PRIVATE POOLS · Materials - Gold. Consumer Staples - Packaged Foods & Meats. Consumer Staples - Hypermarkets & Super Centers. Energy - Oil & Gas Refining & Marketing. Industrials

FOR INSTITUTIONAL USE ONLY

DECEMBER 30, 2019

PRIVATE POOLSWEEKLY HOLDINGS

SECTOR ALLOCATIONFinancials 42.1%Information Technology 13.8%Real Estate 12.8%Investment Funds 9.1%Energy 8.0%Consumer Staples 4.9%Communication Services 2.8%Materials 2.7%Industrials 2.4%Convertible Bonds 1.4%

GEOGRAPHIC ALLOCATION

INDUSTRY ALLOCATIONS AS AT DECEMBER 30, 2019

19.4%

9.1%

8.1%

5.5%

5.4%

4.9%

4.6%

4.1%

3.8%

3.2%

2.9%

2.9%

2.8%

2.8%

2.7%

2.7%

2.5%

2.4%

2.4%

2.4%

2.3%

1.7%

1.4%

Financials - Diversified Banks

Investment Funds

Information Technology - Data Processing & Outsourced Services

Financials - Asset Management & Custody Banks

Financials - Property & Casualty Insurance

Financials - Financial Exchanges & Data

Financials - Life & Health Insurance

Real Estate - Industrial REITs

Real Estate - Residential REITs

Real Estate - Retail REITs

Energy - Oil & Gas Exploration & Production

Information Technology - Technology Hardware, Storage & Peripherals

Communication Services - Integrated Telecommunication Services

Information Technology - Systems Software

Energy - Oil & Gas Storage & Transportation

Materials - Gold

Consumer Staples - Packaged Foods & Meats

Consumer Staples - Hypermarkets & Super Centers

Energy - Oil & Gas Refining & Marketing

Industrials - Railroads

Financials - Investment Banking & Brokerage

Real Estate - Office REITs

Convertible Bonds

U.S.: 55.4%

Canada: 44.6%

42.1% FINANCIALSUS;ALL Allstate CorpUS;BAC Bank of AmericaCA;BMO Bank of MontrealCA;BAM.A Brookfield Asset Management IncCA;CM Canadian Imperial Bank of CommerceUS;C Citigroup IncCA;IFC Intact Financial CorpUS;JPM JPMorgan Chase & CoCA;MFC Manulife Financial CorpUS;MCO Moody's CorpUS;MS Morgan StanleyCA;NA National Bank of CanadaCA;RY Royal Bank of CanadaUS;SPGI S&P Global IncUS;STT State Street CorpCA;SLF Sun Life Financial IncUS;WFC Wells Fargo & Co

13.8% INFORMATION TECHNOLOGYUS;AAPL Apple IncUS;FISV Fiserv IncUS;MA Mastercard IncUS;MSFT Microsoft CorpUS;V Visa Inc

1.4% CONVERTIBLE BONDSBonds Moxie Holdings LLC CV 8.0% 02MAY21

2.7% MATERIALSCA;FNV Franco-Nevada Corp

0.0% INDEX HEDGE AS AT DECEMBER 30, 20199.1% INVESTMENT FUNDSUS:BMSK Barometer Music Royalty FundCA;BFIX Barometer Tactical Fixed Income Pool

4.9% CONSUMER STAPLESUS;CPB Campbell Soup CoUS;WMT Walmart Inc

Commissions, trailing commissions, management fees and expenses all may be associated with private pool investments. Please read the offering memorandum before investing. Private pools are not guaranteed, their values change frequently and past performance may not be repeated. Private pool strategies and current holdings are subject to change. Portfolio holdings do not include short positions. The portfolio holdings information above may not contain all investments held, may differ from Barometer’s marketing materials, and may be different from the Barometer Private Pool’s annual financial report for the same period. The offering memorandum and other information about the pool are available at www.barometercapital.ca.

0.0% CASH AND CASH EQUIVALENTS

2.8% COMMUNICATION SERVICESUS;T AT&T Inc

8.0% ENERGYCA;CNQ Canadian Natural Resources LtdCA;ENB Enbridge IncCA;PKI Parkland Fuel Corp

2.4% INDUSTRIALSUS;KSU Kansas City Southern

12.8% REAL ESTATECA;AP.UN Allied Properties Real Estate Investment Trust

CA;CAR.UNCanadian Apartment Properties Real Estate Investment Trust

CA;CHP.UN Choice Properties Real Estate Investment TrustCA;GRT.UN Granite Real Estate Investment TrustCA;MI.UN Minto Apartment Real Estate Investment TrustCA;REI.UN RioCan Real Estate Investment TrustCA;SMU.UN Summit Industrial Income REIT

HOLDINGS AS AT DECEMBER 30, 2019

ASSET ALLOCATION



18.7%

17.8%

13.4%

11.7%

10.2%

9.7%

9.3%

8.7%

8.7%

8.3%

8.1%

5.1%

4.9%

4.4%

2.8%

2.3%

1.6%

-4.3%

-4.4%

-4.5%

-4.5%

-28.0%

Information Technology

Financials

China

U.S. Large Cap

Energy

Precious Metals

Emerging Markets - Equities

Industrials

Materials

U.S. Small Cap

Health Care

Developed Markets

Developed Markets - Asia

Dividend

Japan

Consumer Discretionary

Volatility

Utilities

Currencies - U.S. Dollar

Real Estate

Currencies - Japanese Yen

Fixed Income - U.S. Government

N. American Equities: 71.2%Commodities: 28.6%Emerging Markets: 22.7%Developed Markets: 12.8%Volatility: 1.6%Currencies: (8.9%)Fixed Income: (28.0%)

U.S.: 79.6%

Asia: 14.6%

Europe: 4.9%

Americas: 0.9%Latin America: 0.9%

17.8% FINANCIALSUS;XLF Financial Select Sector SPDR FundUS;IAI iShares U.S. Broker-Dealers ETFUS;IYG iShares U.S. Financial Services FundUS;KBE SPDR S&P Bank ETF

18.7% INFORMATION TECHNOLOGYUS;ARKW ARK Web x.0 ETFUS;PSCT Invesco S&P SmallCap Information Technology ETFUS;XT iShares Exponential Technologies ETFUS;IXN iShares Global Tech ETFUS;SOXX iShares PHLX Semiconductor ETFUS;XSD SPDR S&P Semiconductor ETFUS;XLK Technology Select Sector SPDR Fund

8.3% U.S. SMALL CAP US;PSCI Invesco S&P SmallCap Industrials ETFUS;IWM iShares Russell 2000 ETFUS;VBK Vanguard Small-Cap Growth ETF

2.3% CONSUMER DISCRETIONARYUS;XHB SPDR S&P Homebuilders ETFUS;VCR Vanguard Consumer Discretionary Index Fund ETF

8.7% INDUSTRIALSUS;IYJ iShares US Industrials ETFUS;ROBO ROBO Global Robotics and Automation Index ETF

11.7% U.S. LARGE CAPUS;SPGP Invesco S&P 500 GARP ETFUS;SPHB Invesco S&P 500 High Beta ETFUS;MOAT VanEck Vectors Morningstar Wide Moat ETFUS;VOOV Vanguard S&P 500 Value ETF

8.1% HEALTH CAREUS;PSCH Invesco S&P SmallCap Heath Care ETFUS;IXJ iShares Global Healthcare ETFUS;IHI iShares US Medical Devices ETFUS;XBI SPDR S&P Biotech ETF

4.4% DIVIDENDUS;RDVY First Trust Rising Dividend Achievers ETF

10.2% ENERGY US;TAN Invesco Solar ETFUS;XOP SPDR S&P Oil & Gas Exploration & Production ETFUS;BNO United States Brent Oil FundUS;USO United States Oil Fund LP

-4.3% UTILITIES-4.4% CURRENCIES - U.S. DOLLAR-4.5% REAL ESTATE-4.5% CURRENCIES - JAPANESE YEN-28.0% FIXED INCOME - U.S. GOVERNMENT0.0% CASH AND CASH EQUIVALENTS50% INDEX HEDGE AS AT DECEMBER 30, 2019

13.4% CHINAUS;CHIQ Global X MSCI China Consumer Discretionary ETFUS;CQQQ Invesco China Technology ETFUS;KWEB KraneShares CSI China Internet ETFUS;ASHR Xtrackers Harvest CSI 300 China A-Shares ETF

9.7% PRECIOUS METALSUS;PSLV Sprott Physical Silver TrustUS;GDX VanEck Vectors Gold Miners ETFUS;GDXJ VanEck Vectors Junior Gold Miners ETF9.3% EMERGING MARKETS - EQUITIESUS;PIE Invesco DWA Emerging Markets MomentumUS;EWZ iShares MSCI Brazil Index ETFUS;ERUS iShares MSCI Russia ETFUS;RSX VanEck Vectors Russia ETF

8.7% MATERIALSUS;FXZ First Trust Materials AlphaDEX FundUS;PICK iShares MSCI Global Metals & Mining Producers ETFUS;XME SPDR S&P Metals & Mining ETF


4.9% DEVELOPED MARKETS - ASIAUS;INDY iShares India 50 ETFUS;EWT iShares MSCI Taiwan ETF

2.8% JAPANUS;DXJ WisdomTree Japan Hedged Equity Fund

HOLDINGS AS AT DECEMBER 30, 20195.1% DEVELOPED MARKETSUS;ACWI iShares MSCI ACWI ETFUS;QEFA SPDR MSCI EAFE StrategicFactors ETF

1.6% VOLATILITYUS;VXX Barclays Bank iPath S&P 500 VIX Short Term Futures

ETN Exp 30 Jan 2019

SECTOR ALLOCATION

Information Technology 23.0%Industrials 17.5%Financials 17.1%Consumer Discretionary 8.4%Energy 8.0%Health Care 6.2%Utilities 5.4%Materials 4.6%Index ETF 3.9%Communication Services 3.0%Real Estate 2.9%


INDUSTRY ALLOCATIONS AS AT DECEMBER 30, 20198.7%

7.3%6.5%

5.3%3.9%

3.4%3.1%3.1%3.1%

3.0%3.0%3.0%

2.9%2.9%2.9%2.9%

2.8%2.7%2.7%2.7%2.7%

2.5%2.5%

2.4%2.4%2.4%2.4%

2.3%2.3%

2.2%

Information Technology - Semiconductor EquipmentIndustrials - Research & Consulting Services

Financials - Asset Management & Custody BanksEnergy - Oil & Gas Exploration & Production

Index ETFHealth Care - Pharmaceuticals

Consumer Discretionary - FootwearFinancials - Life & Health Insurance

Information Technology - SemiconductorsCommunication Services - Cable & Satellite

Industrials - AirlinesInformation Technology - Electronic Equipment & Instrumentation

Consumer Discretionary - Apparel, Accessories & LuxuryInformation Technology - Internet Services & Infrastructure

Information Technology - IT Consulting & Other ServicesReal Estate - Industrial REITsHealth Care - Biotechnology

Energy - Oil & Gas Refining & MarketingFinancials - Property & Casualty Insurance

Utilities - Independent Power Producers & Energy TradersUtilities - Renewable Electricity

Financials - Other Diversified Financial ServicesIndustrials - Air Freight & Logistics

Consumer Discretionary - Auto Parts & EquipmentIndustrials - Trucking

Information Technology - Application SoftwareMaterials - Gold

Financials - Specialized FinanceIndustrials - Industrial Machinery

Materials - Copper

Canada: 61.5%

U.S.: 38.5%

23.0% INFORMATION TECHNOLOGYUS;AMAT Applied Materials IncCA;GIB.A CGI IncUS;KEYS Keysight Technologies IncCA;KXS Kinaxis IncUS;LRCX Lam Research CorpUS;NVDA NVIDIA CorpCA;SHOP Shopify IncUS;TER Teradyne Inc

17.5% INDUSTRIALSCA;AC Air CanadaCA;CJT Cargojet IncUS;AQUA Evoqua Water Technologies CorpUS;INFO IHS Markit LtdCA;STN Stantec IncCA;TFII TFI International IncCA;TRI Thomson Reuters Corp

3.9% INDEX ETFUS;SPY SPDR S&P 500 ETF Trust

6.2% HEALTH CARECA;BHC Bausch Health Cos. Inc. CA;TRST.WT CannTrust Holdings IncUS;EW Edward Life Sciences CA;MSC.PP Molecular Science CorpUS;MXY.PP MXY Holdings IncUS;VRTX Vertex Pharmaceuticals

3.0% COMMUNICATION SERVICESCA;CCA Cogeco Communications Inc

17.1% FINANCIALSUS;EQH AXA Equitable Holdings IncCA;BAM.A Brookfield Asset Management IncCA;EFN Element Fleet Management CorpCA;IAG iA Financial Corp IncCA;IFC Intact Financial CorpUS;STT State Street Corp

5.4% UTILITIESCA;INE Innergex Renewable Energy IncCA;NPI Northland Power Inc

2.9% REAL ESTATECA;GRT.UN Granite Real Estate Investment Trust

4.6% MATERIALSCA;FM First Quantum Minerals LtdCA;WDO Wesdome Gold Mines Ltd

0.0% INDEX HEDGE AS AT DECEMBER 30, 2019

8.4% CONSUMER DISCRETIONARYUS;CROX Crocs IncUS;LULU Lululemon Athletica IncCA;MG Magna International Inc



8.0% ENERGYUS;ARX Arc Resources Ltd.CA;PKI Parkland Fuel CorpCA;TOU Tourmaline Oil Corp


SECTOR ALLOCATION

Financials 20.2%Corporate Bonds 16.2%Information Technology 13.0%Industrials 9.6%Energy 9.4%Real Estate 8.1%Government Bonds 7.8%Convertible Bonds 5.0%Health Care 4.8%Communication Services 3.0%Materials 2.9%

GEOGRAPHIC ALLOCATIONASSET ALLOCATION


16.2%

7.8%

6.3%

6.2%

6.1%

5.8%

5.6%

5.0%

3.9%

3.6%

3.5%

3.3%

3.2%

3.0%

3.0%

2.9%

2.8%

2.6%

2.5%

2.4%

2.4%

1.9%

Corporate Bonds

Government Bonds

Industrials - Railroads



Financials - Diversified Banks

Real Estate - Residential REITs

Convertible Bonds

Information Technology - Systems Software

Financials - Financial Exchanges & Data

Information Technology - Technology Hardware, Storage & Peripherals

Industrials - Airlines

Energy - Oil & Gas Storage & Transportation

Communication Services - Integrated Telecommunication Services

Information Technology - Data Processing & Outsourced Services

Materials - Gold


Information Technology - Semiconductors

Real Estate - Industrial REITs

Health Care - Biotechnology

Health Care - Managed Health Care

Financials - Specialized Finance

Canada: 53.9%

U.S.: 46.1%

Equities: 71.0%

Corporate Bonds: 16.2%

Government Bonds: 7.8%

Convertible Bonds: 5.0%

5.0% CONVERTIBLE BONDSBond Innergex Renewable Energy Inc 4.65% CV

31OCT26Bond Moxie Holdings LLC 8% CV 02MAY21

9.4% ENERGYCA;CNQ Canadian Natural Resources LtdCA;ENB Enbridge IncUS;HES Hess Corp

20.2% FINANCIALSUS;BAC Bank of AmericaCA;BMO Bank of MontrealUS;BK Bank of New York Mellon CorporationCA;EFN Element Fleet Management CorpCA;IAG iA Financial Corp IncCA;MFC Manulife Financial CorpUS;SPGI S&P Global Inc

7.8% GOVERNMENT BONDSBond Canadian Government 2% 01JUN28Bond Canadian Government 2% 01SEP23Bond U.S. Government 2.5% 31JAN24

13.0% INFORMATION TECHNOLOGYUS;AAPL Apple IncUS;INTC Intel CorpUS;MSFT Microsoft CorpUS;V Visa Inc



4.8% HEALTH CAREUS;AMGN Amgen IncUS;UNH UnitedHealth Group Inc

3.0% COMMUNICATION SERVICESUS;T AT&T Inc

9.6% INDUSTRIALSCA;CP Canadian Pacific Railway LtdUS;KSU Kansas City Southern

2.9% MATERIALSCA;FNV Franco-Nevada Corp

8.1% REAL ESTATECA;GRT.UN Granite Real Estate Investment TrustCA;IIP.UN InterRent Real Estate Investment TrustCA;MI.UN Minto Apartment Real Estate Investment Trust


16.2% CORPORATE BONDSBond Cascades 5.125% 15JAN25Bond Enbridge Inc 5.375% 27SEP77

BondFairfax Financial Holdings Ltd 4.85% 17APR28 USD

Bond Interpipeline Ltd. 6.625% 19NOV79Bond Parkland Fuel Corp 6% 21NOV22Bond Royal Bank of Canada 2.74% 25JUL29


SECTOR ALLOCATIONInformation Technology 17.1%Materials 16.7%Energy 14.6%Industrials 14.0%Health Care 12.8%Financials 10.5%Communication Services 3.2%Utilities 2.8%Consumer Discretionary 2.6%Consumer Staples 2.5%Convertible Bonds 1.6%Real Estate 1.6%



12.8%

11.8%

6.0%

5.3%

5.1%

5.1%

4.9%

4.8%

3.4%

3.3%

3.2%

3.1%

3.0%

2.8%

2.8%

2.8%

2.7%

2.6%

2.5%

2.5%

2.4%

2.2%

1.7%

1.6%

1.6%

Health Care - Pharmaceuticals


Industrials - Research & Consulting Services

Industrials - Air Freight & Logistics

Materials - Diversified Metals & Mining

Materials - Gold

Information Technology - Application Software

Materials - Copper


Information Technology - Semiconductors

Communication Services - Cable & Satellite

Information Technology - Electronic Equipment & Instrumentation

Information Technology - IT Consulting & Other Services

Energy - Oil & Gas Refining & Marketing

Information Technology - Semiconductor Equipment

Utilities - Renewable Electricity

Industrials - Construction & Engineering

Consumer Discretionary - Internet & Direct Marketing Retail

Consumer Staples - Personal Products


Financials - Other Diversified Financial Services

Financials - Specialized Finance

Materials - Precious Metals & Minerals

Convertible Bonds

Real Estate - Real Estate Operating Companies

Canada: 80.1%

U.S.: 19.9%

12.8% HEALTH CARECA;BHC Bausch Health Cos IncCA;HDRX.PP HydRx Farms LtdCA;MSC.PP Molecular Science CorpUS;MXY.PP MXY Holdings Inc

17.1% INFORMATION TECHNOLOGYUS;AMAT Applied Materials IncCA;GIB.A CGI IncCA;DSG Descartes Systems Group IncUS;KEYS Keysight Technologies IncCA;KXS Kinaxis IncUS;NVDA NVIDIA Corp

14.0% INDUSTRIALSCA;AND Andlauer Healthcare Group IncCA;BDT Bird Construction IncCA;CJT Cargojet IncUS;INFO IHS Markit LtdCA;STN Stantec Inc

1.6% REAL ESTATECA;SVI StorageVault Canada Inc

10.5% FINANCIALSUS;EQH AXA Equitable Holdings IncCA;EFN Element Fleet Management CorpCA;FBCI.PP First Block CapitalCA;IAG iA Financial Corp Inc

2.6% CONSUMER DISCRETIONARYCA;REAL Real Matters Inc

14.6% ENERGYCA;AAV Advantage Oil & Gas LtdCA;ARX ARC Resources LtdCA;KEL Kelt Exploration LtdCA;PKI Parkland Fuel CorpCA;TOU Tourmaline Oil Corp



2.5% CONSUMER STAPLESCA;JWEL Jamieson Wellness Inc


2.8% UTILITIESCA;INE Innergex Renewable Energy Inc

3.2% COMMUNICATION SERVICESCA;CCA Cogeco Communications Inc


16.7% MATERIALSCA;FM First Quantum Minerals LtdCA;GBR Great Bear Resources LtdCA;IVN Ivanhoe Mines LtdCA;LUN Lundin Mining CorpCA;NG Novagold Resources IncCA;OSK Osisko Mining IncCA;WDO Wesdome Gold Mines Ltd

1.6% CONVERTIBLE BONDSBond Vivo Cannabis Inc 6% CV 28FEB21

ALLOCATION

Government Bonds 99.2%Cash 0.8%


Canada: 70.5%

U.S.: 29.5%

99.2%

0.8%

Government Bonds

Cash


99.2% GOVERNMENT BONDSBond Canada Government 0.75% 01SEP21Bond Canada Government 1.5% 01AUG21Bond Canada Government 2.0% 01NOV20Bond Canada Government 2.0% 01SEP23Bond Canada Government 2.0% 01JUN28Bond Canada Government 5.0% 01JUN37Bond U.S. Treasury Note 2.75% 30NOV20Bond U.S. Treasury Note 2.875% 30NOV23Bond U.S. Treasury Note 3.125% 15NOV28

0.8% CASH BALANCE



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PRIVATE POOLS · Materials - Gold. Consumer Staples - Packaged Foods & Meats. Consumer Staples - Hypermarkets & Super Centers. Energy - Oil & Gas Refining & Marketing. Industrials