Knowledge & insights Performance universe of pension managers pooled funds

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1 Knowledge & insights Performance universe of pension managers pooled funds As at September 30, 208

2 The managers who contribute to the Universe manage assets totaling approximately $470 billion, including pension funds assets of some $230 billion. Rates of return are calculated before deduction of management fees and in Canadian dollars. You may wish to complete your review of rates of return by consulting our risk analysis. It illustrates the manager s risk and style. This brochure presents excerpts from our Performance Universe produced quarterly. Complete and Express versions of the Performance Universe are available by subscription. If you would like more information or to subscribe to one or more Universes, please contact us at , local Jeannette Moussally, Analyst Jean Bergeron, Vice President Asset & Risk Management Performance universe of pension managers pooled funds as at September 30, 208 November 208 2

3 Diversified funds As at September 30, 208 Fund name Manager style Addenda Balanced Pooled Fund Core AGF Pooled High Income GARP Burgundy Balanced Foundation II Value Burgundy Balanced Pension II Value CC&L Balanced Plus Fund II Core CC&L Genesis Fund Core CGOV Balanced Core CGOV Total Equity Fund Core CI Signature Canadian Balanced Core CI Signature Income & Growth Fund Core CIBC Pooled Balanced Fund Core Co-operators Value Duncan Ross Equity Fund Value Fidelity Strategic Balanced Trust Core Fidelity Tactical Asset Allocation Trust Other Fiera Capital Balanced Core Fund Core Foyston, Gordon & Payne Value Franklin Bissett Canadian Balanced Fund GARP Franklin Bissett Dividend Income Fund GARP Franklin Quotential Balanced Growth Growth Franklin Templeton Institutional Balanced Trust GARP Gryphon Balanced Fund GARP Guardian Balanced Fund Growth Industrial Alliance Diversified Fund Mixte Industrial Alliance Opportunity Fund Mixte GARP: growth of reasonable price Performance universe of pension managers pooled funds as at September 30, 208 November 208 3

4 Diversified funds As at September 30, 208 (cont d) Fund name Manager style Industrial Alliance Security Fund Mixte Invesco Canadian Premier Balanced Fund Growth Invesco Income Growth Fund Value Jarislowsky Fraser GARP Manulife AM Monthly High Income Value Mawer Balanced Pooled Fund GARP MFS Balanced Fund Core MFS Balanced Growth Fund Growth MFS Balanced Value Fund Value PH&N Balanced Pension Trust GARP Scheer Rowlett & Associates Value SEI Investments Value Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at September 30, 208 November 208 4

5 Diversified funds As at September 30, 208 (cont d) 5% 0% 5% 0% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile Benchmark Benchmark % year 3 years 5 years 2 45% fixed income/55% equity 3 40% fixed income/60% equity Performance universe of pension managers pooled funds as at September 30, 208 November 208 5

6 Canadian bonds As at September 30, 208 Fund name Addenda (Government Long Term Active Duration) Addenda Bonds Corporate Core Pooled Fund Addenda Core Bond Pooled Fund Addenda Corporate Long Bond Pooled Fund Addenda Long Term Provincial Index Pooled Fund Addenda Universe Active Duration AGF Pooled Fixed Income AlphaFixe Capital Floating Rate Bank Loans AlphaFixe Capital Return Plus AlphaFixe Capital Universe Active Baker Gilmore Bond Fund Burgundy Bond Fund Burgundy Core Plus Bond Fund Burgundy Total Return Bond Fund CC&L Core Bond Composite CC&L Corporate Bond Fund CC&L Long Bond Fund CC&L Total Return Bond Fund CC&L Ultra-Long Bond Fund CI Signature Canadian Bond Fund CI Signature Core Bond Fund CI Signature Corporate Bond Fund CIBC Pooled Canadian Bond Index Fund CIBC Pooled Canadian Bond Overlay Fund CIBC Pooled Fixed Income Fund Performance universe of pension managers pooled funds as at September 30, 208 November 208 6

7 Canadian bonds As at September 30, 208 (cont d) Fund name Co-operators Eterna Bond Fund Fidelity Canadian Bond Core Plus Trust Fidelity Canadian Bond Institutional Trust Fidelity Canadian Long Bond Core Plus Trust Fidelity Canadian Long Bond Institutional Trust Fiera Capital Active and Strategic Fixed Income Credit Fund Fiera Capital Active and Strategic Fixed Income Active Universe Fund Fiera Capital Active and Strategic Fixed Income Ethical ESG Fund Fiera Capital Blended Active Fixed Income Fund Fiera Capital Integrated Fixed Income - Credit Fund Fiera Capital Tactical Fixed Income Fiera Integrated Fixed Income - Universe Fund Foyston, Gordon & Payne Conservative Bond Fund Foyston, Gordon & Payne Universe Bond Fund Franklin Bissett Bond Fund Guardian Canadian Bond Fund Guardian High Yield Guardian Short Duration Bond Fund Heward Income Fund Industrial Alliance Bond Fund Industrial Alliance Long Term Bond Fund Industrial Alliance Short Term Bond Fund Invesco Canadian Core Plus Bond Fund Jarislowsky Fraser Not eligible for group RRSP Performance universe of pension managers pooled funds as at September 30, 208 November 208 7

8 Canadian bonds As at September 30, 208 (cont d) Fund name Manulife AM Index Manulife Asset Management Real Return Bond Fund Manulife Canadian Core Fixed Income Manulife Canadian Core Plus Fixed Income Manulife Canadian Long Duration Fixed Income Mawer Canadian Bond Pooled Fund MFS Canadian Core Plus Fixed Income Fund MFS Canadian Fixed Income Fund MFS Canadian Long Term Fixed Income Fund Optimum Short Term Canadian Bonds Optimum Universe Canadian Bonds Optimum Universe Quantitative Canadian Bonds PH&N Bond Fund PH&N Core Plus Bond Fund PH&N Enhanced Total Return Bond Fund PH&N High Yield Bond Fund PIMCO Canada Cdn Core Plus Bond Trust PIMCO Canada Cdn Core Plus Long Bond Trust RBC High Yield Bond Fund SEI Investments (Fixed Income) Number of funds Performance universe of pension managers pooled funds as at September 30, 208 November 208 8

9 Canadian bonds As at September 30, 208 (cont d) 8% 6% 4% 2% 0% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile Benchmark -2% -4% year 3 years 5 years Performance universe of pension managers pooled funds as at September 30, 208 November 208 9

10 Canadian bonds Universe mandate As at September 30, 208 Fund name Addenda Active Duration Addenda Core Bond AGF Pooled Fixed Income AlphaFixe Capital Return Plus AlphaFixe Capital Universe Active Baker Gilmore Universe Bond Fund Burgundy Core Plus Bond Fund CC&L Core Bond Fund CC&L Total Return Bond Fund CI Signature Canadian Bond Fund CI Signature Core Bond Fund CIBC Pooled Canadian Bond Index Fund CIBC Pooled Fixed Income Fund Co-operators Eterna Bond Fund Fidelity Canadian Bond Trust Fiera Capital Active and Strategic Fixed Income Ethical ESG Fund Fiera Capital Active Fixed Income Universe Fund Fiera Capital Blended Active Fixed Income Strategy Fiera Capital Tactical Fixed Income Fiera Integrated Fixed Income - Universe Fund Foyston, Gordon & Payne Conservative Bond Fund Foyston, Gordon & Payne Universe Bond Fund Franklin Bissett Bond Fund Guardian Canadian Bond Fund Not eligible for group RRSP Performance universe of pension managers pooled funds as at September 30, 208 November 208 0

11 Canadian bonds Universe mandate As at September 30, 208 (cont d) Fund name Heward Income Fund Industrial Alliance Bond Fund Invesco Canadian Core Plus Bond Fund Jarislowsky Fraser Manulife AM Canadian Bond Index Manulife AM Canadian Core Fixed Income Mawer Canadian Bond Pooled Fund MFS Canadian Core Plus Fixed Income Fund MFS Canadian Fixed Income Fund Optimum Universe Canadian Bonds Optimum Universe Quantitative Canadian Bonds PH&N Bond Fund PH&N Enhanced Total Return Bond Fund SEI Investments (Fixed Income) Number of funds Performance universe of pension managers pooled funds as at September 30, 208 November 208

12 Canadian bonds Universe mandate As at September 30, 208 (cont d) 4% 3% 2% % 0% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile Benchmark -% -2% year 3 years 5 years Performance universe of pension managers pooled funds as at September 30, 208 November 208 2

13 Canadian equity As at September 30, 208 Fund name Manager style Addenda Canadian Equity Pooled Fund Value BlackRock Active Canadian Equity Core BlackRock Canada Alpha Advantage Fund Core Burgundy Canadian Large Cap Fund Value CC&L Canadian Equity Fund Core/GARP CC&L Q Canadian Equity Core Fund Core CC&L Q Canadian Equity Growth Fund Growth CGOV Canadian Equity Fund GARP CGOV Dividend Fund Core CI Cambridge All Canadian Equity GARP CI Signature Canadian Equity Plus Core CI Signature Dividend Core CIBC (Value) Value CIBC S&P/TSX Index Fund Passive Index Co-operators Value Cote 00 Canadian Large Cap Core Eterna Canadian Equity Fund 2 Core Eterna Income Fund 2 Core Eterna Quebec Equity Fund 2 Core Fidelity Canadian Core Equity Trust Core Fidelity Canadian Focused Equity Trust Core Fidelity Canadian Systematic Equity Trust Core Fiera Capital Canadian Equity Core Core Fiera Capital Canadian Equity Opportunities Ethical ESG Fund Value Fiera Capital Canadian Equity Opportunities Fund Value GARP: growth of reasonable price 2 Not eligible for group RRSP money Performance universe of pension managers pooled funds as at September 30, 208 November 208 3

14 Canadian equity As at September 30, 208 (cont d) Fund name Manager style Foyston, Gordon & Payne Value Franklin Bissett Canadian Equity Fund Growth Gryphon Canadian Equity Fund GARP Gryphon Total Equity 3 GARP Guardian Canadian Equity Fund Growth Guardian Equity Income GARP Guardian Growth Income GARP Heward Canadian Dividend Growth Fund Core Hexavest Canadian Equity Fund Core Hillsdale Canadian Core Equity Fund Core Industrial Alliance (Growth) Growth Industrial Alliance Canadian Equity Value Value Industrial Alliance Dividend Fund Large cap Value Invesco Canadian Fund Value Invesco Canadian Premier Growth Fund Growth Jarislowsky Fraser GARP Manulife AM Canadian Large Cap Growth Growth Manulife AM Large Cap Value Value Manulife Canadian Core Equity Composite Core Mawer Canadian Equity Pooled Fund GARP MFS Canadian Research Equity Fund Core MFS Canadian Equity Fund Growth MFS Low Volatility Canadian Equity Fund Value MFS Responsible Canadian Equity Fund Core Optimum Canadian Equity Value GARP: growth of reasonable price 3 Contains a portion invested in foreign stocks Performance universe of pension managers pooled funds as at September 30, 208 November 208 4

15 Canadian equity As at September 30, 208 (cont d) Fund name Manager style PCJ Canadian Equity Fund Growth PH&N Canadian Equity Fund Growth PH&N Canadian Equity Value Fund Value RBC QUBE Canadian Equity Fund Growth RBC QUBE Low Volatility Canadian Equity Fund Core Scheer Rowlett Canadian Equity Fund Value SEI Investments Other Number of funds Performance universe of pension managers pooled funds as at September 30, 208 November 208 5

16 Canadian equity As at September 30, 208 (cont d) 5% 0% 5% 0% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile S&P/TSX S&P/TSX cap % year 3 years 5 years Performance universe of pension managers pooled funds as at September 30, 208 November 208 6

17 Small cap Canadian equity As at September 30, 208 Fund name Manager style CIBC Pooled Smaller Companies Fund Growth Cote 00 Premier Growth Fiera Capital Canadian Equity Small Cap Core Core Fiera Capital Small Cap Equity Fund Core Foyston, Gordon & Payne Canadian Small Cap Value Franklin Bissett Small Cap Fund Growth Guardian Small Mid Cap Equity GARP Hillsdale Canadian Small Cap Equity Fund Core Jarislowsky Fraser Small/Mid Cap Equity Fund GARP Mawer Canadian Small Cap Equity Fund Serie O Core PCJ Canadian Small Capitalization Fund Growth Number of funds 0 0 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at September 30, 208 November 208 7

18 Small cap Canadian equity As at September 30, 208 (cont d) 5% 0% 5% 0% -5% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile SS&P/TSX small cap. BMO small cap. weighted % year 3 years 5 years Performance universe of pension managers pooled funds as at September 30, 208 November 208 8

19 U.S. equity As at September 30, 208 Fund name Manager style Addenda U.S. Equity Pooled Fund GARP Burgundy American Equity Value Burgundy U.S. Small/Mid Cap Value Co-operators Value Cote 00 US Core Duncan Ross Pooled Trust Value Fidelity U.S. Large Cap Core Institutional Trust Core Fiera Capital U.S. Equity ESG Core Fiera Capital U.S. Equity Fund Core Foyston, Gordon & Payne Value Franklin U.S. Opportunities Fund Growth Franklin U.S. Rising Dividends Fund Value Hexavest US Fund Core Hillsdale U.S. Small Cap Equity Fund Core Industrial Alliance U.S. Equity Core Jarislowsky Fraser GARP Manulife AM U.S. Large Cap Core Pooled Fund Core Mawer U.S. Equity GARP MFS U.S. Equity Core Fund Core PH&N U.S. Equity Fund GARP RBC QUBE U.S. Equity Fund Core RBC QUBE U.S. Low Volatility Equity Fund Core SEI U.S. Large Company Core T. Rowe Price US Large-Cap Core Growth Equity Pool GARP Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at September 30, 208 November 208 9

20 U.S. equity As at September 30, 208 (cont d) 35% 30% 25% 20% 5% 0% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile S&P % 0% year 3 years 5 years Performance universe of pension managers pooled funds as at September 30, 208 November

21 International equity As at September 30, 208 Fund name Manager style Addenda Capital s EAFE Equity Pooled GARP CC&L Q International Equity Fund Core CIBC Pooled EAFE Equity Growth CIBC Pooled International Equity Index Fund Index Eterna International Equity Fund 2 Core Fidelity Concentrated International Small Cap Trust Value Fidelity International Growth Trust Growth Fidelity Select International Equity Trust Value Fidelity Select International Plus Trust Value Fiera Capital International Equity Ethical ESG Fund Core Foyston, Gordon & Payne Value Global Alpha International Small Cap Equity Fund Core Gryphon Europac GARP Guardian International Equity Fund GARP Hexavest Europac Fund Hedged in CAD,3 Core Hexavest Europac Fund Core Industrial Alliance International Equity Core International Alpha Tilts Core Invesco International Growth Class Growth Jarislowsky Fraser GARP Mawer International Equity Fund GARP MFS International Equity Fund II Core NS Partners International Equity Fund GARP PH&N Overseas Equity Pension Trust Value SEI Investments (Active) Value GARP: growth of reasonable price 2 Not eligible for group RRSP money 3 Hedged Performance universe of pension managers pooled funds as at September 30, 208 November 208 2

22 International equity As at September 30, 208 (cont d) Fund name Manager style Setanta EAFE Equity Fund Value Sprucegrove Value T. Rowe Price International Concentrated Equity Pool Core Templeton EAFE Developed Markets Fund Value Templeton International Equity Trust Value Templeton International Stock Trust Value Number of funds % 0% 5% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile E.A.F.E % -5% year 3 years 5 years GARP: growth of reasonable price 4 E.A.F.E.: Europe. Australasia and Far East Performance universe of pension managers pooled funds as at September 30, 208 November

23 Global equity As at September 30, 208 Fund name Manager style Addenda Capital s Global Equity Pooled Core AGF Global Core Equity Pooled Fund Core Boston Partners Global Equity Value Burgundy Global Equity Fund Value CC&L Q Global Equity Fund Core CGOV Equity Fund Core CI Signature Global Equity Fund Core Eterna Global Equity Focus Fund 2 Core Fidelity Select Global Core Fidelity Select Global Plus Trust Core Fiera Capital Global Equity Fund Core Foyston, Gordon & Payne Global Equity Fund Value Franklin World Growth Corporate Class (O) Growth Global Alpha Global Small Cap Core Global Dividend Income Fund Growth Gryphon (GIIC Global Fund) GARP Guardian Fundamental Global Equity Fund Core Guardian Global Dividend Growth Equity GARP Heward Equity Fund GARP Heward Global Leaders Fund GARP Hexavest ACWI Fund Hedged in CAD,3 Core Hexavest ACWI Fund Core Hexavest World Fund Hedged in CAD,3 Core Hexavest World Fund Core GARP: growth of reasonable price 2 Not eligible for Group RRSP 3 Hedged Performance universe of pension managers pooled funds as at September 30, 208 November

24 Global equity As at September 30, 208 (cont d) Fund name Manager style Hillsdale Global Small Cap Equity Fund Core Industrial Alliance Global Equity Core Invesco Global Companies Fund Value Invesco Global Small Cap Core Jarislowsky Fraser GARP Manulife AM Global Equity Pooled Fund Core Mawer Global Equity Core Mawer Global Small Cap Core MFS Blended Research Global Eq. Extension Fund Core MFS Global Equity Growth Fund Growth MFS Global Research Fund Core MFS Low Volatility Global Equity Fund Core NS Partners Global Equity Fund Growth Optimum Foreign Equity Value Orbis SICAV Global Equity Fund Core PH&N Global Equity Fund GARP RBC Global Equity Focus Fund Core RBC QUBE Global Equity Fund Core RBC QUBE Low Volatility Global Equity Fund Core Schroder Global Alpha Fund (Canada) Core Setanta Global Dividend Fund Value Setanta Global Equity Value Setanta Global SRI Equity Fund Value Sprucegrove Value GARP: growth of reasonable price Performance universe of pension managers pooled funds as at September 30, 208 November

25 Global equity As at September 30, 208 (cont d) Fund name Manager style T. Rowe Price Global Focused Growth Equity Pool Growth T. Rowe Price Global Growth Equity Pool Growth Templeton Global Equity Trust Value Templeton Global Smaller Companies Value Templeton Global Stock Trust Value Number of funds % 20% 5% 0% 5% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile MSCI World % -5% year 3 years 5 years 3 Hedged Performance universe of pension managers pooled funds as at September 30, 208 November

26 Other funds As at September 30, 208 Emerging markets Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile MSCI Emerging Markets Number of funds Hedge funds As at September 30, 208 Fund name CC&L All Strategies Fund CC&L Multi-Strategy Fund CC&L Q Equity Extension Fund CC&L Q Market Neutral Fund Fiera Capital North American Market Neutral Fund PCJ Absolute Return Fund Dow Jones Credit Suisse Hedge Fund Index Number of funds Performance universe of pension managers pooled funds as at September 30, 208 November

27 Asset Management Consulting Morneau Shepell provides independent advice on all aspects of asset/liability management for pension funds including the following: Investment Policy Matching asset allocation to liability Projection of liability and risk analysis Cost Control Structure of portfolio management assignments Investment Performance Independent performance evaluation reports Benchmarking performance and risks Reporting process of managers to trustees Governance Outsourcing of fund management monitoring Review of controls and assignments Review of safeguards on derivative instruments Portfolio Managers Selection of managers for both DB and DC plans Contracting of managers Agreement on management fees Investment Strategy Measure of the reduction of your pension costs associated with various levels of investment risks Performance universe of pension managers pooled funds as at September 30, 208 November

28 Morneau Shepell is the only human resources consulting and technology company that takes an integrated approach to employee assistance, health, benefits and retirement needs. The Company is the leading provider of employee and family assistance programs, the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. As a leader in strategic HR consulting and innovative pension design, the Company helps clients solve complex workforce problems and provides integrated productivity, health and retirement solutions. Established in 966, Morneau Shepell serves approximately 20,000 clients, ranging from small businesses to some of the largest corporations and associations. With more than 4,000 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit Morneau Shepell 208 Morneau Shepell Ltd.