First Trust AlphaDEX TM U.S. Financial Sector Index ETF. Interim Management Report of Fund Performance June 30, 2015
|
|
- Susan Dennis
- 5 years ago
- Views:
Transcription
1 Interim June 30, 2015
2 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM U.S. Financial Sector Index ETF (the First Trust ETF ) This interim management report of fund performance contains financial highlights, but does not contain the complete unaudited interim financial report of the First Trust ETF. All references to dollars contained herein are to Canadian dollars. Securityholders may also contact us to request a copy of the First Trust ETF s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosures relating to the First Trust ETF by calling , by writing to us at FT Portfolios Canada Co., 330 Bay Street, Suite 1300, Toronto, Ontario M5H 2S8 or by visiting our web site at or SEDAR at Forward Looking Statements This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent beliefs regarding future events. By their nature, forward-looking statements are based on assumptions and are subject to inherent risks and uncertainties. There is significant risk that forward-looking statements will not prove to be accurate. Readers of this document should not place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations, estimates or intentions expressed or implied in the forward-looking statements. These factors include but are not limited to market and general economic conditions, interest rates, foreign currency exchange rates, the extent of industry sector exposure, the performance of the securities of the issuers held in the portfolio and regulatory developments and the risks detailed in the First Trust ETF s prospectus. The Manager does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. i
3 Investment Objective and Strategy The fundamental investment objective of First Trust AlphaDEX U.S. Financial Sector Index ETF (the First Trust ETF ) is to replicate, to the extent possible, the performance of the StrataQuant Financials Index ("Index"), net of expenses. The investment strategy of the First Trust ETF is to invest in and hold the constituent securities of the applicable Index in the same proportion as they are reflected in the Index or securities intended to replicate the performance of such Index. The Index results from applying the AlphaDEX methodology to the Russell 1000 Index, a market index representing the large capitalization segment of the U.S. equity universe, and then selecting the constituent securities for the Index from those qualifying stocks included in the Financial Services Sector. The First Trust ETF may also hold cash and cash equivalents or other money market instruments to fund current liabilities. The First Trust ETF offers one class of units on the TSX with the symbol: FHF The inception date of the First Trust ETF was October 30, Risk The risks associated with an investment in the First Trust ETF remain as discussed in the First Trust ETF s most recent prospectus. During the period, there were no changes to the First Trust ETF that materially affected the overall risk level associated with an investment in the First Trust ETF. Results of Operations The First Trust ETF s net asset value as of June 30, 2015 was $4,256,267 or $21.28 per unit. The First Trust ETF s net asset value as of December 31, 2014 was $2,121,040 or $21.21 per unit. The First Trust ETF declared quarterly distributions of $ and $ on March 20 th and June 19 th 2015 to unitholders of record as of March 31 st and June 30 th The distributions were paid on April 8 th and July 8 th Investment Performance The First Trust ETF returned 1.14%, net of fees and expenses, from January 1, 2015 to June 30, This compares with the Russell 1000 Financial Services Index (the benchmark ) total return of 8.33%. The First Trust ETF underperformed the benchmark. The portfolio held 170 equity securities as of June 30, The top ten equity holdings accounted for 10.73% of the portfolio. The AlphaDEX stock selection process is a rules-based process and can result in industry weightings that differ from that of the benchmark. Currency movements significantly detracted from returns and were the major cause of underperformance during the period. Effective January 30, 2015, the First Trust ETF discontinued hedging its exposure against the U.S. Dollar. During the month of January, the U.S. Dollar appreciated 8.78% against the Canadian Dollar. Since the First Trust ETF was still hedged against the U.S. Dollar at this time, the portfolio did not participate in these gains in the U.S. Dollar. In the subsequent five months of the period, the U.S. Dollar depreciated 1.96% against the Canadian Dollar further detracting from returns. Strong stock selection and positive allocation across multiple companies within Consumer Finance, Diversified Financial Services and Insurance contributed significantly to the First Trust ETF s outperformance during the period. Detracting from performance was poor stock selection within Thrifts & Mortgage Finance that weighed on returns. Specifically, the First Trust ETF s weighting in Nastionstar Mortgage Holdings detracted from returns, in an otherwise strong period for the First Trust ETF. The top five stocks by contribution to portfolio return were HCC Insurance Holdings, Inc., Global Payments Inc., Santander Consumer USA Holdings, Inc., Forest City Enterprises, Inc. Class A, and SEI Investments Company. The 1
4 bottom five stocks by contribution to return were American National Insurance Company, Howard Hughes Corporation, Paramount Group, Inc., Nationstar Mortgage Holdings Inc., and MBIA Inc. Recent Developments As of June 30th, 2015, Financials accounted for 19.14% of the weight of the Russell The Russell 1000 Financial Services Index returned 8.33%, underperforming the broad Russell 1000 Index which returned 9.31%, as investors continued to favor Health Care, Consumer Discretionary and Telecoms over Utilities, Energy and Industrials. During the period, benchmark levels were consistently shifting as broad investor sentiment was focused on two areas of concern, interest rates and turmoil in Greece. Initially, investors enjoyed a drop in interest rates when the yield on the US Government 10 Year Treasury bottomed at 1.64% at the end of January, before peaking at 2.48% on June 10th. As of the end June, the yield on the US 10 Year Treasury stood at 2.35%. Additional worry came at the end of the period, when Greece s Prime Minister announced his government s decision to hold a referendum on whether to accept further austerity measures to resolve negotiations with the EU and the IMF. During the last week of June, the Russell 1000 Index fell 2.86%. The Russell 1000 Index finished June trading at a price/earnings multiple of and a dividend yield of 1.96%. Effective after the close of business on January 30, 2015, the First Trust ETF no longer hedged its exposure to the U.S. dollar. The First Trust ETF will provide the same exposure to various segments of the U.S. equity market but in a non-us currency hedged manner. International Financial Reporting Standards The financial statements of the First Trust ETF have been prepared in compliance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB). The First Trust ETF adopted this basis of accounting in 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board. Related Party Transactions FT Portfolios Canada Co. is the Manager of the First Trust ETF and is a Canadian affiliate of First Trust Advisors L.P., the investment advisor (the Advisor ) of the First Trust ETF. Pursuant to terms of the declaration of trust of the First Trust ETF, the Manager provides or arranges for all management, administrative and other services required by the First Trust ETF. The Manager receives a management fee from the First Trust ETF. For further details, please see Management Fees. The Manager has retained the Advisor to provide certain services to the First Trust ETF pursuant to an investment advisory agreement. The Advisor receives advisory fees from the Manager out of the management fee. 2
5 Financial Highlights The following tables show selected key financial information about the First Trust ETF and are intended to help you understand the First Trust ETF s financial performance for the past year. The date of inception of the First Trust ETF was October 30, The information are derived from the First Trust ETF s interim unaudited financial statements for the six-month period ending June 30 and from the annual financial statements for the period from since inception to December 31. Net Asset Value per Unit June 30, 2015 December 31, 2014 Net asset value, beginning of period (1) $21.21 $20.00 (a) Increase (Decrease) from operations: Total revenue Total expenses (0.12) (0.05) Realized gains (losses) for the period (0.63) (0.62) Unrealized gains (losses) for the period Total increase (decrease) from operations (2) $0.30 $1.24 Distributions: From income (excluding dividends) (0.17) (0.04) From dividends - - From capital gains - - Return of capital - (0.01) Total annual distributions (3) $(0.17) $(0.05) Net asset value, end of period (4) $21.28 $21.21 (a) Initial offering price (1) This information is provided as at June 30 and from October 30, 2014 (the date of inception) to the period ended December 31, 2014 and is prepared under IFRS. (2) Net asset value and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period. (3) Distributions were either paid in cash or reinvested in additional units of the First Trust ETF. (4) This table is not intended to be a reconciliation of beginning to ending net asset value per unit. Ratios and Supplemental Data June 30, 2015 December 31, 2014 Net asset value (000 s) $4,256 $2,121 Number of units outstanding 200, ,000 Management expense ratio (1) 0.79% 0.79% Management expense ratio before waivers or absorption 0.80% 0.82% Trading expense ratio (2) 0.04% 0.01% Portfolio turnover rate (3) 37.66% 3.39% Net asset value per unit $21.28 $21.21 (1) Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (2) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (3) The First Trust ETF s portfolio turnover rate indicates how actively the First Trust ETF s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the First Trust ETF buying and selling all of the securities in its portfolio once in the course of the period. The higher a First Trust ETF s s portfolio turnover rate in a period, the greater the trading cost payable by the First Trust ETF in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between high turnover rate and the performance of a First Trust ETF. 3
6 Management Fees The First Trust ETF will pay the Manager a management fee equal to up to 0.70% based on the average daily NAV of the First Trust ETF. The management fee, plus applicable taxes including HST, will be accrued daily and paid quarterly in arrears. The Manager may, from time to time in its discretion, waive all or a portion of the management fee charged at any given time. Past Performance General The past performance information shown assumes that all distributions made by the First Trust ETF in the period shown were reinvested in additional securities of the First Trust ETF. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the First Trust ETF has performed in the past does not necessarily indicate how it will perform in the future. Year by Year Returns The bar chart below shows the First Trust ETF s performance for the six-month period ended June 30, 2015 and for the period from October 30, 2014 to December 31, 2014 and illustrate how the investment fund s performance has changed from year to year. The chart also shows, in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. 8.00% First Trust AlphaDEX TM U.S. Financial Sector Index ETF 6.00% 4.66% 4.00% 2.00% 1.14% 0.00% *Oct 30/14 to Dec 31/14 Jan 1/15 to Jun 30/15 FHF 4.66% 1.14% *Date of Inception 4
7 Summary of Investment Portfolio The table sets out the percentage (based on total net asset value) of the First Trust ETF s top 25 holdings as at June 30, This summary of portfolio holdings may change due to ongoing portfolio transactions of the First Trust ETF. A quarterly update is available at Top 25 Holdings % of ETF Total Net Asset Value American International Group Inc. 1.10% Citizens Financial Group Inc. 1.10% Global Payments Inc. 1.10% PartnerRe Ltd. 1.09% Santander Consumer USA Holdings Inc. 1.07% Arch Capital Group Ltd. 1.06% HCC Insurance Holdings Inc. 1.06% Total System Service Inc. 1.06% Endurance Specialty Holdings Ltd. 1.05% Voya Financial Inc. 1.05% Allied World Assurance Co. Holdings Ltd. 1.04% Ally Financial Inc. 1.04% Everest Re Group Ltd. 1.02% Validus Holdings Ltd. 1.02% Axis Capital Holdings Ltd. 1.01% CIT Group Inc. 1.00% Aspen Insurance Holdings Ltd. 0.99% RenaissanceRe Holdings Ltd. 0.99% Vantiv Inc. 0.99% Jones Lang LaSalle Inc. 0.98% MSCI Inc., Class 'A' 0.98% ProAssurance Corp. 0.98% Alleghany Corp. 0.94% Extra Space Storage Inc. 0.94% Franklin Resources Inc. 0.93% Portfolio Breakdown The table sets out the percentage (based on total net asset) of the First Trust ETF s portfolio, by industry, as at June 30, Industry Weightings % of ETF Total Net Asset Value Insurance 32.04% Banks 17.63% Real Estate Investment Trusts (REITs) 15.79% IT Services 8.82% Capital Markets 7.34% Diversified Financial Services 5.44% Consumer Finance 5.35% Real Estate Management & Development 2.85% Other 2.26% Professional Services 1.18% Media 0.91% Cash and Cash Equivalents 0.76% 5
8 F Co. 330 Bay Street, Suite 1300 Toronto, ON M5H 2S8
First Trust AlphaDEX TM U.S. Health Care Sector Index ETF
First Trust AlphaDEX TM U.S. Health Care Sector Index ETF Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 (the First Trust ETF ) This interim management report of fund
More informationFirst Trust AlphaDEX TM U.S. Technology Sector Index ETF
First Trust AlphaDEX TM U.S. Technology Sector Index ETF Interim June 30, 2015 i INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM U.S. Technology Sector Index ETF (the
More informationFirst Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF
First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM U.S. Consumer Staples Sector Index
More informationFirst Trust AlphaDEX TM U.S. Utilities Sector Index ETF. Interim Management Report of Fund Performance June 30, 2016
Interim Management Report of Fund Performance June 30, 2016 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2016 First Trust AlphaDEX TM U.S. Utilities Sector
More informationFirst Trust AlphaDEX TM U.S. Energy Sector Index ETF. Annual Management Report of Fund Performance December 31, 2015
Annual Management Report of Fund Performance December 31, 2015 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2015 First Trust AlphaDEX TM U.S. Energy Sector
More informationFirst Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF
First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF Annual Management Report of Fund Performance December 31, 2015 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND
More informationFirst Trust AlphaDEX TM U.S. Materials Sector Index ETF. Annual Management Report of Fund Performance December 31, 2014
Annual December 31, 2014 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2014 First Trust AlphaDEX TM U.S. Materials Sector Index ETF (the First Trust ETF ) This annual management report of fund
More informationFirst Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF
First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF Interim Management Report of Fund Performance June 30, 2017 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND
More informationFirst Trust AlphaDEX TM U.S. Energy Sector Index ETF. Annual Management Report of Fund Performance December 31, 2016
Annual December 31, 2016 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2016 First Trust AlphaDEX TM U.S. Energy Sector Index ETF (the First Trust ETF )
More informationFirst Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF
First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF Annual December 31, 2016 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2016 First Trust
More informationFirst Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged)
First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) Interim June 30, 2016 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2016 First Trust AlphaDEX TM U.S.
More informationFirst Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged)
First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) Interim June 30, 2017 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2017 (the First Trust ETF ) This
More informationFirst Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
More informationFirst Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013
First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual December 31, 2013 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2013 First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged)
More informationFirst Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged)
First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) Annual December 31, 2016 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2016 First Trust AlphaDEX
More informationFirst Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014
First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim June 30, 2014 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2014 First Trust AlphaDEX TM Emerging Market Dividend ETF
More informationFirst Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014
First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2014 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2014 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
More informationFirst Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged)
First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual December 31, 2014 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2014 (the First Trust ETF ) This annual management report
More informationFirst Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2017 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2017 First Trust AlphaDEX
More informationFirst Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013
First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual December 31, 2013 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2013 First Trust AlphaDEX TM Emerging Market Dividend
More informationMARQUEST MUTUAL FUNDS, INC.
MARQUEST MUTUAL FUNDS, INC. FLEX DIVIDEND AND INCOME GROWTH SERIES FUND SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Period ended June 30, 2018 SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2018
More informationBMO Aggregate Bond Index ETF (ZAG) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Aggregate Bond Index ETF (ZAG) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationBMO Mid Federal Bond Index ETF (ZFM) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Mid Federal Bond Index ETF (ZFM) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationBMO Long Corporate Bond Index ETF (ZLC) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More information2018 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationInterim Management Report of Fund Performance For the six-month period ended June 30, 2018
Interim Management Report of Fund Performance For the six-month period ended June 30, 2018 (DGRC) This interim management report of fund performance contains financial highlights, but does not contain
More information2018 Interim Management Report of Fund Performance
2018 Interim Management Report of Fund Performance Brandes Canadian Money Market Fund BRANDES CANADIAN MONEY MARKET FUND This interim management report of fund performance contains financial highlights
More informationBMO Equal Weight Utilities Index ETF (ZUT) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Equal Weight Utilities Index ETF (ZUT) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More information2018 Annual Management Report of Fund Performance For the period ended December 31, 2018
STONE SMALL COMPANIES FUND (formerly MARQUEST SMALL COMPANIES FUND) 2018 Annual Management Report of Fund Performance For the period ended December 31, 2018 This annual Management Report of Fund Performance
More informationInterim Management Report of Fund Performance For the six-month period ended June 30, 2017
Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree U.S. High Dividend Index ETF (HID/HID.B) This interim management report of fund performance contains
More informationBMO S&P/TSX Equal Weight Banks Index ETF (ZEB) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO S&P/TSX Equal Weight Banks Index ETF (ZEB) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc.
More informationAnnual Management Report of Fund Performance December 31, 2017
Annual Management Report of Fund Performance December 31, 2017 (DGRC) This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial
More informationSprott Short-Term Bond Class
Sprott Short-Term Bond Class Sprott Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31 The annual management report of fund performance is an analysis and explanation that is
More informationINTERIM MANAGEMENT REPORT OF FUND PERFORMANCE
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30 2016 CHOU RRSP FUND CHOU ASSOCIATES MANAGEMENT INC. This interim management report of fund performance contains financial highlights but does not contain
More informationBMO Long Corporate Bond Index ETF (ZLC) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationBMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc.
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationBMO Mid Corporate Bond Index ETF (ZCM) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Mid Corporate Bond Index ETF (ZCM) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationBMO MSCI USA Value Index ETF (ZVU) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO MSCI USA Value Index ETF (ZVU) (the ETF ) For the period from October 4, 2017 (the performance launch date) to December 31, 2017 (the Period ) Manager:
More informationBMO Equal Weight REITs Index ETF (ZRE) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Equal Weight REITs Index ETF (ZRE) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationSemi-Annual Management Report of Fund Performance
(the Fund ) For the period ended March 31, 2013 Manager: BMO Investments Inc. Portfolio manager: Monegy, Inc., Toronto, Ontario Semi-Annual Management Report of Fund Performance This semi-annual management
More informationFirst Trust Senior Loan ETF (CAD-Hedged)
Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust Senior Loan ETF (CAD-Hedged) (the First Trust ETF ) This interim management report of fund performance contains
More information2017 Interim Management Report of Fund Performance
2017 Interim Management Report of Fund Performance Sionna Diversified Income Fund TABLE OF CONTENTS Management Discussion of Fund Performance 4 Financial Highlights 6 Management Fees 8 Past Performance
More informationDIVIDEND FUND (GWLIM)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationBMO Low Volatility Canadian Equity ETF (ZLB) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Low Volatility Canadian Equity ETF (ZLB) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationBMO Long Provincial Bond Index ETF (ZPL) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Provincial Bond Index ETF (ZPL) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationAnnual Management Report of Fund Performance
(the Fund ) For the period ended September 30, 2012 Manager: BMO Investments Inc. Portfolio manager: BMO Asset Management Inc., Toronto, Ontario Annual Management Report of Fund Performance This annual
More informationBMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE (ZPS/ZPS.L) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager and portfolio manager
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information2017 Interim Management Report of Fund Performance
2017 Interim Management Report of Fund Performance Greystone Canadian Equity Income & Growth Fund TABLE OF CONTENTS Management Discussion of Fund Performance 4 Financial Highlights 6 Management Fees 8
More informationAnnual Management Report of Fund Performance
Annual Management Report of Fund Performance BMO Private Canadian Mid-Term Bond Portfolio For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights,
More informationMARQUEST CORPORATE CLASS FUNDS LTD.
MARQUEST CORPORATE CLASS FUNDS LTD. MARQUEST SHORT TERM INCOME FUND (CORPORATE CLASS) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Period ended June 30, 2018 SEMI-ANNUAL MANAGEMENT REPORT OF FUND
More informationBMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO
More informationBMO S&P 500 Hedged to CAD Index ETF (ZUE) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO S&P 500 Hedged to CAD Index ETF (ZUE) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationDIVIDEND CLASS (GWLIM)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationEXEMPLAR PERFORMANCE FUND SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE
EXEMPLAR PERFORMANCE FUND SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 30, 2017 This semi-annual Management Report of Fund Performance contains financial highlights but does
More informationBMO High Yield Bond Fund (the Fund )
(the Fund ) For the period ended June 30, 2014 Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: Guardian Capital LP (the portfolio manager ) 2014 Semi-Annual Management Report of
More informationMARQUEST MUTUAL FUNDS, INC.
MARQUEST MUTUAL FUNDS, INC. ENERGY SERIES FUND SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Period ended June 30, 2018 SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2018 A NOTE ON FORWARD-LOOKING
More informationBMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc.
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 informationAnnual Management Report of Fund Performance December 31, 2017
Annual Management Report of Fund Performance December 31, 2017 WisdomTree Europe Hedged Equity Index ETF (EHE/EHE.B) This annual management report of fund performance contains financial highlights, but
More informationInterim Management Report of Fund Performance For the six-month period ended June 30, 2017
Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree International Quality Dividend Growth Index ETF (IQD/IQD.B) This interim management report of fund
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, Caution Regarding Forward-looking Statements Certain portions of this report,
More informationBMO Equal Weight US Banks Index ETF (ZBK) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE (ZBK) (the ETF ) For the 12-month period ended December 31, 2018 (the Period ) Manager: BMO Asset Management Inc. (the Manager and portfolio manager ) Management
More informationFidelity Event Driven Opportunities Fund
Fidelity Event Driven Opportunities Fund Annual Management Report of Fund Performance June 3, 18 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited
More informationSprott Enhanced Balanced Fund
Sprott Enhanced Balanced Fund SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and
More informationNinepoint Short-Term Bond Fund
Ninepoint Short-Term Bond Fund INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and
More informationFidelity Canadian Equity Private Pool of the Fidelity Capital Structure Corp.
Fidelity Canadian Equity Private Pool of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3, Caution Regarding Forward-looking Statements Certain portions of this
More informationFidelity Corporate Bond Fund
Fidelity Corporate 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 to,
More informationHorizons Gold Yield ETF (HGY, HGY.A:TSX)
Annual Report December 31, 2014 (HGY, HGY.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion
More informationFidelity ClearPath 2015 Portfolio
Fidelity ClearPath 21 Portfolio Annual Management Report of Fund Performance June 3, 217 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results
More informationRBC TARGET 2023 CORPORATE BOND INDEX ETF
FIXED INCOME ETF RBC TARGET 2023 CORPORATE BOND INDEX ETF December 31, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30, This page is intentionally left blank This semi-annual management report of fund
More informationFidelity U.S. Focused Stock Fund
Fidelity U.S. Focused Stock 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 informationAnnual Management Report of Fund Performance
Annual Management Report of Fund Performance BMO Private Canadian Short-Term Bond Portfolio For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights,
More informationAnnual Management Report of Fund Performance AGF Tactical Fund
Annual Management Report of Fund Performance AGF Tactical Fund September 30, 2017 Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio management
More informationFidelity U.S. Dividend Currency Neutral Fund
Fidelity U.S. Dividend Currency Neutral Fund Annual Management Report of Fund Performance June 3, 18 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited
More informationSprott Short-Term Bond Fund
Sprott Short-Term Bond Fund SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and
More informationNinepoint Enhanced Balanced Class
Ninepoint Enhanced Balanced Class Ninepoint Corporate Class Inc. INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that
More information2015 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationInterim Management Report of Fund Performance For the six-month period ended June 30, 2017
Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree International Quality Dividend Growth Variably Hedged Index ETF (DQI) This interim management report
More information2014 Semi-Annual Management Report of Fund Performance
(the Fund ) For the period ended March 31, 2014 Manager: BMO Investments Inc. (the Manager ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) 2014 Semi-Annual Management
More informationInterim Management Report of Fund Performance
Interim Management Report of Fund Performance As at June 30, 2018 This interim Management Report of Fund Performance contains financial highlights, but does not contain either interim or annual financial
More informationSentry Canadian Income Class. Annual Management Report of Fund Performance
This annual management report of fund performance contains financial highlights, but does not contain the annual financial statements of the investment fund. You can get a copy of the annual financial
More informationW.A.M. COLLINS INCOME POOL
MANAGEMENT REPORT OF FUND PERFORMANCE W.A.M. COLLINS INCOME POOL December 31, 2018 This annual management report of fund performance contains financial highlights but does not contain the complete annual
More informationBMO Covered Call Canadian Banks ETF (ZWB) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Covered Call Canadian Banks ETF (ZWB) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationFidelity ClearPath 2035 Portfolio
Fidelity ClearPath 35 Portfolio Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to,
More information2014 Semi-Annual Management Report of Fund Performance
(the Fund ) For the period ended March 31, 2014 Manager: BMO Investments Inc. (the Manager ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) 2014 Semi-Annual Management
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3, Caution Regarding Forward-looking Statements Certain portions of this report,
More informationBMO Low Volatility US Equity ETF (ZLU/ZLU.U) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Low Volatility US Equity ETF (ZLU/ZLU.U) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationRBC INSTITUTIONAL CASH FUNDS Semi-Annual Report
RBC INSTITUTIONAL CASH FUNDS 2013 Semi-Annual Report TABLE OF CONTENTS Management Report of Fund Performance RBC Institutional Government Plus Cash Fund 2 RBC Institutional Cash Fund 9 RBC Institutional
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationPHILLIPS, HAGER & NORTH TOTAL RETURN BOND FUND
FIXED-INCOME FUND PHILLIPS, HAGER & NORTH TOTAL RETURN BOND FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc.
More informationSprott Focused Global Dividend Class
Sprott Focused Global Dividend Class Sprott Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE DECEMBER 31 The annual management report of fund performance is an analysis and explanation
More informationFidelity U.S. Dividend Currency Neutral Fund
Fidelity U.S. Dividend Currency Neutral Fund Annual Management Report of Fund Performance June 3, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited
More informationSprott Focused U.S. Dividend Class
Sprott Focused U.S. Dividend Class Sprott Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31 The annual management report of fund performance is an analysis and explanation that
More informationFidelity U.S. Dividend Investment Trust
Fidelity U.S. Dividend Investment Trust Semi-Annual Management Report of Fund Performance December 31, 2017 Caution Regarding Forward-looking Statements Certain portions of this report, including, but
More informationNinepoint Global Infrastructure Fund
Ninepoint Global Infrastructure Fund INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement
More informationAnnual Management Report of Fund Performance
(the Fund ) For the period ended September 30, 2012 Manager: BMO Investments Inc. Portfolio manager: BMO Asset Management Inc., Toronto, Ontario Annual Management Report of Fund Performance This annual
More informationFidelity ClearPath 2020 Portfolio
Fidelity ClearPath 22 Portfolio Annual Management Report of Fund Performance June 3, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results
More information