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Performance ReviewFebruary 17th, 2017
Q3/Q4 2016
Agenda
Presentation
Q&A Session
Feedback Session
Reception
2
• Monitoring• Trade Approval• Risk Metrics• Performance• Periodic Reporting• Attribution Analysis
Global Equity
Fixed Income
Performance, Compliance and Risk
Canadian Equity
Total Assets: $16.70M*
• Number of Holdings: 35
• Portfolio Weight: 36.3%
• Benchmark Weight: 35.0%
• Benchmark: MSCI World
*As of December 30th, 2016
• Approach: Top‐Down• Number of Holdings: 29• Portfolio Weight: 24.74%• Benchmark Weight: 28%• Benchmark: FTSE TMX
Canada Universe Bond Index
Other
IntroductionCompliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
SIAS Overview
3
• Number of Holdings: 33 • Portfolio Weight: 33.7%• Benchmark Weight: 35.0%• Benchmark: S&P TSX
Capped Composite Total Return Index
Other
Fixed Income
ESG Integration
4
Compliance Matrix
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Performance and Risk
Presented byTim Dinger
Chief Investment Officer
CME
AssetAllocation
6
Q3 16 SIAS PortfolioBeginning Value (June 30, 2016)$15.83 MillionEnding Value (September 30, 2016)$16.48 MillionQuarterly Rate of ReturnQ3: 4.08%Quarterly Active ReturnQ3: ‐0.19%Sharpe RatioQ3: 1.05Tracking ErrorQ3: 0.83%
PORTFOLIO OVERVIEWQ4 16 SIAS Portfolio
Beginning Value (September 30, 2016)$16.48 MillionEnding Value (December 31, 2016)$16.70 MillionQuarterly Rate of ReturnQ4: 1.32%Quarterly Active ReturnQ4: ‐0.75%Sharpe RatioQ4: 0.40Tracking ErrorQ4: 1.08%
Active Return:‐0.19%
BM Q3 16 Return: 4.27%
SIAS Q3 16 Return: 4.08%
Active Return:‐0.75%
BM Q4 16 Return: 2.07%
SIAS Q4 16 Return: 1.32%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
6
Canadian Equity Global Equity Fixed Income SIAS
Fund
Active Weight Q3 ‐2.31% 0.09% 0.04% N/A
Active Return Portfolio ‐0.61% 0.92% ‐0.49% ‐0.19%
VolatilityPortfolio 5.96% 11.32% 3.62% 3.78%
Benchmark 11.51% 14.07% 3.49% 8.77%
Sharpe RatioPortfolio 0.70 0.80 ‐0.25 1.05
Benchmark 0.46 0.41 0.26 0.47
Tracking Error Portfolio 1.38% 1.03% 0.38% 0.83%
Information Ratio ‐0.86 3.14 ‐4.75 ‐0.23
Q3 16 RISK METRICS SUMMARY
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
7
Canadian Equity Global Equity Fixed Income SIAS
Fund
Active Weight Q4 ‐1.48% 1.42% ‐1.44% N/A
Active Return Portfolio 0.10% ‐0.62% ‐0.22% ‐0.75%
VolatilityPortfolio 3.98% 5.52% 4.06% 2.98%
Benchmark 4.20% 5.98% 6.28% 8.35%
Sharpe RatioPortfolio 1.15 0.31 ‐0.92 0.40
Benchmark 1.05 0.68 ‐0.58 0.23
Tracking Error Portfolio 0.18% 0.63% 0.77% 1.08%
Information Ratio 0.89 ‐3.72 ‐0.17 ‐0.69
Q4 16 RISK METRICS SUMMARY
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
8
Category IPS Objective* Q3 16 SIAS Performance
Q4 16 SIASPerformance
Expectation Achieved
Absolute Return (inflation+4% per
year)5.9% 10.40%** 9.96%** Yes/Yes
CE Active Return 1.40% ‐0.61% 0.10% No/No
GE Active Return*** 0.20% 0.92% ‐0.62% Yes/No
FI Active Return 0.10% ‐0.50% ‐0.22% No/No
* Objectives from SIAS IPS (2014 version)** Four years annualized return*** Against MSCI World
9
IPS RETURN OBJECTIVE
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Annualized Return % 2008 2009 2010 2011 2012 2013 2014 2015 2016
SIAS ‐19.77 19.32 9.92 0.85 8.16 15.91 10.99 6.38 6.83
Benchmark ‐20.00 18.20 10.40 ‐1.40 8.50 14.31 11.52 4.03 8.98
HISTORICAL PERFORMANCE
*Returns are annualized
‐25.00%
‐20.00%
‐15.00%
‐10.00%
‐5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2008 2009 2010 2011 2012 2013 2014 2015 2016
SIAS Benchmark
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
10
Asset Class Sector Allocation Stock Selection Active return
Q4 16 Q4 16 Q4 16
Canadian Equity ‐0.07% 0.18% 0.10%
Global Equity 0.06% ‐0.66% ‐0.62%
Fixed Income 0.05% ‐0.29% ‐0.22%
Total 0.05% ‐0.77% ‐0.75%
PORTFOLIO ATTRIBUTION
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
11
Asset Allocation andCapital Market Expectations
Presented byTim Dinger
Chief Investment Officer
Highlights for Q3/Q4 2016
•Donald Trump was elected as the President of the United States of America
• Increasing consumer confidence supports domestic demand
• Canadian Economy with strong Q3 performance due to stronger oil and gas sector
•GDP growth in Q4 remains strong• Canadian government approves Kinder Morgan's Trans Mountain pipeline and Enbridge's Line 3
• Canadian banks raised mortgage rates in Q4
•MSCI ACWI reached peak with emerging market as main growth driver
•Oil cut back agreement between OPEC and non‐OPEC countries boost oil price expectations
• Persistent uncertainty after Brexit in the EU20
30
40
50
60
01/2016 04/2016 07/2016 09/2016 12/2016
Crud
e Price pe
r barrel
Spot Crude Prices ‐ 2016
19
20
21
22
06/2016 09/2016 12/2016
P/E Ra
tio
S&P 500 ‐ P/E ratio
Election
‐1.5%0.0%1.5%3.0%4.5%
Q114
Q214
Q314
Q414
Q115
Q215
Q315
Q415
Q116
Q216
Q316
Q416*An
nualize
d grow
th ra
te
Real Canadian GDP (QoQ%)
US Economy
Canadian Economy
World Economy
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Economic and Investment Outlook
US Economy
Canadian Economy
World Economy
Merits Concerns• Economic growth• Comprehensive Economic Trade Agreement
•Widening yield spread indicates positive outlook
•US protectionism•Housing market• Consumer debt•Uncertainty about interest rates
Merits Concerns• Stimulated economy through new leadership
• FED is expected to raise interest rate
•Deregulation / tax cuts
•Unexperienced leadership• Trade protectionism• Immigration bans• Capital market expectations
Merits Concerns• Continuing ECB policy•Global economy is expected to continue its upward trend
•Uncertainty about Brexit and upcoming elections
• Slowing Chinese economy• Political uncertainty around the world
020406080100120
2008 2010 2012 2014 2016
Confiden
ce level
Consumer Confidence in the US
0.0
1.0
2.0
3.0
2008 2010 2012 2014 2016
Spread
in %
2Yr / 10Yr spread
Canada US
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
145
10
15
20
25
2008 2010 2012 2014 2016
P/E Ra
tio
S&P TSX Index ‐ P/E Ratio
Asset Allocation
Benchmark(%) End of Q4 16 Target QoQ Change
Relative to Benchmark
EquitiesCanadian 35% 33.7% 36% +2.3% OverweightGlobal 35% 36.4% 36% ‐0.4% Overweight
Fixed Income 28% 24.6% 26% +1.4% UnderweightCash 2% 5.3% 2% ‐3.3% Neutral
Conviction Rationale Implementation
AssetAllocation
• Positive economic outlook for world economy despite political uncertainty
• Progressive economic growth; Central banks’ support stimulating asset prices’; Rising consumer confidence
Equity
Fixed Income
Cash • Long term view •Minimum cash Cash
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
15
Canadian Equity Portfolio
Presented byJulia Ferreira
Portfolio Manager
Transactions
Company Sector % Change
Manulife Financials 30.2%
Cameco Energy 26.1%
Suncor Energy 22.7%
Goldcorp Materials ‐15.40%
Sandstorm Gold Materials ‐20.50%
Silver Wheaton Materials ‐26.60%
Biggest Movers Q4
Attribution Table Q4
Performance ReviewCanadian Equity Portfolio
Q4
Beginning Value (September 30th, 2016)CAD$5.52 Million
Ending Value (December 30th, 2016)CAD$5.62 Million
Quarterly Rate of Return4.70%
Quarterly Active Return0.16%
Total Holdings : 33
Q3
Beginning Value (June 30th, 2016)CAD$5.21 Million
Ending Value (September 30th, 2016)CAD$5.52 Million
Quarterly Rate of Return4.26%
Quarterly Active Return‐1.19%
Total Holdings : 33
Sold :Canfor (Paper) 2%
Bought:Sandstorm Gold 1.91% Silver Wheaton 2.4% Cenovus (Oil) 1.14%
Sold:GWO (Insurance) 4% of CE
Bought:CCL/B (Materials) 2% of CE
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Sector Asset Allocat.
Security Selection Interaction Active
Return
Financials 0.30% 0.19% 0.01% 0.51%
Energy ‐0.24% ‐0.03% 0.00% ‐0.27%
Materials 0.27% ‐0.61% 0.20% ‐0.13%
Industrials ‐0.07% ‐0.19% 0.03% ‐0.23%
C. Discret. 0.05% 0.26% 0.15% 0.45%
Others 0.14% ‐0.01% ‐0.29% ‐0.17%
Total 0.46% ‐0.40% 0.10% 0.16%
Company Sector % Change
Teck Resources Materials 403.18%
Exco Technologies Industrials ‐36.29%
Biggest Movers 2016
Strategy ReviewAllocation end Q3
*All values are of Canadian Equity Portfolio in isolation
Allocation end Q4 STRATEGY
SECTOR SIAS Q3 16 Active W Q316
Financials 35.76% .2.64%
Materials 8.71% ‐4.39%
Energy 17.27% ‐3.47%
Discretionary 8.22% 2.99%
Industrials 7.57% ‐1.28%
Others 22.47% 3.50%
Q4 2016 Active W Q4 16
35.17% 0.18%
9.38% ‐2.43%
18.09% ‐3.34%
8.58% .3.55%
7.61% ‐1.27%
21.17% .3.30%
REVISION PROPOSED 17 Active W
1.83% 37.00% 2.01%
2.35% 11.73% ‐0.08%
4.18% 22.28% 0.84%
..‐3.88% 4.70% ‐0.33%
1.24% 8.85% ‐0.03%
..‐5.75% 15.42% ‐2.45%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
18
Action Plan (relative to BM): BANKS NEUTRALOVERWEIGHT DIVERSIFIED FINANCIALS UNDERWEIGHT INSURANCE
• Interest rate:maintain at 0.5% until 2Q2017
• GDP: Slightly positive outlook. Optimismprevailed over the more pro‐market / growthagenda of the Trump government, which weexpect will boost US and Canadian economy forthis first quarter.
• Real State: Possible bubble, banks are limitingcredit and government is imposing policies torestrict prices.
ROYAL BANK OF CA17%
TORONTO-DOM BANK
16%
IGM FINANCIAL
IN2%MANULIFE
FIN14%
SUN LIFE FINANCI
15%
ONEX CORP
8%
BROOKFIELD ASS-A
12%
THOMSON REUTERS
11%
CAN REAL ESTATE
2%
SLATE OFFICE REI3%
Financial Sector
SIAS Holdings Q4 Outlook and Expectation
Sector Return Active Weight*
Active Return*
Financials 12.08% 2.642% 0.51%
Real Estate ‐2.45% ‐0.99% ‐0.06%
Best Performer: Manulife Financial (30.2%)
Worst Performer: Slate Office Reit (‐3.95%)
*Compared to each sector Index’s as of December 30,2016
Sector Performance Q4 SIAS Performance Q4
‐12%
‐8%
‐4%
0%
4%
8%
12%
16%
30/9/16 30/10/16 29/11/16 29/12/16TSX Financials Real Estate
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Action Plan (relative to BM): OVERWEIGHT OIL
• Markets are optimistic with what has been calleda consistent increasing trend of Oil prices.
• This reflects the agreement between the (OPEC)and other oil producers to cut output to hastenthe rebalancing in the oil market
• Canada is the leading supplier of energyproducts to the U.S., including crude oil, refinedpetroleum, natural gas, electricity and uranium.
*Compared to each sector Index’s as of December 30,2016
Energy Sector
‐4%‐2%0%2%4%6%8%10%
30/9/16 30/10/16 29/11/16 29/12/16TSX Energy
ARC RESOURCES LT, 10.00%
CAMECO CORP, 7.32%
CAN NATURAL
RES, 18.09%
CENOVUS ENERGY, 13.17%
HUSKY ENERGY INC,
9.49%
SUNCOR ENERGY, 24.69%
TRANSCANADA CORP, 17.26%
Sector Return Active Weight*
Active Return*
Energy 6.83% ‐3.47% ‐0.27%
Best Performer: Cameco Corp (26.14%)
Worst Performer: Arc Resources LT (‐1.98%)
SIAS Holdings Q4 Outlook and Expectation
Sector Performance Q4 SIAS Performance Q4
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
20
‐15%
‐10%
‐5%
0%
5%
10%
30/9/16 30/10/16 29/11/16 29/12/16
TSX Materials
Materials Sector
Action Plan (relative to BM):
NEUTRAL (increase sector allocation)
• Rebalance holdings to avoid specific risk and vol.
• Chemicals: Stop position and shift cash to commodities.
• Gold: Increase exposure (companies looking cheap in valuation)
• Forest Products: Gain exposure
CCL INDS B23.01%
GOLDCORP INC
12.48%
POTASH CORP SAS11.06%
SANDSTORM GOLD13.49%
SILVER WHEATON29.76%
TECK RESOURCES‐B
10.19%
*Compared to each sector Index’s as of December 30,2016
Sector Return Active Weight*
Active Return*
Materials ‐10.86% ‐4.39% ‐0.13%
Best Performer: Potash Corp (14.39%)
Worst Performer: Silver Wheaton Corp (‐26.58%)
SIAS Holdings Q4 Outlook and Expectation
Sector Performance Q4 SIAS Performance Q4
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
21
CINEPLEX INC, 3.01%
RESTAURANT BRAND, 5.57%
METRO INC, 4.82%
CGI GROUP INC‐A, 2.87%
CAN NATL RAILWAY, 6.46%
EXCO TECH LTD, 1.15%
BCE INC, 4.13%
ROGERS COMMUNI‐B,
2.58%
EMERA INC, 2.91%
BROOKFIELD RENEW, 1.82%
Diversified SectorsSectors Performance
Action Plan (relative to BM):
• UNDERWEIGHT
Healthcare (no change)
Staples* and Discretionary* (decrease)
• NEUTRAL
Telecom* and Utilities (decrease)
Industrial* (increase)
*there will be change in current holdings
‐35%‐30%‐25%‐20%‐15%‐10%‐5%0%5%10%
30/9/16 30/10/16 29/11/16 29/12/16TSX Cons Discr Industrials Cons Stapl Health Care Info Tech
Sector Security Selection
Asset Allocation Interaction Active
ReturnIndustrials ‐0.19% ‐0.07% 0.03% ‐0.23%Discretionnary 0.26% 0.05% 0.15% 0.45%Staples ‐0.18% ‐0.02% ‐0.05% ‐0.25%Info Tech 0.10% 0.00% 0.00% 0.10%Healthcare 0.23% 0.23% ‐0.23% 0.23%Telecom Serv ‐0.06% ‐0.06% ‐0.02% ‐0.14%Utilities ‐0.02% ‐0.01% ‐0.02% ‐0.05%Total 0.14% 0.12% ‐0.15% 0.11%
SIAS Holdings Q4 Outlook and Expectation
Sector Performance Q4 SIAS Performance Q4
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
22
Going Forward
*Compared to each sectors in the S&P TSX Index as of December 30,2016
Sector Active Position* Action Plan Strategy to
Benchmark Buy Radar Sell Radar
FINANCIALS 0.18% OVERWEIGHTBank Of Nova ScotiaDiversified Financials
Onex Manulife
REAL ESTATE ‐0.98% UNDERWEIGHT ‐ Slate Office Reit
MATERIALS ‐2.43% NEUTRAL PaperGold & Basic Metals Potash Corp
TELECOM 1.88% NEUTRAL Telus Rogers
ENERGY ‐3.34% OVERWEIGHT Pipeline Driller Cameco
DISCRETIONARY 3.55% UNDERWEIGHT Corus Cineplex
UTILITY 1.90% NEUTRAL Emera (partial)
STAPLES 0.98% UNDERWEIGHT Metro (partial)
INDUSTRIALS ‐1.27% NEUTRAL Transportation
INFO TECH 0.12% NEUTRAL ‐‐ ‐‐
HEALTH CARE ‐0.60% UNDERWEIGHT ‐‐ ‐‐
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
23
Global Equity Portfolio
Presented byEarendil Gutierrez
Global Equity Analyst
RoW ‐ ETF Region % Change
France ETF Europe 4.57%
Germany ETF Europe 2.89%
Hong Kong ETF Asia Pacific ‐8.71%
New Zealand ETF Asia Pacific ‐10.47%
Region Asset Allocation
Security Selection
Active Return
Asia Pacific 0.018% ‐0.374% ‐0.39%Europe ‐0.028% ‐0.053% ‐0.08%Emerging Markets ‐0.005% ‐0.024% ‐0.20%North America ‐0.126% ‐1.612% ‐1.68%Total ‐0.125% ‐2.047% ‐2.33%
Attribution Table Q4
Performance Review
Biggest Movers – Excluding US Q4
Transactions
Global Equity PortfolioQ4
Beginning Value (September 30th, 2016)CAD$6.02 Million
Ending Value (December 30th, 2016)CAD$6.11 Million
Quarterly Rate of Return1.83%
Quarterly Active Return‐2.33%
Total Holdings : 35
Q3
Beginning Value (June 30th, 2016)CAD$5.61 Million
Ending Value (September 30th, 2016)CAD$6.02 Million
Quarterly Rate of Return9.16%
Quarterly Active Return3.24%
Total Holdings : 33
No TransactionSold :SCHLUMBERGER (Energy)
Bought:ENERGY SECTOR SPDRUTILITIES SECTOR SPDRREAL ESTATE SECT SPDR
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
25
Rest of the World ‐ Asia Pacific
‐16%
‐11%
‐6%
‐1%
4%
9/30/16 10/30/16 11/29/16 12/29/16AUSTRALIA HONG KONG SINGAPOREJAPAN NEW ZEALAND MSCI WORLD ETF
Singapore 3%
Japan 63%
Hong Kong 6%
Australia 17%
New Zealand 11%
• We expect Asia Pacific to regain lost ground andto return being our top performer.
• Expectations for this region include uncertaintyregarding trade policies changing with US marketand weak Japanese Central Bank.
• Singapore ETF underperforming even in betterthan expected GDP growth scenarios might leadto divesting in it.
• Concerns around sustainability in New Zealand’sgrowth.
Country ETF Return Active Weight Active Return
Japan 0.59% 0.29% ‐0.14%
Australia 1.43% ‐0.25% ‐0.05%
Hong Kong ‐8.71% ‐0.33% ‐0.01%
Singapore ‐3.22% ‐0.16% ‐0.02%
New Zealand ‐10.47% 1.68% ‐0.18%
SIAS Performance Q4Region Performance Q4
SIAS Current Holdings Outlook and Expectations
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
26
United Kingdom 17%
Germany 13%
Switzerland 9%
France 7%
Europe ETF 54%
Rest of the World ‐ Europe
• Going forward we expect Europe to keepslowing down
• Uncertainty regarding Brexit is still a concernand countries most affected should be tightlymonitored
• We expect returns coming from allocations toGermany and France, rather than UK.
• We seek reduction to our exposure to UK aspart of this outlook
-10%
-5%
0%
5%
9/30/16 10/30/16 11/29/16 12/29/16
EUROPE ALL INC UK GEOGRAPHIC FOCUS FRANCE
GERMANY SWITZERLAND
UNITED KINGDOM MSCI WORLD ETF
Country ETF Return Active Weight Active Return
France 4.57% ‐1.90% ‐0.10%
Switzerland ‐1.54% ‐1.70% ‐0.04%
United Kingdom* 1.05% 9.55% 0.23%
Germany 2.89% ‐0.32% ‐0.03%
Outlook and Expectations
SIAS Performance Q4Region Performance Q4
SIAS Current Holdings
*UK + UK focus ETF
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
27
Emerging Markets
India 31%
South Korea 69%
• RoW does not expect a major outperformance ofEmerging Markets, but conditions in India mightlead us to explore some other assets
• Outlook for India remains highly volatile andaversion from investors increases due to directimpact on finance by political factors
• South Korea remains a competitive asset due toits focus in technology and the resilience ofimportant components such as Samsung
‐15%
‐10%
‐5%
0%
5%
9/30/16 10/30/16 11/29/16 12/29/16
INDIA SOUTH KOREA MSCI WORLD ETF
Country ETF Return Active Weight Active Return
India ‐6.98% 1.09% ‐0.08%
South Korea ‐6.58% 2.38% ‐0.16%
SIAS Performance Q4Region Performance Q4
SIAS Current Holdings Outlook and Expectations
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
28
Going Forward
Sector Current active position Action Plan BUY Radar SELL Radar
Emerging Markets 3.05% ‐ India
Asia Pacific 1.19% ‐ Singapore
Europe ‐1.82% France UK
North America ‐2.14% ‐ ‐
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
29
Global Equity Portfolio: US Equity
Presented byAmelia Zhang
US Equity Analyst
Transactions
Company Sector Change
FINANCIAL SECTOR SPDR Financials 23.51%
CBRE GROUP Real Estate 14.87%
WHOLE FOODS MARKET Staples 10.74%
REAL ESTATE SELECT SECT SPDR Real Estate ‐2.49%
VISA INC Technology ‐3.52%
VARIAN MEDICAL SYSTEMS Health Care ‐7.94%
Biggest Movers Q4
Attribution Table Q4
*No positions in Materials sector as of December 30, 2016All values are of US Equity Portfolio in isolation
PERFORMANCE REVIEWUS Equity Portfolio
Q4
Beginning Value (September 30th, 2016)CAD$3.544 Million
Ending Value (December 30th, 2016)CAD$3.66 Million
Quarterly Rate of Return3.26%
Quarterly Active Return‐1.68%
Total Holdings : 23
Q3
Beginning Value (June 30th, 2016)CAD$3.295 Million
Ending Value (September 30th, 2016)CAD$3.544 Million
Quarterly Rate of Return5.04%
Quarterly Active Return0.878%
Total Holdings : 21
Sold :SCHLUMBERGER (Energy)
Bought:ENERGY SECTOR SPDRUTILITIES SECTOR SPDRREAL ESTATE SECT SPDR
Sold:‐
Bought:‐
Sector Asset Allocation
Security Selection
Active Return
Technology 0.11% ‐0.65% ‐0.708%Financials ‐1.18% ‐0.07% ‐1.207%Health Care ‐0.01% ‐0.11% ‐0.131%Diversified* 0.072% 0.03% 0.313%
Total ‐1.008% ‐0.52% ‐1.68%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
31
PORTFOLIO COMPOSITION
SIAS Current Holdings
Market Performance SIAS Performance
Outlook and Expectation
‐20%
‐10%
0%
10%
20%
30%
S&P 500 INDEX FinancialsHealthCare Technology
FINANCIAL ETF 5.23%
AMERISOURCEBERGEN 2.88%
J&J 6.37%
VARIAN MEDICAL SYSTEMS 5.46%
ALPHABET5.77%
CISCO 6.47%
QUALCOMM6.13%
VISA 8.06%
Sector Return Active Weight* Active Return*Technology ‐1.86% 3.39% ‐0.860%
Best Performer: AlphabetWorst Performer: Visa
Sector Return Active Weight* Active Return*Financials 23.49% ‐4.84% ‐0.91%
Sector Return Active Weight* Active Return*Health Care ‐3.16% 0.52% ‐0.276%
Best Performer: J&JWorst Performer: Varian Medical Systems
*Compared to each sector Index’s as of December 30,2016
Action Plan: Increase weight in Financials
• Continued economic recovering
• Interest rate increasing cycle
• Gentler regulation environment forecast
• Tax reform and national security
• Business transformation opportunities in health care sector under new government
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
32
Sector Return Active Weight*
Active Return*
Energy 9.43% ‐0.58% 0.122%
Telecom 8.07% 1.43% 0.249%
Discretionary 7.58% ‐1.48% ‐0.375%
Real Estate 7.32% ‐0.63% 0.210%
Industrials 6.24% 2.74% 0.306%
Utility 2.12% ‐0.52% ‐0.045%
Staples 2.40% ‐0.26% ‐0.013%
‐15%
‐10%
‐5%
0%
5%
10%
15%
S&P 500 INDEX Industrials Staples
Energy Discretionary Telecom
Real Estate Utility
HOME DEPOT 6.18%
MCDONALD 3.82%
TARGET1.60%
COCA‐COLA 5.51%
WAL_MART 2.04%
WHOLE FOODS2.27%
REAL ESTATE ETF 0.96%UTILITIES ETF
2.51%
ENERGY ETF 6.81%
3M 8.07%
EMERSON 1.03%
GE 5.83%
CBRE 1.51%
AT&T 5.49% Action Plan: Decrease weight in Consumer Staple
• Slowly increasing trend of oil prices
• Increasing consumer confidence
• Interest rate increasing cycle
PORTFOLIO COMPOSITION
*Compared to each sector Index’s as of December 30,2016
SIAS Current Holdings
Market Performance SIAS Performance
Outlook and Expectation
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
33
GOING FORWARD
*Compared to all sectors in the S&P 500 Index as of December 30,2016
Sector Active Position* Action Plan BUY Radar SELL Radar
FINANCIALS ‐9.85% FISFISV
TECHNOLOGY 5.66% Symantec
Palo Alto Network Qualcomm
ENERGY ‐0.576%
DISCRETIONARY ‐0.43% Walt Disney Target
HEALTHCARE 1.09% Amgen Varex
INDUSTRIALS 4.66%
STAPLES ‐0.275% Whole Foods Market
MATERIALS ‐2.84%
TELECOM 2.83%
UTILITIES ‐0.66%
REAL ESTATE ‐0.42%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
34
Fixed Income Portfolio
Presented byVeronica Zhang
Portfolio Manager
Transactions
36
Issuer Sector % QTDBMO 6.17 3/28/23 Financials 0.39%LONDON 5.87 8/06/2017 Provincial 0.29%
GE 5.53 8/17/2017 Financials 0.22%CAN 5.75 6/01/2033 Federal ‐9.00%BRCOL 5.4 6/18/2035 Provincial ‐8.71%YORKKDS 5.3 6/03/2025 Materials ‐8.66%
Biggest Movers/Bottom Performers Q4
Attribution Table Q4
PERFORMANCE REVIEWFixed Income Portfolio
Q4
Beginning Value (September 30th, 2016)CAD$4.38 Million
Ending Value (December 30th, 2016)CAD$4.16 Million
Quarterly Rate of Return‐3.62%
Quarterly Active Return‐0.13%
Total Holdings : 29
Q3
Beginning Value (June 30th, 2016)CAD$4.44 Million
Ending Value (September 30th, 2016)CAD$4.38 Million
Quarterly Rate of Return‐0.80%
Quarterly Active Return‐1.82%
Total Holdings : 29
No transactions No transactions
Sector RelativeCTD
Observed YLD Impact
Nominal Duration ‐0.27 ‐0.05% ‐0.04%
Quasi 1.13 ‐0.07% 0.08%
Corp ‐0.49 ‐0.23% ‐0.11%
Total Impact 0.07%
Quarterly Yield Advantage ‐0.015%
Estimated Active Return ‐0.19%
Active Return ‐0.13%
Error ‐0.06%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Portfolio Composition
SIAS Current Holdings By Sector SIAS Current Holdings By Term
SIAS Current Duration by Sector SIAS Current Duration by Term
Federal14%
Provincial59%
Municipal1%
Corporate26%
Short-term27%
Mid-term33%
Long term40%
0
1
2
3
4
5
6
Short‐term Mid‐term Long term
Benchmark SIAS
0.00
1.00
2.00
3.00
4.00
5.00
Federal Municipal Provincial Corporate
Benchmark SIAS
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
37
RETURN ANALYSIS Q4
00.51
1.52
2.53
3.54
3M 6M 1Y 2Y 3Y 4Y 5Y 7Y 8Y 9Y 10Y 15Y 20Y 25Y 30Y
PROV INC IA L Y I E LD CURVE
09/30/2016 12/30/2016
‐0.2‐0.100.10.20.30.40.50.60.70.8
0
0.5
1
1.5
2
2.5
3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 20Y 30Y
CANADA SOVERE IGN Y I E LD CURVE
Change 12/30/16 Yield 09/30/16 Yield
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
38
Federal Provincial Municipal CorporateQuartely Returns ‐0.58% ‐2.12% 0.00% ‐0.92%
‐3.00%
‐2.00%
‐1.00%
0.00%
1.00%
2.00%
3.00%
RETURN ANALYSIS
0
50
100
150
200
250
300
3M 6M 1Y 2Y 3Y 4Y 5Y 7Y 8Y 9Y 10Y 15Y 20Y 25Y 30Y
Corporate (Investment Grade) G‐Spread
09/30/2016 12/30/2016
0
50
100
150
200
3M 6M 1Y 2Y 3Y 4Y 5Y 7Y 8Y 9Y 10Y 15Y 20Y 25Y 30Y
Corporate (AAA) G‐spread
09/30/2016 12/30/2016
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
Communication Engergy Sector Financial Sector Industrial Sector InfrastructureSector
Real Estate Securitized
CORPORATE SECTOR WEIGHT(%)
BENCHMARK
SIAS
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
39
Improve Yield
Financial Sector Energy Sector
Match the Benchmark
Reduce weight in Provincial sector Increase weight of Corporate & Federal bonds
Complied with IPS
Investment Grade Corp Bond (BBB) Excess Cash Allocation
GOING FORWARD
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
40
Q&A Session
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Appendices
Appendices ESG
PROCESS & CRITERIA
Research Process
Company Data
Media & News
Third‐Party Reports
Analysis
Peer Review
Team Voting
Environment
Climate Change
Waste Disposal
Sustainable Packaging
Water Policy
Greenhouse Gas Emission
Social
Humans Rights
Health & Safety Policy
Fair Remuneration
Policy
Consumer Protection
Community Relation
Corporate Governance
Management Structure
Shareholder Right
Audit Committee
Employee Relations
Executive Compensation
• Corporate Governance, Environmental and Social issues can have a significant impact on a company’sperformance, profitability and business risk.
• Simon Fraser University is committed to UNPRI. (utilize ESG rating to contribute our investment decisionmaking process)
• Method in SIAS: Using both top down and bottom up approach to look for unique ESG risks and drivers foreach sectors and specific stocks. Plus, take advantage of sustainable analytics ranking (in Bloomberg) toconduct analysis
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Example: Canadian National Railway
Litigations, Controversies and Others
Points Assigned
Items
Low Risk 109876 Environmental:
Environmental ratio improved in 2016 National railway did a better job compare with its peers to make its
business more environmental friendly Specific ratios: all greenhouse gas to revenue, energy to revenue and
waste to revenue ratios are decreasing in last year. Compare with industry median, only greenhouse gas to revenue ratio
higher than the industry median number. Social: Worse compare with history and compare with its peers. All women employee management ratio, Women Employee ratio,
Employee Turnover ratio, Employee turnover ratio and Lost time incident rate have decreased during the last year.
women employee ratio is higher than the industry median and the employee turnover ratio is lower than the peers.
Governance: Worse compare with history data, but have improved compare with the
peers In term of specific ratios, Independent Directors, Director of Average
Age, Director Meeting Attendance and Board Size have decreased,but still better than the industry median.
Medium Risk 5432
High Risk 1
Total Points
SIAS ESG Grade*
10 A+ Leader 9 A Leader8 A‐ Leader ‐ CNR7 B+ Acceptable6 B Acceptable 5 B‐ Acceptable4 C+ Justify3 C Justify2 C‐ Justify1 D Fail
Bloomberg Percentile
Point Assigned
Company
90‐100 10 CNR80‐90 970‐80 860‐70 750‐60 640‐50 530‐40 420‐30 310‐20 20‐10 1
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Integration
0
10
20
30
40
50
60
70
80
90
Canadian Equity U.S. Equity Threshold
Previous Proposal New Proposal
• Compare with Global peers• Initiate threshold at 60th percentile• Increase threshold to 70th percentile by Sep.
2016 and to 80th percentile by Feb. 2017
010203040506070
Overall Government Environment Social
U.S. Portfolio Sustainalytics Ranking
U.S. Equity Benchmark
0102030405060
Overall Government Environment Social
Canadian Portfolio Sustainalytics Ranking
Canadian Equity Benchmark
• Compare with the benchmarks• Initiate threshold at 20th percentile
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Appendices Q4 Canadian Equity
CCL Industries Inc. (Materials,SupplyChainDistributor):BUY
• Global leader in specialty packaging
• CCL revenues is well diversified
by geography 52% USA / 27% Europe / 9% Asia / 7% Latin America / 6% Canada
and also by segment Label 67% / Avery 26% / Container 7.4%.
• Strong financial position
• Checkpoint contribution
Great‐West Lifeco Inc. (Insurance, Life & Health Insurance): SELL
• DiversifySIASportfolioanddecreaserisksrelatedtolowinterestrates.<
• GWOhasexposureonlyto Canada, the United States and Europe (Manulife has strong operations also in
ASIA, while Sunlife is better distributed in terms of segments Life Insurance is only 66%).
• Peer analysis showed GWO was not a good performer.
TRANSACTIONS Q4Company Sector Ticker Action Quantity Trade Price Current Price
CCL Industries Inc. Materials ABC BUY 460 $241.40 $263.8*Great‐West Lifeco Inc. Insurance GWO SELL 6600 $33.912 $35.17
*As of December, 2016All value in CAD.
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
FINANCIALS SECTOR Q4 FINANCIALSSECTOR STFINL Index 11.54%Name SubIndustry CE Weight ReturnROYAL BANK OF CA Diversified Banks 6.14% 12.85%TORONTO‐DOM BANK Diversified Banks 6.08% 14.65%IGM FINANCIAL IN Asset Management & Custody Ban 0.82% 9.44%MANULIFE FIN Life & Health Insurance 5.00% 30.17%SUN LIFE FINANCI Life & Health Insurance 5.50% 22.69%ONEX CORP Multi‐Sector Holdings 3.09% 8.24%BROOKFIELD ASS‐A Asset Management & Custody Ban 4.37% ‐3.22%THOMSON REUTERS Financial Exchanges & Data 4.18% 9.15%
Real EstateSECTOR STRLST Index 0.12%Name SubIndustry CE Weight ReturnCAN REAL ESTATE Diversified REITs 0.82% ‐0.64%SLATE OFFICE REI Diversified REITs 1.22% ‐3.95%
Sell radar: 9.31% Buy radar: 9.31%MANULIFE FIN 5.00% ScotiaBank Banks 5.0%SLATE OFFICE REI 1.22% Diversified 2.2%ONEX CORP 3.09% Diversified 2.2%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
FINANCIALS SECTOR FINANCIALSSECTOR STFINL Index 11.54%Name SubIndustry CE Weight ReturnROYAL BANK OF CA Diversified Banks 6.14% 12.85%TORONTO‐DOM BANK Diversified Banks 6.08% 14.65%IGM FINANCIAL IN Asset Management & Custody Ban 0.82% 9.44%MANULIFE FIN Life & Health Insurance 5.00% 30.17%SUN LIFE FINANCI Life & Health Insurance 5.50% 22.69%ONEX CORP Multi‐Sector Holdings 3.09% 8.24%BROOKFIELD ASS‐A Asset Management & Custody Ban 4.37% ‐3.22%THOMSON REUTERS Financial Exchanges & Data 4.18% 9.15%
Real EstateSECTOR STRLST Index 0.12%Name SubIndustry CE Weight ReturnCAN REAL ESTATE Diversified REITs 0.82% ‐0.64%SLATE OFFICE REI Diversified REITs 1.22% ‐3.95%
ROYAL BANK OF CA‐0.12%
TORONTO‐DOM BANK
0.15%
IGM FINANCIAL IN
‐0.08%
MANULIFE FIN1.99% SUN LIFE
FINANCI1.20%
ONEX CORP‐0.40%
BROOKFIELD ASS‐A‐1.77%
THOMSON REUTERS‐0.45%
Financials Active Return
0.51%
‐2.00%‐1.50%‐1.00%‐0.50%0.00%0.50%1.00%1.50%2.00%2.50%
F INANC IALS ATTR IBUT ION
CAN REAL ESTATE‐0.04%
SLATE OFFICE REI
‐0.01%
Real Estate Active Return
‐0.06%‐0.50%
0.00%
REAL ESTATE ATTR IBUT ION
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Sell radar: 2.98% Buy radar: 3.98%POTASH CORP SAS 1.04% Forest Products 0.9%Silver 1.94% Diversified Metals & Mining 0.9%CASH 1.00% Metal & Glass Containers 0.9%
Gold 1.3%
MATERIALS SECTOR MATERIALSSECTOR STMATR Index ‐6.21%
Name SubIndustry CE Weight ReturnCCL INDS B Metal & Glass Containers 2.16% 9.33%GOLDCORP INC Gold 1.17% ‐15.44%POTASH CORP SAS Fertilizers & Agricultural Che 1.04% 14.39%SANDSTORM GOLD Gold 1.27% ‐20.51%SILVER WHEATON Silver 2.79% ‐26.58%TECK RESOURCES‐B Diversified Metals & Mining 0.96% 13.83%
CCL INDS B3.26%
GOLDCORP INC‐0.86%
POTASH CORP SAS2.04%
SANDSTORM GOLD‐1.52%
SILVER WHEATON‐4.88%
TECK RESOURCES‐B, 1.83%
Materials Active Return‐0.13%
‐5.00%‐4.00%‐3.00%‐2.00%‐1.00%0.00%1.00%2.00%3.00%4.00%5.00%6.00%
MATERIALS ATTRIBUTION
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
ENERGYSECTOR STENRS Index 6.99%
Name SubIndustry CE Weight ReturnARC RESOURCES LT Oil & Gas Exploration & Produc 1.81% ‐1.98%CAMECO CORP Coal & Consumable Fuels 1.32% 26.14%CAN NATURAL RES Oil & Gas Exploration & Produc 3.27% 2.58%CENOVUS ENERGY Integrated Oil & Gas 2.38% 8.20%HUSKY ENERGY INC Integrated Oil & Gas 1.72% 1.37%SUNCOR ENERGY Integrated Oil & Gas 4.47% 21.33%TRANSCANADA CORP Oil & Gas Storage & Transporta 3.12% ‐1.93%
Sell radar: 1% Buy radar: 4.24%CAMECO 1% Pipeline 1.4%CASH 4.24% CANADIAN NATURAL 1.4%
Driller 1.4%
ENERGY SECTOR
ARC RESOURCES LT‐0.86%
CAMECO CORP1.03%
CAN NATURAL RES‐0.89%
CENOVUS ENERGY‐0.05%
HUSKY ENERGY INC‐0.56%
SUNCOR ENERGY2.53%
TRANSCANADA CORP‐1.48%
Energy Active Return‐0.27%‐1.50%
‐1.00%‐0.50%0.00%0.50%1.00%1.50%2.00%2.50%
ENERGY ATTRIBUTION
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
DIVERSIFIEDWeighted Average of S&P TSX Individual Indexes 0.28%
Name Sub Industry CE Weight Inside Sector Weight ReturnCINEPLEX INC Movies & Entertainment 3.01% 35.04% 2.37%RESTAURANT BRAND Restaurants 5.57% 64.96% 9.68%METRO INC Food Retail 4.82% 100.00% ‐6.43%CGI GROUP INC‐A IT Consulting & Other Services 2.87% 100.00% 3.12%CAN NATL RAILWAY Railroads 6.46% 84.89% 6.24%EXCO TECH LTD Industrial Machinery 1.15% 15.11% ‐9.75%BCE INC Integrated Telecommunication 4.13% 61.55% ‐3.10%ROGERS Wireless Telecommunication 2.58% 38.45% ‐6.09%EMERA INC Electric Utilities 2.91% 61.47% ‐2.95%BROOKFIELD RENEW Renewable Electricity 1.82% 38.53% 1.48%
DIVERSIFIED SECTOR Q4
Sell radar: Sell Buy radar: Buy Cash Flow:ROGERS COMMUNI‐B 2.58% TELUS CORP 0.5% ‐2.13%
CINEPLEX INC 3.01% Corus Ent. 1.0% ‐2.01%
RESTAURANT BRAND 2.00% ‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐2.00%
METRO INC 4.82% Packaged Foods & Meats 3.8% ‐1.00%
EMERA INC 1.80% ‐1.80%
CAN NATL RAILWAY 2.50% Railroads 3.5% 1.00%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
DIVERSIFIED
Name Sub Industry CE Weight Inside Sector Weight ReturnCINEPLEX INC Movies & Entertainment 3.01% 35.04% 2.37%RESTAURANT BRAND Restaurants 5.57% 64.96% 9.68%METRO INC Food Retail 4.82% 100.00% ‐6.43%CGI GROUP INC‐A IT Consulting & Other Services 2.87% 100.00% 3.12%CAN NATL RAILWAY Railroads 6.46% 84.89% 6.24%EXCO TECH LTD Industrial Machinery 1.15% 15.11% ‐9.75%BCE INC Integrated Telecommunication 4.13% 61.55% ‐3.10%ROGERS Wireless Telecommunication 2.58% 38.45% ‐6.09%EMERA INC Electric Utilities 2.91% 61.47% ‐2.95%BROOKFIELD RENEW Renewable Electricity 1.82% 38.53% 1.48%
DIVERSIFIED SECTOR Q4
CINEPLEX INC0.04%
RESTAURANT BRAND0.29%
METRO INC‐0.29%
CGI GROUP INC‐A0.14%
CAN NATL RAILWAY0.24%
EXCO TECH LTD‐0.07%
BCE INC‐0.09% ROGERS
‐0.11%
BROOKFIELD RENEW0.03%
EMERA INC‐0.08%
Diversified Sectors Active Return
0.10%
0%
0%
0%
0%
0%
0%
0%
0%
0%
DIVERSIFIED ATTRIBUTION
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Strategy ReviewAllocation at the end Q3
*All values are of Canadian Equity Portfolio in isolation
Allocation at the end Q4 Q4 Result
SECTOR SIAS Q3 16 BM Q3 16 Active W Q3 16
Financials 35.76% 33.11% 2.64%
Real Estate 2.18% 3.17% ‐0.99%
Materials 8.71% 13.10% ‐4.39%
Telecom 7.22% 5.26% 1.96%
Energy 17.27% 20.74% ‐3.47%
Discretionary 8.22% 5.24% 2.99%
Utility 4.97% 2.75% 2.22%
Staples 5.27% 4.10% 1.17%
Indulstrials 7.57% 8.84% ‐1.28%
Info Tech 2.83% 2.89% ‐0.06%
Health Care 0.00% 0.80% ‐0.80%
TOTAL 100% 100%
Q4 2016 BM Q4 16 Active W Q4 16
35.17% 34.99% 0.18%
2.04% 3.03% ‐0.98%
9.38% 11.81% ‐2.43%
6.71% 4.83% 1.88%
18.09% 21.43% ‐3.34%
8.58% 5.03% 3.55%
4.73% 2.83% 1.90%
4.82% 3.84% 0.98%
7.61% 8.88% ‐1.27%
2.87% 2.74% 0.12%
0.00% 0.60% ‐0.60%
100% 100%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Fixed Income
Global Equity
Appendices
Introduction
Sector Allocation
0.30%
0.00%
0.27%
‐0.06%
‐0.24%
0.05%
‐0.01%
‐0.02%
‐0.07%
0.00%
0.23%
0.46%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Appendices Q3 Canadian Equity
Canadian Equity PortfolioQ3
Beginning Value (June 30th, 2016)CAD$5.21 Million
Ending Value (September 30th, 2016)CAD$5.52 Million
Quarterly Rate of Return4.26%
Quarterly Active Return‐1.19%
Total Holdings : 33
Transactions
Company Sector % Change
Teck Resources‐b Materials 39.04%
Cgi Group Inc‐a Info Tech 13.23%
Can Natl Railway Industrials 12.92%
Sandstorm Gold Materials ‐9.43%
Goldcorp Inc Materials ‐12.31%
Cameco Corp Energy ‐20.30%
Biggest Movers Q3
Attribution Table Q3
PERFORMANCE REVIEW
Sector SecuritySelection
Asset Allocation Interaction
Active Return
Financials ‐0.49% 0.22% ‐0.05% ‐0.32%
Real Est. 0.27% 0.02% ‐0.08% 0.21%
Energy ‐0.75% ‐0.24% 0.14% ‐0.85%
Materials 0.92% 0.07% ‐0.44% 0.56%
Industrials ‐0.01% ‐0.17% 0.00% ‐0.18%
C. Discret. ‐0.24% 0.30% ‐0.15% ‐0.09%
C. Staples ‐0.41% 0.11% ‐0.18% ‐0.47%
Info Tech 0.03% ‐0.03% 0.00% 0.00%
Healthcare ‐0.07% ‐0.07% 0.07% ‐0.07%
Telecom ‐0.06% 0.07% ‐0.03% ‐0.02%
Utilities 0.02% 0.02% 0.02% 0.05%
Total ‐0.79% 0.30% ‐0.70% ‐1.19%
Sold :Canfor (Paper) 2%
Bought:Sandstorm Gold 1.91% Silver Wheaton 2.4% Cenovus (Oil) 1.14%
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
Cenovus Energy Inc (Energy):BUY
• Oil price is expected to recover in 2017 but not significantly.
• Make most of the uptrend of oil price to increase weights in terms of oil producers considering our current
underweighted position for energy sector.
Sandstorm Gold Ltd (Materials, Gold) and Silver Wheaton Corp. (Materials, Silver): BUY
• Gold is primarily a safe haven investment and it performs better under heightened global risks and uncertainties.
• Despite the strong rally in stock prices of streaming companies, there may be more upside potential given improvements in
Gold prices over the future. Based on this analysis, we feel strongly positive about the outlook of precious metals.
• We expect Sandstorm Gold and Silver Wheaton Corp. to clock in growth QoQ in Q3 due to improved realized Gold price and
increase in quantity sold.
• SLW has been increasing its exposure to Gold and the company`s management firmly believes that the near term outlook for
Gold is better as compared to Silver
Canfor Corporation (Materials, Paper): SELL
• Capex levels have been decreasing for several years
• In 2006, more than 63% of the Canadian Lumber production was shipped to U.S. consumers and negotiations for the new
Softwood Lumber Agreement between Canada and U.S. are very difficult. The previous agreement expired in October, 2015
and the deadline for a new one is October 12, 2016.
TRANSACTIONS Q3Company Sector Ticker Action Quantity Trade Price Current Price
Cenovus Energy Inc Energy CVE BUY 3300 17.88 20.30Sandstorm Gold Ltd Materials SSL BUY 13500 7.31 3.9Silver Wheaton Corp. Materials SLW BUY 3550 34.95 25.94Canfor Corporation Materials CFP SELL 8000 14.35 15.27*As of December, 2016. All value in CAD.
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
ROYALBANKOFCA15%
TORONTO‐DOMBANK
14%
IGMFINANCIALIN
2%
MANULIFEFIN10%SUNLIFE
FINANCI12%
ONEXCORP8%
BROOKFIELDASS‐A13%
GREAT‐WESTLIFEC10%
THOMSONREUTERS10%
CANREALESTATE2%
SLATEOFFICEREI4%
FINANCIALS SECTOR
SIAS Holdings Q3 Attribution Q3
Sector Return Active Weight*
Active Return*
Financials 4.6% 3.64% ‐0.32%
Real Estate 6.08% ‐0.95% 0.21%
Best Performer: Slate Office Rei (13.11%)
Worst Performer: Great‐west Lifec (‐3.22%)
*Compared to each sector Index’s as of September 30,2016
Sector Performance Q3 SIAS Performance Q3
ROYAL BANK OF CA0.39%
TORONTO‐DOM BANK
0.12%
IGM FINANCIAL IN
‐0.07%
MANULIFE FIN
0.06%
SUN LIFE FINANCI‐0.40%
ONEX CORP0.16%
BROOKFIELD ASS‐A0.52%
THOMSON REUTERS‐0.08%
Financials Active Return‐0.32%
CAN REAL ESTATE1.16%
SLATE OFFICE REI
‐0.95%
Real Estate Active Return0.21%
‐12%
‐8%
‐4%
0%
4%
8%
12%
30/6/16 30/7/16 29/8/16 28/9/16
TSX Financials RealEstate
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
ARCRESOURCESLT,11.24%
CAMECOCORP,6.39%
CANNATURALRES,19.41%
CENOVUSENERGY,12.83%
HUSKYENERGYINC,
9.83%
SUNCORENERGY,21.50%
TRANSCANADACORP,18.65%
ENERGY SECTOR
Sector Return Active Weight*
Active Return*
Energy 2.8% ‐3.81% ‐0.85%
Best Performer: Arc Resources Lt (8.01%)
Worst Performer: Cameco Corp (‐20.3%)
Attribution Q3
Sector Performance Q3 SIAS Performance Q3
‐12%
‐8%
‐4%
0%
4%
8%
30/6/16 30/7/16 29/8/16 28/9/16
TSX Energy
ARC RESOURCES LT
0.65%
CAMECO CORP‐2.34%
CAN NATURAL RES0.49%
CENOVUS ENERGY0.27%
HUSKY ENERGY INC
‐0.33%
SUNCOR ENERGY‐0.54%
TRANSCANADA CORP…
Energy Active Return‐0.85%
SIAS Holdings Q3
*Compared to each sector Index’s as of September 30,2016
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
‐12%
‐8%
‐4%
0%
4%
8%
12%
30/6/16 30/7/16 29/8/16 28/9/16
TSX Materials
CANFORCORP19.26%
GOLDCORPINC
13.10%
POTASHCORPSAS8.61%
SANDSTORMGOLD15.04%
SILVERWHEATON36.04%
TECKRESOURCES‐B
7.95%
MATERIALS SECTOR
Sector Return Active Weight*
Active Return*
Materials 5.88% ‐6.26% 0.56%
Best Performer: Teck Resources‐b (39.39%)
Worst Performer: Goldcorp Inc (‐12.39)
SIAS Holdings Q3
Sector Performance Q3 SIAS Performance Q3
Attribution Q3
CANFOR CORP0.00%
GOLDCORP INC
0.34%POTASH CORP
SAS0.06%
SANDSTORM GOLD0.34%
SILVER WHEATON0.10%
TECK RESOURCES‐B,
‐0.28%
Materials Active Return
0.56%
*Compared to each sector Index’s as of September 30,2016
Compliance
Performance & Risk
Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
CINEPLEXINC,3.03%
RESTAURANTBRAND,5.20%
METROINC,5.27%
CGIGROUPINC‐A,2.83%
CANNATLRAILWAY,6.50%
EXCOTECHLTD,1.32%
BROOKFIELDBP‐U,0.05%
BCEINC,4.57%
ROGERSCOMMUNI‐B,
2.83%
EMERAINC,3.09%
BROOKFIELDRENEW,1.95%
‐5%‐1%3%7%11%15%19%23%27%31%
30/6/16 30/7/16 29/8/16 28/9/16
TSX ConsDiscr Industrials
ConsStapl HealthCare InfoTech
TelecomSe Utilities
DIVERSIFIED SECTORSSectors Performance
Sector Asset Allocation
Security Selection Interaction Active
ReturnIndustrials ‐0.01% ‐0.17% 0.00% ‐0.18%Discretionnary ‐0.24% 0.30% ‐0.15% ‐0.09%Staples ‐0.41% 0.11% ‐0.18% ‐0.47%Info Tech 0.03% ‐0.03% 0.00% 0.00%Healthcare ‐0.07% ‐0.07% 0.07% ‐0.07%Telecom Serv ‐0.06% 0.07% ‐0.03% ‐0.02%Utilities 0.02% 0.02% 0.02% 0.05%Total ‐0.74% 0.23% ‐0.27% ‐0.78%
SIAS Holdings Q3
Sector Performance Q3 SIAS Performance Q3
Attribution Q3
CINEPLEX INC0.01%
RESTAURANT BRAND‐0.15%
METRO INC0.10%
CGI GROUP INC‐A‐0.34%
CAN NATL RAILWAY‐0.28%
EXCO TECH LTD0.00%
BCE INC0.00%
ROGERS COMMUNI‐B
‐0.07%
BROOKFIELD RENEW‐0.07%
EMERA INC0.03%
Diversified Sectors Active Return‐0.78%
Compliance
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Introduction
Appendices Fixed Income
Appendix
Compliance
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Fixed Income
Appendices
Introduction
‐0.5
0
0.5
1
1.5
2
30/09/2016 31/10/2016 30/11/2016
CORRA & Canada Government 10Y Bond YLD
Appendix
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Capital Market Expectation
Canadian Equity
Global Equity
Fixed Income
Appendices
Introduction
SIAS PortfolioSector Weight (%) Contribution to Duration
Short‐term Medium term Long‐term Short‐term Mediumterm Long‐term
(1‐5 years) (6‐10 years) (10+ years) Total (1‐5 years) (6‐10 years) (10+ years) TotalFederal 2.46 0 12.26 13.72 0.10 0 1.33 1.43Provincial 11.03 18.79 29.25 59.07 0.32 1.12 3.30 4.94Municipal 1.13 0 0 1.13 0.01 0 0 0.01Corporate 15.83 7.41 2.84 26.08 0.42 0.44 0.36 1.12Total 29.55 26.20 44.25 100 0.85 1.56 4.99 7.39
Attribution Table
Q3 Benchmark SIASRelative
Contribution to Duration
Easy to Observedyield changes
EstimatedPerformance Impact
Nominal Duration 7.82 7.39 ‐0.43 ‐0.0226% ‐0.075%
Quasi 3.78 4.65 1.13 ‐0.01% 0.013%
Corp 1.66 1.26 0.4 ‐0.14% 0.058%Estimated Impact from relative contribution to duration ‐0.02% Quarterly Advantage ‐0.15%
Estimated Performance ‐0.19% Active Return ‐1.82 % Error ‐1.64%
Return Duration
SIAS ‐0.80% 7.39
Benchmark ‐1.02% 7.82
Active ‐1.82bps ‐0.43
Appendix
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Capital Market Expectation
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Global Equity
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Appendices
Introduction
AppendixIssuer Weight Price CUSIP CouponRate MaturityDate Holdings ModifiedDurationFARM CREDIT CORP 2.52% 112.751 30766ZXM0 0.046 2021‐06‐01 99000 4.028503471GOVERNMENT OF CANADA 11.66% 147.459 135087XG4 0.0575 2033‐06‐01 350000 11.74469751LONDON ONTARIO 1.16% 102.628 541908BZ1 0.05875 2017‐08‐06 50000 0.582318961PROV OF ALBERTA 2.43% 107.507 013051CZ8 0.04 2019‐12‐01 100000 2.761651162PROV OF ALBERTA 5.16% 107.691 013051DL8 0.034 2023‐12‐01 212000 6.169894251PROV OF ALBERTA 2.33% 103.217 013051DG9 0.0255 2022‐12‐15 100000 5.510936647PROV OF BRITISH COLUMBIA 5.28% 129.856 110709EK4 0.057 2029‐06‐18 180000 9.409333562PROV OF BRITISH COLUMBIA 2.95% 130.753 110709FJ6 0.054 2035‐06‐18 100000 12.58570146PROV OF MANITOBA 3.38% 99.721 563469UE3 0.0245 2025‐06‐02 150000 7.549926609PROV OF MANITOBA 4.58% 135.144 56344ZCG2 0.063 2031‐03‐05 150000 9.976213563PROV OF NEW BRUNSWICK 2.35% 104.114 642869AF8 0.0285 2023‐06‐02 100000 5.849450204PROV OF NOVA SCOTIA 10.35% 130.954 669827FL6 0.058 2033‐06‐01 350000 11.34785295PROV OF ONTARIO 4.21% 109.582 683234UV8 0.0535 2019‐06‐02 170000 2.285185743PROV OF ONTARIO 6.04% 133.777 683234SL3 0.0585 2033‐03‐08 200000 11.16156478CADILLAC FAIRVIEW FIN TR 2.33% 103.097 12741RAC3 0.0364 2018‐05‐09 100000 1.321417536YORK REGION DIST SCH BRD 3.62% 112.943 987049AC7 0.053 2025‐06‐03 141784.84 6.863396043PROV OF SASKATCHEWAN 4.80% 106.129 803854JW9 0.032 2024‐06‐03 200000 6.60238477SHAW COMMUNICATIONS INC 0.40% 111.301 82028KAR2 0.055 2020‐12‐07 16000 3.557232986BANK OF MONTREAL 2.38% 105.337 06369ZAY0 0.0617 2023‐03‐28 100000 5.093870381BANK OF NOVA SCOTIA 2.38% 105.47 0641492L0 0.0327 2021‐01‐11 100000 3.726269167ROYAL BANK OF CANADA 3.20% 118.189 780085N93 0.0493 2025‐07‐16 120000 6.990587824GREAT WEST LIFECO INC 1.74% 109.826 39138CAG1 0.0465 2020‐08‐13 70000 3.303493159GE CAPITAL CANADA FUNDING CO 2.31% 102.431 36158ZBH8 0.0553 2017‐08‐17 100000 0.61222562INVESTORS GROUP INC 2.25% 124.471 46152HAB7 0.0665 2027‐12‐13 80000 8.120141072407 INTERNATIONAL INC 2.98% 131.722 35085ZAD8 0.0596 2035‐12‐03 100000 12.33169685
GREATER TORONTO AIRPORTS AUTH 2.37% 104.977 39191ZAT6 0.0526 2018‐04‐17 100000 1.248472995HYDRO ONE INC 2.40% 106.197 44810ZBF6 0.032 2022‐01‐13 100000 4.594602433TORONTO HYDRO CORP 2.43% 107.661 89119ZAD5 0.0354 2021‐11‐18 100000 4.482017574HYDRO ONE 2.22% 109.022 44810ZBA7 0.044 2020‐06‐01 90000 3.184111631
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New RBC Platform
Going Forward
Compliance
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Appendices US Equity
APPENDIX– U.S.Equity
US Equity Portfolio
Beginning Value (June 30, 2016)$ 3.295Million
TransactionsBUY: $ 346214.08SELL: $ 206997.6
Ending Value (September 30, 2016)$ 3.544 Million*
Rate of Return (Quarterly)5.04%
Active Return-0.14%
Total Holdings21
*Dividend includedAll value in CAD and based on U.S. Portfolio only
Company Sector ChangeQUALCOMM INC Technology 30.49%
Varian Medical Systems Health Care 22.48%Alphabet Technology 15.65%
WHOLE FOODS MARKET Staples ‐9.97%COCA‐COLA Staples ‐4.74%AT&T Telecom ‐3.84%
Biggest Movers (Q3)
Attribution Table (Q3)
*No positions in Materials sectors as of September 30, 2016All value adjusted for the contribution of Global Equity Portfolio in SIAS
*All values in CAD
Sector Asset Allocation
Security Selection
Active Return
Discretionary ‐0.03% ‐0.26% ‐0.272%Consumer Staples 0.00% ‐0.35% ‐0.378%
Energy ‐0.02% 0.15% 0.106%Financials ‐0.46% ‐2.56% ‐1.380%Health Care 0.01% 0.80% 0.848%Industrials 0.16% ‐0.25% ‐0.245%Technology 0.45% 1.32% 2.152%Real Estate 0.01% 0.18% 0.083%Telecom ‐0.06% ‐0.04% ‐0.137%Utilities 0.10% 0.10% 0.101%
Total 0.158% ‐0.927% 0.878%
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Introduction
APPENDIX– U.S.Equity
Market Performance(Q3)
SIAS Q3 Holdings
Sector Return Active Weight* Active Return*
Telecom ‐3.84% 1.76% 1.77%
Energy 9.90% ‐0.63% 7.27%
Staples ‐4.82% 0.34% ‐2.30%
Discretionary 0.61% ‐0.777% ‐2.98%
Industrials 0.16% 3.52% ‐4.50%
Real Estate 3.59% ‐1.07% 5.43%
Best Performer: CBRE Group
Worse Performer: Whole Food Market
Sector Return Active Weight* Active Return*Technology 17.01% 3.38% 3.38%
Best Performer: QUALCOMM INCWorst Performer: CISCO
Sector Return Active Weight* Active Return*Financials 5.86% ‐5.82% 0.72%
Financial Select Sector SPDRSector Return Active Weight* Active Return*
Health Care 8.02% 0.44% 5.99%Best Performer: Varian Medical Systems
Worst Performer: J&J
*Compared to each sector Index’ as of September 30,2016
IT27.78%
HealthCare15.67%
Industrials14.52%
ConsumerDiscretionary
11.14%
Staples9.90%
Telecom5.28%
Energy6.42%
Financials4.37%
RealEstate2.42%
SIAS Performance(Q3)
DIVERSIFIED SECTORS
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Introduction
Holdings Sector Shares Price MarketValue(USD) Weight(%)HOMEDEPOTINC Discretionary 1250 $134.08 167,600 6.18MCDONALD'SCORP Discretionary 850 $121.72 103,462 3.82TARGETCORP Discretionary 600 $72.23 43,338 1.60COCA‐COLACO Staples 3600 $41.46 149,256 5.51WAL‐MARTSTORESINC Staples 800 $69.12 55,296 2.04WHOLEFOODSMARKETINC Staples 2000 $30.76 61,520 2.27ENERGYSELECTSECTORSPDR Energy 2450 $75.32 184,534 6.81FINANCIALSELECTSECTORSPDR Financials 6100 $23.25 141,825 5.23CBREGROUPINC RealEstate 1300 $31.49 40,937 1.51REALESTATESELECTSECTSPDR RealEstate 848 $30.75 26,076 0.96AMERISOURCEBERGENCORP HealthCare 1000 $78.19 78,190 2.88JOHNSON&JOHNSON HealthCare 1500 $115.21 172,815 6.37VARIANMEDICALSYSTEMSINC HealthCare 1650 $89.78 148,137 5.463MCO Industrials 1225 $178.57 218,748 8.07EMERSONELECTRICCO Industrials 500 $55.75 27,875 1.03GENERALELECTRICCO Industrials 5000 $31.60 158,000 5.83ALPHABETINC‐CLA Technology 100 $792.45 79,245 2.92ALPHABETINC‐CLC Technology 100 $771.82 77,182 2.85CISCOSYSTEMSINC Technology 5800 $30.22 175,276 6.47QUALCOMMINC Technology 2550 $65.20 166,260 6.13VISAINC‐CLASSASHARES Technology 2800 $78.02 218,456 8.06AT&TINC Telecom 3500 $42.53 148,855 5.49UTILITIESSELECTSECTORSPDR Utilities 1400 $48.57 67,998 2.51
APPENDIX– U.S.Equity
*As of December 30, 2016
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Company Sector Ticker Action Quantity Fill Price Current Price
SCHLUMBERGERLTD ENERGY SLB SELL 2000 $78.41 $81.29*
ENERGYSELECTSECTORSPDR ENERGY XLEUS BUY 2450 $68.07 $72.68*
UTILITIESSELECTSECTORSPDR UTILITIES XLUUS BUY 1400 $48.85 $49.00*
REALESTATESELECTSECTSPDR REALESTATE XLREUS BUY 848 $32.24 $31.07*
*As of September 31, 2016All value in USD.
APPENDIX– U.S.EquityTRANSACTIONS(Q3)
UTILITIESSELECTSECTORSPDR:BUY• XLU represents our first position in Utilities.• Diversification• A slight favour for defensive sectors as outlined from top‐down approach• Attribution points for performance measurements• Fulfil IPS requirement of investing in at least 7 out of 10 GICS sectors
SCHLUMBERGER:Sell& ENERGYSELECTSECTORSPDR:BUY• Schlumberger, as stated in the previous report is the world's largest oilfield services provider and tends to behighly affected by oil prices in general.
• SLB is the only Energy holding in the 2Q portfolio, which was converted into an Energy ETF to provides betterdiversification.
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Introduction
APPENDIX– WholeFoodMarket(WFM)
Stock Performance Company Performance
Investment Risk
• RapidGrowthover2015,butdropandremainsluggishsince2016.
• Underperformmarketandpeers.
• Droppingrevenue,netincomeandprofitmarginsince2015impliesdecliningprofitability.
• Debtratioincreasedfrom35%to48%andremainsafter2015.
• Competitions:Increasedcompetitionfrommassmerchandisersandsupermarket.
• OperationRisks:Storesalesgrowthisdecliningandlowerthanhistoricalaveragecouldimpactoperatingresult.
• FinancialRisks:SubsequenttoFY15,WFMenteredintoa$500millionrevolvinglineofcreditextendsto2020.Mayincurfutureadditionaldebt.
‐20%
‐15%
‐10%
‐5%
0%
5%
10%
15%
S&P 500 INDEX S5CONS Index WFM EQUITY
Compliance
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Fixed Income
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Introduction
Proposals Policies
Trade• ProtectionismagainstChina• IncreasecooperationbetweentheUnitedStatesandRussia• tradeprotectionism
Taxes
• Createa15%flattaxonbusinesses• One‐timedeemedrepatriationofcorporatecashheldoverseasatadiscounted10%
taxrate• Reduceincometaxforlow‐income families• mandatea15%taxforoutsourcingjobsanda20%taxforimportinggoods• lowerthetaxratesoncapitalgains÷nds
Tech• CreateJointTaskForcesthroughouttheU.S.tocoordinateresponsestocyber
threats• Developtheoffensivecybercapabilities
Healthcare• Allowpeopletopurchaseinsuranceacrossstatelines• Maximizeflexibilityforstatesviablockgrants• createapatient‐centeredhealthcaresystem
Immigration
• BuildawallalongtheMexicanborder• TemporarilyhaltMuslimimmigration• Deportallillegalimmigrants• Endbirthrightcitizenship• RequirecompaniestohireAmericanworkersfirst
APPENDIX– TrumpPresidency
EffectonCanada
Trade Protectionism‐RenegotiatetheNorthAmericanFreeTradeAgreement(NAFTA)
KeystoneXL “Iwantitbuilt, butIwantapieceoftheprofits”
Compliance
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Appendices Rest of the World
77
Global Equity PortfolioQ3
Beginning Value (June 30th, 2016)CAD$5.61 Million
Ending Value (September 30th, 2016)CAD$6.02 Million
Quarterly Rate of Return9.16%
Quarterly Active Return3.24%
Total Holdings : 33
Appendix Q3 Performance Rest of the World
Biggest Movers
Attribution Table
Region Asset Allocation
Security Selection
Active Return
Asia Pacific 0.132% 0.608% 0.740%Europe 0.015% 0.040% 0.055%
Emerging Markets ‐0.078% 0.588% 0.510%North America ‐0.146% 0.982% 0.836%
Africa/Middle East ‐0.002% ‐0.002% ‐0.002%Total ‐0.079% 2.216% 2.139%
RoW ‐ ETF Region % ChangeHong Kong Asia Pacific 20.04%Germany Europe 15.31%Japan Asia Pacific 15.08%
South Korea Emerging Markets 12.97%
US ‐ Company Sector % ChangeFinancial Select Sector SPDR Financials 23.51%
CBRE Group Real Estate 14.87%
Varian Medical Systems Inc. Health Care ‐7.94%
Visa Inc. IT ‐3.52%
TransactionsSold :SCHLUMBERGER (Energy)
Bought:ENERGY SECTOR SPDRUTILITIES SECTOR SPDRREAL ESTATE SECT SPDR
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Q3 Performance Rest of the World ‐ Asia Pacific
‐5%
0%
5%
10%
15%
7/1/16AUSTRALIA HONG KONGSINGAPORE JAPAN
SIAS PerformanceRegion Performance
SIAS Current Holdings
Singapore 3%
Japan 63%
Hong Kong 6%
Australia 17%
New Zealand 11%
Country ETF Return Active Weight* Active Return*
Japan 15.08% 0.42% 0.485%Australia 12.74% ‐0.23% .080%
Hong Kong 20.04% ‐0.31% 0.031%
Singapore 1.61% ‐0.17% ‐0.026%New Zealand 14.85% 1.66% 0.243%
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Q3 Performance Rest of the World ‐ Europe
‐5%
0%
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15%
7/1/16 7/31/16 8/30/16 9/29/16
EUROPE ALLINC UKGEOGRAPHICFOCUSFRANCE
GERMANY
SWITZERLAND
UNITEDKINGDOM
SIAS PerformanceRegion Performance
SIAS Current Holdings
United Kingdom …
Germany 13%
Switzerla…
France 7%
Europe ETF 54%
Country ETF Return Active Weight* Active Return*
France 10.06% ‐1.816% ‐0.076%Switzerland 6.22% ‐1.661% ‐0.048%
United Kingdom* 7.53% 9.837% 0.913%
Germany 15.35% ‐0.207% 0.098%
*UK + UK focus ETF
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Q3 Performance – Emerging Markets
‐5%
0%
5%
10%
15%
7/1/16 7/31/16 8/30/16 9/29/16
INDIA SOUTH KOREA MSCI WORLD ETF
SIAS PerformanceRegion Performance
SIAS Current Holdings
India 31%
South Korea 69%
Country ETF Return Active Weight* Active Return*
India 5.952% 1.095% 0.065%
South Korea 12.975% 2.374% 0.308%
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