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1
Performance ReviewMarch 13, 2015
Q4
Agenda
Presentation and Q&A
Intermission
Feedback Session
Reception
2
Introduction
Compliance
Performance and Risk
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Compliance
Daily Monitoring
Trade Approval
Risk
Risk Metrics
Performance
Periodic Reporting
Attribution Analysis
Number of Holdings: 34
Portfolio Weight: 34.77%
Benchmark Weight: 35%
Benchmark: S&P TSX
Capped Composite
Total Return IndexGlobal Equity
Fixed Income
Performance,
Compliance
and Risk
Canadian
Equity
Total Assets: $14.7MQ4 SIAS Abs. Return: 3.25%Q4 SIAS Active Return: 1.29%Q4 Benchmark Return: 1.96%
SIAS Overview
Number of Holdings: 32
Portfolio Weight: 37.24%
Benchmark Weight: 35%
Benchmark: MSCI World
*As of December 31, 20143
Approach: Top-Down Number of Holdings: 25 Portfolio Weight: 22.83% Benchmark Weight: 28% Benchmark: DEX Universe
Introduction
Compliance
Performance and Risk
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Compliance MatrixP
ortfo
lioIn
Co
mp
lian
ce
4
Performance and Risk
Presented by
Crystal Wang
Risk Analyst
5
Portfolio OverviewFund Size: $14.70 Million CAD | Inception Date: Dec 2003 | as of Dec 31, 2014
Absolute Return
Total Assets (CAD)
CME
AssetAllocation
Introduction
Compliance
Performance and Risk
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Q4 Beginning Q4 Ending
$14.23 M $14.70 M
1.29%Active Return
6
Benchmark Q4 Return SIAS Q4 Return
1.96%
3.25%
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
SIAS Q4 Portfolio Attribution
SIAS Asset Class Asset Allocation Selection Value Added
CE -2bps 146ps 144bps
GE 0bps 2bps 2bps
Fixed Income -12bps -6bps -18bps
Cash 1bps 0 1bps
Total -13bps 142bps 129bps
7*These number are quarterly calculated.
Introduction
Compliance
Performance and Risk
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Q4 Risk Metrics Summary
Canadian Equity
Global Equity
Fixed Income
SIAS Fund
Active Return
Portfolio 3.93% 0.10% -0.22% 1.29%
Volatility
Portfolio 7.09% 7.05% 1.54% 4.37%
Benchmark 7.87% 5.97% 1.75% 4.06%
Sharpe Ratio
Portfolio 0.31 0.65 1.44 0.69
Benchmark -0.22 0.76 1.39 0.43
TrackingError
Portfolio 1.83% 2.06% 0.34% 1.01%
Information Ratio 2.14 0.05 -0.66 1.288
Introduction
Compliance
Performance and Risk
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
IPS Risk Metrics Objectives
CategoryAnnualized IPS
Objective Rolling 4 Years*
SIAS Past 4 QuartersExpectation
Achieved
Absolute Return(CPI+4% per year)
5.01% 10.97% Yes
CE Active Return 1.40% 3.13% Yes
GE Active Return 0.71% -3.57% No
FI Active Return 0.10% 0 No
* Objective from SIAS IPS (2014 version) 9
Historical Performance
2007 2008 2009 2010 2011 2012 2013 2014
SIAS Return
3.40% -19.80% 19.30% 9.90% 0.80% 8.20% 15.88% 10.97%
Benchmark Return
2.10% -20.00% 18.20% 10.40% -1.40% 8.50% 14.31% 11.52%
Introduction
Compliance
Performance and Risk
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
2008
10
-25.00%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2007 2009 2010 2011 2012 2013 2014
SIAS Benchmark
Asset Allocation andCapital Market Expectations
Presented by
Peter Grypma
Chief Investment Officer
11
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
• Cheaper Loonie helps Canadian exporting, dollar forecasted to continue to be low
• Overnight rate target dropped to 75 bps• Housing market and consumer spending boosted
12
Canadian Market
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Canadian Market
13
• Banks, Oil and Gas comprise largest weights in TSX• Prolonged suppressed oil prices could cut into Canadian Bank
earnings by 6-7%
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
American/Global Market
14
American• Q4 GDP increased at an annual rate of 2.2%, down from growth
of 5% in Q3 of 2014• Unemployment in US falls to 5.7%, with federal reserve
optimistic it could fall close to 5% by year’s end• Consumer spending expanded at an annual rate of 4.2 per cent,
which comprises over half of American Economic activity
Global• Greek deal with creditors brings marginal stability to Eurozone
for time being• Implementation of quantitative easing by ECB with plans to
spend $70 M for next 19 months to boost inflation of 0.7%• Mixed impact of Oil price across regions
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
15
Asset Allocation
MSCI World DEX Universe TSX
MSCI World 1.00
DEX Universe -0.25 1.00
TSX 0.76 -0.20 1.00
SIAS
MSCI World 0.77
DEX Universe -0.05
TSX 0.86
Correlations of Benchmarks 2000-Present Correlations to SIAS 2014
Asset AllocationIntroduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
16
Canadian Equity
Presented by
Sabrina Tsai
Canadian Equity Portfolio Manager
17
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Canadian Equity
Financials Q4/14 Performance
18
• Financials sector outperformed S&P/TSX by 3%
Winners in portfolio:
• Brookfield Asset Management (+16%), Onex Corp. (+8%)
Losers in portfolio:
• National Bank (-2%), Scotiabank (-3%), CIBC (-9%)
1. Slow Economy
• Returns from yield rather than capital gain
2. Low oil price environment
• linear regression : oil price -40% => financials returns -5% (slope =0.12)
3. Low Canadian dollar
• linear regression: CAD/US ex. rate -4% => financials returns -5% (slope = 1.06)
4. Surprise Interest rate cut by 0.25% to 0.75%
• Low interest rate negative for banks. Canadians already at record debt levels.
Action: Decrease bank holdings over time and buy high yield REITS (F.UN, 8.9% yield) in low interest environment.
Financials Q1 Expectation – Marketweight
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Materials Q4/14 Performance
19
• Materials underperformed S&P/TSX by 4.8 %
Winners in portfolio:
• Canfor Corp (+18%), US housing improvement, low BC timber harvest
• Potash Corp (+7%)
• Agrium (+ 11%) – historical high
Loser in portfolio:
• Teck Resources (-25%), slow down in Chinese demand of base metals
Materials Q1/15 Expectation - Underweight
• Base metal prices expected to remain depressed in slow economy
• Precious metal prices expected to remain stable
• Economics of potash/lumber to remain positive
Action: SOLD Agrium to realize gains
• Maintain a diversified portfolio of all major commodities
Canadian Equity
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Canadian Equity
Energy Q4/14 Performance
• Energy sector underperformed S&P/TSX by 20%
• Canadian Energy portfolio -12% overall
• Canadian portfolio underweight in energy vs. benchmark
Winners in Portfolio:
• Transcanada (0%), Suncor (-9%)
Losers in Portfolio:
• Encana (- 32%)
20
Energy Q1/15 Expectation – Underweight
• Structural change in energy, wiping out high-cost producers
• Oil price to remain depressed for 2015
Action: No change to sector for Q1/15. Add to sector as outlook improves.
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Canadian Equity
21
• Consumer Staples sector outperformed S&P/TSX by 20%
• Consumer Discretionary sector outperformed S&P/TSX by 13%
Winners in portfolio:
• Metro Inc. (+25%), Restaurant Brands Int’l /prev. Tim Horton’s (+15%)
Consumer sectors Q4/14 Performance
Consumer sectors Q1 Expectation - Marketweight
1. Low oil prices : positive short-term (consumer disc/staples)
• Increase in disposable income, decrease in manufacturing costs
2. Low oil prices : negative long-term (consumer disc)
• Oil sector workers unemployment, decrease in disposable income
Action:
• Maintain current portfolio.
• Take profit in consumer discretionary at signs of sector slowing
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk Sector Asset Allocation Selection Value Added
Financials -2 bps 34bps 32 bps
Energy 88 bps 84bps 171 bps
Materials -11 bps 133 bps 122 bps
Diversified 6 bps 63 bps 69 bps
Total 80 bps 313 bps 393 bps
Canadian EquityQ4 Portfolio Attribution
22
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Active Sectors in the Canadian Equity Portfolio
* Relative to the benchmark S&P TSX (Dec 31, 2014)
Sector Current active position* Q1 Active Target
Financials 2.8%
Energy -4.6%
Materials 1.6%
Consumer Discretionary 2.3%
Consumer Staples 3.8%
Information Technology -1.9%
Healthcare -3.2%
Telecommunications 2.3 %
Utilities 0.8%
Industrials -2.4%
23
Global Equity: US Equity
Presented by
Yao Liu
US Equity Analyst
24
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity – Trades in Q4
Holding Sector Action Trade DatePrice of Stock on Trade Date
Last Price (Jan 1, 2015)
Percentage of Global
Portfolio on Trade Date
Schlumberger Ltd, SLB
Energy Buy Nov 4, 2014 $98.43 USD $85.67 USD 3.97%
25
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity - US Portfolio Analysis
With low oil prices we have seen…
• Decrease in consumer costs• Inflation remaining very sluggish/January was lowest since 2009• Offset of the dollars appreciation• Economy not yet at full employment• OPEC power is declining• An increase in volatility, leading the S&P 500 to all time highs
Annualized Volatility
VIX S&P 500 WTI Healthcare ConDisc IT
2011 24.21 23.34 34.96 19.73 24.28 24.19
2012 17.84 12.75 26.09 11.02 14.09 16.54
2013 14.25 11.09 18.28 12 12.43 12.11
2014 14.15 11.33 23.98 14.25 13.15 13.57
2015 17.29 13.90 59.73 14.60 15.36 17.00
26
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity - US Portfolio Analysis
With continued low oil prices we expect to see…
• Redistribution of income among oil producing/consuming nations• US oil consumption: 19 mmbbl/d• US oil production: 12 mmbbl/d
• Tight Oil producers in the US have strong control over their supply
Correlation of Log Returns (2012 - March 2015)
S&P 500 WTI Health Care Cons Disc IT
S&P 500 1.00
WTI 0.34 1.00
Health Care 0.85 0.19 1.00
Cons Disc 0.91 0.25 0.76 1.00
IT 0.88 0.26 0.68 0.79 1.00
27
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity - US Portfolio Analysis
0
20
40
60
80
100
120
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
90-Day Lag Correlations, WTI Price
CD
HLTH
IT
WTI Price
28
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity - US Sector Outlooks
Consumer Discretionary• GDP forecasts above trend • Increase in consumer spending is a likely shift with low oil prices• Low interest rates to catalyze spending• Downward trend in unemployment
Healthcare• High momentum • Benefit from increase in consumer spending• Increase in government healthcare spending
Ratios
P/E Current P/E 2015 P/B Current P/B 2015 ROE YoY Change (Mar)
S&P 500 Index 18.35 17.25 2.81 2.59 14.39 13.3%Consumer Disc
Index 21.2 19.33 4.85 4.44 21.85 13.8%
Healthcare Index 23.48 17.71 4.35 3.68 17.42 21.6%
29
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity - US Sector Outlooks
Consumer Discretionary-Asset Allocation• US macro factors are key drivers for opportunities• Low correlation with WTI• Change in volatility for sector < change in market volatility• Forecasts are upward
30
Introduction
Compliance
CME
Asset
Allocation
Canadian
Equity
Global
Equity
Fixed Income
Performance
and Risk
Global Equity - US Sector Outlooks
Health Care – Asset Allocation• Momentum opportunities for tactical allocation• Low correlation with WTI• Change in volatility for sector < change in market volatility• Forecasts are upward
31
Global Equity: Rest of World Equity
Presented by
Victoria Yu
Rest of World Analyst
32
Global Equity Q4 Portfolio Attribution
33*These number are quarterly calculated.
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Europe Asia PacificEmergingMarket
North America
Asset Allocation 0.06% 0.02% -0.14% 0.02%
Selection Decision -0.19% 0.08% -0.12% 0.40%
Value added -0.14% 0.10% -0.25% 0.39%
-0.30%
-0.20%
-0.10%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
Asset Allocation Selection Decision Value added
34
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
2014 Q4 RoW Equity Trades
Holding Action Number of Shares
DateTransaction Price
Feb 27th
Price
Resulting Portfolio Weight
iSharesMexico
Index FundBUY 1000
October 1st
$67.01 $60.21 0.91%
35
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk • Asia Pacific performed strongly in Q4
• Oil Import countries benefited, especially Japan
• Decrease of oil prices had negative effect on Australia
-3
2
7
12
17
2010 2011 2012 2013 2014
GDP Growth Rate
Japan Australia South Korea
Hong Kong Singapore
-2.0
0.0
2.0
4.0
6.0
8.0
2010 2011 2012 2013 2014
Inflation Rate
Japan Australia South Korea
Hong Kong Singapore
2015 Q1 SIAS Global Equity Sector Expectation: Asia Pacific
Source Bloomberg & IEconomics
Underweight
36
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
2015 Q1 Global Equity Sector Expectation: Europe
• Faster-than-expected growth in Q4 of 2014
• ECB Further quantitative easing monetary policy: less effective
• Decrease of oil prices and depreciation of Euro:brightened the short term outlook
• Strong fears grow that Euro Area falls further into deflation
0
1
2
3
4
2009 2010 2011 2012 2013 2014
Inflation
Underweight
37
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
2015 Q1 SIAS Global Equity Sector Expectation: Emerging Markets
• India: GDP grew faster than China's in Q4
• India: likely to implement economic policy reforms
• Latin America: performance and outlook are both not bright
SourceBloomberg
0
2
4
6
8
10
12
2010 2011 2012 2013 2014
Inflation
-1.5
-1
-0.5
0
0.5
1
1.5
2
2.5
2012 2013 2014
GDP Growth
Mexico Brazil China
India Russia South Africa
Overweight
38
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Active Sectors in the Rest of the World Portfolio
Sector Current active position Q1 Active Target
Emerging Market 2.24%
Asia Pacific -0.58%
Europe -1.14%
Fixed Income
Presented by
Shenyan (Nicole) Gu
FI PM
39
Q4 Fixed Income Trades
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
No Transaction
40
Fixed Income Attribution
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Income Treasury Return Spread Selection Total
Portfolio 1 bp 201 bps 34 bps 9 bps 245 bps
Benchmark 1 bp 229 bps 37 bps 0 bp 267 bps
Active 0 bp -28 bps -3 bps 9 bps -22 bps
41
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Yield Curve MovementCanadian Treasury Bill/Bond Yield
4
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2.2
2.4
2.6
1 m 3 m 6 m 1 y 2 y 3 y 5 y 7 y 10 y long term
Inte
rest
Ra
te (
%)
Maturity
2014-9-30
2014-12-31
2015-3-6
Duration StructureIntroduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
0%
5%
10%
15%
20%
25%
30%
35%
0-1year 1-3year 3-5year 5-7year 7-10year 10+
Portfolio Benchmark
Portfolio Duration: 6.45 Benchmark Duration: 7.1143
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Fixed Income Sector Allocation
Sector Federal Provincial Municipal Corporate
Portfolio 9.13% 55.13% 1.65% 34.09%
Benchmark 36.32% 32.11% 1.92% 29.65%
Active Weight -27.19% 23.02% -0.27% 4.44%
0
10
20
30
40
50
60
Federal Provincial Municipal Corporate
Ho
ldin
gs in
%Portfolio Benchmark
44
ESG Integration
Presented by
Sabrina Tsai
Canadian Equity Portfolio Manager
45
ESG Integration Framework
46
1. Use ESG Scorecard from Bloomberg based on 3 dimensions of ESG: Environmental, Social, Governance
Better performance than sector median; data field disclosed Worse performance than sector median; data field not disclosed s Not available or equals median
Environmental Total GHGs/BOE 100.04 67% 2.08% 33%
Energy Use/BOE 405.01 33% 3.64% 33%
s s Water/BOE 759.51 0% 3.22% 0% Waste/Sa les 62.29 100% 47.29% 0%
Social Lost Time Incident Rate 0.06 67% -12.64% 33% Total Incident Rate 0.32 67% -15.48% 67% s Fata l i ties/1,000 Emp. 0.00 100% -100.00% 100%
--
Governance & Financials Independent Directors 91.67 100% 2.26% 100% Women on the Board 16.67 67% 5.29% 100%
ESG Policies
3yr CAGR
Level %ile
FYLatest Year
Level %ile
Dis
clo
su
re
Le
ve
l
3y
r CA
GR
Dire
ctio
n
Environmental s s Total GHGs/Sales 32.35 0% -4.31% 0%
s s s Energy Use/Sa les na na na na
s s s Water/Sa les na na na na--
Social s s s Employee Turnover na na na na
--Governance & Financials
s Independent Directors 64.29 75% -1.20% 50%
Women on the Board 14.29 0% -4.99% 25%ESG Policies
3yr CAGR
Level %ile
FYLatest Year
Level %ile
Dis
clo
su
re
Le
ve
l
3y
r CA
GR
Dire
ctio
n
Consumer Staples Sector: Loblaws (L.TO) Energy Sector: Suncor (SU.TO)
47
ESG Integration Framework
2 # l 5 7 5.00 80.00%Ticker Star Strikes
1 ALIMEN COUCHE-B ATD/B CT 6 4 6.00 100.00%2 LOBLAW COS LTD l 5 7 5.00 80.00%3 JEAN COUTU GRP-A PJC/A CT 5 5 5.00 60.00%4 EMPIRE CO LTD A EMP/A CT 4 7 4.00 40.00%5 WESTON (GEORGE) WN CT 3 9 3.00 20.00%6 METRO INC MRU CT 0 0 - 0.00%7
Subgroup
Percentile
Peers
by:Ranking StarsHighest
Median = 4.5
2. Rank the company with its peers in the sector
L.TO and its peers in S&P/TSX Consumer Staples Index
Retail – Food & Drugs
SU.TO and its peers in S&P/TSX Energy Index
Oil, Gas & Coal - Integrated Oils
• L ranks #2 compared to its peers• We currently hold MRU
Action:1) Engage MRU for increased ESG
disclosure/improvement 2) Consider selling MRU and buy L
• SU ranks #1 compared to its peers. • We currently hold SU, CVE and HSE
Action: 1) Engage HSE for improvement in ESG or2) Consider selling HSE and add to SUIssue: Oilsands overall not “environmental” despite high ESG ranking. Consider underweighting oil sands in portfolio
48
ESG Integration Timeline
1. Modify IPS to include ESG in investment decision-making (Completion: June 30, 2015)
2. Collect ESG Data• Canadian Equities (Completed)• US Equities (Completion: April 15, 2015)
3. Rank securities in Canadian & US portfolios based on ESG rating (Completion: April 30, 2015)
4. Security valuation methodology with ESG factor (Completion: May 30, 2015)
Ie. Apply a percentage for ESG factors into decision making
5. Implement new IPS with ESG Integration • Execute trades and engage companies (Q3, 2015)
Holding Details:• 5000 Shares purchase at $24.72 USD• Current Price $52.00 USD• 110% Holding period return• 5.58% of Global Portfolio• Annual standard deviation: 4.51%• 3.8% dividend yield
Ratios
P/B P/E ROE
MO 34.16 20.14 142.49
SP5 2.81 18.3 14.39
CONS 5.27 20.52 21.7
Correlation MatrixMO SP5 CONS
MO 1SP5 0.561993 1CONS 0.742198 0.786912 1
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
Relative Prices
Altria S&P 500 Consumer Staples Index
Outlook:
• Continued strong growth of traditional tobacco products
• Growth into new income streams, innovative tobacco products• Will continue investment into these alternatives• E-Vapor consumer expenditure in US
• ~$2 Billion USD in 2014• 90% CAGR 2011-2014
Geographic Revenue - Tobacco Industry
North Asia
Europe
North America
India/Central Asia
Africa/Middel East
South America
South East Asia
Oceania 420
440
460
480
500
520
540
2008 2009 2010 2011 2012 2013 2014
Global Tobacco Industry Revenue (Billions)
Environmental, Social, and Governance:• Environmental disclosure score: 35.66• Social disclosure score: 63.16• Governance disclosure score: 51.79
• Altria has an extensive list of policies for each category (appendix)• In addition they provide a wealth of information, resources, and
tools regarding smoking/health/quitting
• Altria named top 50 companies for community involvement in the US
Risks:• Regulatory and Legal
• Litigation and other costs are still a major part of cost structure. Altria delivered ~$2 Billion in savings between 2007-2013
• Changes in regulation leading to taxation implications• FDA changes
Thank You
52
Canadian Equity(Dec 31st, 2014) Shares Price(CAD) GICS Sector Market Value(CAD) Weights in CETotal Market
Value(CAD)Total Weight
ROYAL BANK OF CANADA 3800 80.24 FINANCIALS 304912 5.97%
1995711.6 39.97%
TORONTO-DOMINION BANK 5160 55.51 FINANCIALS 286431.6 5.61%
SUN LIFE FINANCIAL INC 6000 41.92 FINANCIALS 251520 4.92%
GREAT WEST LIFECO INC 6600 33.59 FINANCIALS 221694 4.34%
BROOKFIELD ASSET MGMT INC 3700 58.22 FINANCIALS 215414 4.22%
BANK OF NOVA SCOTIA 3200 66.31 FINANCIALS 212192 4.15%
CANADIAN IMPERIAL BK OF COMM 1500 99.84 FINANCIALS 149760 2.93%
ONEX CORP 1900 67.46 FINANCIALS 128174 2.51%
NATIONAL BANK OF CANADA 2000 49.44 FINANCIALS 98880 1.94%
RESTAURANT BRANDS INTL INC 1564 45.5 FINANCIALS 71162 1.39%
IGM FINANCIAL INC 1200 46.31 FINANCIALS 55572 1.09%
CANADIAN REIT 1000 45.79 FINANCIALS 45790 0.90%
SUNCOR ENERGY INC 5720 36.9 ENERGY 211068 4.13%
933780 18.27%
TRANSCANADA CORP 2900 57.1 ENERGY 165590 3.24%
HUSKY ENERGY INC 5800 27.5 ENERGY 159500 3.12%
CANADIAN NATURAL RESOURCES LTD 4300 35.92 ENERGY 154456 3.02%
ARC RESOURCES LTD 4400 25.16 ENERGY 110704 2.17%
CENOVUS ENERGY INC 3300 23.97 ENERGY 79101 1.55%
ENCANA CORP 3300 16.17 ENERGY 53361 1.04%
31760 12.70%
CANFOR CORPORATION NEW 8000 29.64 MATERIALS 237120 4.64%
CAMECO CORP 5300 19.05 MATERIALS 100965 1.98%
POTASH CORP OF SASKATCHEWAN 2400 41.07 MATERIALS 98568 1.93%
GOLDCORP INC 3600 21.51 MATERIALS 77436 1.52%
SILVER WHEATON CORP 2500 23.63 MATERIALS 59075 1.16%
AGRIUM INC 400 110 MATERIALS 44000 0.86%
TECK RESOURCES LTD 2000 15.88 MATERIALS 31760 0.62%
335419 6.56%THOMSON REUTERS CORP 4000 46.87 CONSUMER DISCRETIONARY 187480 3.67%
CINEPLEX INC 3300 44.83 CONSUMER DISCRETIONARY 147939 2.90%
CANADIAN NATIONAL RAILWAY CO 4020 80.02 INDUSTRIAL 321680.4 6.30% 321680.4 6.30%
BCE INC 4000 53.28 TELECOM 153562.48 4.17%339596 6.65%
ROGERS COMMUNICATIONS INC 2800 45.17 TELECOM 102763 2.48%
METRO INC 2250 93.3 CONSUMER STAPLES 209925 4.11%349605 6.84%
SAPUTO INC 4000 34.92 CONSUMER STAPLES 139680 2.73%
EMERA INC 3600 38.64 UTILITY 139104 2.72% 139104 2.72%
AppendixCanadian Equity (CE)
53
AppendixGlobal Equity (GE)
US Holdings
US Equity (September 30th, 2014) Shares Price (CAD) Sector Market Value(CAD) Weights in GE
3M CO 1225 190.3236 Consumer Discretionary 233146.46 4.26%
MCDONALD'S CORP 1600 108.528 Consumer Discretionary 173644.84 3.17%
WAL-MART STORES INC 800 99.4705 Consumer Discretionary 79576.41 1.45%
HOME DEPOT INC/THE 1250 121.5815 Consumer Discretionary 151976.88 2.78%
ALTRIA GROUP INC 5000 57.067 Consumer Staples 285334.89 5.21%
COCA-COLA CO/THE 3600 48.9013 Consumer Staples 176044.73 3.22%
WHOLE FOODS MARKET INC 2000 58.399 Consumer Staples 116797.93 2.13%
VISA INC 700 303.6932 Financials 212585.21 3.88%
FINANCIAL SELECT SECTOR SPDR F 6100 28.6435 Financials 174725.49 3.19%
JOHNSON & JOHNSON 1500 121.1182 Healthcare 181677.3 3.32%
VARIAN MEDICAL SYSTEMS INC 1650 100.2002 Healthcare 165330.34 3.02%
GENERAL ELECTRIC CO 5000 29.269 Industrials 146344.89 2.67%
EMERSON ELECTRIC CO 1800 71.4988 Industrials 128697.79 2.35%
JOY GLOBAL INC 1000 53.8818 Industrials 53881.79 0.98%
QUALCOMM INC 2550 86.0927 Information Technology 219536.44 4.01%
CISCO SYSTEMS INC 5800 32.2167 Information Technology 186857 3.41%
GOOGLE INC 100 122.43397 Information Technology 122433.97 2.24%
APPLE INC 700 127.8476 Information Technology 89493.34 1.64%
MENTOR GRAPHICS CORP 6500 25.3888 Information Technology 165027.46 3.02%
AT&T INC 3500 38.9056 Telecommunications 136169.66 2.49%
54
AppendixGlobal Equity (GE)
Rest of World Holdings
RoW Equity (Dec 31st, 2014) Shares Price (CAD) Region Market Value(CAD) Weights in GE
ISHARES MSCI HONG KONG ETF 5608 23.7905 Asia Pacific 133416.87 2.44%
ISHARES MSCI JAPAN ETF 18085 13.0187 Asia Pacific 235443.73 3.61%
ISHARES MSCI SINGAPORE ETF 6997 15.1499 Asia Pacific 106003.92 1.94%
ISHARES MSCI AUSTRALIA ETF 5420 25.6784 Asia Pacific 139176.94 2.54%
ISHARES MSCI MEXICO CAPPED ETF 1000 68.7885 Emerging Markets 68788.47 1.26%
ISHARES MSCI SOUTH KOREA 1864 64.0396 Emerging Markets 119369.89 2.18%
ISHARES S&P EUROPE 350 INDEX F 15379 49.2604 Europe 757575.27 13.84%
ISHARES MSCI GERMANY ETF 5200 31.7476 Europe 165087.69 3.02%
ISHARES MSCI SWITZERLAND 3115 36.7049 Europe 114335.9 2.09%
ISHARES MSCI UNITED KINGDOM 11350 20.8832 Europe 237024.86 4.33%
# Ratings based on DBRS / equivalent measures
Fixed Income (December 31st, 2014) Maturity Date Coupon Rate (%) Par Value (CAD) Market Value (CAD) Est. Annual Income (CAD) Industry Group Bond Rating Weights in FI
PROV OF MANITOBA 2031/3/5 6.3 150000 211868.22 9450 Provincial A(High) 6.31%
PROV OF NEW BRUNSWICK 2023/6/2 2.85 100000 102663.48 2850 Provincial A(High) 3.06%
PROV OF NOVA SCOTIA 2033/6/1 5.8 39000 52986.72 2262 Provincial A(High) 1.58%
PROV OF NOVA SCOTIA 2021/1/11 3.27 10000 104796.17 3720 Provincial AA 3.12%
PROV OF BRITISH COLUMBIA 2035/6/18 5.4 100000 134698.04 5400 Provincial AA(High) 4.01%
PROV OF ONTARIO 2015/3/8 4.5 100000 100600.79 4500 Provincial AA(Low) 3.00%
PROV OF ONTARIO 2019/6/2 5.35 170000 196348.41 9095 Provincial AA(Low) 5.85%
PROV OF ONTARIO 2033/3/8 5.85 200000 274152.64 11700 Provincial AA(Low) 8.17%
YORK REGION DIST SCH BRD 2025/6/3 5.3 178562 191659.57 8847.73 Provincial AA(Low) 5.71%
OMERS REALTY CTT HLDGS INC 2016/5/5 4.75 320000 333813.13 15200 Provincial AAA 9.95%
PROV OF ALBERTA 2019/12/1 4 100000 110776.26 4000 Provincial AAA 3.30%
PROV OF ALBERTA 2022/12/15 2.55 100000 102316.47 2550 Provincial AAA 3.05%
PROV OF ALBERTA 2023/12/1 3.4 212000 229645.88 7208 Provincial AAA 6.84%
LONDON ONTARIO 2017/8/6 5.88 50000 55199.31 2937.5 Municipal AAA 1.65%
FARM CREDIT CORP 2021/6/1 4.6 99000 114788.65 4554 Federal AAA 3.42%
407 INTERNATIONAL INC 2035/12/3 5.96 100000 132889.92 5960 Corporate A 3.96%
TORONTO HYDRO CORP 2021/11/18 3.54 100000 107153.12 3540 Corporate A 3.19%
GREATER TORONTO AIRPORTS AUTH
2018/4/17 5.26 100000 111163.09 5260 Corporate A 3.31%
HYDRO ONE INC 2022/1/13 3.2 100000 105313.86 3200 Corporate A(High) 3.14%
BROOKFIELD ASSET MGMT INC 2016/9/8 5.2 90000 94609.05 4680 Corporate A(Low) 2.82%
BANK OF MONTREAL 2023/3/28 6.17 100000 112432.89 6170 Corporate AA 3.35%
CADILLAC FAIRVIEW FIN TR 2018/5/9 3.64 100000 106513.18 3640 Corporate AAA 3.17%
GE CAPITAL CANADA FUNDING CO 2017/8/17 5.53 100000 109492.36 5530 Corporate AA 3.26%
ROYAL BANK OF CANADA 2025/7/16 4.93 120000 141263.26 5916 Corporate AA 4.21%
SHAW COMMUNICATIONS INC 2020/12/7 5.5 16000 18289.86 880 Corporate BBB 0.55%
AppendixFixed Income (FI)
56
AppendixCE Q4 Performance
Security Description Sector Name Sept 30, 2014
Market Value
Dec 31, 2014
Market Value
Dividend Received Quarter End
(Div + MV)
Quarter
Performance
METRO INC FOOD & DRUG RETAILING (CANADIAN) 168,525.00 209,925.00 675.00 210,128.80 24.69%
CANFOR CORPORATION NEW MATERIALS (CANADIAN) 200,640.00 237,120.00 0.00 236,589.46 17.92%
BROOKFIELD ASSET MGMT INC REAL ESTATE (CANADIAN) 186,036.00 215,414.00 671.56 215,602.08 15.89%
THOMSON REUTERS CORP MEDIA (CANADIAN) 163,200.00 187,480.00 1,320.00 188,377.57 15.43%
TIM HORTONS INC HOTELS RESTAURANTS & LEISURE (CANADIAN)
171,970.50 71,162.00 127,669.06 198,386.19 15.36%
BCE INC COMMUNICATION SERVICES (CANADIAN) 191,560.00 213,120.00 2,470.00 215,107.63 12.29%
SAPUTO INC FOOD BEVERAGE & TOBACCO (CANADIAN) 125,320.00 139,680.00 520.00 139,886.31 11.62%
EMERA INC UTILITIES (CANADIAN) 126,108.00 139,104.00 1,395.00 140,184.64 11.16%
AGRIUM INC MATERIALS (CANADIAN) 39,824.00 44,000.00 336.24 44,237.04 11.08%
CINEPLEX INC MEDIA (CANADIAN) 136,719.00 147,939.00 1,237.50 148,842.73 8.87%
ROGERS COMMUNICATIONS INC COMMUNICATION SERVICES (CANADIAN) 117,376.00 126,476.00 1,281.00 127,471.15 8.60%
ONEX CORP DIVERSIFIED FINANCIALS (CANADIAN) 118,484.00 128,174.00 95.00 127,982.01 8.02%
POTASH CORP OF SASKATCHEWAN MATERIALS (CANADIAN) 93,072.00 98,568.00 943.82 99,289.17 6.68%
SILVER WHEATON CORP MATERIALS (CANADIAN) 55,850.00 59,075.00 150.00 59,092.49 5.81%
GREAT WEST LIFECO INC INSURANCE (CANADIAN) 212,586.00 221,694.00 2,029.50 223,222.93 5.00%
SUN LIFE FINANCIAL INC INSURANCE (CANADIAN) 243,600.00 251,520.00 2,160.00 253,112.41 3.90%
TORONTO DOMINION BANK BANKS (CANADIAN) 285,193.20 286,431.60 2,425.20 288,210.50 1.06%
ROYAL BANK OF CANADA BANKS (CANADIAN) 304,190.00 304,912.00 2,850.00 307,073.40 0.95%
CANADIAN NATIONAL RAILWAY CO TRANSPORTATION (CANADIAN) 319,630.20 321,680.40 1,005.00 321,963.41 0.73%
CANADIAN IMPERIAL BK OF COMM BANKS (CANADIAN) 150,885.00 149,760.00 1,500.00 150,921.57 0.02%
20/34 Asset
57
AppendixCE Q4 Performance
Security Description Sector Name Sept 30, 2014
Market Value
Dec 31, 2014
Market Value
Dividend Received Quarter End
(Div + MV)
Quarter
Performance
TRANSCANADA CORP ENERGY (CANADIAN) 167,272.00 165,590.00 1,392.00 166,608.39 -0.40%
NATIONAL BANK OF CANADA BANKS (CANADIAN) 102,060.00 98,880.00 960.00 99,616.62 -2.39%
IGM FINANCIAL INC DIVERSIFIED FINANCIALS (CANADIAN) 57,960.00 55,572.00 645.00 56,091.22 -3.22%
CAMECO CORP MATERIALS (CANADIAN) 104,728.00 100,965.00 530.00 101,267.91 -3.30%
BANK OF NOVA SCOTIA BANKS (CANADIAN) 221,664.00 212,192.00 2,112.00 213,824.51 -3.54%
CANADIAN REIT REAL ESTATE - TRUSTS (CANADIAN) 48,510.00 45,790.00 437.40 46,123.97 -4.92%
SUNCOR ENERGY INC ENERGY (CANADIAN) 231,831.60 211,068.00 1,601.60 212,193.77 -8.47%
HUSKY ENERGY INC ENERGY (CANADIAN) 178,292.00 159,500.00 1,740.00 160,879.24 -9.77%
ARC RESOURCES LTD ENERGY (CANADIAN) 130,020.00 110,704.00 1,320.00 111,773.35 -14.03%
GOLDCORP INC MATERIALS (CANADIAN) 92,952.00 77,436.00 540.00 77,801.53 -16.30%
CANADIAN NATURAL RESOURCES LTD
ENERGY (CANADIAN) 187,093.00 154,456.00 967.50 155,075.75 -17.11%
CENOVUS ENERGY INC ENERGY (CANADIAN) 99,429.00 79,101.00 878.46 79,800.51 -19.74%
TECK RESOURCES LTD MATERIALS (CANADIAN) 42,420.00 31,760.00 0.00 31,688.94 -25.30%
ENCANA CORPORATION ENERGY (CANADIAN) 78,474.00 53,361.00 268.65 53,509.66 -31.81%
14/34 Asset
58
AppendixGE Q4 Performance
Security Description Sector Name Sept 30, 2014
Market Value
Dec 31, 2014
Market Value
Dividend Received Quarter End
(Div + MV)
Quarter
Performance
WHOLE FOODS MARKET INC FOOD PROCESSING 76220.00 100,840.00 240.00 101,080.00 32.62%
VISA INC DIVERSIFIED FINANCIAL SERVICES 149359.00 183,540.00 336.00 183,876.00 23.11%
3M CO MISC MANUFACTURER 173558.00 201,292.00 1,047.38 202,339.38 16.58%
HOME DEPOT INC/THE RETAIL 114675.00 131,212.50 587.50 131,800.00 14.93%
WAL-MART STORES INC RETAIL 61176.00 68,704.00 0.00 68,704.00 12.31%
CISCO SYSTEMS INC TELECOMMUNICATIONS 145986.00 161,327.00 1,102.00 162,429.00 11.26%
APPLE INC COMPUTERS 70525.00 77,266.00 329.00 77,595.00 10.02%
ALTRIA GROUP INC AGRICULTURE 229700.00 246,350.00 2,600.00 248,950.00 8.38%
VARIAN MEDICAL SYSTEMS INC HEALTH CARE 132198.00 142,741.50 0.00 142,741.50 7.98%
FINANCIAL SELECT SECTOR SPDR F US EQUITY INDEX ETF (US REGULATED) 141337.00 150,853.00 769.27 151,622.27 7.28%
MENTOR GRAPHICS CORP COMPUTERS 133217.50 142,480.00 0.00 142,480.00 6.95%
ISHARES MSCI HONG KONG ETF GLOBAL EQUITY INDEX ETF (US REGULATED) 114010.64 115,188.32 1,034.98 116,223.30 1.94%
COCA-COLA CO/THE BEVERAGES 153576.00 151,992.00 2,196.00 154,188.00 0.40%
13/32 Asset
59
AppendixGE Q4 Performance
Security Description Sector Name Sept 30, 2014
Market Value
Dec 31, 2014
Market Value
Dividend Received Quarter End
(Div + MV)
Quarter
Performance
QUALCOMM INC SEMICONDUCTORS 190663.50 189,541.50 1,071.00 190,612.50 -0.03%
ISHARES MSCI SINGAPORE ETF GLOBAL EQUITY INDEX ETF (US REGULATED) 93339.98 91,520.76 1,731.03 93,251.79 -0.09%
MCDONALD'S CORP RETAIL 151696.00 149,920.00 1,360.00 151,280.00 -0.27%
GENERAL ELECTRIC CO MISC MANUFACTURER 128100.00 126,350.00 1,100.00 127,450.00 -0.51%
EMERSON ELECTRIC CO ELECTRICAL COMPO & EQUIP 112644.00 111,114.00 846.00 111,960.00 -0.61%
ISHARES MSCI GERMANY ETF GLOBAL EQUITY INDEX ETF (US REGULATED) 144040.00 142,532.00 0.00 142,532.00 -1.05%
JOHNSON & JOHNSON PHARMACEUTICALS 159885.00 156,855.00 1,050.00 157,905.00 -1.24%
ISHARES MSCI SWITZERLAND GLOBAL EQUITY INDEX ETF (US REGULATED) 101268.65 98,714.35 0.00 98,714.35 -2.52%
AT&T INC TELECOMMUNICATIONS 123340.00 117,565.00 1,610.00 119,175.00 -3.38%
ISHARES MSCI JAPAN ETF US EQUITY INDEX ETF (US REGULATED) 212860.45 203,275.40 1,199.42 204,474.82 -3.94%
ISHARES MSCI AUSTRALIA ETF GLOBAL EQUITY INDEX ETF (US REGULATED) 129754.80 120,161.40 3,779.54 123,940.94 -4.48%
ISHARES S&P EUROPE 350 INDEX F GLOBAL EQUITY INDEX ETF (US REGULATED) 693285.32 654,068.87 4,406.11 658,474.98 -5.02%
ISHARES MSCI UNITED KINGDOM TR
US EQUITY ETF (US REGISTERED) 219963.00 204,640.50 3,974.14 208,614.64 -5.16%
ISHARES MSCI SOUTH KOREA GLOBAL EQUITY INDEX ETF (US REGULATED) 112790.64 103,060.56 1,236.50 104,297.06 -7.53%
GOOGLE INC INTERNET 57736.00 52,640.00 0.00 52,640.00 -8.83%
GOOGLE INC INTERNET 58841.00 53,066.00 0.00 53,066.00 -9.81%
ISHARES MSCI MEXICO CAPPED ETF*
GLOBAL EQUITY INDEX ETF (US REGULATED) - 59,390.00 511.83 59,901.83 -11.78%
SCHLUMBERGER LTD * OIL & GAS SERVICES - 170,820.00 0.00 170,820.00 -13.30%
JOY GLOBAL INC MACHINERY - CONSTR & MINING 54540.00 46,520.00 200.00 46,720.00 -14.34%
19/32 Asset* Security Purchased in Q4
60
AppendixFixed Income Q4 Performance
Security Name Security Description Dec31 MV Dividends Sep30 MV Return*
PROV OF BRITISH COLUMBIA 5.400% 18-JUN-2035 134,698.04 2,700.00 129,801.51 5.62%
407 INTERNATIONAL INC 5.960% 03-DEC-2035 132,889.92 2,980.00 128,361.80 5.62%
PROV OF NOVA SCOTIA 5.800% 01-JUN-2033 52,986.72 1,131.00 51,223.72 5.42%
PROV OF NEW BRUNSWICK 2.850% 02-JUN-2023 SINKING FD 102,663.48 1,425.00 99,804.80 4.06%
PROV OF ALBERTA 3.400% 01-DEC-2023 DEBS 229,645.88 3,604.00 223,898.33 3.95%
PROV OF ONTARIO 5.850% 08-MAR-2033 274,152.64 264,011.91 3.61%
PROV OF ALBERTA 2.550% 15-DEC-2022 BD 102,316.47 1,275.00 99,815.10 3.55%
SHAW COMMUNICATIONS INC 5.500% 07-DEC-2020 18,289.86 440.00 18,104.10 3.23%
TORONTO HYDRO CORP 3.540% 18-NOV-2021 107,153.12 1,770.00 105,304.45 3.21%
PROV OF MANITOBA 6.300% 05-MAR-2031 MTN 211,868.22 205,241.69 3.00%
PROV OF ONTARIO 5.350% 02-JUN-2019 196,348.41 4,547.50 195,046.38 2.77%
FARM CREDIT CORP 4.600% 01-JUN-2021 MTN 114,788.65 2,277.00 114,002.88 2.46%
PROV OF ALBERTA 4.000% 01-DEC-2019 110,776.26 2,000.00 109,865.35 2.42%
GREATER TORONTO AIRPORTS AUTH 5.260% 17-APR-2018 MTN 111,163.09 2,630.00 111,087.61 2.21%
HYDRO ONE INC 3.200% 13-JAN-2022 MTN 105,313.86 103,220.28 1.80%
CADILLAC FAIRVIEW FIN TR 3.640% 09-MAY-2018 RESTRICTED 106,513.18 1,820.00 106,244.12 1.74%
ROYAL BANK OF CANADA 4.930% 16-JUL-2025 SR DEP NT 141,263.26 138,638.38 1.67%
OMERS REALTY CTT HLDGS INC 4.750% 05-MAY-2016 SER A 333,813.13 7,600.00 336,295.44 1.30%
BANK OF NOVA SCOTIA 3.270% 11-JAN-2021 SR DEP NTS 104,796.17 103,776.27 0.76%
YORK REGION DIST SCH BRD 5.300% 03-JUN-2025 191,659.57 4,579.89 195,159.49 0.33%
LONDON ONTARIO 5.875% 06-AUG-2017 55,199.31 55,428.90 -0.64%
GE CAPITAL CANADA FUNDING CO 5.530% 17-AUG-2017 109,492.36 110,000.31 -0.68%
BROOKFIELD ASSET MGMT INC 5.200% 08-SEPT-2016 MTN 94,609.05 95,144.52 -0.79%
BANK OF MONTREAL VAR RT 28-MAR-2023 SER F MTN 112,432.89 113,231.22 -0.93%
PROV OF ONTARIO 4.500% 08-MAR-2015 100,600.79 101,504.07 -1.11%
* Discounting factor used for return calculation is 3 month T-bill rate from bank of Canada (0.90%)
61
AppendixCE Capital Gain (Gain)
Security Description 1 Sector Name Local Cost Dec 31, 2014
Market Value
Total Capital Gain
Since Purchase
CANADIAN NATURAL RESOURCES LTD ENERGY (CANADIAN) 34,810.77 154,456.00 343.70%
SAPUTO INC FOOD BEVERAGE & TOBACCO (CANADIAN) 33,660.00 139,680.00 314.97%
BANK OF NOVA SCOTIA BANKS (CANADIAN) 53,040.09 212,192.00 300.06%
ROYAL BANK OF CANADA BANKS (CANADIAN) 93,140.52 304,912.00 227.37%
TORONTO DOMINION BANK BANKS (CANADIAN) 90,023.67 286,431.60 218.17%
SUNCOR ENERGY INC ENERGY (CANADIAN) 71,414.00 211,068.00 195.56%
ONEX CORP DIVERSIFIED FINANCIALS (CANADIAN) 51,708.00 128,174.00 147.88%
CANFOR CORPORATION NEW MATERIALS (CANADIAN) 102,273.80 237,120.00 131.85%
METRO INC FOOD & DRUG RETAILING (CANADIAN) 94,701.80 209,925.00 121.67%
IGM FINANCIAL INC DIVERSIFIED FINANCIALS (CANADIAN) 26,288.68 55,572.00 111.39%
BROOKFIELD ASSET MGMT INC REAL ESTATE (CANADIAN) 112,679.40 215,414.00 91.17%
CANADIAN NATIONAL RAILWAY CO TRANSPORTATION (CANADIAN) 169,260.00 321,680.40 90.05%
TRANSCANADA CORP ENERGY (CANADIAN) 92,920.80 165,590.00 78.21%
EMERA INC UTILITIES (CANADIAN) 80,115.00 139,104.00 73.63%
SUN LIFE FINANCIAL INC INSURANCE (CANADIAN) 168,215.00 251,520.00 49.52%
CANADIAN REIT REAL ESTATE - TRUSTS (CANADIAN) 30,844.98 45,790.00 48.45%
GREAT WEST LIFECO INC INSURANCE (CANADIAN) 151,664.00 221,694.00 46.17%
AGRIUM INC MATERIALS (CANADIAN) 31,121.60 44,000.00 41.38%
THOMSON REUTERS CORP MEDIA (CANADIAN) 133,598.00 187,480.00 40.33%
BCE INC COMMUNICATION SERVICES (CANADIAN) 153,562.48 213,120.00 38.78%
NATIONAL BANK OF CANADA BANKS (CANADIAN) 73,324.00 98,880.00 34.85%
CANADIAN IMPERIAL BK OF COMM BANKS (CANADIAN) 120,260.00 149,760.00 24.53%
ROGERS COMMUNICATIONS INC COMMUNICATION SERVICES (CANADIAN) 102,763.00 126,476.00 23.08%
CINEPLEX INC MEDIA (CANADIAN) 128,824.16 147,939.00 14.84%
CENOVUS ENERGY INC ENERGY (CANADIAN) 69,757.91 79,101.00 13.39%
RESTAURANT BRANDS INTL INC HOTELS RESTAURANTS & LEISURE (CANADIAN) 65,177.05 71,162.00 9.18%
26/34 Asset
62
AppendixCE Capital Gain (Loss)
Security Description 1 Sector Name Local Cost Dec 31, 2014
Market Value
Total Capital Gain
Since Purchase
ARC RESOURCES LTD ENERGY (CANADIAN) 111,884.16 110,704.00 -1.05%
HUSKY ENERGY INC ENERGY (CANADIAN) 169,635.58 159,500.00 -5.97%
SILVER WHEATON CORP MATERIALS (CANADIAN) 64,115.00 59,075.00 -7.86%
POTASH CORP OF SASKATCHEWAN MATERIALS (CANADIAN) 112,231.01 98,568.00 -12.17%
CAMECO CORP MATERIALS (CANADIAN) 128,861.00 100,965.00 -21.65%
ENCANA CORPORATION ENERGY (CANADIAN) 76,668.66 53,361.00 -30.40%
GOLDCORP INC MATERIALS (CANADIAN) 180,709.00 77,436.00 -57.15%
TECK RESOURCES LTD MATERIALS (CANADIAN) 86,015.11 31,760.00 -63.08%
8/34 Asset
63
AppendixGE Capital Gain (Gain)
Security Description 1 Sector Name Local Cost Dec 31, 2014
Market Value
Total Capital Gain
Since Purchase
DIVERSIFIED FINANCIAL SERVICES VISA INC 52,054.43 183,540.00 252.59%
MISC MANUFACTURER 3M CO 100,554.63 201,292.00 100.18%
AGRICULTURE ALTRIA GROUP INC 123,589.75 246,350.00 99.33%
PHARMACEUTICALS JOHNSON & JOHNSON 86,655.00 156,855.00 81.01%
TELECOMMUNICATIONS CISCO SYSTEMS INC 99,859.00 161,327.00 61.55%
BEVERAGES COCA-COLA CO/THE 98,188.82 151,992.00 54.80%
GLOBAL EQUITY INDEX ETF ISHARES MSCI HONG KONG ETF 75,509.36 115,188.32 52.55%
RETAIL MCDONALD'S CORP 99,465.84 149,920.00 50.73%
US EQUITY INDEX ETF FINANCIAL SELECT SECTOR SPDR F 100,376.93 150,853.00 50.29%
RETAIL WAL-MART STORES INC 48,078.00 68,704.00 42.90%
GLOBAL EQUITY INDEX ETF ISHARES MSCI SINGAPORE ETF 66,317.29 91,520.76 38.00%
RETAIL HOME DEPOT INC/THE 96,702.38 131,212.50 35.69%
COMPUTERS APPLE INC 58,612.99 77,266.00 31.82%
MISC MANUFACTURER GENERAL ELECTRIC CO 100,564.51 126,350.00 25.64%
FOOD PROCESSING WHOLE FOODS MARKET INC 88,176.00 100,840.00 14.36%
SEMICONDUCTORS QUALCOMM INC 168,489.50 189,541.50 12.49%
GLOBAL EQUITY INDEX ETF ISHARES MSCI SOUTH KOREA 91,769.52 103,060.56 12.30%
ELECTRICAL COMPO & EQUIP EMERSON ELECTRIC CO 99,430.82 111,114.00 11.75%
TELECOMMUNICATIONS AT&T INC 107,314.80 117,565.00 9.55%
GLOBAL EQUITY INDEX ETF ISHARES MSCI GERMANY ETF 130,185.88 142,532.00 9.48%
COMPUTERS MENTOR GRAPHICS CORP 137,882.30 142,480.00 3.33%
HEALTH CARE VARIAN MEDICAL SYSTEMS INC 139,002.35 142,741.50 2.69%
US EQUITY ETF (US REGISTERED) ISHARES MSCI UNITED KINGDOM TR 199,470.33 204,640.50 2.59%
GLOBAL EQUITY INDEX ETF ISHARES MSCI SWITZERLAND 97,732.95 98,714.35 1.00%
24/32 Asset
64
AppendixGE Capital Gain (Loss)
Security Description 1 Sector Name Local Cost Dec 31, 2014
Market Value
Total Capital Gain
Since Purchase
INTERNET GOOGLE INC 56,985.00 52,640.00 -7.62%
INTERNET GOOGLE INC 58,519.25 53,066.00 -9.32%
US EQUITY INDEX ETF ISHARES MSCI JAPAN ETF 230,008.06 203,275.40 -11.62%
GLOBAL EQUITY INDEX ETF ISHARES MSCI AUSTRALIA ETF 137,180.40 120,161.40 -12.41%
GLOBAL EQUITY INDEX ETF ISHARES MSCI MEXICO CAPPED ETF 67,899.82 59,390.00 -12.53%
OIL & GAS SERVICES SCHLUMBERGER LTD 197,029.82 170,820.00 -13.30%
GLOBAL EQUITY INDEX ETF ISHARES S&P EUROPE 350 INDEX F 765,408.99 654,068.87 -14.55%
MACHINERY - CONSTR & MINING JOY GLOBAL INC 64,874.93 46,520.00 -28.29%
8/32 Asset
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AppendixCapital Market Expectations
66
Introduction
Compliance
CME
Asset Allocation
Canadian Equity
Global Equity
Fixed Income
Performance and Risk
Diversified Q4/14 Performance
67
• Rate cut positive for utilities
• Trim Telecom & Railways if we find growth opportunities in Healthcare & IT
Action:
• Purchased Brookfield Renewable Energy for ESG and 5.3% yield
Winners in portfolio:
• Utilities: Emera Inc.(+13%)
• Industrials: Canadian National Railway (+10%)
Diversified Q1/15 Expectation - Overweight
Appendix – Canadian Equity
APPENDIX
Environmental Policy Highlights:• Energy efficiency policy• Emission reduction initiatives• Environmental supply chain managment• Waste reduction• Sustainable packaging• Water policy• Environmental quality managementSocial Policy Highlights:• Community spending • Health and safety policies• Human rights• Policy against child labor• Equal opportunity• Anti-bribery ethics policy• Business ethics policy• Employee protection/whistle blowing policy
AppendixContact Info
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Name Position Email
Peter Grypma Chief Investment Officer [email protected]
Tina Zhang Chief Compliance Officer [email protected]
Juliette Tang Chief Risk Officer [email protected]
Sabrina TsaiPortfolio ManagerCanadian Equity
Robert PersonPortfolio ManagerUS Equity
Elham SaeedyPortfolio ManagerRest of World Equity
Nicole GuPortfolio ManagerFixed Income
Deepanshu Chitkara Head Trader [email protected]