Knowledge & Insights Performance universe of pension managers pooled funds

Transcription

1 Knowledge & Insights Performance universe of pension managers pooled funds As at March 3, 206

2 Asset Management Consulting 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, Partner Asset & Risk Management 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 March 3, 206 April 206 Morneau Shepell 2

3 Diversified funds As at March 3, 206 Fund name Manager style AGF Pooled Canadian Balanced GARP AGF Pooled Conservative AA GARP AGF Pooled High Income GARP Beutel Goodman Value Burgundy Balanced Foundation Value Burgundy Balanced Pension Value Burgundy Partners Balanced RSP Value CC&L Genesis Fund Core CC&L Group Balanced Plus Fund II Core CGOV Balanced 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 Fund Core Fiera Sceptre 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 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell

4 Diversified funds Fund name Manager style Guardian Balanced Fund Growth Heward Fund Other Industrial Alliance Diversified Fund GARP Industrial Alliance (Opportunity) Value Industrial Alliance (Security) Value Invesco (Growth) Growth Invesco (Trimark Value) Value Jarislowsky Fraser GARP Leith Wheeler Value Manulife AM Monthly High Income Value Manulife Asset Management Diversified Fund Core 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 TD Emerald Balanced Fund Passive Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 2

5 Diversified funds 5% 0% 5% 0% -5% 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 March 3, 206 April 206 Morneau Shepell 3

6 Canadian bonds As at March 3, 206 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 Universe Active Duration AGF Pooled Fixed Income Baker Gilmore Bond Fund Beutel Goodman Beutel Goodman (Long Term) Beutel Goodman (Prov./Corp.) Burgundy Bond Fund Burgundy Core Plus Bond Fund Burgundy Total Return Bond Fund Casgrain S.E.C CC&L Core Bond Composite CC&L Long Bond Fund CI Signature Bond Plus Fund CI Signature Canadian Bond CI Signature Canadian Corporate Bond CIBC Pooled Canadian Bond Index Fund CIBC Pooled Canadian Bond Overlay Fund CIBC Pooled Fixed Income Fund Co-operators Fidelity Bond Core Plus Fidelity Canadian Bond Trust Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 4

7 Canadian bonds Fund name Fidelity Canadian Long Bond Core Plus Trust Fidelity Canadian Long Bond Trust Fiera Capital Active Fixed Income Universe Fund Fiera Capital Blended Active Fixed Income Fund Fiera Capital Corporate Mid-Term Bond Fund Fiera Capital Corporate Universe Bond Fund Fiera Capital Ethical Active Fixed Income Universe Fiera Capital High Yield Strategy Fiera Capital Tactical Fixed Income Fiera Credit Fund Fiera Integrated Fixed Income - Universe Fund Foyston, Gordon & Payne Franklin Bissett Bond Fund Guardian Canadian Bond Fund Guardian High Yield Guardian Short Duration Bond Fund Industrial Alliance Bond Fund Industrial Alliance Long Term Bond Fund Industrial Alliance Short Term Bond Fund Invesco (Trimark Core) Jarislowsky Fraser Leith Wheeler Leith Wheeler Core Active Bond Fund Manulife AM Index Manulife Asset Management Real Return Bond Fund Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 5

8 Canadian bonds Fund name Manulife Canadian Core Fixed Income Manulife Canadian Core Plus Fixed Income Manulife Canadian Long Duration Fixed Income Mawer Canadian Bond Pooled Fund MFS Canadian Fixed Income Fund MFS Canadian Long Term Fixed Income Fund Montrusco Bolton Fixed Income Strategy Optimum Relative Value Bonds Optimum Short Term Canadian Bonds Optimum Universe Canadian Bonds Optimum Universe Quantitative Canadian Bonds PH&N Bond Fund PH&N High Yield Bond Fund PH&N Total Return Bond Fund PIMCO Canada Canadian Core Plus Bond Trust PIMCO Canada Canadian Core Plus Long Bond Trust SEI Investments (Fixed Income) TD Emerald Canadian Bond (Long term) TD Emerald Canadian Bond (PFT), TD Emerald Canadian Bond Index UBS (Canada) High Yield Debt Fund Number of funds Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 6

9 Canadian bonds 0% 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 March 3, 206 April 206 Morneau Shepell 7

10 Canadian bonds Universe mandate As at March 3, 206 Fund name Addenda Active Duration Addenda Bonds Universe Core Pooled Fund AGF Pooled Fixed Income Baker Gilmore Bond Fund Beutel Goodman Burgundy Core Plus Bond Fund CC&L Core Bond Composite CI Signature Bond Plus Fund CI Signature Canadian Bond CIBC Pooled Canadian Bond Index Fund CIBC Pooled Fixed Income Fund Co-operators Fidelity Canadian Bond Trust Fiera Capital Active Fixed Income Universe Fund Fiera Capital Blended Active Fixed Income Strategy Fiera Capital Ethical Active Fixed Income Universe Fiera Capital Tactical Fixed Income Fiera Integrated Fixed Income - Universe Fund Foyston, Gordon & Payne Franklin Bissett Bond Fundv Guardian Canadian Bond Fund Industrial Alliance Bond Fund Invesco (Trimark Core) Jarislowsky Fraser Leith Wheeler Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 8

11 Canadian bonds Universe mandate Fund name Leith Wheeler Core Active Bond Fund Manulife AM Canadian Bond Index Manulife AM Canadian Core Fixed Income Mawer Canadian Bond Pooled Fund MFS Canadian Fixed Income Fund Montrusco Bolton Fixed Income Strategy Optimum Universe Canadian Bonds Optimum Universe Quantitative Canadian Bonds PH&N Bond Fund PH&N Total Return Bond Fund SEI Investments (Fixed Income) TD Emerald Canadian Bond (PFT), TD Emerald Canadian Bond Index Number of funds Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 9

12 Canadian bonds Universe mandate 6% 5% 4% 3% 2% % Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile Benchmark 0% -% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 0

13 Canadian equity As at March 3, 206 Fund name Manager style Addenda Canadian Equity Pooled Fund Value AGF Pooled Canadian Equity GARP Beutel Goodman Value BlackRock Active Canadian Equity Core BlackRock Canada Alpha Advantage Fund Core Burgundy Canadian Large Cap Fund Value Burgundy Focus Canadian Equity Value CC&L Canadian Equity Fund Core/GARP CC&L Canadian Q Core Fund Core CC&L Canadian Q Growth Fund Growth CGOV Canadian Equity Fund GARP CGOV Dividend Fund Core CI Cambridge Core Canadian 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 Fidelity Canadian Core Equity Trust Core Fidelity Canadian Focused Equity Trust Core Fidelity Canadian Systematic Equity Trust Core Fiera Capital Canadian Equity - Growth Growth Fiera Capital Canadian Equity - Selexia Value Fiera Capital Canadian Equity - Value Value GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell

14 Canadian equity Fund name Manager style Fiera Capital Canadian Equity Core Core Fiera Capital Canadian Equity ESG - Selexia Value Fiera Capital Canadian Equity Value ESG Value Foyston, Gordon & Payne Value Franklin Bissett Canadian Dividend Fund Core Franklin Bissett Canadian Equity Fund Growth GE Canadian Equity Pooled Fund Core Gryphon GARP Guardian Canadian Equity Fund Growth Guardian Equity Income GARP Guardian Growth Income GARP Heward Canadian Dividend Growth Fund Core Hexavest 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 (Growth) Growth Invesco (Trimark Value) Value Jarislowsky Fraser GARP Leith Wheeler Value Manulife AM Canadian Large Cap Growth Growth Manulife AM Large Cap Value Value Manulife Capped Cdn Equity Fund (Manulife Asset Man.) Core Mawer Canadian Equity Pooled Fund GARP GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 2

15 Canadian equity Fund name Manager style MFS Canadian Equity Core Fund Core MFS Canadian Equity Growth Fund Growth MFS Canadian Equity Value Fund Value MFS Responsible Canadian Equity Fund Core Montrusco Bolton Growth Montrusco Bolton Quantitative Canadian Equity Quantitative Optimum Canadian Equity Value PCJ Investment Counsel Growth PH&N Canadian Equity Fund Growth PH&N Canadian Equity Plus Pension Trust Growth PH&N Canadian Equity Value Fund Value RBC QUBE Low Volatility Canadian Equity Fund Core Scheer Rowlett & Associates Value SEI Investments Other TD Emerald Cdn Equity Index Fund Passive Index TD Emerald Enhanced Cdn Equity PFT Enhanced Index Number of funds Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 3

16 Canadian equity 5% 0% 5% 0% -5% 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 March 3, 206 April 206 Morneau Shepell 4

17 Small cap Canadian equity As at March 3, 206 Fund name Manager style Beutel Goodman Value BlackRock Active Canadian Small Cap Equity Fund Core CC&L Canadian Small Cap Fund Core CIBC Pooled Smaller Companies Fund Growth Cote 00 Premier Growth Fiera Capital Canadian Equity Small Cap Core Core Fiera Capital Small Cap Equity Growth Foyston, Gordon & Payne Canadian Small Cap Value Franklin Bissett Small Cap Fund Growth Guardian Small Mid Cap Equity GARP Hillsdale Core Laurus Enterprise Small Cap Fund Core Montrusco Bolton Can. Small Cap Equity Strategy Core PCJ Canadian Small Capitalization Fund Growth Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 5

18 Small cap Canadian equity 20% 5% 0% 5% 0% -5% -0% 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 March 3, 206 April 206 Morneau Shepell 6

19 U.S. equity As at March 3, 206 Fund name Manager style Addenda U.S. Equity Pooled Fund GARP Beutel Goodman Value Burgundy American Equity Value Burgundy Smaller Companies Fund Value Burgundy U.S. Small/Mid Cap Value CC&L Q U.S. Equity Fund Core CGOV U.S. Equity Core Co-operators Value Cote 00 US Core Duncan Ross Pooled Trust Value Fidelity U.S. Large Cap Core Trust Core Fiera Capital U.S. Equity ESG Core Fiera Capital U.S. Equity Fund Core Foyston, Gordon & Payne Value Franklin Flex Cap Growth Fund (O) Growth Franklin U.S. Rising Dividends Fund Value Hexavest Core Hillsdale U.S. Equity 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 Montrusco Bolton Growth PH&N U.S. Equity Fund GARP GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 7

20 U.S. equity Fund name Manager style PH&N U.S. Pooled Pension Fund GARP SEI U.S. Large Company Core Sprucegrove Value TD Emerald HDG Syn U.S. Equity PFT,2,3 Index TD Emerald U.S. Market Index Index TD Emerald U.S. Pooled Fund Core UBS (Canada) American Equity Fund Core Number of funds GARP: growth of reasonable price 2 Not eligible for Group RRSP money 3 Hedged Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 8

21 U.S. equity 25% 20% 5% 0% 5% 0% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile S&P % -0% -5% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 9

22 International equity As at March 3, 206 Fund name Manager style Addenda Capital s EAFE Equity Pooled GARP Beutel Goodman Value Burgundy EAFE Value CC&L Q International Equity Fund Core CIBC Pooled EAFE Equity Growth CIBC Pooled International Equity Index Fund Index Fidelity Concentrated International Small Cap Value Fidelity International Growth Trust Growth Fidelity Select International Equity Trust Value Fidelity Select International Plus Trust Value Fiera Capital International Equity ESG Core Foyston, Gordon & Payne Value Franklin Bissett International Equity Value GE Asset Management GARP Global Alpha Small Cap EAFE Equity Fund Core Gryphon Europac GARP Guardian International Equity Fund GARP Hexavest (Europac) Core Hexavest (Europac) Class B,2 Core Industrial Alliance International Equity Core International Alpha Tilts Core Invesco (Growth) Growth Jarislowsky Fraser GARP Mawer International Equity Fund GARP MFS International Equity Fund II Core GARP: growth of reasonable price 2 Hedged Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 20

23 International equity Fund name Manager style NS Partners International Equity Fund GARP PH&N Overseas Equity Pension Trust Value SEI Investments (Active) Value Sprucegrove Value TD Emerald International Equity Passive Index Templeton International Equity Trust Value Templeton International Stock Trust Value Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 2

24 International equity 20% 5% 0% 5% 0% -5% Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile E.A.F.E % -5% year 3 years 5 years 3 E.A.F.E.: Europe, Australasia and Far East Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 22

25 Global equity As at March 3, 206 Fund name Manager style Addenda Capital s Global Equity Pooled Core AGF Global Core Equity Pooled Fund Core Beutel Goodman Value Burgundy Global Equity Fund Value Burgundy Global Focused Opportunities Fund Value Burgundy Partners Global Value CC&L Q Global Equity Fund Core CGOV Equity Fund Core CI Signature Global Equity Fund Core Fidelity Select Global Core Fidelity Select Global Plus Trust Core Fiera Capital Global Equity Fund Core Fiera Capital Global Small Cap Strategy Growth Franklin World Growth Corporate Class (O) Growth Global Alpha Global Small Cap Core Global Dividend Income Fund B Core Gryphon (GIIC Global Fund) GARP Guardian Fundamental Global Equity Fund Core Guardian Global Dividend Growth Equity GARP Hexavest Core Hexavest Global Equities All Countries Core Hexavest World Class B,2 Core Industrial Alliance Global Equity Core Invesco (Trimark Value) Value Invesco Global Small Cap Core GARP: growth of reasonable price 2 Hedged Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 23

26 Global equity Fund name Manager style 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 Montrusco Bolton Growth Optimum Foreign Equity Value PH&N Global Equity Fund GARP Schroder Global Alpha Fund (Canada) Core Sprucegrove Value Templeton Global Equity Trust Value Templeton Global Smaller Companies Value Templeton Global Stock Trust Value UBS (LUX) Global Sustainable Equity Fund -(CAD) I-X acc,3 Growth (ESG) Number of funds GARP: growth of reasonable price 3 Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 24

27 Global equity 20% 5% 0% 5% 0% -5% Rank Année à ce jour % % % % % 5 th percentile -2,5-2,5 7,98 9,59 8,06 st quartile -3,78-3,78 3,24 6,93 4,58 Median -5,8-5,8 0,6 5,68 2,42 3 rd quartile -7,8-7,8-2,69 4,7,63 95 th percentile -9,68-9,68-6,98 0,4 8,6 MSCI World -7,2-7,2 -,40 5,77 2,76-0% -5% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 25

28 Other funds As at March 3, 206 Emerging markets Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile MSCI Emerging Markets Number of funds 0 0 Mortgages Rank % % % % % 5 th percentile st quartile Median rd quartile th percentile Number of funds Hedge funds As at March 3, 206 Fund name CC&L All Strategies Fund CC&L Market Neutral Onshore Fund CC&L Multi-Strategy Fund CC&L Q Market Neutral Fund Fiera Capital North American Market Neutral Fund PCJ Absolute Return Trust Dow Jones Credit Suisse Hedge Fund Index Number of funds Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 26

29 The information herein has been drawn from sources believed to be reliable, but the accuracy or completeness of the information is not guaranteed, nor in providing it does Morneau Shepell Asset & Risk Management Ltd. ( MS ARM ) or its affiliates ( Morneau Shepell ) assume any responsibility or liability. MS ARM or Morneau Shepell is not liable for any errors or omissions in the information or for any loss or damage suffered. Where such statements are based in whole or in part on information provided by third parties, they are not guaranteed to be accurate or complete. The information does not provide individual financial, legal, tax or investment advice and is for information purposes only. Performance universe of pension managers pooled funds as at March 3, 206 April 206 Morneau Shepell 27

30 Morneau Shepell is the only human resources consulting and technology company that takes an integrative 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. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity and improve their competitive position. Established in 966, Morneau Shepell serves approximately 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With almost 4,000 employees, 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). Morneau Shepell 206 Morneau Shepell Ltd.