Knowledge & Insights Performance universe of pension managers pooled funds

Transcription

1 Knowledge & Insights Performance universe of pension managers pooled funds As at March 3, 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, Partner Asset & Risk Management Performance universe of pension managers pooled funds as at March 3, 208 April 208 2

3 Diversified funds As at March 3, 208 Fund name Manager style Addenda Balanced Pooled Fund Core -0,23-0,23 5,23 8 4,93 9 AGF Pooled High Income GARP -2,6 36-2,6 36,6 37 2, ,30 37 Burgundy Balanced Foundation II Value -0,7 20-0,7 20 3,9 28 5,37 3 9,2 0 Burgundy Balanced Pension II Value -2, , , ,9 4 8,73 9 CC&L Balanced Plus Fund II Core -0,24 2-0,24 2 5,27 7 4, ,65 2 CC&L Genesis Fund Core -0,26 3-0,26 3 5,29 6 4, ,6 22 CGOV Balanced Core -0,28 4-0,28 4 4,4 24 4,9 2 8,92 7 CGOV Equity Fund Core -0,70 9-0,70 9 7,28 7 7,57 2 2,95 2 CI Signature Canadian Balanced Core -,7 29 -,7 29 6,82 8 5,0 7 8,49 25 CI Signature Income & Growth Fund Core -,2 26 -,2 26 7,29 6 5,52 8,98 3 CIBC Pooled Balanced Fund Core -,6 28 -,6 28 3, ,48 3 7,09 34 Co-operators Value -, , , , ,6 30 Duncan Ross Equity Fund Value 3,59 3,59 5,84 9,79 5,58 Fidelity Strategic Balanced Trust Core -0,6 7-0,6 7 4, , ,77 8 Fidelity Tactical Asset Allocation Trust Other -0,8 24-0,8 24 6,52 9 4, ,50 24 Fiera Capital Balanced Core Fund Core 0,06 7 0,06 7 6,06 5,50 2 9,23 9 Foyston, Gordon & Payne Value -0,69 8-0,69 8 5,02 2 5,4 5 7,96 3 Franklin Bissett Canadian Balanced Fund GARP -,4 32 -,4 32 3, , ,53 33 Franklin Bissett Dividend Income Fund GARP -4, , , ,95 8 6,50 36 Franklin Quotential Balanced Growth Growth 0,09 6 0,09 6 5,36 5 3, ,6 23 Franklin Templeton Institutional Balanced Trust GARP -0, ,75 22, , ,3 29 Gryphon Balanced Fund GARP -0,06 9-0,06 9 8,82 2 6,59 4 9,49 7 Guardian Balanced Fund Growth -,8 30 -,8 30 4, , ,89 32 Industrial Alliance Diversified Fund Core -0, 0-0, 0 5, , ,37 28 Industrial Alliance Opportunity Fund Core -0,30 5-0,30 5 5,50 4 4,7 34 8,96 4 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 208 April 208 3

4 Diversified funds As at March 3, 208 (cont d) Fund name Manager style Industrial Alliance Security Fund Core 0,49 3 0,49 3 3, , ,52 35 Invesco (Growth) Growth -0,72 2-0,72 2 2,4 35 3, ,39 27 Invesco (Trimark Value) Value -2, , ,2 25 6,20 5 9,68 5 Jarislowsky Fraser GARP -0, , ,36 3 4, ,95 5 Leith Wheeler Value -0, , , ,82 8 8,94 6 Manulife AM Monthly High Income Value -, , ,48 4 5,89 7 0,00 4 Mawer Balanced Pooled Fund GARP 0,96 2 0,96 2 8,3 3 6,59 3,6 3 MFS Balanced Fund Core 0,6 5 0,6 5 5,99 2 5,0 6 9,06 2 MFS Balanced Growth Fund Growth 0,28 4 0,28 4 7,35 5 5,7 0 9,56 6 MFS Balanced Value Fund Value -,3 27 -,3 27 2, ,5 30 9,6 PH&N Balanced Pension Trust GARP -0,37 6-0,37 6 6,35 0 5,76 9 9,40 8 Scheer Rowlett & Associates Value -,27 3 -,27 3 5,0 9 6,08 6 8,66 20 SEI Investments Value -0,03 8-0,03 8 5,70 3 4, ,4 26 Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 208 April 208 4

5 Diversified funds As at March 3, 208 (cont d) 2% 8% 4% 0% Rank % % % % % 5 th percentile 0,56 0,56 8,23 6,74,52 st quartile -0,4-0,4 6,28 5,66 9,2 Median -0,70-0,70 5,06 4,93 8,73 3 rd quartile -,7 -,7 3,85 4,63 8,37 95 th percentile -2,20-2,20,2 3,82 6,5 Benchmark 2-0,69-0,69 4,93 4,38 7,63 Benchmark 3-0,76-0,76 5,08 4,62 7,98-4% 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, 208 April 208 5

6 Canadian bonds As at March 3, 208 Fund name Addenda (Government Long Term Active Duration) -0, , ,25 2, ,36 5 Addenda Bonds Corporate Core Pooled Fund 0,30 9 0,30 9, ,29 7 3,52 23 Addenda Core Bond Pooled Fund 0, ,24 26,66 42,4 53 2,99 49 Addenda Corporate Long Bond Pooled Fund 0,37 3 0,37 3 5,80 2 3,62 6 5,56 4 Addenda Long Term Provincial Index Pooled Fund -0, , ,53 3, ,94 7 Addenda Universe Active Duration 0,2 45 0,2 45,26 59, ,07 44 AGF Pooled Fixed Income 0,8 34 0,8 34,23 62,23 6 3,32 3 AlphaFixe Capital Floating Rate Bank Loans 0,93 3 0,93 3 2,60 9 2,95 7 AlphaFixe Capital Return Plus 0,45 8 0,45 8,80 38,88 28 AlphaFixe Capital Universe Active 0,4 4 0,4 4,87 34,78 3 3,32 33 Baker Gilmore Bond Fund 0, , ,2 28, , 43 Bond Fund Eterna 2 0, ,09 52,25 60,9 64 2,82 55 Burgundy Bond Fund 0,43 0 0,43 0,56 46, ,9 52 Burgundy Core Plus Bond Fund 0,44 9 0,44 9 2,26 2 2,72 9 3,48 25 Burgundy Total Return Bond Fund 0,43 0,43 3,50 4 4,52 4 4,39 4 CC&L Core Bond Composite 0, , ,92 68,4 54 3,22 38 CC&L Corporate Bond Fund 0,0 49 0,0 49,72 40 CC&L Long Bond Fund -0,8 68-0,8 68 4,65 0 2,0 22 4,83 0 CC&L Total Return Bond Fund -0, ,06 63,24 6 CC&L Ultra-Long Bond Fund -0,33 7-0,33 7 0,66 CI Signature Canadian Bond Fund 0,2 42 0,2 42 0,78 70, ,27 35 CI Signature Core Bond Fund 0,7 36 0,7 36 0,94 67, ,52 24 CI Signature Corporate Bond Fund 0,47 5 0,47 5 3,92 3 5,0 3 6,3 2 CIBC Pooled Canadian Bond Index Fund 0, 47 0, 47,52 49, ,0 47 CIBC Pooled Canadian Bond Overlay Fund -0,0 6-0,0 6,82 36, ,53 22 Performance universe of pension managers pooled funds as at March 3, 208 April 208 6

7 Canadian bonds As at March 3, 208 (cont d) Fund name CIBC Pooled Fixed Income Fund 0, 46 0, 46,55 47,7 36 3,5 42 Co-operators 0, ,26 23,80 37, ,36 29 Fidelity Canadian Bond Core Plus Trust 0, , ,9 24 2,03 2 3,3 34 Fidelity Canadian Bond Institutional Trust 0, ,25 24,9 33, ,24 36 Fidelity Canadian Long Bond Core Plus Trust 0, , ,30 5 2,68 4,75 3 Fidelity Canadian Long Bond Institutional Trust 0,09 5 0,09 5 5,34 4 2,3 6 4,82 Fiera Capital Active and Strategic Fixed Income Credit Fund 0,48 4 0,48 4 2, ,7 0 3,70 8 Fiera Capital Active and Strategic Fixed Income Active Universe Fund 0,32 6 0,32 6,49 5, ,92 5 Fiera Capital Active and Strategic Fixed Income Ethical ESG Fund 0,3 8 0,3 8,40 54, ,7 59 Fiera Capital Blended Active Fixed Income Fund 0,3 7 0,3 7,2 65, ,74 58 Fiera Capital Integrated Fixed Income - Credit Fund 0,33 5 0,33 5 2, ,46 3 3,58 20 Fiera Capital Tactical Fixed Income 0,46 6 0,46 6 2,62 8,44 5 2,77 56 Fiera Integrated Fixed Income - Universe Fund 0,20 3 0,20 3,99 32, ,38 27 Foyston, Gordon & Payne Conservative Bond Fund 0,45 7 0,45 7,5 63, ,0 48 Foyston, Gordon & Payne Universe Bond Fund 0,9 32 0,9 32,2 64 Franklin Bissett Bond Fund 0, , ,99 6 2,45 4 3,92 6 Guardian Canadian Bond Fund 0,4 40 0,4 40,3 57, ,83 54 Guardian High Yield,78,78 2,9 25 3,75 5 5,57 3 Guardian Short Duration Bond Fund 0, , ,06 73,26 60 Heward Income Fund -0, , ,5 27 Industrial Alliance Bond Fund 0,5 38 0,5 38,84 35, ,34 30 Industrial Alliance Long Term Bond Fund -0, , ,2 7 2,29 8 4,77 2 Industrial Alliance Short Term Bond Fund 0, , ,2 72, ,02 6 Invesco (Trimark Core) 0, 48 0, 48 2,9 23, ,7 4 Jarislowsky Fraser 0,2 30 0,2 30,29 58, ,02 46 Performance universe of pension managers pooled funds as at March 3, 208 April 208 7

8 Canadian bonds As at March 3, 208 (cont d) Fund name Leith Wheeler 0,8 33 0,8 33,59 43, ,22 37 Leith Wheeler Core Active Bond Fund 0, ,23 29,79 39, ,36 28 Leith Wheeler Core Plus Bond Fund 0,29 2 0,29 2 2,09 29 Manulife AM Index 0, ,08 53,38 56,2 63 2,88 53 Manulife Asset Management Real Return Bond Fund,38 2,38 2 3,43 5 0,9 67,57 63 Manulife Canadian Core Fixed Income 0, ,07 55,59 44, ,96 50 Manulife Canadian Core Plus Fixed Income -0, , , ,0 23 3,65 9 Manulife Canadian Long Duration Fixed Income -0, , ,95 8 2,4 9 4,92 9 Mawer Canadian Bond Pooled Fund 0,7 35 0,7 35 0,86 69,5 65 2,75 57 MFS Canadian Core Plus Fixed Income Fund -0, ,34 72,52 48 MFS Canadian Fixed Income Fund 0, ,07 56,48 52,5 46 3,9 40 MFS Canadian Long Term Fixed Income Fund -0, , ,25 6 2,34 5 4,93 8 Optimum Short Term Canadian Bonds 0,36 4 0,36 4 0,78 7, ,4 60 Optimum Universe Canadian Bonds 0,37 2 0,37 2,99 3 2, 20 3,82 7 Optimum Universe Quantitative Canadian Bonds 0, ,06 57,5 50, ,46 26 PH&N Bond Fund 0,2 44 0,2 44,43 53,58 4 3,32 32 PH&N Core Plus Bond Fund 0,7 37 0,7 37 2,7 26 2,5 2 PH&N Enhanced Total Return Bond Fund 0,4 39 0,4 39,67 4, ,56 2 PH&N High Yield Bond Fund 0,2 43 0,2 43 4,75 9 6,48 6,22 PIMCO Canada Canadian Core Plus Bond Trust 0, , ,98 66, ,2 39 PIMCO Canada Canadian Core Plus Long Bond Trust -0,5 67-0,5 67 4,32 2,74 8 5,8 6 RBC High Yield Bond Fund -,6 74 -,6 74 2,93 7 5,3 2 5,33 5 SEI Investments (Fixed Income) 0, ,05 58,38 55,5 47 3,06 45 Short-Term Bond Fund Eterna 2 0, , , ,8 66,96 62 Number of funds Non eligible for group RRSP Performance universe of pension managers pooled funds as at March 3, 208 April 208 8

9 Canadian bonds As at March 3, 208 (cont d) 6% 4% 2% Rank % % % % % 5 th percentile 0,47 0,47 5,32 4,29 5,54 st quartile 0,30 0,30 2,58 2,29 3,87 Median 0,6 0,6,80,74 3,32 3 rd quartile 0,07 0,07,38,47 3,0 95 th percentile -0,33-0,33 0,78,9 2,44 Benchmark 0,0 0,0,36,2 2,89 0% -2% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 208 April 208 9

10 Canadian bonds Universe mandate As at March 3, 208 Fund name Addenda Active Duration 0,2 28 0,2 28,26 3,83 8 3,07 22 Addenda Core Bond 0,24 2 0,24 2,66 6,4 27 2,99 27 AGF Pooled Fixed Income 0,8 9 0,8 9,23 34, ,32 AlphaFixe Capital Return Plus 0,45 3 0,45 3,80 3,88 6 AlphaFixe Capital Universe Active 0,4 25 0,4 25,87 0,78 9 3,32 3 Baker Gilmore Universe Bond Fund 0,23 3 0,23 3 2,2 6, , 2 Bond Fund Eterna 2 0, ,09 32,25 32,9 36 2,82 32 Burgundy Core Plus Bond Fund 0,44 4 0,44 4 2,26 3 2,72 3,48 5 CC&L Core Bond Fund 0, , ,92 39,4 28 3,22 7 CC&L Total Return Bond Fund -0, ,06 39,24 33 CI Signature Canadian Bond Fund 0,2 26 0,2 26 0,78 4, ,27 4 CI Signature Core Bond Fund 0,7 2 0,7 2 0,94 38,62 5 3,52 4 CIBC Pooled Canadian Bond Index Fund 0, 30 0, 30,52 2, ,0 25 CIBC Pooled Fixed Income Fund 0, 29 0, 29,55 9,7 3 3,5 20 Co-operators 0,26 0 0,26 0,80 2,52 9 3,36 9 Fidelity Canadian Bond Institutional Trust 0,25 0,25,9 9,72 2 3,24 5 Fiera Capital Active and Strategic Fixed Income Ethical ESG Fund 0,3 8 0,3 8,40 26,32 3 2,7 36 Fiera Capital Active Fixed Income Universe Fund 0,32 6 0,32 6,49 23, ,92 29 Fiera Capital Blended Active Fixed Income Strategy 0,3 7 0,3 7,2 37, ,74 35 Fiera Capital Tactical Fixed Income 0,46 0,46 2,62 2, ,77 33 Fiera Integrated Fixed Income - Universe Fund 0,20 6 0,20 6,99 8,74 3,38 7 Foyston, Gordon & Payne Conservative Bond Fund 0,45 2 0,45 2,5 35,59 6 3,0 26 Foyston, Gordon & Payne Universe Bond Fund 0,9 7 0,9 7,2 36 Franklin Bissett Bond Fund 0,26 9 0,26 9 2,99 2,45 2 3,92 Guardian Canadian Bond Fund 0,4 24 0,4 24,3 29, , Non eligible for group RRSP Performance universe of pension managers pooled funds as at March 3, 208 April 208 0

11 Canadian bonds Universe mandate As at March 3, 208 (cont d) Fund name Heward Income Fund -0, , ,5 5 Industrial Alliance Bond Fund 0,5 22 0,5 22,84,89 4 3,34 0 Invesco (Trimark Core) 0, 3 0, 3 2,9 4,89 5 3,7 9 Jarislowsky Fraser 0,2 5 0,2 5,29 30, ,02 24 Leith Wheeler 0,8 8 0,8 8,59 7,55 8 3,22 6 Leith Wheeler Core Active Bond Fund 0,23 4 0,23 4,79 4,77 0 3,36 8 Manulife AM Canadian Bond Index 0, ,08 33,38 28,2 35 2,88 30 Manulife AM Canadian Core Fixed Income 0, ,07 34,59 8, ,96 28 Mawer Canadian Bond Pooled Fund 0,7 20 0,7 20 0,86 40,5 37 2,75 34 MFS Canadian Core Plus Fixed Income Fund -0,34 4-0,34 4,52 20 MFS Canadian Fixed Income Fund 0, ,07 35,48 24,5 20 3,9 8 Optimum Universe Canadian Bonds 0,37 5 0,37 5,99 7 2, 3 3,82 2 Optimum Universe Quantitative Canadian Bonds 0, ,06 36,5 22,68 4 3,46 6 PH&N Bond Fund 0,2 27 0,2 27,43 25,58 7 3,32 2 PH&N Enhanced Total Return Bond Fund 0,4 23 0,4 23,67 5,87 7 3,56 3 SEI Investments (Fixed Income) 0, ,05 37,38 27,5 2 3,06 23 Number of funds Performance universe of pension managers pooled funds as at March 3, 208 April 208

12 Canadian bonds Universe mandate As at March 3, 208 (cont d) 4% 3% 2% % Rank % % % % % 5 th percentile 0,45 0,45 2,26 2,8 3,63 st quartile 0,25 0,25,84,77 3,34 Median 0,7 0,7,52,52 3,8 3 rd quartile 0, 0,,26,4 2,98 95 th percentile -0,06-0,06 0,92,2 2,75 Benchmark 0,0 0,0,36,2 2,89 0% -% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 208 April 208 2

13 Canadian equity As at March 3, 208 Fund name Manager style Addenda Canadian Equity Pooled Fund Value -4,9 39-4,9 39 2, ,26 3 9,08 27 BlackRock Active Canadian Equity Core -3, , , , ,69 49 BlackRock Canada Alpha Advantage Fund Core -2,98 3-2,98 3 0, , ,90 47 Burgundy Canadian Large Cap Fund Value -6,0 55-6,0 55 -,95 56, ,90 52 Canadian Equity Fund Eterna 2 Core -4, , ,2 5 7,84 4 9,42 9 CC&L Canadian Equity Fund Core/GARP -4, ,03 35, 45 3, ,47 7 CC&L Q Canadian Equity Core Fund Core -2,82 8-2,82 8 3,8 7 5,4 23 8,82 32 CC&L Q Canadian Equity Growth Fund Growth -,6 4 -,6 4 5,38 0 5,86 8 0,02 8 CGOV Canadian Equity Fund GARP -5, , , , ,09 45 CGOV Dividend Fund Core -4, , , , ,77 7 CI Cambridge All Canadian Equity GARP -3, , , ,93 43,40 4 CI Signature Canadian Equity Plus Core -2,62 6-2,62 6 0,49 2 8,42 2 2,04 CI Signature Dividend Core -,35 3 -,35 3 5,76 8 6,20 4 9,36 20 CIBC (Value) Value -6,5 57-6,5 57, , ,58 50 CIBC S&P/TSX Index Fund Passive Index -4,5 45-4,5 45, , ,88 48 Co-operators Value -4, , ,66 3 6,7 5 9,93 Cote 00 Canadian Large Cap Core -2,3 5-2,3 5 0, ,54 35,52 3 Fidelity Canadian Core Equity Institutional Trust Core -4, , ,4 37 4, ,49 6 Fidelity Canadian Focused Equity Institutional Trust Core -3,3 6-3,3 6 3,8 26 5,2 26,28 5 Fidelity Canadian Systematic Equity Institutional Trust Core -3, , , , ,86 2 Fiera Capital Canadian Equity Core Core -2,8 7-2,8 7 3,86 6 4, ,5 36 Fiera Capital Can. Equity Opportunities Ethical ESG Fund Value -3, , ,78 7 6,30 2 9,23 24 Fiera Capital Canadian Equity Opportunities Fund Value -4,0 33-4,0 33 6,08 6 6,59 0 9,45 8 Foyston, Gordon & Payne Value -3, , ,49 9 7,07 7 9,05 28 Franklin Bissett Canadian Equity Fund Growth -5, , , , ,56 35 GARP: growth of reasonable price 2 Non eligible for group RRSP Performance universe of pension managers pooled funds as at March 3, 208 April 208 3

14 Canadian equity As at March 3, 208 (cont d) Fund name Manager style Gryphon Canadian Equity Fund GARP -3,00 4-3,00 4 8,59 4 7,47 5 9,94 0 Gryphon Total Equity Fund GARP -0,24-0,24 3,3 Guardian Canadian Equity Fund Growth -4, , , , ,82 3 Guardian Equity Income GARP -6, , , , ,44 55 Guardian Growth Income GARP -4, , , , ,95 5 Heward Canadian Dividend Growth Fund Core -6, , , ,93 6 8,3 38 Hexavest Canadian Equity Fund Core -6, , , , ,64 54 Hillsdale Canadian Core Equity Fund Core -2,9 0-2,9 0 3, ,70 9 9,96 9 Income Fund Eterna 2 Core -3, , , ,93 3 9,6 25 Industrial Alliance (Growth) Growth -3,35 8-3,35 8 4,27 2 5, ,32 2 Industrial Alliance Canadian Equity Value Value -3,07 5-3,07 5 3, ,88 3 Industrial Alliance Dividend Fund Large cap Value -4,24 4-4,24 4, ,97 8 9,27 22 Invesco (Growth) Growth -0,98 2-0,98 2 2,6 32 4,92 30,08 6 Invesco (Trimark Value) Value -5,2 50-5,2 50 3,77 8 0, ,20 56 Jarislowsky Fraser GARP -4, , ,9 5 5,4 22 8,93 29 Leith Wheeler Value -3, , ,04 4 6,66 9 9,58 5 Manulife AM Canadian Large Cap Growth Growth -3,6 7-3,6 7 4,09 3 4, ,64 4 Manulife AM Large Cap Value Value -4, , ,8 4 3, ,0 44 Manulife Capped Canadian Equity Fund Core -2,9-2,9 4,73 4, ,7 34 Mawer Canadian Equity Pooled Fund GARP -3, , ,74 9 6,47,79 2 MFS Canadian Research Equity Fund Core -2,92 2-2,92 2 3, , ,23 23 MFS Canadian Equity Fund Growth -3,6 24-3,6 24 3, ,53 5 9,6 26 MFS Low Volatility Canadian Equity Fund Value -4,3 42-4,3 42 -, , , 39 MFS Responsible Canadian Equity Fund Core -2,85 9-2,85 9 3,86 5 3, ,92 30 Optimum Canadian Equity Value -3, , , ,0 27 5,83 53 GARP: growth of reasonable price 2 Non eligible for group RRSP Performance universe of pension managers pooled funds as at March 3, 208 April 208 4

15 Canadian equity As at March 3, 208 (cont d) Fund name Manager style PCJ Canadian Equity Fund Growth -3, , , , ,07 46 PH&N Canadian Equity Fund Growth -5, , , ,04 4 8,4 37 PH&N Canadian Equity Value Fund Value -4, , , ,87 7 8,73 33 Quebec Equity Fund Eterna 2 Core -4, , ,84 3 0,27 RBC QUBE Canadian Equity Fund Growth -3,5 2-3,5 2 3,64 2 3, ,58 42 RBC QUBE Low Volatility Canadian Equity Fund Core -3,76 3-3,76 3, ,59 2 9,85 3 Scheer Rowlett Canadian Equity Fund Value -5,22 5-5,22 5 2, ,3 6 7,59 4 SEI Investments Other -3,43 9-3,43 9 2, ,7 39 8,00 40 Number of funds Non eligible for group RRSP Performance universe of pension managers pooled funds as at March 3, 208 April 208 5

16 Canadian equity As at March 3, 208 (cont d) 2% 8% 4% 0% -4% Rank % % % % % 5 th percentile -,57 -,57 8,78 7,86,43 st quartile -3,08-3,08 3,86 6,7 9,60 Median -3,7-3,7 2,73 4,97 8,99 3 rd quartile -4,32-4,32,49 3,93 7,56 95 th percentile -6, -6, -,56 2,84 5,78 S&P/TSX -4,52-4,52,7 4,07 6,93 S&P/TSX cap. -4,52-4,52,7 4,07 6,93-8% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 208 April 208 6

17 Small cap Canadian equity As at March 3, 208 Fund name Manager style CIBC Pooled Smaller Companies Fund Growth -7,8 7-7,8 7-3,77 9 2,35 6 7,30 7 Cote 00 Premier Growth 0,69 0,69 3,77 3 0,59 2 8,5 Fiera Capital Canadian Equity Small Cap Core Core -,74 2 -,74 2 0,79 4 2,05 7 0,5 4 Fiera Capital Small Cap Equity Fund Growth -7,70 8-7,70 8-5,45 0,35 0 9,62 5 Foyston, Gordon & Payne Canadian Small Cap Value -3,24 5-3,24 5 7,39 6,60 4 8,7 6 Franklin Bissett Small Cap Fund Growth -8,5 0-8,5 0-2,08 7,57 9 4,78 9 Guardian Small Mid Cap Equity GARP -7,89 9-7,89 9 -,4 6,7 8 4,25 0 Hillsdale Canadian Small Cap Equity Fund Core -2,67 3-2,67 3 6,0 2 2,2,76 3 Mawer Canadian Small Cap Equity Fund Serie O Core -2,94 4-2,94 4-0,74 5 7,65 3 5,09 2 PCJ Canadian Small Capitalization Fund Growth -4,70 6-4,70 6-2,87 8 5,3 5 6,8 8 Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 208 April 208 7

18 Small cap Canadian equity As at March 3, 208 (cont d) 20% 5% 0% 5% 0% -5% Rank % % % % % 5 th percentile -0,40-0,40 6,8,43 6,77 st quartile -2,74-2,74 3,03 7,39,36 Median -3,97-3,97 -,08 3,74 9,6 3 rd quartile -7,57-7,57-2,67,80 6,93 95 th percentile -8,03-8,03-4,70,45 4,49 SS&P/TSX small cap. BMO small cap. weighted -7,73-7,73-6,57 4,49 3,5-7,75-7,75-4,96 4,64 4,04-0% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 208 April 208 8

19 U.S. equity As at March 3, 208 Fund name Manager style Addenda U.S. Equity Pooled Fund GARP 3,08 7 3,08 7 8,58 7 8, ,08 2 Burgundy American Equity Value,72 7,72 7 7,24 2 0,8 5 7,99 3 Burgundy U.S. Small/Mid Cap Value 4,54 4 4,54 4 5,7 23 0,2 3 6,85 8 Co-operators Value 3,06 8 3,06 8 8,38 8 8, ,53 22 Cote 00 US Core 0,37 2 0,37 2 2,39 9 2,2 6 20,5 4 Duncan Ross Pooled Trust Value 4,42 5 4,42 5 8,26 3,35 8 8,44 9 Fidelity U.S. Large Cap Core Institutional Trust Core 2,00 5 2,00 5,3 2 8, ,43 0 Fiera Capital U.S. Equity ESG Core 2,77 9 2,77 9 4,49 5 2, ,03 2 Fiera Capital U.S. Equity Fund Core 2,63 0 2,63 0 4,53 4 2,94 3 2,96 3 Foyston, Gordon & Payne Value,57 8,57 8 4, , ,0 23 Franklin U.S. Opportunities Fund Growth 8,36 2 8,36 2 9,58 2 0,59 2 9,26 5 Franklin U.S. Rising Dividends Fund Value 0, , ,24 4 0,20 4 6,53 9 Hexavest US Funds Core -, , , ,27 7 6,07 2 Hillsdale U.S. Small Cap Equity Fund Core 4,03 6 4,03 6 4,00 7 5,8 2 23,03 Industrial Alliance U.S. Equity Core 0, , ,82 5 7, ,98 7 Jarislowsky Fraser GARP,4 20,4 20 6, ,23 8 7,32 4 Manulife AM U.S. Large Cap Core Pooled Fund Core,28 9,28 9 8,6 6 2,28 5 9, 6 Mawer U.S. Equity GARP 4,96 3 4,96 3 4,07 6,29 9 9,02 7 MFS U.S. Equity Core Fund Core 2,3 2 2,3 2,6,07 0 8,3 PH&N U.S. Equity Fund GARP 2,3 3 2,3 3 2,33 0 8,57 2 6,30 20 RBC QUBE U.S. Equity Fund Core 2,28 4 2,28 4 2,60 8,00 RBC QUBE U.S. Low Volatility Equity Fund Core 0,2 23 0,2 23 7,69 20,45 7 7,27 5 SEI U.S. Large Company Core,98 6,98 6 0,35 3 8,83 9 7,2 6 T. Rowe Price US Large-Cap Core Growth Equity Pool GARP 8,48 8,48 26,88 6,5 UBS (Canada) American Equity Fund Core 2,5 2,5 8,23 9 9,53 6 8,8 8 Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 208 April 208 9

20 U.S. equity As at March 3, 208 (cont d) 25% 20% 5% 0% Rank % % % % % 5 th percentile 7,68 7,68 9,32 4,73 22,02 st quartile 3,08 3,08 4,00,45 9,07 Median 2,3 2,3 0,35 0,2 8,08 3 rd quartile,28,28 8,23 8,83 6,92 95 th percentile 0,07 0,07 4,62 8,00 4,68 S&P 500 2,00 2,00 0,52,44 8,84 5% 0% year 3 years 5 years Performance universe of pension managers pooled funds as at March 3, 208 April

21 International equity As at March 3, 208 Fund name Manager style Addenda Capital s EAFE Equity Pooled GARP -0, , , ,95 25,65 2 CC&L Q International Equity Fund Core 2,05 2,05 6,24 9 9,33 7 5,02 3 CIBC Pooled EAFE Equity Growth 0,92 2 0,92 2 8,8 5 6,46 22,55 22 CIBC Pooled International Equity Index Fund Index,9 9,9 9 0, ,04 23,53 23 Fidelity Concentrated International Small Cap Trust Value 2,08 0 2,08 0 8,58 4 2,8 2 6,80 Fidelity International Growth Institutional Trust Growth 2,47 4 2,47 4 3,54 7 6,49 2 2,0 8 Fidelity Select International Equity Institutional Trust Value,37 5,37 5 9, ,8 29,0 25 Fidelity Select International Plus Institutional Trust Value 2,2 7 2,2 7 3,76 5 6,90 7,78 20 Fiera Capital International Equity Ethical ESG Fund Core 2,3 9 2,3 9 4,74 3 9,07 9 3,78 8 Foyston, Gordon & Payne Value 0, ,82 23, , ,29 27 Global Alpha International Small Cap Equity Fund Core 5,05 5,05 2,6 2 8,0 Gryphon Europac GARP 2,42 5 2, ,72 3 9,60 6 3,9 7 Guardian International Equity Fund GARP,27 7,27 7 5,57 2 8,74 0 2,86 3 Hexavest Europac Fund Core,44 4,44 4 5, ,7 26 0,94 26 Hexavest Europac Fund Hedged in CAD,2 Core -4, ,02 30, , ,27 29 Industrial Alliance International Equity Core,9 8,9 8 5,85 0 7,53 4 3,25 International Alpha Tilts Core -, , ,07 6 7,5 5 9,37 28 International Equity Fund Eterna 3 Growth 0,0 27 0,0 27 7,39 8 0,6 4 4,27 6 Invesco (Growth) Growth,77 2,77 2 3,53 8 7,60 3 3,56 9 Jarislowsky Fraser GARP 0, ,22 26,5 2 6,6 20,25 24 Mawer International Equity Fund GARP 2,42 6 2,42 6 7,56 7 0,05 5 4,49 5 MFS International Equity Fund II Core,27 6,27 6 4,0 4 7,34 6 2,38 5 NS Partners International Equity Fund GARP 4,2 2 4,2 2 5,84 6,80 9 2,37 6 PH&N Overseas Equity Pension Trust Value 2,9 8 2,9 8 22,30 9,3 8 4,54 4 SEI Investments (Active) Value,72 3,72 3 3,58 6 7,8 2 2,90 2 GARP: growth of reasonable price 2 Hedged 3 Non eligible for group RRSP Performance universe of pension managers pooled funds as at March 3, 208 April 208 2

22 International equity As at March 3, 208 (cont d) Fund name Manager style Setanta EAFE Equity Fund Value 3,6 3 3,6 3, ,24 3 5,98 2 Sprucegrove Value 0, , ,02 9 8,33,98 9 Templeton EAFE Developed Markets Fund Value 0, , , ,85 8 3,29 0 Templeton International Equity Trust Value 0, , , , ,24 7 Templeton International Stock Trust Value 0, , , , ,43 4 Number of funds % 20% 5% 0% 5% Rank % % % % % 5 th percentile 3,69 3,69 2,2 2,55 5,60 st quartile 2,7 2,7 7, 9,25 3,78 Median,32,32 3,67 7,43 2,38 3 rd quartile 0,83 0,83 0,80 6,5,55 95 th percentile -,2 -,2 7,7 5, 9,74 E.A.F.E 4,32,32 0,98 6,8,69 0% -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 March 3, 208 April

23 Global equity As at March 3, 208 Fund name Manager style Addenda Capital s Global Equity Pooled Core,67 24, , , ,82 32 AGF Global Core Equity Pooled Fund Core,48 28, , ,7 22 5,44 8 Boston Partners Global Equity Value,66 25, , , ,06 8 Burgundy Global Equity Fund Value,4 33,4 33 7,0 44 9, ,28 3 CC&L Q Global Equity Fund Core 2,8 7 2,8 7 3,3 22 9,89 8 6,47 CGOV Equity Fund Core 2,43 6 2,43 6 2,4 24 7, ,59 37 CI Signature Global Equity Fund Core,26 30, , , , 30 Foyston, Gordon & Payne Global Equity Fund Value,53 27, ,5 34 7,7 45 2,84 36 Fidelity Select Global Equity Institutional Trust Core,63 26, , , ,20 2 Fidelity Select Global Plus Institutional Trust Core,97 20,97 20, ,9 36 5,04 23 Fiera Capital Global Equity Fund Core 3,0 3,0 6,03 3,78 2 8,22 5 Franklin World Growth Corporate Class (O) Growth 5,29 3 5, ,54 4 2,65 7 6,40 2 Global Alpha Global Small Cap Core 4,33 7 4,33 7 0,95 26,78 8,58 4 Global Dividend Income Fund Growth -4, , , ,77 4 7,70 4 Global Equity Focus Fund Eterna 2 Core -2,0 48-2,0 48 3,0 52 7, ,62 28 Gryphon (GIIC Global Fund) GARP,93 2,93 2 7,23 0 0,20 6 5,85 5 Guardian Fundamental Global Equity Fund Core 5,47 2 5, ,35 5 5,8 2 Guardian Global Dividend Growth Equity GARP -, , , ,72 49,60 38 Heward Equity Fund GARP -2,8 49-2,8 49 6, 46 Hexavest ACWI Fund Core 0,5 43 0,5 43 4, ,8 37 3,43 34 Hexavest ACWI Fund Hedged in CAD,3 Core -3, , ,7 49 Hexavest World Fund Core 0, , , , , 3 Hexavest World Fund Hedged in CAD,3 Core -3,86 5-3,86 5 3,45 5 6, ,9 40 Hillsdale Global Small Cap Equity Fund Core 2,72 4 2,72 4 6,53 2 4,78 3 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, 208 April

24 Global equity As at March 3, 208 (cont d) Fund name Manager style Industrial Alliance Global Equity Core 0, , ,0 23 8,3 38 5,22 20 Invesco (Trimark Value) Value 0, , , ,85 9 5, 22 Invesco Global Small Cap Core 2,70 5 2,70 5 7,29 9,98 0 6,85 0 Jarislowsky Fraser GARP,03 36, , ,67 3 4,85 25 Manulife AM Global Equity Pooled Fund Core,29 29, , ,70 4 0,88 39 Mawer Global Equity Core 2,93 2 2,93 2 5,40 6 0,93 3 7,0 7 Mawer Global Small Cap Core 2,5 8 2,5 8 8,84 6 3,74 5 2,46 MFS Blended Research Global Equity Extension Fund Core,0 37,0 37 5,47 4 9, ,2 6 MFS Global Equity Growth Fund Growth 3,8 9 3,8 9 8, 7 2,2 9 6,93 9 MFS Global Research Fund Core 2,89 3 2,89 3 3,6 9 9,74 2 5,47 7 MFS Low Volatility Global Equity Fund Core,8 3,8 3 7,85 4 8,50 33 NS Partners Global Equity Fund Growth 3,94 8 3,94 8 4,56 8 9, ,00 4 Optimum Foreign Equity Value -0, , , , ,59 29 Orbis SICAV Global Equity Fund Core,8 32,8 32 7,94 8 5,40 9,74 2 PH&N Global Equity Fund GARP 4,34 6 4, , 2 3,80 4 9,6 3 RBC Global Equity Focus Fund Core 4,36 5 4, ,4 3,72 6 RBC QUBE Global Equity Fund Core 3,7 0 3,7 0 6,86 0,59 5 RBC QUBE Low Volatility Global Equity Fund Core 0,8 39 0,8 39 6, ,9 30 4,69 27 Schroder Global Alpha Fund (Canada) Core 2,0 9 2,0 9 3,25 2 9, ,38 9 Setanta Global Dividend Fund Value,86 22, , ,07 39 Setanta Global Equity Fund Value 0, , , ,8 7 5,8 6 Setanta Global SRI Equity Fund Value,4 34,4 34 9,75 3 Sprucegrove Value,08 35, , , ,7 33 T. Rowe Price Global Growth Equity Pool Growth 5,68 5,68 22,68 3 2,24 8 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at March 3, 208 April

25 Global equity As at March 3, 208 (cont d) Fund name Manager style Templeton Global Equity Trust Value 0, , , , ,0 24 Templeton Global Smaller Companies Value,78 23, ,90 7 9, ,08 35 Templeton Global Stock Trust Value 0,68 4 0,68 4 7, , ,75 26 UBS (LUX) Global Sustainable Equity Fund -(CAD) I-X acc,3 Growth (ESG) 4,6 4 4,6 4 5,40 5 9,3 27 Number of funds % 20% 5% 0% 5% Rank % % % % % 5 th percentile 4,9 4,9 2,50 4,39 9,6 st quartile 2,76 2,76 5,6 0,93 6,47 Median,58,58 0,85 9,54 5,20 3 rd quartile 0,79 0,79 7,99 8,8 4, 95 th percentile -2,8-2,8 3,88 6,49 0,88 MSCI World,58,58 9,8 8,6 5,06 0% -5% year 3 years 5 years 3 Hedged Performance universe of pension managers pooled funds as at March 3, 208 April

26 Other funds As at March 3, 208 Emerging markets Rank % % % % % 5 th percentile 5,98 5,98 26,45 4,9 4,29 st quartile 5,28 5,28 24,66 3,27 2,28 Median 4,25 4,25 20,22,95 0,60 3 rd quartile,90,90 5,87 8,87 9, 95 th percentile 0,49 0,49 7,28 7,47 6,90 MSCI Emerging Markets 4,4 4,4 2,20 9,86 0,5 Number of funds Hedge funds As at March 3, 208 Fund name CC&L All Strategies Fund,80 3,80 3 4,79 3 6,83 3 6,6 2 CC&L Multi-Strategy Fund,28 4,28 4 2,27 5 4,49 5 0,43 5 CC&L Q Equity Extension Fund -3,5 6-3,5 6 3,73 4 7,20 2,74 4 CC&L Q Market Neutral Fund 3,56 2 3,56 2 7,5 2 3,25 7,5 Fiera Capital North American Market Neutral Fund,03 5,03 5 0,5 6,36 6 5,56 6 PCJ Absolute Return Fund 4,32 4,32 8,88 6,65 4 5,58 3 Dow Jones Credit Suisse Hedge Fund Index 3,26 3,26 2,4 2,43 8,66 Number of funds Performance universe of pension managers pooled funds as at March 3, 208 April

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 March 3, 208 April

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.