TABLE OF CONTENTS. First Level Tests Page 3. Equity Tests Page 4. Sector Equity Tests Page 5. North American Equity Tests Page 6

Transcription

1

2 TABLE OF CONTENTS First Level Tests Page 3 Equity Tests Page 4 Sector Equity Tests Page 5 North American Equity Tests Page 6 Fixed Income Tests Page 7 Balanced Tests Page 8 LEGEND Indicates YES to test Indicates NO to test Fund Allocation Test CIFSC Fund Category Unless otherwise noted, tests are applied to non-cash assets All classification decisions are based on weighted average values calculated from observations of fund holdings data over a period of three years.

3 FIRST LEVEL TEST Fund Allocation Test CIFSC Category Assignment No Portfolio Holdings Provided? Miscellaneous Undisclosed Holdings Retail Venture Capital Fund? Retail Venture Capital Does the Fund meet Money Market Fund Requirements or does it use synthetic strategies to track a Money Market fund or portfolio of money market securities? Go To Money Market Fund Tests Passively managed with inverse or leveraged exposure to an index or asset class? Passive Inverse/Leveraged Leverage and Short Selling in excess of allowable limits for retail funds? Alternative Strategies Cash and Equivalents 50%? Go To Miscellaneous Sub-Category Tests Invests primarily in physical commodities or gains exposure to commodities using derivatives? Commodity Other Assets 10%? Manual Classification Equities 90% of Non Cash Assets? Go To Equity Fund Tests Fixed Income 95% of Non Cash Assets? Go To Fixed Income Tests Go to Balanced Fund Tests

4 MONEY MARKET FUND TESTS Meet the definition of a Money Market fund as set out in National Instrument ? Securities denominated in Canadian dollars? Canadian Money Market Securities denominated in U.S. dollars? U.S. Money Market Miscellaneous Income and Real Property Miscellaneous Income and Real Property

5 MISCELLANEOUS SUB-CATEGORY TESTS Focus on income securities or income equivalents? Miscellaneous Income and Real Property Miscellaneous - Other

6 EQUITY TESTS Industry Sector Concentration Score > 65 Go To Sector Equity Tests Emerging Markets 90% Emerging Markets Equity Canadian Equity 50% or Canadian plus US Equity 90% Go To North American Equity Tests European Equity 90% European Equity Greater China Equity 90% Greater China Equity Asia/Pacific Equity 90% Japanese Equity 5% Asia Pacific ex-japan Equity Asia Pacific Equity Canadian and US Equity 10% and Developed Markets 70% International Equity Average Market Cap of the Fund Mid Cap Threshold? Global Small/Mid Cap Equity Invest Primarily in Infrastructure? Global Infrastructure Equity Global Equity

7 SECTOR EQUITY TESTS Precious Metals 90% Precious Metals Equity Natural Resources 90% Natural Resources Equity Real Estate 90% Real Estate Equity Financial Services 90% Financial Services Equity

8 NORTH AMERICAN EQUITY TESTS Canadian Equities 90% of Portfolio Average Market Cap Mid Cap Threshold? Canadian Small/Mid Cap Equity Fund Yield Benchmark Yield Canadian Dividend & Income Equity Canadian Equity U.S. Equity 90% Average Market Cap Mid Cap Threshold? U.S. Small/Mid Cap Equity U.S. Equity Canadian Equity 50% Average Market Cap Mid Cap Threshold Canadian Focused Small/Mid Cap Equity Canadian Equity 70% and Fund Yield Benchmark Yield Canadian Dividend & Income Equity Canadian Focused Equity Canadian and U.S. Equity 90%? North American Equity

9 . FIXED INCOME TESTS Relatively high focus on a certain sector or geographic region, or high focus on certain fixed income security type? Preferred Share > 90% Preferred Share Fixed Income Focus on Emerging Markets? Emerging Markets Fixed Income Manual Classification Weighted Average Credit Rating below Investment Grade or > 40% High Yield Securities? High Yield Fixed Income Canadian Fixed Income 90% Inflation Protected Fixed Income 90%? Canadian Inflation Protected Fixed Income Average Duration < 3.5. Years Canadian Short Term Fixed Income Average Duration > 9.0 Years Canadian Long Term Fixed Income Corporates > 60% Canadian Corporate Fixed Income Canadian Fixed Income Corporates > 60% Global Corporate Fixed Income Global Fixed Income

10 BALANCED FUND TESTS Is the Fund a Target Date Portfolio Fund? Assigned to Target Date Category based on Maturity Date Does the Fund employ Tactical Asset Allocation Strategies? Tactical Balanced Total Assets 70% Canadian? Equities > 60% of Total Assets Canadian Equity Balanced Equities 40% and 60% of Total Assets Canadian Neutral Balanced Equities < 40% of Total Assets Canadian Fixed Income Balanced Equities > 60% of Total Assets Global Equity Balanced Equities 40% and 60% of Total Assets Global Neutral Balanced Equities < 40% of Total Assets Global Fixed Income Balanced