CI Funds Performance as at February 20, 2015

Transcription

1 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale INCOME FUNDS Signature Fixed income securities of Corp Debs - 41% 1-5 yr mat - 35% Canada - 88% Canada, an oft overlooked safe-haven country with governments & co's Fixed relatively conservative policies. The risk of offering attractive yields & Prov Bonds - 30% 5-10 yr mat - 26% Other - 5% volatility is low. Returns may be conservative but capital gain potential Fed Bonds - 20% >20 yr mat - 21% US - 4% could provide principal protection. Signature CI High Dividend Advantage Corporate CI High Dividend Advantage Corporate CI Short-Term Corporate CI Short-Term Corporate CI Short-Term Advantage Corporate Signature Corporate Signature Corporate Signature Dividend Corporate Fixed income securities of governments & co's offering attractive yields & capital gain potential Fixed income & floating rate securities of governments & co's in order to obtain long-term total return FI & floating rate securities of gov'ts, companies worldwide offering attractive yield & opportunity for capital gains Dividend-paying shares, debentures, income trusts, equity (related) & convertible securities worldwide Dividend-paying shares, debentures, income trusts, equity (related) & convertible securities worldwide money market instruments to earn current income at the highest possible rates. [CLOSED] money market instruments to earn current income at the highest possible rates. [CLOSED] securities of issuers & derivatives to replace the risks/returns with CI ST Advantage Trust Fixed income securities using fundamental value analysis to achieve a yield advantage Fixed income securities using fundamental value analysis to achieve a yield advantage Preferred shares and dividend paying common shares of companies Fixed Money Market Money Market Specialty Corp Debs - 41% 1-5 yr mat - 35% Canada - 88% High SELL Prov Bonds - 30% 5-10 yr mat - 26% Other - 5% Fed Bonds - 20% >20 yr mat - 21% US - 4% With modest yields on bonds, swings in the exchange rate can mean that small returns are wiped out by movements in the exchange rate. Better to invest in the home currency Fed Bonds - 74% 1-5 yr mat - 38% US - 41% This Fund is heavily exposed to US Treasuries. Corp Debs - 16% 5-10 yr mat - 36% Other - 15% With the recovery in the US economy taking hold, we have seen a commensurate recovery in Other - 8% >20 yr mat - 11% France - 12% Treasuries Fed Bonds - 74% 1-5 yr mat - 38% US - 41% Below SELL Heavy exposure to treasury securities of developed Corp Debs - 16% 5-10 yr mat - 36% Other - 15% countries means yields are minimal. Couple that with exchange rate swings & yields can easily be Other - 8% >20 yr mat - 11% France - 12% Below Cash - 100% Dividend Cash - 100% Other - 86% Other - 86% Other - 86% Corp Debs -11% 1-5 yr mat - 14% Canada - 14% Prov Bonds - 3% Other - 86% Other - 86% Other - 86% High SELL High concentration in low yielding Corp Debs -11% 1-5 yr mat - 14% Canada - 14% bonds means few opportunities exist to earn attractive yields in this asset class. Denomination Prov Bonds - 3% in US$ exacerbates the situation Other - 85% Other - 85% Other - 85% Corp Debs -11% 1-5 yr mat - 15% Canada - 15% Prov Bonds - 4% erased. SELL This fund is not currently invested. It is not clear which direction the asset managers are going. With high returns already, investors may wish to take profits, given the direction uncertainty. SELL This fund is not currently invested. It is not clear which direction the asset managers are going. With high returns already, investors may wish to take profits, given the direction uncertainty. SELL High concentration in low yielding bonds means few opportunities exist to earn attractive yields in this asset class. SELL Concentration in US Money Market has yielded miniscule returns historically. No comparative advantage to holding this Fund Corp Debs - 92% 5-10 yr mat - 39% Canada - 41% Below Canada, an oft overlooked safe-haven country with Other - 8% 1-5 yr mat - 31% US - 39% relatively conservative policies. The risk of volatility is low. Wide exposure to corporates Fed Bonds - 0.4% >20 yr mat - 18% Other - 9% could provide slightly higher yields Corp Debs - 92% 5-10 yr mat - 39% Canada - 41% SELL With modest yields on bonds, swings in the Other - 8% 1-5 yr mat - 31% US - 39% exchange rate can mean that small returns are wiped out by movements in the exchange rate. Fed Bonds - 0.4% >20 yr mat - 18% Other - 9% Better to invest in the home currency Cdn Eq - 50% Fin - 38% Canada - 50% Low This Fund's focus on large cap (growth & value) US Eq - 22% Other - 22% US - 22% stocks could provide adequate returns, especially as investors shed their risk aversion characteristic Int'l Eq - 19% Energy - 9% Other- 15% of the post-global-crisis era. Page 1 of 7

2 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale Cdn Eq - 50% Fin - 38% Canada - 50% High SELL This Fund's focus on large cap (growth & value) Signature Dividend Corporate Signature High Corporate Signature High Corporate Preferred shares and dividend paying common shares of companies High-yielding securities & bonds to generate a high level of income & longterm High-yielding securities & bonds to generate a high level of income & longterm Dividend Cambridge Equities of co's. Corporate Indirectly, may include convertibles, derivatives, equityrelated, mutual funds Cambridge Corporate Cambridge Asset Allocation Corporate Cambridge Asset Allocation Corporate CI Shares of major Investment Corporate corporations to achieve longterm CI Shares of major Investment Corporate corporations to achieve longterm Harbour Corporate Harbour Corporate Harbour Growth & Corporate Equities of co's. Indirectly, may include convertibles, derivatives, equityrelated, mutual funds & Fixed- Asset securities of co's. May Allocation also include convertibles, derivatives, mutual funds & Fixed- Asset securities of co's. May Allocation also include convertibles, derivatives, mutual funds & equity-related securities of high quality, large & mid-cap companies with good growth potential & equity-related securities of high quality, large & mid-cap companies with good growth potential & equity-related securities of mid- to large-cap co's & fixed income securities US Eq - 22% Other - 22% US - 22% stocks could provide adequate returns, but currency conversion could significantly Int'l Eq - 19% Energy - 9% Other- 15% reduce/eliminate these Bond - 49% Other - 63% US - 42% Low Diversification across industries, countries and Cdn Eq - 15% Fin - 15% Canada - 27% asset classes could provide positive returns, while limiting downside risks of volatile securities. Cash - 13% Telecom - 5% Other - 20% Other - 51% Other - 51% US - 42% High SELL Diversification across industries, countries and Corp Debs - 44% 5-10 yr mat - 22% Canada - 27% asset classes could provide positive returns, but currency conversion could significantly Fed Bonds - 5% 1-5 yr mat - 15% Other - 20% reduce/eliminate these. CANADIAN FUNDS Cdn Eq - 46% US Eq - 36% Fin - 19% Cons Discr - 17% Canada - 46% US - 36% Low Wide diversification across equity sectors & focus in North America. With recovery taking hold in the US, confidence returning to equity markets, a Cash - 11% Indus - 15% Other - 11% good stock selector could see gains Cdn Eq - 46% Fin - 19% Canada - 46% High Wide diversification across equity sectors & focus US Eq - 36% Cons Discr - 17% US - 36% in North America. Provided the cross currency exchange rate moves in a favourable direction, this Cash - 11% Indus - 15% Other - 11% fund could see gains Cdn Eq - 28% Other - 38% Canada - 33% Below US Eq - 27% Fin - 18% US - 31% Cash - 26% Energy - 10% Other - 28% Cdn Eq - 28% Other - 38% Canada - 33% US Eq - 27% Fin - 18% US - 31% Cash - 26% Energy - 10% Other - 28% some downside protection. High. Provided the exchange rate moves in a favourable direction, this fund could see gains Cdn Eq 56% Fin - 32% Canada 57% Value investing seeks out undervalued stocks that US Eq 28% Energy - 18% US 28% have good long term potential. These stocks may take a while to realize this potential since most Int l Eq 12% Indus 14% Other 7% investors are not so thorough Cdn Eq 56% Fin - 32% Canada 57% High Value investing seeks out undervalued stocks that US Eq 28% Energy - 18% US 28% have good long term potential. Provided the exchange rate moves in a favourable direction, this Int l Eq 12% Indus 14% Other 7% fund could see gains Cdn Eq - 60% Cash - 19% Fin - 28% Other - 21% Canada - 60% Other - 19% Value investing seeks out undervalued stocks that have good long term potential. These stocks may take a while to realize this potential since most US Eq - 14% Energy - 18% US - 14% investors are not so thorough Cdn Eq - 60% Fin - 28% Canada - 60% High Value investing seeks out undervalued stocks that Cash - 19% Other - 21% Other - 19% have good long term potential. Provided the exchange rate moves in a favourable direction, this US Eq - 14% Energy - 18% US - 14% fund could see gains Cdn Eq - 43% Other - 33% Canada - 60% Bond - 26% Fin - 26% US - 34% US Eq - 24% Energy - 13% Switz - 4% some downside protection. Page 2 of 7

3 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale Cdn Eq - 43% Other - 33% Canada - 60% Harbour Growth & Corporate Harbour Voyageur Corporate Resource Corporate Resource Corporate Signature & Growth Corporate Signature & Growth Corporate Corporate Corporate Synergy Corporate Synergy Corporate Cambridge Corporate class Cambridge Corporate & equity-related securities of mid- to large-cap co's & fixed income securities & equity-related securities of companies with good potential for future growth (related) securities of Cdn co's engaged in or related to energy, commodity and natural resources (related) securities of Cdn co's engaged in/related to the energy, commodity & natural resources industries A diversified portfolio of mainly equity (related) securites & fixed income securities of issuers Common shares & convertibles of Cdn companies & pref shares that pay regular income Common shares & convertibles of Cdn companies & pref shares that pay regular income and equity-related securities of companies that represent the growth style (related) securities of companies & foreign securities that represent the growth style Units of Signature & Growth Fund & seeks to provide steady current income while preserving capital (related) securities of companies in the US to obtain above-average long-term capital growth (related) securities of companies in the US to obtain above-average long-term capital growth Bond - 26% Fin - 26% US - 34% US Eq - 24% Energy - 13% Switz - 4% 3.1 N/A Cdn Eq - 55% Cons Discr - 18% Canada - 55% Cash - 18% Other - 18% Other - 18% US Eq - 15% Mat - 15% Other - 15% High. Provided the exchange rate moves in a favourable direction, this fund could see gains. HOLD Diversification across industries and countries could provide positive returns. Returns have been negative YTD & the Fund has underperformed its peers in the recent past Cdn Eq 44% Energy - 53% Canada 44% Low SELL With the heavy weighting in energy, this Fund has US Eq 37% Mat - 34% US 38% suffered sifnificant losses. energy prices have lost 50% over the past few months & isn't Int'l Eq - 10% Other 11% Other - 10% expected to recover this year Cdn Eq 44% Energy - 53% Canada 44% Below SELL As the global recovery takes hold, we have seen US Eq 37% Mat - 34% US 38% investors cautiously re-entering the commodities market. Pull-back in energy prices could constrain Int'l Eq - 10% Other 11% Other - 10% returns Bond - 31% Other - 52% Canada - 44% Broad diversification across asset classes, sectors Cdn Eq - 25% Fin - 20% US - 25% and geographic location provides a cushion against risks present in any one of these. Could dampen US Eq - 17% Indus - 6% Other - 19% return, but hasn't thus far Bond - 31% Other - 52% Canada - 44% High SELL Cdn Eq - 25% Fin - 20% US - 25% US Eq - 17% Indus - 6% Other - 19% Cdn Eq 40% Fin - 28% Canada 40% US Eq 27% Other - 25% US - 27% Int'l Eq - 18% Indus - 10% Other - 19% Cdn Eq 40% Fin - 28% Canada 40% High SELL Although diversified, the Fund's focus is on less US Eq 27% Other - 25% US - 27% risky equity sectors/industries & countries. Turning this fund around this year would require a Int'l Eq - 18% Indus - 10% Other - 19% reversal of the exchange rate trend Cdn Eq 51% Fin 27% Canada 51% Below The Fund's focus on large cap growth stocks could US Eq - 26% Energy 14% US 26% provide attractive returns, especially as investors venture into more risky investments. Int'l Eq 20% Indus/Other 12% Other - 11% Cdn Eq 51% Fin 27% Canada 51% US Eq - 26% Energy 14% US 26% Int'l Eq 20% Indus/Other 12% Other - 11% US EQUITY FUNDS US Eq - 73% Cons Discr - 22% US - 73% Cash - 12% Indus - 18% Other - 12% Cdn Eq - 10% Fin - 16% Canada - 10% Below Broad diversification across asset classes, sectors and geographic location provides a cushion against risks present in any one of these. Although diversified, the Fund's focus is on less risky equity sectors/industries & countries. Could turn an attractive return. High The Fund's focus on large cap growth stocks could provide attractive returns, especially as investors venture into more risky investments Well diversified across industries, including US Eq - 73% Cons Discr - 22% US - 73% High Well diversified across industries, including Cash - 12% Indus - 18% Other - 12% Cdn Eq - 10% Fin - 16% Canada - 10% Page 3 of 7

4 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale US Eq 82% Fin - 18% US 82% Below CI Managers Corporate CI Managers Corporate (related) securities of co's (related) securities of co's CI Small (related) securities of Companies Corporate small to mid-cap North co's. Seeks aboveaverage CI Small and equity-related Companies Corporate securities of small to mid-cap North companies CI Value Corporate CI Value Corporate Synergy Corporate Synergy Corporate (related) securities of US co's considered to be high quality but undervalued (related) securities of co's (related) securities of co's (related) securities of co's in the US that are of high quality and undervalued Int'l Eq - 8% IT - 17% Other 6% Cash - 6% Other - 15% Canada - 5% US Eq 82% Fin - 18% US 82% High Well diversified across industries, including Int'l Eq - 8% IT - 17% Other 6% Cash - 6% Other - 15% Canada - 5% US Eq - 93% Fin - 23% US - 92% Below Int'l Eq - 4% Indus - 21% Canada - 3% Cdn Eq - 3% Health - 15% Ireland - 2% US Eq - 93% Fin - 23% US - 92% Int'l Eq - 4% Indus - 21% Canada - 3% Cdn Eq - 3% Health - 15% Ireland - 2% US Eq - 90% Fin - 23% US - 90% Below Cash - 5% IT - 22% Other - 5% Int'l Eq - 4% Other - 15% Ireland - 3% US Eq 88% Fin - 19% US 88% Int'l Eq - 7% IT - 16% Other 5% Cash - 5% Health - 13% Switz - 2% SPECIALTY EQUITY FUNDS Int l Eq 85% Fin - 30% Other 48% Cash - 13% Other - 22% Cayman - 11% US Eq - 2% IT - 15% China - 10% Well diversified across industries, including Small companies provide good opportunity for growth and the focus on value stocks tempers the associated risk somewhat. Small companies provide good opportunity for growth and the focus on value stocks tempers the associated risk somewhat. the midst US Eq - 90% Fin - 23% US - 90% This Fund has built up a track record of selecting Cash - 5% IT - 22% Other - 5% performing stocks, despite short-term dips in the midst. Exchange rate movement could provide Int'l Eq - 4% Other - 15% Ireland - 3% additional yield US Eq 88% Fin - 19% US 88% This Fund is invested in strategically selected Int'l Eq - 7% IT - 16% Other 5% stocks believed to be on a growth path, despite their large capitalization. Cash - 5% Health - 13% Switz - 2% Signature Emerging and equity-related Emerging Low Emerging markets can provide attractive returns, Markets Corporate securities of companies that Markets but there is a high level of risk in these have good growth potential investments. These countries tend to have volatile political & financial systems. Signature Emerging (related) securities of co's Emerging Int l Eq 85% Fin - 30% Other 48% Emerging markets can provide attractive returns, Markets Corporate Markets Cash - 13% Other - 22% Cayman - 11% but there is a high level of risk in these EM countries & emerging investments. These countries tend to have volatile industries US Eq - 2% IT - 15% China - 10% political & financial systems. CI Can-Am Small & equity-related Cdn Eq - 66% Other - 24% Canada - 72% Low This Fund has built up a track record of selecting Cap Corporate US Eq - 21% Fin - 16% US - 23% CI Health Sciences Corporate securities of small cap companies. May also invest in foreign securities (related) securities of co's specializing in health care or the medical industry Cash - 13% Energy - 16% Other - 4% US Eq 62% Health 96% US 62% Int l Eq 36% Cons Stap - 2% Switz - 9% Cdn Eq 2% Other - 1% Other - 7% This Fund has built up a track record of selecting performing stocks & has almost doubled in value over the past 10 years, despite short-term dips in This Fund is invested in strategically selected stocks believed to be on a growth path, despite their large capitalization. performing stocks & has more than doubled in value over the past 10 years, despite short-term dips in the midst. This Fund has built up a track record of selecting performing stocks & has more than tripled in value over the past 10 years, despite short-term dips in the midst. Page 4 of 7

5 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale US Eq 62% Health 96% US 62% High This Fund has built up a track record of selecting CI Health Sciences Corporate Sig Science and Technology Corporate Sig Science and Technology Corporate CI Pacific Corporate CI Pacific Corporate Signature Gold Corporate Signature Gold Corporate Energy Corporate Energy Corporate Black Creek Corporate Cambridge Corporate (related) securities of co's specializing in health care or the medical industry (related) securities of co's worldwide that have developed or are developing technology (related) securities of co's worldwide that have developed or are developing technology and equity-related securities of established companies that have good growth potential (related) securities of co's that operate in or are listed on stock exchanges in Asia & Pacific Rim region Directly or indirectly in gold and equity securities that provide exposure to gold Directly or indirectly in gold and equity securities that provide exposure to gold Directly or indirectly in equity securities of companies located outside of Canada & the US (related) securities of co's Industryworldwide engaged in oil, gas, coal and related energy products (related) securities of co's Industryworldwide engaged in oil, gas, coal and related energy products Int l Eq 36% Cons Stap - 2% Switz - 9% Cdn Eq 2% Other - 1% Other - 7% US Eq 55% IT 78% US 55% Int'l Eq - 35% Other - 10% Other - 20% Cash - 10% Cons Discr - 8% Cayman - 7% US Eq 55% IT 78% US 55% Int'l Eq - 35% Other - 10% Other - 20% Cash - 10% Cons Discr - 8% Cayman - 7% Asia and Int l Eq 98% Fin 31% Japan 38% Below Although growth in this region has not been as Pacific Rim Cash - 2% Indus - 15% China 13% strong as the recent past, there is still great potential from these economies, but volatility Cons Discr - 13% Australia - 11% remains. Asia and Int l Eq 98% Fin 31% Japan 38% Below Although growth in this region has not been as Pacific Rim Cash - 2% Indus - 15% China 13% strong as the recent past, there is still great potential from these economies, but volatility Cons Discr - 13% Australia - 11% remains. Resource N/A Other - 67% Other - 68% Other - 68% Following the decline, the price of gold is now Cdn Eq - 27% Mat - 32% Canada - 27% more reasonable and investors are more confident in the value of this commodity, which could trend Int'l Eq - 4% Other - 4% upwards. Resource securities of companies anywhere in the world. May also include convertibles, derivatives, mutual funds N/A Other - 67% Other - 68% Other - 68% Below Cdn Eq - 27% Mat - 32% Canada - 27% Int'l Eq - 4% Other - 4% US Eq 42% Energy 75% US 43% Below Cdn Eq 32% Other 22% Canada 32% Cash - 21% Other Sectors - 2% Other 21% performing stocks & has more than tripled in value over the past 10 years, despite short-term dips in the midst. Heavy competition within this sector has spurred innovation to higher & higher levels, meaning this sector could be one to generate value. Heavy competition within this sector has spurred innovation to higher & higher levels, meaning this sector could be one to generate value US Eq 42% Energy 75% US 43% SELL Pull-back in energy prices could constrain returns. Cdn Eq 32% Other 22% Canada 32% Delay making any purchase decisions until demand/supply conditions change. Cash - 21% Other Sectors - 2% Other 21% GLOBAL & INTERNATIONAL FUNDS N/A Int'l Eq - 98% Cons Discr - 31% Other - 34% Cash - 2% Indus - 18% France - 18% Health - 14% Germany - 12% US Eq - 54% Health - 21% US - 54% Below Int'l Eq - 21% Fin - 16% Other - 22% Cash - 13% Other - 16% Canada - 12% SELL Pull-back in energy prices could constrain returns. Delay making any purchase decisions until demand/supply conditions change. Following the decline, the price of gold is now more reasonable and investors are more confident in the value of this commodity, which could trend upwards. Diversification across industries and countries could provide positive returns. Though this Fund doesn't have a long track record, its returns over the year have been consistent. This Fund has focused its strategy on countries with sound economic policies that have weathered the globacl economic crisis well. This has contributed to its positive track record. Page 5 of 7

6 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale US Eq - 54% Health - 21% US - 54% High This Fund has focused its strategy on countries Cambridge Corporate CI Corporate CI Corporate CI Managers Corporate CI Managers Corporate CI Small Companies Corporate CI Small Companies Corporate CI Value Corporate CI Value Corporate Harbour Corporate securities of companies anywhere in the world. May also include convertibles, derivatives, mutual funds and equity-related securities of established companies worldwide with good growth potential (related) securities of established co's worldwide with good growth potential (related) securities of small to mid-cap co's worldwide, including EM & emerging industries and equity-related securities of companies worldwide (related) securities of co's around the world. Seeks to obtain maximum long-term and equity-related securities of companies worldwide to obtain maximum long-term and equity-related securities of small to mid-cap companies worldwide (related) securities of companies worldwide to maximize long-term capital growth (related) securities of large- & mid-cap co's worldwide (industrialized nations & emerging markets) Harbour Foreign (related) securities of Corporate large- & mid-cap co's worldwide (industrialized nations & emerging markets) & Growth Corporate & Growth Corporate Directly or indirectly in equity and fixed income securities of companies anywhere in the world Directly or indirectly in equity and fixed income securities of companies anywhere in the world Int'l Eq - 21% Fin - 16% Other - 22% Cash - 13% Other - 16% Canada - 12% with sound economic policies that have weathered the globacl economic crisis well. This has contributed to its positive track record Int l Eq 44% Other - 33% US 39% Diversity across sectors with heavier weightings in US Eq 39% Cons Discr - 14% Other 33% high growth sectors could provide positive returns for investors in this fund. Cash 16% IT - 13% Switz 7% Int l Eq 44% Other - 33% US 39% High Diversity across sectors with heavier weightings in US Eq 39% Cons Discr - 14% Other 33% high growth sectors could provide positive returns for investors in this fund. Cash 16% IT - 13% Switz 7% Int'l Eq - 36% Other - 43% Other - 46% Low Investments are concentrated in other CI Funds. Cash - 34% Fin - 12% US - 27% While this exposure can be achieved by direct investment in these funds, this Fund can provide US Eq - 27% Cons Stap - 9% Japan - 7% even more diversification Int'l Eq - 36% Other - 43% Other - 46% Investments are concentrated in other CI Funds. Cash - 34% Fin - 12% US - 27% While this exposure can be achieved by direct investment in these funds, this Fund can provide US Eq - 27% Cons Stap - 9% Japan - 7% even more diversification US Eq 59% Indus 21% US 59% Small companies provide good opportunity for Int l Eq 36% Fin -21% Other 12% Cash - 3% Cons Discr - 16% Japan - 8% US Eq 59% Indus 21% US 59% Int l Eq 36% Fin -21% Other 12% Cash - 3% Cons Discr - 16% Japan - 8% Int'l Eq - 54% Fin - 24% US - 41% Focus on large-cap value stocks, in which many US Eq - 41% Cons Stap - 16% Japan - 16% Cash - 3% Health - 14% Other - 15% Int'l Eq - 54% Fin - 24% US - 41% Focus on large-cap value stocks, in which many US Eq - 41% Cons Stap - 16% Japan - 16% Cash - 3% Health - 14% Other - 15% Int'l Eq - 41% Other - 23% US - 37% Focus on large-cap value stocks, in which many US Eq - 37% Cons Stap - 16% Other - 22% Cash - 19% Cons Discr - 14% UK - 14% Int'l Eq - 41% Other - 23% US - 37% Focus on large-cap value stocks, in which many US Eq - 37% Cons Stap - 16% Other - 22% Cash - 19% Cons Discr - 14% UK - 14% Bond - 31% Other - 59% US - 42% US Eq - 26% Cons Discr - 9% Other - 32% Int'l Eq - 25% Fin - 8% Japan - 6% Bond - 31% Other - 59% US - 42% US Eq - 26% Cons Discr - 9% Other - 32% Int'l Eq - 25% Fin - 8% Japan - 6% growth. However, the focus on value stocks tempers the associated risk somewhat. Small companies provide good opportunity for growth. However, the focus on value stocks tempers the associated risk somewhat. income & downside protection. income & downside protection. Page 6 of 7

7 Currency Fund Name Invests primarily in Asset Price[1] YTD[1] 1M[1] 1Y[2] 5Y[2] Assets Sector Geography Volatility Action Rationale Int l Eq 80% Other - 25% Other 50% Low This Fund is invested in defensive stocks. Returns Signature Corporate Signature Corporate CI Value Corporate CI Value Corporate Harbour Growth & Corporate Harbour Foreign Growth & Corporate Corporate Corporate Synergy Corporate Synergy Corporate and equity-related securities of companies whose primary operations are outside of North America (related) securities of co's outside North America, inc. EM & emerging industries and equity-related securities of companies whose primary operations are outside of North America (related) securities of co's outside North America, inc. EM & emerging industries and equity-related securities and fixed income securities of issuers located throughout the world (related) & fixed income securities worldwide to obtain LT tot return & balance income & capital appreciation (related) securities of companies worldwide. May invest indirectly through mutual funds & derivatives (related) securities of companies worldwide. May invest indirectly through mutual funds & derivatives (related) securities of global momentum co's in devel'd mkts in the MSCI Index C$ (related) securities of global momentum co's in devel'd mkts in the MSCI Index C$ Cash 17% Fin - 22% Switz 12% US Eq - 3% Cons Discr - 14% UK - 11% Int l Eq 80% Other - 25% Other 50% Cash 17% Fin - 22% Switz 12% US Eq - 3% Cons Discr - 14% UK - 11% Int l Eq 92% Fin 27% Japan - 26% Below US Eq 4% Cons Stap 17% Other - 22% Cash/Cdn Eq - 2% Health 16% UK - 14% Int l Eq 92% Fin 27% Japan - 26% US Eq 4% Cons Stap 17% Other - 22% Cash/Cdn Eq - 2% Health 16% UK - 14% This Fund is invested in defensive stocks. Returns This Fund is invested in defensive stocks. Returns This Fund is invested in defensive stocks. Returns US Eq 50% Other - 36% US - 61% This Fund takes large, strategic positions in blue Bond - 21% IT - 16% Canada - 20% chip companies. These companies employ prudent risk management strategies, key in the new Cdn Eq - 12% Indus - 13% Other - 8% dispensation Cdn Eq 43% Other - 33% Canada - 60% High SELL Returns have been negative YTD & the Fund has Bond - 26% Fin - 26% US - 34% underperformed its peers since inception. US Eq - 24% Energy - 13% Switz - 4% N/A Int'l Eq - 43% Other - 33% US - 39% Low Diversification across industries and countries US Eq - 39% Cons Discr - 14% Other - 34% could provide positive returns. Though this Fund doesn't have a long track record, its returns have Cash - 17% IT - 13% Switz - 7% been consistent N/A Int'l Eq - 43% Other - 33% US - 39% US Eq - 39% Cons Discr - 14% Other - 34% Cash - 17% IT - 13% Switz - 7% US Eq 52% Fin 24% US 52% Fund is invested in consistent companies and its Int'l Eq 43% Other 16% Other - 19% commodities exposure is limited, which should provide insulation in the current environment. Cash 5% IT - 13% Japan - 11% US Eq 52% Fin 24% US 52% Int'l Eq 43% Other 16% Other - 19% Cash 5% IT - 13% Japan - 11% Diversification across industries and countries could provide positive returns. Returns have been consistent & fund has outperformed its peers. Fund is invested in consistent companies and its commodities exposure is limited, which should provide insulation in the current environment. [1] As of February 20, 2015 [2] As of January 31, 2015 Disclaimer: This Research Paper is for information purposes only. The information stated herein may reflect the opinion and views of VM Wealth Management in relation to market conditions and does not constitute any representation or warranties in relation to investment returns and the credibility of the sources of information relied upon in the preparation of this report, without further research and verification. Before making any investment decision, please consult a VM Wealth Management Advisor. Page 7 of 7