Knowledge & Insights Performance universe of pension managers pooled funds

Transcription

1 Knowledge & Insights Performance universe of pension managers pooled funds As at June 30, 2014

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 June 30, 2014 July 2014 Morneau Shepell 2

3 Diversified funds As at June 30, 2014 Fund name Manager style Quarter Year to date Acuity Pooled Canadian Balanced GARP Acuity Pooled Conservative AA GARP Acuity Pooled High Income GARP Beutel Goodman Value BMO Asset Management Balanced GARP Burgundy Balanced Foundation Value Burgundy Balanced Pension Value Burgundy Partners Balanced RSP Value CGOV Balanced Core CI Signature Canadian Balanced Core CI Signature Income & Growth Fund Core CIBC Pooled Balanced Fund Core Connor, Clark & Lunn Core Co-operators Value Desjardins Fiera Balanced Diversified Fund GARP Desjardins Invesco Balanced-Risk Allocation Duncan Ross Equity Fund Value 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 Heward Fund Other GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 1

4 Diversified funds Fund name Manager style Quarter Year to date Industrial Alliance 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 Mawer Balanced Pooled Fund GARP MFS MB Balanced Core Core MFS MB Balanced Growth Fund Growth MFS MB Balanced Growth Pension Fund Growth MFS MB Balanced Value Fund Value MFS MB Responsible Balanced Fund Value PH&N Balanced Pension Trust GARP Pyramis Strategic Balanced Trust Core Pyramis Tactical Asset Allocation Trust Other Scheer Rowlett & Associates Value SEI Investments Value Standard Life Core TD Emerald Balanced Fund Passive Templeton Canadian Balanced Fund Value Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 2

5 Diversified funds 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile Benchmark Benchmark % 0% Quarter Year to date 1 year 3 years 5 years 1 45% fixed income/55% equity 2 40% fixed income/60% equity Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 3

6 Canadian bonds As at June 30, 2014 Fund name Quarter Year to date Acuity Pooled Fixed Income Addenda (Government Long Term Active Duration) Addenda Bonds Corporate Core Pooled Fund Addenda Core Bond Pooled Fund Addenda Core Long Bond Pooled Fund Addenda Corporate Long Bond Pooled Fund Addenda Universe Active Duration Baker Gilmore Bond Fund Beutel Goodman Beutel Goodman (Long Term) Beutel Goodman (Prov./Corp.) BMO Asset Management Bond Fund Burgundy Bond Fund Burgundy Core Plus Bond Fund Burgundy Total Return Bond Fund Casgrain S.E.C CC&L Bond Fund CC&L Long Bond Fund (Pool) 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 Desjardins AlphaFixe Bond Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 4

7 Canadian bonds Fund name Quarter Year to date Desjardins Canadian Bond Desjardins Enhanced Bond Desjardins Ethical Income Fund Desjardins Short Term Income 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 - Long Term Fund Fiera Integrated Fixed Income - Universe Fund Foyston, Gordon & Payne Franklin Bissett Bond Fund Industrial Alliance (Fund B) Invesco (Trimark Core) Jarislowsky Fraser Leith Wheeler Leith Wheeler Core Active Bond Fund Manulife AM Index Manulife Canadian Core Fixed Income Manulife Canadian Core Plus Fixed Income Mawer Canadian Bond Pooled Fund MFS MB Fixed Income Fund Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 5

8 Canadian bonds Fund name Quarter Year to date MFS MB Long Term Fixed Income Fund MFS MB Responsible Fixed Income Fund MFS MB Short Term Fixed Income Fund Optimum Canadian Bond Optimum Quebec Bond 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 Pyramis Bond Core Plus Pyramis Canadian Bond Trust Pyramis Canadian Long Bond Core Plus Trust Pyramis Canadian Long Bond Trust SEI Investments (Fixed Income) SL Corporate Bond Fund (SLMF) Standard Life Standard Life (Long Term) Standard Life (RRB) TD Quantitative (Long Term) TD Quantitative Capital TD Quantitative Capital (PFT) UBS (Canada) High Yield Debt Fund Number of funds Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 6

9 Canadian bonds 10% 8% 6% 4% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile FTSE TMX Canada Universe Bond % 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 7

10 Canadian bonds Universe mandate As at June 30, 2014 Fund name Quarter Year to date Acuity Pooled Fixed Income Addenda Active Duration Addenda Bonds Universe Core Pooled Fund Baker Gilmore Bond Fund Beutel Goodman BMO Asset Management Bond Funds Burgundy Core Plus Bond Fund CC&L Bond Fund CI Signature Bond Plus Fund CI Signature Canadian Bond CIBC Pooled Canadian Bond Index Fund CIBC Pooled Fixed Income Fund Co-operators Desjardins AlphaFixe Bond Desjardins Canadian Bond Desjardins Enhanced Bond Desjardins Ethical Income Fiera Capital Active Fixed Income Universe Fund Fiera Capital Blended Active Fixed Income Fund Fiera Capital Ethical Active Fixed Income Universe Fiera Capital Tactical Fixed Income Fiera Integrated Fixed Income - Universe Fund Foyston, Gordon & Payne Franklin Bissett Bond Fund Industrial Alliance (Fund B) Invesco (Trimark Core) Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 8

11 Canadian bonds Universe mandate Fund name Quarter Year to date Jarislowsky Fraser Leith Wheeler Leith Wheeler Core Active Bond Fund Manulife AM Canadian Bond Index Manulife AM Canadian Core Fixed Income Mawer Canadian Bond Pooled Fund MFS MB Fixed Income Fund MFS MB Responsible Fixed Income Fund Optimum Canadian Bond PH&N Bond Fund PH&N Total Return Bond Fund Pyramis Canadian Bond Trust SEI Investments (Fixed Income) Standard Life TD Quantitative (PFT) TD Quantitative Capital Number of funds Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 9

12 Canadian bonds Universe mandate 8% 6% 4% 2% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile FTSE TMX Canada Universe Bond % Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 10

13 Canadian equity As at June 30, 2014 Fund name Manager style Quarter Year to date Acuity Pld Canadian Equity GARP Acuity Pld Pure Canadian Equity GARP Addenda Canadian Equity Pooled Fund Value 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 CC&L Canadian Q Value Fund Value 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 Desjardins Canadian Equity Growth Growth Desjardins Canadian Equity Value Value Desjardins Ethical Canadian Equity Value 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 June 30, 2014 July 2014 Morneau Shepell 11

14 Canadian equity Fund name Manager style Quarter Year to date 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 Core Equity Trust Core Franklin Bissett Canadian Dividend Fund Core Franklin Bissett Canadian Equity Fund Growth GE Canadian Equity Pooled Fund Core Gryphon GARP Heward Canadian Dividend Growth Fund Growth Hexavest Core Hillsdale Canadian Core Equity Fund Core Industrial Alliance (Growth) Growth Industrial Alliance (Large Cap) Large cap value Invesco (Growth) Growth Invesco (Trimark Value) Value Invesco (Value) Value Jarislowsky Fraser GARP Leith Wheeler Value Manulife AM Canadian Large Cap Growth Growth Manulife AM Large Cap Value Value Mawer Canadian Equity Pooled Fund GARP MFS MB Canadian Equity Core Fund Core MFS MB Canadian Equity Growth Fund Growth MFS MB Canadian Equity Value Fund Value Optimum Value GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 12

15 Canadian equity Fund name Manager style Quarter Year to date 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 Pyramis Canadian Core Equity Trust Core Pyramis Canadian Focused Equity Trust Core Pyramis Canadian Systematic Equity Trust Core RBC QUBE Low Volatility Canadian Equity Fund Core Scheer Rowlett & Associates Value SEI Investments Other SSgA Canadian Equity Index Plus 1 Core Standard Life Core Standard Life (Dividend) Large cap value TD Emerald Cdn Equity Index Fund Passive index TD Emerald Enhanced Cdn Equity PFT Enhanced index Number of funds Composite Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 13

16 Canadian equity 40% 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile S&P/TSX S&P/TSX cap % 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 14

17 Small cap Canadian equity As at June 30, 2014 Fund name Manager style Quarter Year to date Acuity Pooled Cdn Small Cap GARP Beutel Goodman Value BlackRock Active Canadian Small Cap Equity Fund Core BMO Asset Management Small Cap GARP CC&L Canadian Small Cap Fund Core CIBC Pooled Smaller Companies Fund 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 Hillsdale Core Standard Life Core Number of funds GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 15

18 Small cap Canadian equity 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile S&P/TSX small cap. BMO small cap. weighted % 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 16

19 U.S. equity As at June 30, 2014 Fund name Manager style Quarter Year to date Addenda U.S. Equity Pooled Fund Value 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 Desjardins American Equity Growth Growth Desjardins American Equity Value Value Desjardins Fiera U.S. Equity Index Hedged 1 Core Desjardins Lazard U.S. Strategic Equity Blend Duncan Ross Pooled Trust Value 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 GE Asset Management Core Hexavest Core Hillsdale U.S. Equity Core Jarislowsky Fraser GARP Manulife AM U.S. Large Cap Core Pooled Fund Core Mawer U.S. Equity GARP MFS MB U.S. Equity Core Fund Core MFS MB U.S. Equity Core Pension Fund Core GARP: growth of reasonable price 1 Hedged Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 17

20 U.S. equity Fund name Manager style Quarter Year to date PH&N U.S. Equity Fund GARP PH&N U.S. Pooled Pension Fund GARP Pyramis U.S. Large Cap Core Trust Core SEI U.S. Large Company Core Sprucegrove Value Standard Life Core TD Emerald HDG Syn U.S. Equity PFT 1,2 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 1 Hedged 2 Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 18

21 U.S. equity 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile S&P % 0% -5% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 19

22 International equity As at June 30, 2014 Fund name Manager style Quarter Year to date Addenda Capital s EAFE Equity Pooled GARP Beutel Goodman Value Burgundy EAFE Value CI Signature EAFE Core CIBC Pooled EAFE Equity Growth CIBC Pooled International Equity Index Fund Index Desjardins Baillie Gifford International Equity Core Desjardins Overseas Equity Growth Growth Desjardins Overseas Equity Value Value Fiera Capital International Equity Core Foyston, Gordon & Payne Value Franklin Bissett International Equity Value GE Asset Management GARP Gryphon Europac GARP Hexavest (Europac) Core Hexavest (Europac) Class B 1 Core International Alpha Tilts Core Invesco (Growth) Growth Jarislowsky Fraser GARP Mawer International Equity Fund GARP MFS MB International Equity Fund Core NS Partners International Equity Fund GARP PH&N Overseas Equity Pension Trust Value Pyramis Concentrated International Small Cap Value Pyramis International Growth Trust Growth GARP: growth of reasonable price 1 Hedged Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 20

23 International equity Fund name Manager style Quarter Year to date Pyramis Select International Equity Trust Value Pyramis Select International Plus Trust Value Pyrford International Value SEI Investments (Active) Value Sprucegrove Value Standard Life Core TD Quantitative Capital Passive Index Templeton International Equity Trust Value Templeton International Stock Trust Value UBS (Canada) International Equity Fund Core Number of funds Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 21

24 International equity 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile E.A.F.E % 0% -5% Quarter Year to date 1 year 3 years 5 years 2 E.A.F.E.: Europe, Australasia and Far East Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 22

25 Global equity As at June 30, 2014 Fund name Manager style Quarter Year to date Addenda Capital s Global Equity Pooled Core -1, , ,46 33 AGF Global Core Equity Pooled Fund Core Beutel Goodman Value BlackRock CDN Global Equity Focus Fund Value Burgundy Global Equity Fund Value Burgundy Global Focused Opportunities Fund Value Burgundy Partners Global Value CC&L Global Alpha Global Small Cap Core CC&L Q Global Equity Fund Core CGOV Equity Fund Core CI Signature Global Equity Fund Core Desjardins Ethical Global Equity Core Fiera Capital Global Equity Fund Core Fiera Capital Global Small Cap Strategy Growth Desjardins Baillie Gifford Global Equity Growth Desjardins Global Small Cap Equity Core Franklin World Growth Corporate Class (O) Growth Global Dividend Income Fund B Core Gryphon (GIIC Global Fund) GARP Hexavest Core Hexavest Global Equities All Countries Core Hexavest World Class B 1 Core Invesco (Trimark Value) Value Invesco Global Small Cap Core Standard Life Global Equity Fund Core Standard Life Global Dividend Growth Fund Core GARP: growth of reasonable price 1 Hedged Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 23

26 Global equity Fund name Manager style Quarter Year to date Jarislowsky Fraser GARP Manulife AM Global Equity Pooled Fund Core Mawer Global Equity Core Mawer Global Small Cap Core MFS MB Global Equity Growth Fund Growth MFS MB Global Equity Value Fund Value MFS MB Global Research Fund Core Pyramis Select Global Core Pyramis Select Global Plus Trust Core Schroder Global Alpha Fund (Canada) Core Schroder Global Blend Fund (Canada) Core Sprucegrove Value SSgA Global Managed Volatility Composite 2 Core Templeton Global Equity Trust Value Templeton Global Smaller Companies Value Templeton Global Stock Trust Value UBS (Canada) Global Sustainable Equity Fund Core Number of funds GARP: growth of reasonable price 2 Composite Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 24

27 Global equity 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile MSCI World % 0% -5% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 25

28 Other funds As at June 30, 2014 Mortgages Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile FTSE TMX Canada Mortgages Number of funds Emerging markets Rank Quarter Year to date % % % % % 5 th centile st quartile Median rd quartile th centile MSCI Emerging Markets Number of funds Hedge funds As at June 30, 2014 Fund name Quarter Year to date Fiera Capital Global Macro Fund Fiera Capital North American Market Neutral Fund Dow Jones Credit Suisse Hedge Fund Index Number of funds Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 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 June 30, 2014 July 2014 Morneau Shepell 27

30 Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of Employee and Family Assistance Programs, as well as the largest administrator of pension and benefits plans. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity, and improve their competitive position. Established in 1966, Morneau Shepell serves more than 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,500 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). Morneau Shepell 2014 Morneau Shepell Ltd.