4.89 6 -9.71 6 -9.71 6 7.28 6 18.60 3

CC&L Multi-Strategy Fund -1.94 2 -0.46 4 -0.46 4 10.34 4 14.88 5CC&L Q Market Neutral Fund -0.85 1 5.87 1 5.87 1 17.21 1 17.54 4

Fiera Capital North American Market Neutral Fund -2.93 4 3.32 2 3.32 2 8.14 5 5.93 6PCJ Absolute Return Trust -4.20 5 -3.97 5 -3.97 5 11.69 3 22.04 2Dow Jones Credit Suisse Hedge Fund Index 3.54 -1.78 -1.78 9.74 10.30Number Of Fund 6 6 6 6 5


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Investment Policy• Matching asset allocation to liability• Projection of liability and risk analysis• Cost Control• Structure of portfolio management

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Investment Strategy• Measure of the reduction of your

pension costs associated with various levels of investment risks.

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