WILLOUGHBY INVESTMENT POOL

Transcription

1 WILLOUGHBY INVESTMENT POOL Q4 REPORT SERIES F DECEMBER 31, 2018 COMMENTARY ALLOCATION BY ASSET CLASS PERFORMANCE HISTORY PORTFOLIO HOLDINGS TRADING ACTIVITY

2 COMMENTARY Although financial markets showed great promise during the first three quarters of 2018, the fourth quarter erased profits and turned the year negative for most stocks, mutual funds and ETFs. The S&P 500 Index rose 8.99% between January and the end of September but fourth quarter weakness resulted in a loss for the year of 6.24%. The TSX Composite Index was relatively flat for the year on September 30 but then dropped to close the year down 10.6%, largely fueled by drops in the energy and financial services stocks. Willoughby, which is a balanced fund and holds a combination of stocks and bonds, rose 5.6% by September 30 but was dragged lower by the drop in North American equity markets to close the year down 6.93% in 2018 while its benchmark saw a 8.32% decline. During the fourth quarter of 2018, we reduced exposure to equities by selling some of our stock positions and raising cash. By December 31st, our defensive position had increased to 19.67% fixed income and 12.8% cash for a total defensive position of 32.47%. Until we see a change in market direction, we may add additional cash and become more defensive on short-term market rallies. On the other hand, we will redeploy our cash position when we feel confident that there is good value in equities and the market decline has subsided.

3 ASSET ALLOCATION & PERFORMANCE HISTORY ASSET ALLOCATION Cash & Cash Equivalent 12.9% Fixed Income Securities 20.3% Canadian Equity 22.7% American Equity 40.4% Foreign Equity 3.6% Notes: Funds have been allocated in more than one asset class. PERFORMANCE HISTORY $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 $9,500

4 PORTFOLIO HOLDINGS CASH & CASH EQUIVALENT 1832 ASSET MANAGEMENT DYN PWR GL GW-F/NL/N FIXED INCOME

5 PORTFOLIO HOLDINGS

6 PORTFOLIO HOLDINGS CANADIAN EQUITIES 1832 ASSET MANAGEMENT DYN PWR GL GW-F/NL/N

7 PORTFOLIO HOLDINGS AMERICAN EQUITIES 1832 ASSET MANAGEMENT DYN PWR GL GW-F/NL/N

8 PORTFOLIO HOLDINGS FOREIGN EQUITIES 1832 ASSET MANAGEMENT DYN PWR GL GW-F/NL/N

9 TRADING ACTIVITY PURCHASES HUSKY ENGY RED 3.6%10MR27 MONTREAL 3% 1SP27 BROOKFIELD C26 3.8%16MR27 FIRST AST U.S BUYBACK ETF METRO INC CB 3.39% 6DC27 CME GROUP INC CL-A ALIMENT COUCHE-TARD-B SV STARBUCKS CORP ROGERS COMMUNICATION-B NV NUTRIEN LTD GREAT CDN GAMING CORP EMERA INC 2.9% 16JN23 WESTON GEORGE 4.75%-V PFD ENBRIDGE INC PFD SER A WALGREENS BOOTS ALLIANCE LULULEMON ATHLETICA INC MASTERCARD INC CL-A APPLE INC BMO NSD100 EQ HDG CAD ETF ISHRS CORE S&P500 HDG ETF TFI INTERNATIONAL INC EXCH ICM CV RD5.35%30JN25 Average Purchase Price CAD CAD CAD CAD CAD USD CAD USD CAD CAD CAD CAD CAD CAD USD USD USD USD CAD CAD CAD CAD

10 TRADING ACTIVITY ASSET ALLOCATION DISPOSITIONS NETFLIX INC FACEBOOK INC CL-A CONSTELLATION SOFTWARE TRIPADVISOR INC COLLIERS INTL GRP INC SVS PREMIUM BRANDS HLDGS CORP COPART INC SAVARIA CORPORATION FIRST AST U.S BUYBACK ETF NUTRIEN LTD METHANEX CORP ADOBE INC OLD DOMINION FREIGHT LINE BMO NSD100 EQ HDG CAD ETF ISHARES U.S. S/C INDX ETF NVIDIA CORP ALIGN TECH INC UNITED HEALTH GROUP INC TFI INTERNATIONAL INC FIRST AST MRN CDA MOM ETF W W GRAINGER INC 1832 ASSET MANAGEMENT DYN EURO VAL-F /NL/N DOLLARAMA INC Average Disposition Price USD USD CAD USD CAD CAD USD CAD CAD CAD CAD USD USD CAD CAD USD USD USD CAD CAD USD CAD CAD

11 DISCLAIMER Disclosure: Data as of December 31, This report doesn t represent your personal portfolio and it is not meant to replace the investment account statements provided by your financial institution. The under lying holdings and data provided in this report represent those of the Willoughby Investment Pool. Your personal investment account held at your financial institution may include other securities in addition to the Willoughby Investment Pool. For specific information including the amount of units you hold in the Willoughby Investment Pool, your cost base and any income distributions, please refer to your investment account statements or contact your financial advisor. Commissions, trailing commissions, performance fees, management fees and expenses may be associated with pooled and mutual fund investments. Please read the Willoughby Investment Pool Simplified Prospectus before investing. You can obtain a Simplified Prospectus from Willoughby Asset Management Inc. The Simplified Prospectus for Willoughby Asset Management Inc. s investment funds does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. The fund returns are not guaranteed, values change frequently and past performance may not be repeated. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. All returns are presented net of all fees, including the management fee, administration fees and expenses and any performance fee that might apply. Your financial institution may charge other fees and expenses. The portfolio return figures represent those of the Willoughby Investment Pool Series F. The management fee may vary from series to series. For further information on different fund pricing options please refer to the Simplified Prospectus. WILLOUGHBY ASSET MANAGEMENT INC. MNP Tower, W Hastings St. Vancouver, British Columbia, V6E 0C3 Phone (local): Toll Free: admin@willoughbyasset.com