Performance Appraisal Report

Transcription

1 Brockhouse & Cooper Inc. Approved Participant in the Bourse de Montréal Inc. Performance Appraisal Report Participating Organization in The Toronto Strock Exchange Inc. Member: London Strock Exchange (LSE) National Association of Securities Dealers, Inc (NASD) Canadian Investor Protection Fund (CIFP) Securities Investor Protection Corporation (SIPC) International Securities Market Association (ISMA) Broker-dealer services are provided through Brockhouse & Cooper Inc Boul. René Lévesque West Suite 4025 Montréal, Québec H3B 4W8 Canada Tel Fax Brockhouse & Cooper International, Inc. Brockhouse & Cooper International, Inc. is a Registered Investement Advisor Manager: Product: Universe: Benchmark: Date: Currency: Jones Collombin Investment Counsel Inc. Jones Collombin Balanced Composite B&C CANADIAN BALANCED MANDATE B&C BAL'D September 30, 2010 CAD 10 Post Office Square, 8th floor Boston, MA USA Created : November 08, 2010

2 Table of Contents B&C CANADIAN BALANCED MANDATE INTRODUCTION 1 PARTICIPATING INVESTMENT MANAGEMENT FIRMS 2 COMPARATIVE RETURNS ANALYSIS - QUARTERLY/YEAR-TO-DATE RETURNS 3 - ANNUALIZED RETURNS 4 - CALENDAR YEAR RETURNS 5 - MOVING 4-YEAR RETURNS 6 COMPARATIVE RISK AND RISK ADJUSTED MEASURES - BULL/BEAR MARKET CAPTURE 7 - RISK/RETURN 8 - RISK-ADJUSTED PERFORMANCE 9 - SUMMARY MEASURES 10 GLOSSARY 11

3 Introduction Page 1 Dear Reader, We are pleased to provide you our Performance Appraisal Report or "PAR". Our reports are designed to be of particular interest to institutional investors. Our objective is to provide the reader with a concise review of the performance records of the world's leading investment managers. The report includes: (a) a list of all firms that have provided data for the mandate addressed in this report; (b) four graphs plotting individual manager returns against their peers and a relevant index over periods of up to ten years; (c) four graphs plotting a variety of individual manager risk and risk-adjusted performance measures against their peers and a relevant index over five or four years. All reported rates of return are total returns, (i.e., they include the effects of price changes as well as dividend or interest income), reduced by transaction costs but not by management fees. We hope that you will find our report a useful tool in your analysis of fund management performance, and we encourage you to call or write with any questions that you may have pertaining to this report. Facts and information provided in this report are believed to be accurate at the time of preparation. However, certain information in this document is provided to Brockhouse Cooper by third parties. Although Brockhouse Cooper believes this information is reliable, Brockhouse Cooper has not independently verified the information. This information is not to be re-produced, re-distributed or re-transmitted in any form by any means without prior expressed written consent from Brockhouse Cooper. We now maintain data on 35 investment mandates. Our samples are developed by ranking composite statistics, i.e., a single data set, on each participating manager. This results in sample data, e.g., calculated medians and quartiles, that is more useful for comparative analysis since calculations are not skewed by managers with large numbers of clients.

4 Participating Investment Management Firms B&C CANADIAN BALANCED MANDATE Page 2 AMI Partners Inc. Acuity Investment Management Inc. Addenda Capital Inc. Adroit Investment Management Aegon Capital Management Inc. BCV Asset Management Inc. BMO Asset Management Inc Barrantagh Investment Management Inc. Beutel Goodman & Company Ltd. Bissett Investment Management Blackrock, Inc. (New York) Bonavista Asset Management Ltd. Brookfield Soundvest Capital Management Ltd. Burgundy Asset Management Ltd. C.F.G.Heward Investment Management Ltd. CI Institutional Asset Management CIBC Asset Management Cardinal Capital Management Inc Connor Clark & Lunn Investment Management Cumberland Asset Management Davis - Rea Ltd. Investment Counsel Dixon Mitchell Investment Counsel Inc. Doherty & Associates Fiera Sceptre Inc. Foyston, Gordon & Payne, Inc. Frank Russell Company GWL Investment Management Ltd. Goodman & Company, Investment Counsel Ltd. Goodman Private Wealth Management Greystone Managed Investments Inc. Gryphon Investment Counsel Inc. Guardian Capital LP HSBC Global Asset Management (Canada) Limited Highstreet Asset Management HughesLittle Investment Management Ltd. Industrial Alliance Integra Capital Management Invesco Institutional J. Zechner Associates, Inc. Jarislowsky Fraser Limited Jones Collombin Investment Counsel Inc. Laketon Investment Management Legg Mason Canada Inc. Leith Wheeler Investment Counsel Ltd. Letko, Brosseau & Associates Inc. Lincluden Management Ltd. MFC Global Investment Management Mackenzie Global Advisors Mawer Investment Management Ltd. McLean Budden Morrison Williams Investment Management Ltd. Mulvihill Capital Management Inc. Optimum Asset Management Inc. Pfiffner Management Inc. Phillips, Hager & North Investment Management PineBridge Investments Pyramis Global Advisors QV Investors Inc. Scheer, Rowlett & Associates Investment Seamark Asset Management Ltd. Sionna Investment Managers Inc Sprung & Co Investment Counsel Inc. Standard Life Investments Inc TD Asset Management Inc. Templeton UBS Global Asset Management

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13 Glossary Page 11 This page shows selected measures of portfolio volatility and risk-adjusted return. These measures provide some insight into how a manager achieved a given level of historical performance. Each measure defines a portfolio characteristic that, when compared to a relevant index or to a peer group, will give further insight into the characteristics of the measured manager s style. No single measure completely captures a manager s style or performance characteristics, but each measure helps us better understand how a manager achieved a given level of performance. Jensens's Alpha: Alpha is the average difference between the return of the manager and the return of a passive strategy of equal market absolute risk. Information Ratio: The Information Ratio is computed by dividing a portfolio s active return relative to the benchmark by its Tracking Risk. Positive Information Ratios indicate value added from active management. Bear Market Capture: Bear Market Capture indicates how a manager has performed in falling markets. A bear market capture of 70 for a given manager indicates that in periods when market returns were negative, the manager s returns declined by only 70% of the market returns. A negative bear market capture indicates that when market returns were negative, the manager generated a positive return. When a portfolio s bear market capture number is ranked within Brockhouse Cooper s universe, the lowest bear market capture is given the highest rank; i.e., the first percentile. R-Squared: Sharpe Ratio: R-Squared is a measure that indicates the proportion of total risk attributable to market factors. An R-squared close to 1.0 indicates that the portfolio is highly correlated with the benchmark index. An R-squared well below 1.0 indicates that the portfolio is not highly correlated with the benchmark index. The Sharpe Ratio measures the relationship of the fund s excess return (i.e. the portfolio rate of return minus the riskfree rate) to its standard deviation. Beta: Beta measures the sensitivity or responsiveness of the fund s excess return to that of the market portfolio. A beta greater than 1.0 indicates a portfolio which is more volatile than the market. A beta less than 1.0 indicates a portfolio that is less volatile than the market. When a portfolio beta is ranked within Brockhouse Cooper s universe, the lowest beta is given the highest rank; i.e., the first percentile. Standard Deviation: Tracking Error: Standard Deviation is a measure of total volatility. It measures the degree to which a manager s quarterly returns vary from the mean of the manager s quarterly returns over the period measured. The Tracking Error measures the standard deviation of excess returns versus the selected Index. Bull Market Capture: Bull Market Capture indicates how a manager has performed in rising markets. A bull market capture of 70 for a given manager indicates that in periods when market returns were positive, the manager s returns increased by only 70% of the market returns. When a portfolio s bull market capture is ranked within Brockhouse Cooper s universe, the highest bull market capture is given the highest rank; i.e., the first percentile.