beam q4 & 2017 annual performance reviewtraining & integration on going in progress complete...

I. BEAM Overview Lourence SinghEquity Analyst, Real Estate

II. Balanced Portfolio Yuliya KimPortfolio Manager

III. Equity Portfolio Jas GillPortfolio Manager

IV. Fixed Income Portfolio Devin StewartPortfolio Manager

V. Going Forward Amit PrasadPortfolio Manager

Questions

VI. Appendix

Agenda

I. BEAM OverviewLourence Singh | Equity Analyst, Real Estate

[email protected]

3

▪ BEAM is unique in that management turns over every two years as students graduate from the program and enter

the work force

▪ Since inception Beedie Endowment Asset Management has had 5 cohorts and approximately 60 members

graduate from the program

4

Timeline

Source: BEAM

BEAM Overview

2014-15

4th

Cohort

2015-16

5th

Cohort

2013-14

3rd

Cohort

Feb 2012

1st

Cohort

2011-12

Founding

Cohort

Jan 2012

BEAM

Inception

Received

C$3 mm IC

2012-13

2nd

Cohort

2017-18

7th

Cohort

2016-17

6th

Cohort(Graduating)

2018-19

8th

Cohort Application

Deadline

Feb 25th

Recruitment

Source: BEAM

BEAM Overview

Lecture

Presentations

&

Campus

Promoting

BEAM 2017

Annual

Review

Application

Deadlines

Feb 24th at

11:59pm

Feb 26th –

28th

Interviewing

& Hiring

New Cohort

Training &

Integration

On going

In progress

Complete

6

Cohort Integration

Training & Education

▪ The 2017-2018 cohort and BEAM cohorts going forward will complete two 3-credit courses, specifically

tailored to help them manage the fund and learn the tools and methods necessary to evaluate portfolio and

security performance

Fund Initiatives

BUS

493

BUS

318

Management of Equity & Fixed Income Investments

Publishable research

Focusing on:

Industry/sector analysis

Credit analysis

Company valuation

BUS

493

Portfolio Management

Focusing on:

Portfolio management

Risk management

Performance measurement

Ethics

Leadership Transition

New Leadership Team

BEAM Overview

▪ Focusing on the

equity portfolio

▪ Focusing on IPS

compliance and

performance

measurement

▪ Focusing on ESG

integration and

training

▪ Focusing on the

fixed income

portfolio and

macroeconomic

forecasting

Devin StewartYuliya KimJas Gill Amit Prasad

8

Objectives

Source: BEAM Handbook

BEAM Overview

To preserve inflation-adjusted invested capital1

To outperform the equity benchmark by 150 basis points and outperform the fixed income

benchmark by 40 basis points on a rolling 4-year average2

Use ESG as a tool to conform to SFU endowment responsibilities and the UN’s principles for

responsible investment3

Provide an engaging educational experience that trains the next generation of responsible and

ethical finance professionals (for top-paying jobs)4

9

BEAM Overview

Select Full-Time Placements – Varying Positions Within Capital Markets

ER

38%

IB

38%

AM

13%

S&T

13%

Risk

Management

25%

CF

9%

PE

8%

ER

17%

S&T

8%

AM

8%IB

25%

2015 Placements 2016 Placements

Entry Level Salaries

$89,647 $88,705$97,245

$86,297$77,113

$32,790

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Asset

Management (AM)

Equity

Research (ER)

Investment

Banking (IB)

Private

Equity (PE)

Sales &

Trading (S&T)

Median Entry Salary

Source: Statistics Canada, Indeed

Investment Principles

Philosophy

BEAM OverviewE

qu

ity

Fix

ed I

nco

me

Portfolio StrategySecurity Selection

Business

Durability

Management

&

Ownership

Financial

Strength &

Valuation

Bottom-up

BEAM TSX

▪ Bottom up and top-down

▪ Long-term value investors

▪ We are independent thinkers

%

▪ Limit risk exposure to

macroeconomic variables

▪ Limit risk exposure to certain

factors

▪ Generate positive active returns

by identifying mispricing of

securities using fundamental

valuation methods

▪ Identify companies and

provinces with below average

risk and above average yield in

order to generate above average

total return

▪ Bottom-up approach

▪ Search for companies with

attractive risk-adjusted yield

▪ Key rates & duration strategy

based on fundamental economic

research

▪ Limited bets on macroeconomic

factors and interest rates

▪ Pickup yield through picking

individual attractive companies

Business

Durability

Management

&

Ownership

Healthy

Credit

Profile

Source: BEAM Handbook

Top-Down

10

BEAM Overview

II. Balanced PortfolioYuliya Kim | Portfolio Manager

[email protected]

11

12

Balanced Portfolio

Asset Allocation & Performance

4Q17

2017

Portfolio vs. Benchmark Total Return

Equity Fixed Income Cash

60.29% 39.24% 0.46%

60.26% 38.47% 1.27%

Source: Bloomberg, BEAM

6.53%

5.21%

(1.0%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

BEAM Benchmark

1Q17 2Q17 3Q17

13

Compliance

IPS Guidelines and ConstraintsCurrent

Compliance

General ▪ Asset Mix within IPS Range ✓

Equity

▪ Limits on equity security holdings ✓

▪ Micro Cap, prohibited ✓

▪ 7 Sectors, with 50% allocation relative to benchmark ✓

▪ At least 25 stocks ✓

▪ 15 largest stocks, at most 70% of equity value ✓

Fixed Income

▪ No more than 5% per issuer, excluding federal and

provincials✓

▪ Allocation limits based on bond ratings ✓

▪ Duration within ± 1 year of the DEX ✓

Balanced Portfolio

Source: BEAM IPS

III. Equity PortfolioJas Gill | Portfolio Manager

[email protected]

14

(2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%


BEAM Benchmark

15

Equity Portfolio

Underperformed by More Than 1 Standard Deviation

4Q17

Annual


Relative Return Tracking Error* Information Ratio

(0.77%) 2.09% (0.37)

(2.15%) 1.84% (1.17)


*Annualized

9.17%

7.02%

1Q17 2Q17 3Q17

16

CY2017 Selection (contribution to active return for each sector in the equity portfolio)

Performance Driven Entirely by Selection

1.23%

(0.45)%

(0.22)%

(0.56)%

(1.32)%

(0.13)%

(0.11)%

(0.10)%

(0.42)%

(0.08)%

(0.19)%

(1.75%) (1.25%) (0.75%) (0.25%) 0.25% 0.75% 1.25% 1.75%

Financials

Information Technology

Consumer Staples

Energy

Consumer Discretionary

Telecommunication Services

Industrials

Health Care

Materials

Utilities

Real Estate

Underweight

Overweight


(1.46%)

(1.07%)

(0.82%)(0.64%)

(0.10%)

0.03% 0.04% 0.05% 0.09% 0.15%

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

17

Four Problem StocksU

nd

erp

erfo

rmed

Ou

tper

form

ed

Overweight Underweight

CY2017 Contribution to Return (total return multiplied by weight in the equity portfolio)

0.61% 0.59% 0.56% 0.56% 0.48%

(0.22%) (0.23%) (0.26%) (0.26%)

(0.54%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%


18

4Q17 Selection (contribution to active return for each sector in the equity portfolio)

Negative Selection (Especially Within the Energy Sector)

0.43 %

(0.79)%

0.02 %

(0.03)%

0.07 %

0.06 %

0.04 %

(0.21)%

(0.18)%

0.01 %

(0.11)%

(1.00%) (0.80%) (0.60%) (0.40%) (0.20%) 0.00% 0.20% 0.40% 0.60% 0.80%

Financials

Energy

Materials

Industrials



Consumer Staples

Health Care


Real Estate

Utilities

Underweight

Overweight


(0.82%)

(0.53%)

(0.20%)(0.07%) (0.06%)

0.01% 0.01% 0.02% 0.03% 0.09%

(1.0%)

(0.8%)

(0.5%)

(0.3%)

0.0%

0.3%

0.5%

0.8%

1.0%

0.45% 0.41%0.28% 0.24% 0.19%

(0.14%) (0.14%) (0.15%) (0.15%)(0.21%)

(1.0%)

(0.8%)

(0.5%)

(0.3%)

0.0%

0.3%

0.5%

0.8%

1.0%

19

Un

der

per

form

edO

utp

erfo

rmed

Overweight Underweight

4Q17 Contribution to Return (total return multiplied by weight in the equity portfolio)


Two Problem Stocks

20

Equity Portfolio – Strengthening the Process

Addressing the Selection Shortfall

Source: BEAM

Issues with the “pitch”

Endowment bias

Analyst workload and accountability

GICS sector definitions for the Canadian equity universe

1

2

3

4

Country = Canada

Mkt Cap > 100M

P/B <= 4

Dividend yld >= 2%

Sustainalytics Rank > 50

21


Not a Screening Funnel

Source: BEAM

22


Weighted Factor-based Approach

Weighted

Factor-based

Score

Source: BEAM

Value MomentumGrowthQualityESG

23

Interesting Example of Our Sector Work

$0.00

$0.18

$0.36

$0.54

$0.72

$0.90

$1.08

$1.26

$1.44

$1.62

$0.00

$2.50

$5.00

$7.50

$10.00

$12.50

$15.00

$17.50

$20.00

$22.50

4-Jan-16 4-Apr-16 4-Jul-16 4-Oct-16 4-Jan-17 4-Apr-17 4-Jul-17 4-Oct-17

EP

S

Pri

ce

3Q17 Earnings Revisions

Subsector Price Subsector EPS

Precious Metals Sector - Seniors


24

Example of Our Qualitative ESG Work

▪ CryptoCurrency, although volatile at the moment, can be

used as a secure store of value. Could displace gold to

hedge against inflation and geopolitical risk.

CryptoCurrency can also be easily transported across the

globe unlike gold. 34% of demand is driven by investment.

▪ Strong peer to peer public bullion exchanges can bring

efficiency to the gold market and significantly reduce

prices.

▪ Change in tastes where gold is no long sought for jewelry

purposes (54% of global demand).

▪ Innovation producing substances which are more efficient

in electricity conduction (12% of demand is industrial).

▪ Most companies operate in Developing Nations where

human rights laws are much more lax.

▪ Issues include: slave labour, employee safety (high injury

rate), outsourcing to pay lower wages, mining native

peoples land, operating in areas of conflict, and incentivizes

corruption (via value of precious metals).

▪ Women participation throughout the industry (at the mine

and corporate offices) is often very low.

▪ The method of mining has numerous impacts such as run

off (ex. Cyanide and heavy metals), ground and surface

water contamination, excessive water usage, earth

displacement (tailings, sinkholes, erosion), biodiversity

disruption, air quality (asbestos and arsenic particles), and

massive emissions of greenhouse gases.

▪ Management teams vary in terms of number of directors

and their independence from the corporation.

▪ Industry struggles with transparency, corruption, and

bribery throughout the value chain.

▪ Most Canadian producers do not employ a dual class share

system.

Precious Metals Sector - Seniors

Source: Bloomberg, BOA, BEAM

Disruption Social – 35%

Environmental – 50% Governance – 15%

25

BUS

493

Eliminates need for persuasive

pitches

Creates a framework that is easily

transferrable to future cohorts

Promotes analysis of a wider

range of securities

Methodology can easily be

updated and change is highlighted

TMT Sector – ESG Factor Scoring

Example of Our Quantitative ESG Work

Environmental Social Governance Overall

TMT

BCE INC 0.60 0.27 (0.50) (0.03)

TELUS CORP (0.48) 0.20 (0.40) (0.27)

ROGERS COMMUNICATIONS INC-B 0.59 0.09 2.23 1.29

CGI GROUP INC - CLASS A 0.39 (0.17) 1.46 0.78

THOMSON REUTERS CORP (0.22) 0.22 (0.54) (0.27)

CONSTELLATION SOFTWARE INC (0.31) (0.62) (1.42) (0.94)

SHOPIFY INC - CLASS A 0.94 0.00 1.50 0.98

OPEN TEXT CORP 0.56 (0.15) (0.27) (0.03)

BLACKBERRY LTD (0.16) 0.01 (0.44) (0.26)

DESCARTES SYSTEMS GRP/THE (0.22) 0.00 (0.48) (0.29)

CELESTICA INC (0.33) 0.14 0.72 0.31

KINAXIS INC (0.22) 0.00 (1.60) (0.86)

ENGHOUSE SYSTEMS LTD (0.22) (0.22) (1.65) (0.93)

MITEL NETWORKS CORP (0.22) 0.12 (2.22) (1.14)

SIERRA WIRELESS INC (0.22) 0.10 (1.26) (0.66)

COMPUTER MODELLING GROUP LTD (0.22) (0.20) (1.77) (0.99)

SHAW COMMUNICATIONS INC-B 0.10 (0.36) 1.39 0.63

QUEBECOR INC -CL B 1.08 0.32 1.36 1.03

CORUS ENTERTAINMENT INC-B SH (0.43) 0.09 0.73 0.28

COGECO COMMUNICATIONS INC (0.58) (0.05) 2.49 1.09

DHX MEDIA LTD (0.43) 0.12 0.67 0.26

Average 0.00 (0.00) 0.00 (0.00)


26

TS

X C

om

po

site

BEAM versus Benchmark (box sizes: % of total index market capitalization, numbers: # of stocks in sector)


New Sector DefinitionsB

EA

M S

ecto

rs

27 50 54 27 22

3

12

11

15

22

7

11 20 14 21 17 22 15

22 16 22

16

27

TS

X C

om

po

site

BEAM versus Benchmark (box sizes: % of total index market capitalization, numbers: # of stocks in sector)


New Sector DefinitionsB

EA

M S

ecto

rs

27 50 54 27 22

3

12

11

15

22

7

11 20 14 21 17 22 15

22 16 22

16

196 Stocks

250 Stocks

IV. Fixed Income PortfolioDevin Stewart | Portfolio Manager

[email protected]

28

29

Fixed Income Portfolio

Outperformance in 4Q, Underperformance for CY2017

4Q17

(1.5%)

(0.5%)

0.5%

1.5%

2.5%

3.5%

4.5%


Portfolio Benchmark

Annual


Relative Return Tracking Error* Information Ratio

0.30% 0.28% 1.07

(0.17%) 0.94% (0.18)


*Annualized

1Q17 2Q17 3Q17

2.56%

2.39%

BEAM

30

Attribution

Correct Bets on Yield Curve, One Bad Credit Affecting Excess


(0.33%)

0.10%

0.06%

0.03%

0.27%

(0.40%) (0.30%) (0.20%) (0.10%) 0.00% 0.10% 0.20% 0.30%

Excess

Curve Change

Curve Carry

4Q17 2017

31

Government of Canada Yield Curve

What Drove Curve Change Return

0.44%0.55%

0.62%0.74%

0.83%

0.99%1.11%

1.25%

1.39%

1.52%1.63%

1.72%

2.30%

2.31%

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 20Y 30Y

Dec. 31, 2017 Oct. 1, 2017 Jan. 1, 2017

Source: Bloomberg, GoC

32

Curve Return

Benefiting from Flattening


(0.21%)

0.09%

(0.03%)

0.08%

0.06%

0.07%

0.04%

(0.01%)

0.07%

(0.27%)

0.48%

0.03%

(0.01%)

0.01%

(0.01%)

0.04%

(0.40%) (0.30%) (0.20%) (0.10%) 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60%

30Y

20Y

10Y

7Y

5Y

3Y

2Y

1Y

6 Months

4Q17 2017

33

Contribution to Duration Comparison


Portfolio Composition

(0.41) (0.47)0.50

0.02

(0.32)

1.67

0.04

(0.03)

(0.10)

(0.08)

0.59

(1.29)

(2.50)

(1.50)

(0.50)

0.50

1.50

2.50

Short Term Medium Term Long Term

Federal Provincial Municipal Corporate Cash and Other

▪ Portfolio duration: 7.56 vs Benchmark duration: 7.44

Source: Bloomberg, BEAM, Blackrock

Sector

short term medium term long term short term medium term long term

(0-5 years) (5-10 years) (10+ years) Total (0-5 years) (5-10 years) (10+ years) Total

Federal (14.19%) (7.12%) 7.81% (13.50%) (0.41) (0.47) 0.50 (0.38)

Provincial 3.72% (5.50%) 11.78% 10.01% 0.02 (0.32) 1.67 1.37

Municipal 3.58% (0.38%) (0.70%) 2.50% 0.04 (0.03) (0.10) (0.09)

Corporate (4.05%) 9.30% (10.00%) (4.75%) (0.08) 0.59 (1.29) (0.78)

ST Notes 5.74% 0.00% 0.00% 5.74% 0.00 0.00 0.00 0.00

Total (5.20%) (3.70%) 8.90% 0.00% (0.44) (0.22) 0.78 0.12

Market Value Contribution to Duration

Active Weightings

34


Positioning for Curve Steepening

Outlook

Yield Curve Projection (6-12 months)

▪ Bank of Canada has begun to speak more hawkishly about the Canadian economy on the back of stronger

underlying economic data

▪ Inflation expectations have begun to improve and BEAM expects this trend to continue

▪ While the elimination of NAFTA would have significant impacts on the Canadian economy it is unlikely

that this will occur due to the generally ineffective US Government. Furthermore, any impacts by a

reduction of free trade should be mitigated through short term political changes

▪ The potentially damage of rate hikes on consumers is mitigated by the significant potential of an upswing

in inflation

➢ Shift out of barbell, begin moving down the yield curve

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 20Y 30Y

Date Current BEAM

3M 1.13% 1.13%

6M 1.32% 1.37%

1Y 1.59% 1.69%

2Y 1.82% 1.92%

3Y 1.94% 2.04%

4Y 2.03% 2.18%

5Y 2.11% 2.26%

6Y 2.12% 2.32%

7Y 2.19% 2.39%

8Y 2.24% 2.49%

9Y 2.29% 2.54%

10Y 2.32% 2.62%

20Y 2.47% 2.77%

30Y 2.46% 2.74%

Current

Canada Yield

35


Current Initiatives

Monitor for Better Corporate Opportunities

-Consider high quality corporate bonds in industries outside of financials and industrials

-Continue to focus on short end of the yield curve

Restructure Financial Holdings

-Consider the mortgages in each banks portfolio. Avoid banks with excess exposure to Toronto and Vancouver

-Conducting analysis on Laurentian Bank, considering swapping out of TD

New Provincial Strategy

-Move out of short term Ontario bonds due to significant political concerns

-Downsizing Alberta position due to concerns surrounding the WCS differential

-Begin exploring Atlantic provinces for potential value

-Continue to invest in municipal bonds for additional yield, when liquidity is sufficient

V. Going ForwardAmit Prasad | Portfolio Manager

[email protected]

36

37

Going Forward

CY2017 Recap

CY2017 Active Return:

(1.33%)

Fixed

Income

Cash

Other

Activities

Q1 2018 Review: April 2018

Strategy Moving Forward

Equities

Beg

inn

ing P

ort

foli

o V

alu

e En

din

g P

ortfo

lio V

alu

e

$6.356mm

$6.646mm

▪ Begin analysis at the sector level with a

scoring system

▪ Continued focus on acquiring strong names at

a discount to intrinsic value

▪ Deploy money market ETF position into

bonds

▪ Annual Report

▪ Continue work on sustainability in

investments

▪ Recruit and train the new cohort

Source: Bloomberg, RBCCM, Company Filings, BEAM

▪ Shift out of barbell, moving down the curve

▪ Continue to expand on credit

▪ Reduce exposure to political and concentrated

economic risk

Questions

38

VI. Appendix

39

40

Equity Portfolio

4Q17 Allocation

0.02 %

(0.04)%

(0.02)%

(0.01)%

0.00 %

0.01 %

0.00 %

(0.05)%

0.00 %

(0.02)%

0.03 %

(0.08%) (0.06%) (0.04%) (0.02%) 0.00% 0.02% 0.04% 0.06% 0.08%

Financials

Energy

Materials

Industrials



Consumer Staples

Health Care


Real Estate

Utilities

Underweight

Overweight

41

Equity Portfolio

CY2017 Annual Allocation

0.08 %

0.09 %

(0.01)%

0.06 %

0.03 %

0.00 %

(0.02)%

(0.03)%

(0.01)%

0.02 %

(0.03)%

(0.10%) (0.08%) (0.06%) (0.04%) (0.02%) 0.00% 0.02% 0.04% 0.06% 0.08% 0.10%

Financials


Consumer Staples

Energy



Industrials

Health Care

Materials

Utilities

Real Estate

Underweight

Overweight

42

Equity Holdings

Company Name Shares Price Market Value % of Total

ADVANTAGE OIL & GAS LTD 19,000 $3.67 $69,730 1.85%

ALIMENTATION COUCHE-TARD INC 1,150 $61.13 $70,300 1.86%

BCE INC 2,000 $55.63 $111,260 2.94%

BMO EQUAL WEIGHT INDUSTRIALS 1,500 $26.43 $39,645 1.05%

BROOKFIELD ASSET MGMT INC 3,000 $48.39 $145,170 3.84%

CAMECO CORP 3,200 $11.62 $37,184 0.98%

CANADIAN IMPERIAL BK OF COMM 1,900 $115.51 $219,469 5.81%

CANADIAN NATIONAL RAILWAY CO 2,100 $96.35 $202,335 5.36%

CANADIAN NATURAL RESOURCES LTD 3,800 $39.66 $150,708 3.99%

CANADIAN UTILITIES LTD 2,200 $34.26 $75,372 1.99%

CINEPLEX INC 2,300 $32.27 $74,221 1.96%

ENBRIDGE INC 4,100 $42.86 $175,726 4.65%

FINNING INTERNATIONAL INC 1,400 $33.20 $46,480 1.23%

FIRST QUANTUM MINERALS LTD 5,600 $21.09 $118,104 3.13%

FRANCO-NEVADA CORP 1,200 $92.83 $111,396 2.95%

GILDAN ACTIVEWEAR INC 3,000 $38.87 $116,610 3.09%

CGI GROUP INC 2,000 $72.49 $144,980 3.84%

Holdings

43

Equity Holdings

Holdings

Company Name Shares Price Market Value % of TotalINTACT FINANCIAL CORP 800 $96.85 $77,480 2.05%

INTERTAPE POLYMER GROUP INC 3,000 $20.55 $61,650 1.63%

ISHARES S&P/TSX CAPPED 1,200 $37.13 $44,556 1.18%

ISHARES S&P/TSX CAPPED 2,600 $13.13 $34,138 0.90%

LOBLAW COMPANIES LTD 1,132 $64.51 $73,025 1.93%

MANULIFE FINANCIAL CORP 8,600 $24.87 $213,882 5.66%

NATIONAL BANK OF CANADA 1,900 $61.72 $117,268 3.10%

NUTRIEN LTD 892 $55.74 $49,720 1.32%

ROYAL BANK OF CANADA 2,600 $100.51 $261,326 6.92%

SIENNA SENIOR LIVING INC 1,200 $17.32 $20,784 0.55%

SMARTCENTRES REIT 2,300 $29.15 $67,045 1.77%

STANTEC INC 2,300 $35.15 $80,845 2.14%

SUNCOR ENERGY INC 5,000 $42.52 $212,600 5.63%

TELUS CORP 1,650 $44.28 $73,062 1.93%

TORONTO DOMINION BANK 4,300 $72.32 $310,976 8.23%

WHEATON PRECIOUS METALS CORP 3,000 $24.93 $74,790 1.98%

WHITECAP RESOURCES INC 12,000 $8.03 $96,360 2.55%

44

Fixed Income Holdings

Holdings

Issuer Maturity Date Par Coupon Rate Local Market Value % of Total

PROV OF ALBERTA 12/1/2019 110,000 4.00% $113,971.72 4.41%

ALIMENTATION COUCHE-TARD INC 8/21/2020 54,000 4.21% $56,168.14 2.17%

PROV OF BRITISH COLUMBIA 12/18/2021 118,000 3.25% $122,136.64 4.73%

PROV OF BRITISH COLUMBIA 6/18/2035 69,000 5.40% $89,908.15 3.48%

GOVERNMENT OF CANADA 3/1/2019 100,000 1.75% $100,136.09 3.87%



CONSUMERS GAS CO LTD 7/5/2023 46,000 6.05% $52,780.52 2.04%

ENBRIDGE PIPELINES INC 4/6/2020 67,000 4.45% $69,925.58 2.71%

HYDRO ONE INC 1/13/2022 72,000 3.20% $73,656.24 2.85%

IGM FINANCIAL INC 1/26/2027 76,000 3.44% $74,567.39 2.89%

PROV OF MANITOBA 3/5/2038 81,000 4.60% $96,226.24 3.72%

PROV OF MANITOBA 3/5/2042 97,000 4.40% $114,157.94 4.42%

MUNICIPAL FINANCE AUTH OF BC 12/1/2027 74,000 4.95% $85,642.88 3.31%

NATIONAL BANK OF CANADA 6/30/2022 80,000 1.96% $77,339.90 2.99%

PROV OF ONTARIO 6/2/2018 62,000 5.50% $62,745.73 2.43%

PROV OF ONTARIO 6/2/2035 58,000 5.60% $76,475.63 2.96%

45

Fixed Income Holdings

Holdings

Issuer Maturity Date Par Coupon Rate Local Market Value % of Total

PROV OF ONTARIO 12/2/2046 46,000 2.90% $43,122.63 1.67%

ROYAL BANK OF CANADA 12/5/2023 110,000 2.33% $106,646.96 4.13%

PROV OF SASKATCHEWAN 9/5/2033 58,000 5.80% $76,275.23 2.95%

PROV OF SASKATCHEWAN 6/1/2040 80,000 4.75% $98,505.29 3.81%

TORONTO DOMINION BANK 7/24/2024 91,000 3.23% $92,428.63 3.58%

YORK ONTARIO REGL MUNICIPALITY 4/29/2019 95,000 5.00% $98,589.44 3.81%


PROV OF QUEBEC 6/1/2039 210,870 0.00% $103,085.91 3.99%

BMO MID CORPORATE BD INDEX ETF nm 6,200 0.00% $98,580.00 3.81%

ISHARES PREMIUM MONEY MKT EFT nm 3,000 0.00% $150,060.00 5.81%

46

Equity and Fixed Income

Transactions

Date Name Action Shares/Par Fi l l Pr ice Transaction amount

9/28/2017 CANADIAN NATURAL RESOURCES LTD BUY 500 42.55 21,277

9/28/2017 ENBRIDGE INC BUY 200 51.66 10,332

9/28/2017 ISHARES S&P/TSX CAPPED BUY 800 13.08 10,464

9/28/2017 ADVANTAGE OIL & GAS LTD BUY 2,000 7.97 15,940

9/28/2017 CINEPLEX INC BUY 300 38.97 11,691

9/28/2017 ISHARES PREMIUM MONEY MKT EFT BUY 5,500 50.01 275,055

9/28/2017 ALIMENTATION COUCHE-TARD INC SELL 250 58.16 14,540

9/28/2017 CGI GROUP INC SELL 450 64.17 28,875

9/28/2017 ISHARES S&P/TSX CAPPED SELL 1000 36.73 36,730

10/6/2017 MANULIFE FINANCIAL CORPORATION SELL 62000 107.38 66,576,220

10/16/2017 NATIONAL BANK OF CANADA BUY 80,000 98.54 78,831,440

11/28/2017 INTERTAPE POLYMER GROUP INC BUY 3,000 21.76 65,266


11/28/2017 TOREX GOLD RESOURCES INC SELL 3500 13.56 47,458

12/12/2017 ENBRIDGE INC BUY 200 49.42 9,883

12/12/2017 ISHARES S&P/TSX CAPPED BUY 700 38.83 27,178

47

Equity and Fixed Income

Transactions

Date Name Action Shares/Par Fil l Price Transaction amount

12/12/2017 ADVANTAGE OIL & GAS LTD BUY 5,000 5.21 26,050

12/12/2017 BROOKFIELD ASSET MGMT INC SELL 500 56.36 28,180

12/12/2017 CANADIAN IMPERIAL BK OF COMM SELL 100 120.28 12,028


12/19/2017 GOVERNMENT OF CANADA BUY 95,000 138.63 131,702,210

12/19/2017 ROYAL BANK OF CANADA BUY 110,000 99.79 109,773,950

12/19/2017 PROV OF SASKATCHEWAN BUY 80,000 130.48 104,385,760

12/19/2017 ISHARES CANADIAN UNIVERSE BOND SELL 5900 31.23 184,257

12/19/2017 GOVERNMENT OF CANADA SELL 95000 145.05 137,801,770

1/16/2018 YORK ONTARIO REGL MUNICIPALITY BUY 95,000 104.32 99,105,900

1/16/2018 GOVERNMENT OF CANADA BUY 100,000 100.36 100,362,000

1/16/2018 ISHARES PREMIUM MONEY MKT EFT SELL 3500 50.02 175,070

1/22/2018 BMO EQUAL WEIGHT INDUSTRIALS BUY 3,300 26.97 89,001

1/22/2018 AECON GROUP INC SELL 4500 19.90 89,550

2/6/2018 FINNING INTERNATIONAL INC BUY 1,400 33.94 47,518

2/6/2018 BMO EQUAL WEIGHT INDUSTRIALS SELL 1800 26.00 46,800

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