Get the Active AdvantageTM
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1 Get the Active AdvantageTM An Introduction to Horizons Actively Managed ETFs Offering the potential for risk-adjusted returns compared to passively managed investment strategies. Innovation is our capital. Make it yours.
2 Understanding Actively Managed ETFs At their core, exchange traded funds (ETFs) are simply open-ended investment funds. ETFs were designed to combine the best features of mutual fund and stock investing. Like a mutual fund, ETFs are open-ended, meaning that new units of the fund can be created or redeemed at a price per unit that reflects the market value of the underlying securities the fund holds. Like a stock, ETFs trade on an exchange with a ticker symbol and can be purchased or sold at any time during the day. The first ETFs launched were designed to seek to replicate a broad index of securities, such as the S&P/TSX 60 TM Index or the S&P 500, just to name two well-known examples. Since there is no expectation of trying to outperform these asset class benchmarks, these ETFs are referred to as passively managed. Cost is a key component of passive index investing it needs to be as low as possible since there is no expectation of achieving additional returns beyond the benchmark index. Since ETFs are a low-cost and flexible way to offer index exposure, the rise in the use of indexing amongst the investing public coincided with the rise of ETF usage. ETFs have traditionally been associated with passive indexing but this doesn t mean they can t be actively managed like a typical mutual fund using a portfolio management team to seek better risk-adjusted returns. In fact, we believe ETFs are an excellent vehicle to offer actively managed investment strategies, which is why we are the largest provider (by number of offerings) of actively managed ETFs in Canada. Our suite of actively managed ETFs offer the benefits of ETF investing including low management fees, intra-day purchasing and liquidity combined with the benefits of active management which we believe can deliver better risk-adjusted returns in many asset classes. The Importance of Low Fund Management Fees A central appeal of ETFs is their low management fees. Fees can have a significant impact on investment performance, since they create an additional hurdle for the investment to overcome in order to be profitable. Simply put, the higher the fee on an investment fund, the better the fund needs to perform in order to generate a higher return. Statistics provided by Standard & Poor s show that, on average, only about one-third (34%) of actively managed Canadian equity funds were able to beat the S&P/TSX Composite Index benchmark for the five-year period ending December 31, The single largest determinant of long-term performance between two similar funds (that invest in the same asset class) is fees. In a study of mutual fund fees conducted between 2010 and 2015, Morningstar Inc. found that the highest proportion of successful funds (i.e. those that both remained open and outperformed their peer group) are predominantly from the lower-tier categories for fees. In other words, the lowest-fee funds had the highest success ratio for out-performance. Low costs are the path to success subsequent total return success ratio U.S. Equity Sector Equity International Equity Balanced Taxable Bond Municipal Bond Source: Morningstar as of December 31, From , the lower-tier funds produced better success ratios than the second-lowest and so on, showing just how important costs are to investing.
3 We believe the single largest hurdle to the performance of Canadian actively managed mutual funds is high fees. The cost disparity between Canadian actively managed mutual funds and Canadian actively managed ETFs can be dramatic: The average management fee of an actively managed Canadian actively managed equity ETFs in Canada is approximately 0.59% versus a full 1.00% for Canadian actively managed F-class mutual funds. Type Of Fund Average Management Fee Average Canadian ETF Fee 0.34% Average Actively Managed Canadian Equity ETF 0.59% Average Active F-Class Mutual Fund 1.00% Source: Investor Economics as at December 31, The cost savings on ETFs can add significant value to the long-term returns of the fund, as highlighted in the chart below which uses a modest return trajectory of only 5%. The longer the time horizon and the larger the cumulative return, the more of your return lost to fees. Hypothetical $100,000 Investment in Funds with Different Fees $150,000 Value $140,000 $130,000 $120,000 ETF Terminal value: $153,817 Annual return before management fees: 5% Annual management fee: 0.6% Management fees paid: $9,072 Difference: 5.8% or $5,800* $110,000 $100,000 $90,000 Mutual Fund Terminal value: $148,024 Annual return before management fees: 5% Annual management fee: 1.00% Management fees paid: $14, For Illustrative Purposes Only *Assumes investment held for 10 years with no performance fees or distributions. Our value proposition with actively managed ETFs is simple: We seek to offer top-tier investment strategies by some of the best-known portfolio management teams in Canada at management fees that are often lower than active mutual fund solutions. By doing this, we reduce a significant hurdle faced by active managers in generating better risk-adjusted returns than passive index strategies. The Limitations of Indexing Indexing is not a one-size-fits-all investment solution. There are areas where indexing can fall short, particularly in asset classes that don t offer sufficient transparency, liquidity or breadth of market to efficiently support an index strategy. Much of the research on the merits of indexing comes from the United States. In many cases, indexing can be an optimal strategy because most of the major capital market asset classes are extremely efficient from both a depth and liquidity standpoint. Indeed, on an index like the S&P 500, less than 10% of actively managed mutual funds beat the benchmark on a five-year basis for the period ending June 30, 2016.
4 When an asset class has less liquidity, indexing becomes less efficient. Even in a relatively large asset class like U.S.High Yield Corporate Bonds, indexing has delivered only limited success. Since January 1, 2008, more than 90% of active high-yield managers tracked by Morningstar Inc. have posted better returns than the average high yield index ETFs for the period ending June 30, Part of this disparity has to do with the nature of index construction in the fixed income category. Many of the large fixed income benchmarks determine the weights in the index by the amount of outstanding debt the companies with the largest amount of debt are the largest weights in the index. For equity indexing, weighting based on the size of the company can be an indicator of company strength, but weighting a company based on its level of outstanding debt may not necessarily be a reliable way to rank the value of an issuer in a fixed income index. In addition, you have the issue of liquidity with fixed income investments. Unlike equities which trade openly on stock exchanges, bonds are traded over-the-counter (OTC), where pricing is relatively opaque and commissions are embedded in the prices paid for the bonds. The closed nature of this market means that two different investors could pay different prices for a similar bond at the same time, since much of the pricing is determined by the dealership model they use to buy the bond. Large index ETFs, which have real-time net asset values (NAVs), have helped this pricing problem in fixed income but, in parts of the fixed income market where there is less liquidity (such as high yield bonds), sourcing issues can be more difficult particularly in a market sell-off where buyers may not be readily available with sufficient capacity to take on bond inventory. This doesn t make index ETF investing in fixed income flawed, since many of these issues are structural within the underlying asset class itself. It does however suggest that indexing may not be the optimal way to get exposure to this asset class. Canada has a much smaller capital markets footprint than the United States, so these types of structural challenges can occur more frequently. For instance, look at the most widely followed fixed income bond benchmark in Canada the FTSE/TMX All-Bond Universe Index. As at September 30, 2016, it had roughly 1,400 constituent issues. However, the largest ETF in Canada tracking this index only held less than 1,100 of those issues. This means that roughly 300 issues in the Index didn t have enough market liquidity or were a drag on the replication process. We see similar liquidity problems arise in other Canadian asset classes, such as Canadian corporate bonds, preferred shares and to some extent, dividend stocks. Dividend stocks are another interesting example. It s important to evaluate whether a certain index methodology is ideal for a universe of securities. For example, the S&P Dividend Aristocrats Index methodology is a tried-and-tested approach used in the United States that requires all stocks in the index to have raised their dividend in the previous 25 years. The U.S. stock market has the breadth to support a strategy like this, where the Index ends up with about 50 names. The stocks are then weighted proportionately so that the higher yielding stocks have a higher weighting in the Index. The S&P/TSX Dividend Aristocrats Index, which is replicated by a popular Canadian index ETF, has to utilize a highly modified version of this methodology in order to cultivate enough stocks from the Canadian market, which overall is much smaller and has a shorter track record. The following table outlines the key methodology requirements and crucial change that occurred during the December 2012 rebalance which significantly altered the composition of the Index s portfolio. These changes were made in response to the elimination of large dividend-paying stocks from the Index; most notably TD and Scotiabank. Index Selection Criteria Pre-2012 Post-2012 Universe of Stocks Dividend Payment History Stock must be part of the S&P Canada Broad Market Index. The security would have to increase dividends for the five preceding years. If the stock failed to raise its dividend, it was removed from Index. In 2011, this resulted in the Index removing the only two Canadian banks it held: TD and Scotiabank. Stock must be part of the S&P Canada Broad Market Index. In 2012, S&P changed the methodology to be more inclusive, by adding a stipulation that allowed stocks to remain in the portfolio if they maintained the same dividend for a maximum of two consecutive years within that five-year period. This allowed TD and Scotiabank to be re-added to the portfolio. S&P also stipulated that the stock must have raised its dividend the first year of the prior five years, unless it s already an index constituent. Market Capitalization Must be at least $300 million. Must be at least $300 million. Source: Standard & Poor s.
5 The 2012 methodology change may have caused more problems than solutions, since it requires the Index to hold stocks that aren t raising their dividends for an extended period of time. A prime example of this is the fact that the Index s heaviest weighting for some time was AGF over 5% a stock that raised its dividend in 2011 and didn t raise it again (it fact, it subsequently cut it). The stock lost 37% over the three-year period ending April 30, The Aristocrats Index strategy has been a successful one on an absolute returns basis, but it s hard to argue that it is an optimal strategy given its limited stock selection pool. Utilizing a professional money manager at a low management fee could help alleviate some of these structural challenges. Active management presents opportunities to enhance returns and reduce risk through: 1. Independent valuation analysis: Can conduct independent research on portfolio holdings, including cash flow analysis, risk analysis and earnings forecasts. 2. Institutional access: A key benefit for fixed income. Fixed income managers can generally attain favorable execution costs for bonds. This would extend to options pricing as well. 3. Not forced to buy/sell: Actively managed ETFs can opt out of buying securities with questionable valuations or liquidity. They are not forced to buy or sell issues blindly when an index rebalances. 4. Independent credit analysis: In fixed income, active managers will undertake full independent credit analysis of the underlying holdings of the portfolio. Credit analysis is a key determinant of the risk/return profile of fixed income investing and the likelihood of a issuer meeting its debt obligations. Unique Features of Actively Managed ETFs in Canada In our view, a major reason that actively managed ETFs have been more successful in Canada than other developed ETF markets representing about 15% of Canadian ETF assets according to Investor Economics as at June 30, 2016, is the regulatory environment of the Canadian investment industry. The vast majority of actively managed ETFs are regulated under National Instrument , which regulates all investment funds. This ostensibly means that ETFs are governed under the same laws that govern mutual funds. In Canada, the disclosure for ETFs and mutual funds is generally the same. In the case of Horizons ETFs for example, the ETF s top 10 holdings are disclosed publicly on a monthly basis. We view this as a suitable level of transparency, particularly since most investors in actively managed ETFs are usually seeking longer-term holding periods than index strategies, which can be (and often are) used for trading purposes. A key feature of ETFs compared to mutual funds, is their liquidity as units can be bought and sold throughout the business day on an exchange. In order to ensure that the units trade at or very near their current NAV throughout the day, an institutional capital markets trader, known as the designated broker, creates and redeems units of the ETF with both the ETF provider and the secondary market. This process has worked well for actively managed ETFs, many of which now trade at bid/ask spreads equivalent to spreads observed on comparable index ETFs. The Best of Both Worlds: Horizons ETFs currently offers 27 Actively Managed ETFs overseen by eight sub-advisors representing some of the largest and most respected asset managers in Canada. These ETFs combine all of the benefits of active management, including the potential to generate better risk/adjusted returns than index strategies, coupled with the unique benefits of ETF investing, including low management fees and intra-day liquidity.
6 OUR Partners AlphaFixe Capital Inc. Founded in 2008, AlphaFixe Capital is a leading investment manager specializing in fixed income and senior loans. Its portfolio management team has a cumulative 55 years of experience in managing senior loan assets, serving primarily institutional clients. 100% employee owned, AlphaFixe Capital has a true entrepreneurial approach towards investing, which includes a flexible approach and capital preservation focus. AUSPICE Auspice Capital Advisors Auspice Capital Advisors is an innovative asset manager that focuses on applying rules-based investment strategies across a broad range of financial and commodity markets. Its portfolio managers are seasoned institutional commodity traders. Their experience trading natural gas, one of the most volatile asset classes, forms the backbone of their strategy for generating profits while preserving capital and dynamically managing risk. CIBC Asset Management, Inc. The asset management subsidiary of CIBC, provides a range of highquality investment management services and solutions to retail and institutional investors. Offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals and portfolio management for institutional clients. CIBC Asset Management is one of Canada s largest asset management firms. Fiera Capital Corp. Publically traded with offices across the U.S. and Canada, Fiera Capital Corp. has become a leader in the realm of non-traditional investment solutions. It has vast experience and expertise in Canadian fixed income, North American preferred shares, Canadian and foreign equities, asset allocation and alternative strategies. Forstrong Global Asset Management strives to deliver unbiased stewardship the careful and responsible management of client assets entrusted to its care. The firm is committed to providing improved value to clients through its discretionary investment management services. Forstrong Global advocates a goals-based investment approach, while nurturing a philosophy of prudent portfolio management to grow and protect clients wealth. Guardian Capital LP is one of Canada s leading asset managers which has been managing institutional assets since In partnership with Horizons ETFs, it has successfully implemented its GPS approach that focuses on three key fundamental drivers: growth of dividend payout; payout of cash flow; and sustainability of the payout. Having a portfolio of stocks that offers a combination of these three factors gives Guardian an excellent track record and future in dividend investing. ReSolve Asset Management Inc. ReSolve Asset Management Inc. is a Toronto-based investment management firm that delivers ETF Managed Portfolio Solutions focused on global asset allocation. In serving advisors, institutions and individual investors in both Canada and the United States, ReSolve puts research and education at the centre, with abundant resources at its research blog (GestaltU.com) and risk parity education portal (RiskParity.ca). The firm offers its strategies via Separately Managed Accounts, an Accredited Investor Fund, and now, an ETF. PŮR Investing Inc. Founded and led by Mark Yamada, PŮR Investing Inc. is a portfolio manager specializing in investment solutions. PŮR maintains its focus on controlling risk, as well designing portfolios to outperform benchmarks by protecting capital in two ways: first, under normal market conditions, where volatility is within historical averages; second, when volatility is historically high or low. PŮR Investing Inc. uses its proprietary Constant Risk strategy to automatically de-risk portfolios when markets display high volatility and increase risk when volatility is low. INK Research Corp. INK stands for Insider News and Knowledge. INK Research Corp. operates as an independent Canadian-based financial information firm that focuses on providing commercial monitoring and research on insider trading reports in the Canadian and U.S. markets. Through its research, INK provides investors, analysts, advisors and institutions an edge in growth and value investing through better access to and understanding of insider reports.
7 To learn more, please visit Horizons ETFs is a member of Mirae Asset Global Investments. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the Horizons Exchange Traded Products ). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the prospectus before investing. Certain statements contained in this news release constitute forward looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as may, will, should, expect, anticipate, believe, intend or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Horizons ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law _H
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