Liability Driven Investing (LDI) in Canada: A distinct approach
|
|
- Janel Jordan
- 6 years ago
- Views:
Transcription
1 Liability Driven Investing (LDI) in Canada: A distinct approach Rachna de Koning, FCIA, FSA, Vice President & Director Michael Augustine, CFA, FCIA, FSA, Vice President & Director TD Asset Management
2 A question of risk Are LDI and de-risking becoming synonymous? 2
3 The unique Canadian LDI landscape Success comes from smart and pragmatic implementation Unique actuarial standards Supply and demand: size and composition 3
4 LDI benchmark challenges Discount rates: insufficient tools Subjective and theoretical No market for liabilities 4
5 Another challenge: Multiple measures Solvency funding and accounting Two different measures, based on different methodologies, that do not move in tandem. To the extent you veer in one direction, you introduce risk in another and that risk needs to be budgeted for 5
6 More to LDI than just extending duration Assumption: Liability cash flows of duration 16.7 years, valued on an economic basis (government of Canada curve) at December 31, Source: Canadian Institute of Actuaries, TDAM Portfolio Analytics 6
7 Credit spread driver is significant Credit is 30% of discount rate Credit is 16% of discount rate Assumption: Liability cash flows of duration 16.7 years, valued on an economic basis (government of Canada curve) at December 31, Source: PC-Bond Analytics, TDAM Portfolio Analytics. PC-Bond, a business unit of TSX Inc. Copyright TSX Inc. All rights reserved. The information contained herein may not be redistributed, sold or modified or used to create any derivative work without the prior written consent of TSX Inc. Your LDI benchmark includes a proxy credit component Credit weight persists in a lower-for-longer environment 7
8 How many times do you think actuarial standards, guidance and educational notes have changed in the last 5 years? 1. Less than Source: Canadian Institute of Actuaries 8
9 Adjust LDI strategy to fit changing guidance Liabilities change along the way: New membership data Market realities lead to new guidance Better models Mortality table change: Good news Canadians are living longer 9
10 An imprecise combination of art and science LDI benchmark: Precision is a fallacy Removing all risks is impossible 10
11 Canadian fixed income landscape LDI benchmarks are fixed income based Unique supply characteristics Market segmentation and demand 11
12 Is fifty the new thirty? On May 16, year Canadian bond yields were 1.55% 10 year Canadian bond yields were 2.26% 30 year Canadian bond yields were 2.81% How much did a 50 year Canadian bond yield? % % % % Source: Bloomberg Finance L.P. 12
13 Federal government bond market Average term to maturity Canada Budget Source: Public Accounts of Canada: Department of Finance Term of debt is increasing Currently Canada's federal bonds are 40% of Universe and 25% of Long Universe but improving fiscal position is projected to decrease bond supply 13
14 In Canada, what is a donut? 1. Sugary treat found at your local Tim Horton s 2. A perpetual bond issued by the provinces 3. Innovative debt structure issued by provinces to meet unique Canadian market needs 4. A floating rate provincial bond reset quarterly 14
15 Provincial government bond market Provincial strip bond market Retail Investors Life Insurers / Pension Funds 10 years 25 years Moderate liquidity Extremely illiquid Most liquid Provincial government bonds are uniquely Canadian: 30% of Universe, 50% of Long Universe, and primary issuer of ultra-long bonds; Long duration used for innovative Asset Liability Management/LDI solutions 15
16 How many long AA-rated corporate bonds are there in Canada? As per S&P ratings 16
17 Long corporate bond market Long Corporate Bond Issuance 2013 Long Corporate Bond Universe (by credit rating) Long Corporate Bond Universe (by industry) AA 3% BBB 33% A 64% Infrastructure 42% Energy 26% As of December 31, Source: TD Securities Inc. As of December 31, Source: PC-Bond Analytics. PC-Bond, a business unit of TSX Inc. Copyright TSX Inc. All rights reserved. The information contained herein may not be redistributed, sold or modified or used to create any derivative work without the prior written consent of TSX Inc. Record high water mark of new bond issuance in % of Long Universe; but limited high quality long corporate bonds 17
18 Market segmentation affects valuation 160 Corporate and provincial bond spreads Credit Spread (bps) Province of Ontario Bond Corporate Issuer Term to Maturity As of December 31, Source: PC-Bond Analytics PC-Bond, a business unit of TSX Inc. Copyright TSX Inc. All rights reserved. The information contained herein may not be redistributed, sold or modified or used to create any derivative work without the prior written consent of TSX Inc. Double Coincidence of Needs: Pension Funds and Financial Stability Bank of Canada, speech, May 2014 Investor term preference can affect relative value in the marketplace 18
19 A holistic view of LDI in Canada Must be smart and pragmatic Use balance and flexibility Move beyond the basics Widen the opportunity set Be active 19
20 Be balanced Set objectives and budget for risk Allow for trade-offs Consider all asset classes Bonds; domestic and global Equities Real estate Infrastructure 20
21 Move beyond the basics What does your LDI benchmark require? Basis Credit as % of discount rate Credit Spread (bps) Liability ($mm) Economic Solvency (AP) 16% Solvency (LS) 16% Accounting 30% What can the market give you? Bond Portfolio Credit Spread (bps) Assets Required ($mm) Long Canada Bonds Long Bond Universe Long Corporate A Long Corporate BBB LDI 2.0 recognizes the value of corporate bonds In low interest rate environment credit is more important For illustrative purposes only. 21
22 Think beyond AA-rated bonds Bond Portfolio Long AA Corporate Bonds Correlation to Accounting Liability High by definition Long A Corporate Bonds 94% Long BBB Corporate Bonds 88% Bond returns can be highly correlated Be flexible and diversify using entire universe Must be thoughtful about credit markets 22
23 Widen the opportunity set Most portfolios are only 40% to 60% bonds Bond overlays can increase the liability duration match and can also provide a good source of additional income Equities, real estate and infrastructure can increase the liability inflation and credit match and can also provide a good source of income 23
24 Actively manage your risk As fixed income becomes a larger part of the asset mix, consider active management, taking advantage of: Independent credit research Industry diversification Yield and credit curve analysis Security selection 24
25 LDI in Canada: Opportunities abound Turn challenges into opportunities through smart thinking and pragmatic implementation 25
26 Disclaimer The information contained herein is based on material believed to be reliable. Where such information is based in whole or in part on information provided by third parties, it is not guaranteed to be accurate or complete. The information does not provide individual financial, legal, tax or investment advice and is for information purposes only. Graphs and charts are used for illustrative purposes only and do not reflect future values or changes. Past performance is not indicative of future returns. TD Asset Management Inc. (TDAM), The Toronto-Dominion Bank and its affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered. Certain statements in this document may contain forward-looking statements ( FLS ) that are predictive in nature and may include words such as expects, anticipates, intends, believes, estimates and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest and foreign exchange rates, equity and capital markets, the general business environment, assuming no changes to tax or other laws or government regulation or catastrophic events. Expectations and projections about future events are inherently subject to risks and uncertainties, which may be unforeseeable and may be incorrect in the future. FLS are not guarantees of future performance. Actual events could differ materially from those expressed or implied in any FLS. A number of important factors including those factors set out above can contribute to these digressions. You should avoid placing any reliance on FLS. TDAM may not update any FLS. PC-Bond - The user agrees that TMX Group Inc. and the parties from whom TMX Group Inc. obtains data do not have any liability for the accuracy or completeness of the data provided or for delays, interruptions or omissions therein or the results to be obtained through the use of the data. The user further agrees that neither TMX Group Inc. nor the parties from whom it obtains data make any representation, warranty or condition, either express or implied, as to the results to be obtained from the use of the data, or as to the merchantable quality or fitness of the data for a particular purpose. Bloomberg and Bloomberg.com are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries. All rights reserved. TDAM is a wholly-owned subsidiary of The Toronto-Dominion Bank. All trademarks are the property of their respective owners. The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
The trend to customization in Liability Driven Investing
The trend to customization in Liability Driven Investing Rachna de Koning, FCIA, FSA, Vice-President and Director, TD Asset Management Michael Augustine, CFA, FCIA, FSA, Vice-President and Director, TD
More informationEnhancing Your Investment Grade Allocation with Private Debt
NEW THINKING Enhancing Your Investment Grade Allocation with Private At any given time, countless issues have the potential to affect financial markets and send volatility higher. Currently, equity markets
More informationTwo paths, one destination
NEW THINKING Two paths, one destination Helping to decide whether to de-risk internally or fully transfer pension risk Fixed income yields rose during the second half of 2017, and rate-rise expectations
More informationProfile. Liability Driven Investment Solutions. TD Asset Management LIABILITY DRIVEN INVESTMENT CUSTOMIZED SOLUTION. What is LDI? Why Consider LDI?
CUSTOMIZED SOLUTION Liability Driven Investment Solutions What is LDI? Liability Driven Investing (LDI) is an investment framework that is based on the premise that, for portfolios with defined obligations,
More informationNVCCs and the new bail-in regime
Key Messages A new form of senior bank deposit notes will enter Canadian capital markets in the near future bail-in bonds. This follows the addition of NVCC subordinated debt in 2014, NVCC subordinated
More informationforward PERSPECTIVES The Next Chapter: Lower Returns and Higher Volatility Bruce Cooper, CFA TD Asset Management Ken Miner, CFA TD Asset Management
forward PERSPECTIVES The Next Chapter: Lower Returns and Higher Volatility Bruce Cooper, CFA TD Asset Management Ken Miner, CFA TD Asset Management December 2014 The Next Chapter: Lower Returns and Higher
More informationUnderstanding Exchange-Traded Funds (ETFs) A guide to TD Asset Management Inc. s (TDAM) ETF solutions
Understanding Exchange-Traded Funds (ETFs) A guide to TD Asset Management Inc. s (TDAM) ETF solutions Understanding ETFs Investment in exchange-traded funds (ETFs) has boomed in recent years, with the
More informationAcross the pond and beyond
NEW THINKING Across the pond and beyond It s no secret that Canadians have had a preference for domestic investments 1. And who can blame them, based on historical equity returns, Canada has been a great
More informationBalancing Act: Weighing optimism and caution
NEW THINKING Balancing Act: Weighing optimism and caution Bruce Cooper, CFA Chief Executive Officer & Chief Investment Officer, TD Asset Management Chair, TD Wealth Asset Allocation Committee 2017 Balancing
More informationTD Canadian Bond Index Fund
525512 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationQ4/14 Quarterly Market Review
Report prepared by: L.J.Desai, CFA, FRM Scott Booth, CFA Quarterly Market Review Highlights January 6, 2015 Canadian & U.S. Fixed Income The North American fixed income markets rallied in, in spite of
More informationTD Balanced Index Fund
525514 (03/16) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationQ1/15 Quarterly Market Review
April 7, 2015 Report prepared by: Christopher Lo, CFA Scott Booth, CFA Q1/15 Quarterly Market Review Highlights Canadian & U.S. Fixed Income The North American fixed income markets rallied in Q1/2015,
More informationTD Canadian Corporate Bond Fund
TD Canadian Corporate Bond Fund 535272 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationLooking beyond the ratings
NEW THINKING Looking beyond the ratings Scott Colbourne, CFA, Managing Director Ralph A. DeCesare, CFA, CAIA, Vice President & Director Benjamin Chim, CFA, Vice President & Director Eric R. Schure, Associate
More informationTD Canadian Bond Fund
526148 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete interim financial report or
More informationTD Retirement Conservative Portfolio
TD Retirement Conservative Portfolio 534048 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationTD Retirement Balanced Portfolio
TD Retirement Balanced Portfolio 534046 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationTD Asset Management. TD EXCHANGE-TRADED FUNDS Semi-Annual Management Report of Fund Performance. TD Canadian Aggregate Bond Index ETF
TD Asset Management TD Canadian Aggregate Bond Index ETF 535208 (08/18) TD EXCHANGE-TRADED FUNDS Semi-Annual Management Report of Fund Performance for the period ended June 30, 2018 This Interim Management
More informationTD Emerald Canadian Treasury Management Government of Canada Fund
TD Asset Management TD Emerald Canadian Treasury Management Government of Canada Fund 525664 (03/18) TD Emerald Funds for the period ended This contains financial highlights, but does not contain the complete
More informationTD Canadian Corporate Bond Fund
TD Canadian Corporate Bond Fund 535312 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationQ4/17. Quarterly Market Commentary. Highlights. Canadian & U.S. Fixed Income. U.S. Equities. International Equities.
Q4/17 Highlights Canadian & U.S. Fixed Income The Canadian government bond index rose during Q4/17, outperforming the U.S. government bond index as the Canadian index increased 2.08% Q/Q, compared to a
More informationTD Short Term Bond Fund
525436 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationThe Evolution of Asset Liability Investment Management
The Evolution of Asset Liability Investment Management By Nilesh Patel Vice President & Director, and Rachna de Koning, Vice President & Director, TD Asset Management Trends in Liability Driven Investing
More information4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD)
4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (30 yrs.) Portfolio Manager Soami Kohly, CFA, FSA,
More informationTD Emerald Canadian Short Term Investment Fund
TD Asset Management TD Emerald Canadian Short Term Investment Fund 526368 (08/18) TD Emerald Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights,
More informationTradex Bond Fund 2018 Annual General Meeting
Tradex Bond Fund 2018 Annual General Meeting April 26, 2018 Stephen Copeland, CFA, Senior Vice President - Investments & Head of Private Client Services Tradex Bond Fund 2018 Annual General Meeting 0 TRADEX
More information4Q 31 DECEMBER 2018 MFS CAN ADIAN FIXED INCOME (CAD)
4Q 31 DECEMBER 2018 MFS CAN ADIAN FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (30 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA (25
More informationThe Case for TD Low Volatility Equities
The Case for TD Low Volatility Equities By: Jean Masson, Ph.D., Managing Director April 05 Most investors like generating returns but dislike taking risks, which leads to a natural assumption that competition
More informationTD Emerald Canadian Short Term Investment Fund
TD Asset Management TD Emerald Canadian Short Term Investment Fund 525650 (03/18) TD Emerald Funds for the period ended This contains financial highlights, but does not contain the complete annual financial
More informationTD Retirement Conservative Portfolio
TD Retirement Conservative Portfolio 534076 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationTD FundSmart Managed Aggressive Growth Portfolio
TD FundSmart Managed Aggressive Growth Portfolio 525590 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements
More informationTD Managed Income Portfolio
525554 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy
More informationTD Canadian Core Plus Bond Fund
TD Canadian Core Plus Bond Fund 528762 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationQ1/18. Quarterly Market Commentary. Highlights. U.S. Equities. Canadian & U.S. Fixed Income. International Equities.
Q1/18 Highlights Canadian & U.S. Fixed Income The Canadian government bond index rose during Q1/18, outperforming the U.S. government bond index as the Canadian index returned 0.04% Q/Q, compared to the
More informationTD Advantage Balanced Income Portfolio
TD Advantage Balanced Income Portfolio 529832 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationQ3/17. Quarterly Market Commentary. Highlights. Canadian & U.S. Fixed Income. U.S. Equities. International Equities.
Q3/17 Highlights Canadian & U.S. Fixed Income The Canadian government bond index declined during Q3/17, underperforming the U.S. government bond index as the Canadian index fell 2.02% Q/Q, compared to
More informationTD Target Return Balanced Fund
TD Target Return Balanced Fund 531952 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationThe Great Canadian Uphill Battle
NEW THINKING The Great Canadian Uphill Battle While pockets of opportunity exist, headwinds remain for Canadian equities Bruce Cooper, CFA Chief Executive Officer & Chief Investment Officer, TD Asset Management
More information3Q 30 SEPTEMBER 2018 MFS CANADIAN SHORT TERM FIXED INCOME (CAD)
3Q 30 SEPTEMBER MFS CANADIAN SHORT TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (29 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA
More informationTD Emerald Canadian Treasury Management Fund
TD Asset Management TD Emerald Canadian Treasury Management Fund 525666 (03/18) TD Emerald Funds for the period ended This contains financial highlights, but does not contain the complete annual financial
More informationTD Managed Maximum Equity Growth Portfolio
TD Managed Maximum Equity Growth Portfolio 525562 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements
More informationTD Tactical Monthly Income Fund
TD Tactical Monthly Income Fund 533278 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationTD Comfort Balanced Income Portfolio
TD Comfort Balanced Income Portfolio 529100 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationTD S&P/TSX Capped Composite Index ETF. TD EXCHANGE-TRADED FUNDS Semi-Annual Management Report of Fund Performance
TD Asset Management TD S&P/TSX Capped Composite Index ETF 535228 (08/17) TD EXCHANGE-TRADED FUNDS Semi-Annual Management Report of Fund Performance for the period ended June 30, 2017 This Interim Management
More informationTD Canadian Money Market Fund
TD Canadian Money Market Fund 525424 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationTD Managed Income & Moderate Growth Portfolio
TD Managed Income & Moderate Growth Portfolio 525556 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements
More informationTD Comfort Balanced Income Portfolio
TD Comfort Balanced Income Portfolio 529386 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationQ4/16. Quarterly Market Commentary. Highlights. U.S. Equities. Canadian & U.S. Fixed Income. International Equities.
Q4/16 Highlights Canadian & U.S. Fixed Income The Canadian government bond index declined during Q4/16 and underperformed the U.S. government bond index as the Canadian index fell -4.04% Q/Q, compared
More informationThe great unwind. The challenge of withdrawing economic stimulus. Monthly Perspectives // Portfolio Advice & Investment Research.
The great unwind Monthly Perspectives // Portfolio Advice & Investment Research The challenge of withdrawing economic stimulus April 2018 The great unwind // 2 What is normal? Sheldon Dong, CFA, Fixed
More informationTD Emerald Canadian Equity Index Fund
TD Asset Management TD Emerald Canadian Equity Index Fund 526372 (08/18) TD Emerald Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does
More informationTD Mutual Funds Fund Profiles
TD Mutual Funds Fund Profiles Index Funds TD Canadian Bond Index Fund TD Balanced Index Fund TD Canadian Index Fund TD Dow Jones Industrial Average SM Index Fund TD U.S. Index Fund July 21, 2010 TD U.S.
More informationQ4/16 Quarterly Market Review
January 4, 2017 Report prepared by: Darim Abdullah, CFA Scott Booth, CFA Q4/16 Quarterly Market Review Highlights Canadian & U.S. Fixed Income The Canadian government bond index declined during Q4/16 and
More informationTD Canadian Core Plus Bond Fund
TD Canadian Core Plus Bond Fund 525550 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More information1Q 31 MARCH 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD)
1Q 31 MARCH 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (29 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA
More informationTD Managed Index Income Portfolio
TD Managed Index Income Portfolio 526290 (08/18) TD Managed Assets Program for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either
More informationQ1/18 Quarterly Market Review
April 3, 2018 Report prepared by: Darim Abdullah, CFA Sheldon Dong, CFA Chadi Richa, CFA Q1/18 Quarterly Market Review Highlights Canadian & U.S. Fixed Income The Canadian government bond index rose during
More informationTD Diversified Monthly Income Fund
TD Diversified Monthly Income Fund 525452 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationTD Canadian Money Market Fund
TD Canadian Money Market Fund 526140 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationTD S&P/TSX Capped Composite Index ETF. TD EXCHANGE-TRADED FUNDS Annual Management Report of Fund Performance
TD Asset Management TD S&P/TSX Capped Composite Index ETF 535252 (03/18) TD EXCHANGE-TRADED FUNDS Annual Management Report of Fund Performance for the period ended December 31, 2017 This Annual Management
More informationCapital Markets Overview Winter 2017
Capital Markets Overview Winter 2017 The first 'order-of-business' is surely to wish all of you a very Happy New Year and a prosperous one too!! An Overview of 2016 and Looking Back for 58 Years Let us
More informationLiability Driven Investing
October 18, 2016 Liability Driven Investing Update for a Low Rate Environment STÉPHANE JEAN, FCIA, FSA Head of Liability Driven Investment Current Low Rate Environment Government of Canada Yields Global
More informationTD Managed Index Maximum Equity Growth Portfolio
TD Managed Index Maximum Equity Growth Portfolio 526298 (08/18) TD Managed Assets Program for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does
More informationTD Retirement Balanced Portfolio
TD Retirement Balanced Portfolio 534074 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationTD Balanced Growth Fund
525448 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationTD Global Balanced Opportunities Fund
TD Global Balanced Opportunities Fund 531952 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationScotia Private Short-Mid Government Bond Pool
Scotia Private Short-Mid Government Bond Pool Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights
More informationTD Tactical Monthly Income Fund
TD Tactical Monthly Income Fund 533274 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationTD Canadian Diversified Yield Fund
TD Canadian Diversified Yield Fund 535280 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationTD Dow Jones Industrial Average Index Fund
TD Dow Jones Industrial Average Index Fund 525518 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationTD U.S. Money Market Fund
526146 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete interim financial report or
More informationFinancial Planning Relationship Disclosure
Financial Planning Relationship Disclosure TD Wealth Financial Planning s Relationship Disclosure (RD) has changed. Below is a copy of the up-to-date RD. Please familiarize yourself with its terms. If
More informationCiti Chinese Government and Policy Bank Bond 0-1 Year Select Index
Citi Chinese Government and Policy Bank Bond 0-1 Year Select Index November 4, 2014 Contents Citi Chinese Government and Policy Bank Bond 0-1 Year Select Index... 02 Composition and Design Criteria...
More informationScotia Conservative Government Bond Capital Yield Class
Scotia Conservative Government Bond Capital Yield Class Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial
More informationTD Science & Technology Fund
TD Science & Technology Fund 525508 (03/17) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationTD Short Term Investment Class
TD Asset Management TD Short Term Investment Class 531696 (01/18) TD Mutual Funds Corporate Class Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights,
More informationTD North American Dividend Fund
TD North American Dividend Fund 525476 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More information1. Low volatility equity strategies have "outperformed" up to now and should be expected to underperform moving forward.
TD Asset Management A NEWSLETTER FOR CONSULTANTS Winter 2017 In this issue Muting the noise around low volatility equity strategies... 1 TDAM updates... 5 Events Sharing of Knowledge Learning Series 2017
More informationTD Monthly Income Fund
525446 (03/19) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationFixed Income Capacity & the Canadian Bond Market
NEW THINKING Fixed Income Capacity & the Canadian Bond Market TD Asset Management's ("TDAM") goal is to deliver a positive and consistent investment experience with all our product offerings, based on
More informationTD Canadian Index Fund
525516 (03/17) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationTD FundSmart Managed Balanced Growth Portfolio
TD FundSmart Managed Balanced Growth Portfolio 526304 (08/17) TD Managed Assets Program for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not
More informationTD Balanced Income Fund
525450 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationTD Mutual Funds Fund Profiles
TD Mutual Funds Fund Profiles TD Advantage Investment Portfolios TD Income Advantage Portfolio TD U.S. Equity Advantage Portfolio TD U.S. Equity Advantage Currency Neutral Portfolio TD Global Equity Advantage
More information2018 Target Distribution Rates
2018 Target Distribution Rates (0118) For Financial Planner Use Only 2018 Target Distribution Rates TD Mutual Funds Investor H Premium K TD Income Advantage Portfolio TDB963 TDB393 TDB2005 TDB2629 Annual
More informationTD U.S. Quantitative Equity Fund
TD U.S. Quantitative Equity Fund 526188 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationTD U.S. Monthly Income Fund C$
TD U.S. Monthly Income Fund C$ 534054 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationNEW THINKING. The Trump Tailwinds
NEW THINKING The Trump Tailwinds Bruce Cooper, CFA Chief Executive Officer & Chief Investment Officer, TD Asset Management Chair, TD Wealth Asset Allocation Committee March 2017 The Trump Tailwinds In
More informationTD Canadian Low Volatility Fund
TD Canadian Low Volatility Fund 534536 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationTD Canadian Blue Chip Dividend Fund
TD Canadian Blue Chip Dividend Fund 535284 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationA VIX for Canada. October 14, 2010
A VIX for Canada October 4, 00 PROPRIEARY. Permission to reprint or distribute any content from this presentation requires the written approval of Standard & Poor s. Copyright 00 Standard & Poor s Financial
More informationTD U.S. Risk Managed Equity Fund
TD U.S. Risk Managed Equity Fund 535140 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationScotia Private Canadian Corporate Bond Pool
Scotia Private Canadian Corporate Bond Pool Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights
More informationFidelity Canadian Short Term Bond Fund
Fidelity Canadian Short Term Bond Fund Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited
More informationFund Quarterly Commentary TD Emerald Low Volatility Global Equity Non-Taxable Investors Pooled Fund Trust Commentary September 30, 2018
Fund Quarterly Commentary TD Emerald Low Volatility Global Equity Non-Taxable Investors Pooled Fund Trust Commentary September 30, 208 Fund Strategy Over the long term, the TD Emerald Low Volatility Global
More informationFidelity Canadian Short Term Fixed Income Investment Trust
Fidelity Canadian Short Term Fixed Income Investment Trust Annual Management Report of Fund Performance June 30, 2017 Caution Regarding Forward-looking Statements Certain portions of this report, including,
More informationScotia Short Term Bond Fund
Scotia Short Term Bond Fund Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights but does
More informationPAG Report. The Myths and Realities of Rate Reset Preferred Shares. ScotiaMcLeod Portfolio Advisory Group. Portfolio Advisory Group
Portfolio Advisory Group PAG Report ScotiaMcLeod Portfolio Advisory Group February 24, 2014 The Myths and Realities of Rate Reset Preferred Shares February 24, 2014 1 PAG Report The Myths and Realities
More information2019 Target Distribution Rates with Return of Capital. (0319) For Financial Planner Use Only
2019 Target Distribution Rates with Return of Capital (0319) For Financial Planner Use Only TD Mutual Funds Investor F H5 or H8 FT5 FT8 Premium K TD Income Advantage Portfolio TDB963 TDB451 TDB393 TDB394
More informationAnnual Management Report of Fund Performance
CIBC Mutual Funds CIBC Family of Managed Portfolios Annual Management Report of Fund Performance December 31, 2006 CIBC Canadian Bond Fund This annual management report of fund performance contains financial
More information