july 15, 2019 · sector allocation financials 18.5% information technology 13.7% real estate 12.4%...

| JULY 15, 2019

SECTOR ALLOCATIONFinancials 18.5%Information Technology 13.7%Real Estate 12.4%Consumer Staples 9.8%Energy 9.5%Consumer Discretionary 7.8%Industrials 7.3%Investment Funds 7.1%Communication Services 4.2%Utilities 4.2%Health Care 2.3%Materials 2.1%Convertible Bonds 1.1%

GEOGRAPHIC ALLOCATION

INDUSTRY ALLOCATIONS AS AT JULY 15, 2019

U.S.: 64.0%

Canada: 36.0%

9.9%9.5%

8.7%7.8%

7.1%4.6%

4.1%3.5%

2.9%2.8%

2.5%2.5%2.5%

2.4%2.3%2.3%2.3%2.3%2.3%

2.2%2.2%

2.1%2.1%2.1%2.1%2.1%

1.7%1.1%

Financials - Property & Casualty InsuranceEnergy - Oil & Gas Storage & Transportation

Information Technology - Data Processing & Outsourced ServicesConsumer Discretionary - Restaurants

Investment FundsReal Estate - Specialized REITs

Financials - Diversified BanksReal Estate - Retail REITs

Information Technology - Systems SoftwareConsumer Staples - Hypermarkets & Super CentersCommunication Services - Movies & Entertainment

Industrials - Environmental & Facilities ServicesIndustrials - Railroads

Consumer Staples - Personal ProductsConsumer Staples - Household Products

Consumer Staples - Packaged Foods & MeatsFinancials - Asset Management & Custody Banks

Health Care - Health Care EquipmentIndustrials - Aerospace & Defense

Financials - Financial Exchanges & DataReal Estate - Office REITs

Information Technology - Communications EquipmentMaterials - Gold

Real Estate - Industrial REITsUtilities - Electric Utilities

Utilities - Water UtilitiesCommunication Services - Integrated Telecommunication Services

Convertible Bonds

9.8% Consumer StaplesUS;COST Costco Wholesale CorpUS;EL Estée Lauder Cos IncUS;MDLZ Mondelēz International IncUS;PG Proctor & Gamble Co

9.5% EnergyCA;ENB Enbridge IncUS;KMI Kinder Morgan IncCA;PPL Pembina Pipeline CorpCA;TRP TC Energy Corp

7.8% Consumer DiscretionaryUS;MCD McDonald's CorpCA;QSR Restaurant Brands International IncUS;SBUX Starbucks Corp

7.3% IndustrialsCA;CP Canadian Pacific Railway LtdUS;TDG TransDigm Group IncCA;WCN Waste Connections Inc

HOLDINGS AS AT JULY 15, 2019

18.5% FinancialsUS;ALL Allstate CorpCA;BAM.A Brookfield Asset Management IncCA;IFC Intact Financial CorpUS;PGR Progressive CorpCA;RY Royal Bank of CanadaUS;SPGI S&P Global IncCA;TD Toronto-Dominion BankUS;TRV Traveler Cos Inc

13.7% Information TechnologyUS;CSCO Cisco Systems IncUS;FISV Fiserv IncUS;MA Mastercard IncUS;MSFT Microsoft CorpUS;V Visa Inc

12.4% Real EstateCA;AP.UN Allied Properties Real Estate Investment TrustUS;AMT American Tower CorpCA;CHP.UN Choice Properties Real Estate Investment TrustUS;CCI Crown Castle International CorpCA;GRT.UN Granite Real Estate Investment TrustCA;REI.UN RioCan Real Estate Investment Trust

7.1% Investment FundsUS;BMSK Barometer Music Royalty FundCA;BFIX Barometer Tactical Fixed Income Pool

4.2% Communication ServicesCA;BCE BCE IncUS;DIS Walt Disney Co

4.2% UtilitiesUS;AWK American Water Works Company IncCA;FTS Fortis Inc

2.3% Health CareUS;BSX Boston Scientific Corp

2.1% MaterialsCA;FNV Franco-Nevada Corp

1.1% Convertible BondsBond Moxie Holdings LLC 8% CV 02MAY21

0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 15, 2019

ASSET ALLOCATION


INDUSTRY ALLOCATIONS AS AT JULY 15, 201930.1%

22.7%

14.6%

12.3%

9.9%

9.0%

8.5%

7.7%

6.7%

6.0%

3.9%

3.8%

2.1%

-1.5%

-2.6%

-2.6%

-2.7%

-3.4%

-4.3%

-6.0%

-14.2%

Information Technology

Consumer Discretionary

Financials

Industrials

Emerging Markets - Equities

U.S. Large Cap

Energy

U.S. Mid Cap

Precious Metals

China

U.S. Small Cap

Health Care

Materials

Volatility

Fixed Income - High Yield

Utilities

Fixed Income - U.S. Corporate

Real Estate

Fixed Income - Preferred

Currency - U.S. Dollar

Fixed Income - U.S. Government

N. American Equities: 98.1%Commodities: 17.3%Emerging Markets: 15.9%Volatility: (1.5%)Currencies: (6.0%)Fixed Income: (23.8%)

U.S.: 82.4%

Asia: 8.7%

South America: 4.2%

Europe: 3.0%

Canada: 1.7%

12.3% IndustrialsUS;FXR First Trust Industrials/Producer Durables AlphaDEX FundUS;PHO Invesco Water Resources ETFUS;ITA iShares US Aerospace & Defense ETFUS;IYJ iShares US Industrials ETF

9.9% Emerging Markets - EquitiesUS;INDY iShares India 50 ETFUS;ILF iShares Latin America 40 ETFUS;EWZ iShares MSCI Brazil Index ETFUS;ERUS iShares MSCI Russia ETF

9.0% U.S. Large CapUS;PKW Invesco Buyback Achievers ETFUS;QQQ Invesco QQQ Trust Series 1US;DIA SPDR Dow Jones Industrial Average ETF Trust

8.5% EnergyUS;AMLP Alerian MLP ETFUS;TAN Invesco Solar ETFUS;XOP SPDR S&P Oil & Gas Exploration & Production ETFUS;BNO United States Brent Oil Fund

7.7% U.S. Mid CapUS;FPX First Trust US Equity Opportunities ETFUS;XMMO Invesco S&P MidCap Momentum ETF

6.7% Precious MetalsUS;GDX VanEck Vectors Gold Miners ETFUS;GDXJ VanEck Vectors Junior Gold Miners ETF

30.1% Information TechnologyUS;ARKG ARK Genomic Revolution Multi-Sector ETFUS;ARKW ARK Web x.0 ETFCA;CYBR Evolve Cyber Security Index FundUS;SKYY First Trust Cloud Computing ETFUS;FXL First Trust Technology AlphaDEX FundUS;IGM iShares Expanded Tech Sector ETFUS;IGV iShares North American Tech-Software ETFUS;SOXX iShares PHLX Semiconductor ETFUS;XSD SPDR S&P Semiconductor ETFUS;XLK Technology Select Sector SPDR Fund

22.7% Consumer DiscretionaryUS;IPAY ETFMG Prime Mobile Payments ETFUS;FDN First Trust Dow Jones Internet Index ETFUS;PBS Invesco Dynamic Media ETFUS;IYC iShares US Consumer Services ETFUS;ITB iShares US Home Construction ETFUS;XHB SPDR S&P Homebuilders ETFUS;VCR Vanguard Consumer Discretionary Index Fund ETF

14.6% FinancialsUS;IAI iShares U.S. Broker-Dealers ETFUS;IYG iShares U.S. Financial Services FundUS;KBE SPDR S&P Bank ETFUS;KIE SPDR S&P Insurance ETF

6.0% ChinaUS;CHIQ Global X MSCI China Consumer Discretionary ETFUS;ASHR Xtrackers Harvest CSI 300 China A-Shares ETF

3.9% U.S. Small CapUS;IWY iShares Russell Top 200 Growth ETF

3.8% Health CareUS;IHI iShares US Medical Devices ETF

2.1% MaterialsUS;PICK iShares MSCI Global Metals & Mining Producers ETF

-1.5% Volatility-2.6% Fixed Income - High Yield-2.6% Utilities-2.7% Fixed Income - U.S. Corporate-3.4% Real Estate-4.3% Fixed Income - Preferred-6.0% Currencies - U.S. Dollar-14.2% Fixed Income - U.S. Government



SECTOR ALLOCATIONInformation Technology 27.5%Industrials 16.1%Financials 11.9%Communication Services 11.3%Materials 9.9%Health Care 5.8%Consumer Discretionary 4.8%Real Estate 4.7%Consumer Staples 4.4%Utilities 3.2%Convertible Bonds 0.4%



7.6%5.5%

5.4%5.3%

5.2%3.4%

3.3%3.2%

3.1%2.9%

2.8%2.8%2.8%

2.7%2.6%2.6%2.6%

2.5%2.5%2.5%2.5%

2.4%2.4%

2.3%2.3%2.3%2.3%

2.2%2.2%2.2%

2.1%2.1%

1.0%0.4%

Materials - GoldInformation Technology - Data Processing & Outsourced Services

Industrials - Research & Consulting ServicesInformation Technology - Internet Services & Infrastructure

Communication Services - Cable & SatelliteInformation Technology - Application Software

Health Care - PharmaceuticalsUtilities - Gas Utilities

Information Technology - IT Consulting & Other ServicesIndustrials - Environmental & Facilities Services

Communication Services - PublishingFinancials - Specialized Finance

Information Technology - Communications EquipmentIndustrials - Airlines

Consumer Discretionary - Hotels, Resorts & Cruise LinesIndustrials - Aerospace & Defense

Information Technology - Systems SoftwareFinancials - Asset Management & Custody Banks

Health Care - Life Sciences Tools & ServicesIndustrials - Industrial Conglomerates

Real Estate - Specialized REITsInformation Technology - Electronic Equipment & Instrumentation

Information Technology - SemiconductorsCommunication Services - Interactive Media & Services

Consumer Staples - Packaged Foods & MeatsFinancials - Property & Casualty Insurance

Materials - Specialty ChemicalsConsumer Discretionary - Internet & Direct Marketing Retail

Financials - Thrifts & Mortgage FinanceReal Estate - Industrial REITs

Consumer Staples - Food RetailFinancials - Reinsurance

Communication Services - BroadcastingConvertible Bonds

7.6%

U.S.: 58.0%

Canada: 42.0%

27.5% Information TechnologyUS;ADP Automatic Data Processing IncCA;GIB.A CGI IncUS;KEYS Keysight Technologies IncCA;LSPD Lightspeed POS IncUS;MRVL Marvell Technology Group LtdUS;MSI Motorola Solutions IncUS;OKTA Okta IncUS;PYPL PayPal Holdings IncUS;NOW ServiceNow IncCA;SHOP Shopify Inc

16.1% IndustrialsCA;AC Air CanadaCA;CAE CAE IncUS;ROP Roper Technologies IncCA;TRI Thomson Reuters CorpUS;VRSK Verisk Analytics IncCA;WCN Waste Connections Inc

11.9% FinancialsUS;ACGL Arch Capital Group LtdCA;CIX CI Financial CorpCA;EFN Element Fleet Management Corp

US;FNMA Federal National Mortgage Association - Preferred

US;RNR RenaissanceRe Holdings Ltd

11.3% Communication ServicesUS;ATUS Altice USA IncCA;CCA Cogeco Communications IncCA;CJR.B Corus Enterainment IncUS;NYT New York Times CoUS;SNAP Snap Inc

9.9% MaterialsCA;AEM Agnico Eagle Mines LtdCA;ABX Barrick Gold CorpUS;ECL Ecolab IncCA;KL Kirkland Lake Gold LtdCA;OR Osisko Gold Royalties Inc

5.8% Health CareUS;IQV IQVIA Holdings IncUS;ZTS Zoetis Inc

4.8% Consumer DiscretionaryUS;AMZN Amazon.com IncUS;HLT Hilton Worldwide Holdings Inc

4.7% Real EstateUS;CCI Crown Castle International CorpCA;SMU.UN Summit Industrial Income REIT

4.4% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncUS;MDLZ Mondelēz International Inc

3.2% UtilitiesCA;ACI AltaGas Canada Inc

0.4% Convertible Bonds



SECTOR ALLOCATIONGovernment Bonds 10.5%Information Technology 10.5%Communication Services 10.2%Financials 8.5%Corporate Bonds 8.2%Convertible Bonds 8.1%Energy 8.1%Materials 7.4%Real Estate 6.7%Industrials 6.3%Utilities 5.7%Consumer Staples 4.3%Consumer Discretionary 2.6%Health Care 2.4%Cash 0.5%

GEOGRAPHIC ALLOCATIONASSET ALLOCATION

10.5%8.2%

8.1%5.3%

5.1%4.6%

4.3%3.9%

3.8%3.6%3.6%

3.2%3.0%3.0%

2.9%2.8%2.8%

2.6%2.5%

2.4%2.4%2.4%

2.3%2.1%2.1%

2.0%0.5%

Government BondsCorporate Bonds

Convertible BondsMaterials - Gold

Energy - Oil & Gas Storage & TransportationCommunication Services - Integrated Telecommunication Services

Consumer Staples - Food RetailInformation Technology - Data Processing & Outsourced Services

Industrials - Environmental & Facilities ServicesInformation Technology - IT Consulting & Other Services

Utilities - Water UtilitiesCommunication Services - Publishing

Energy - Oil & Gas Exploration & ProductionInformation Technology - Systems Software

Financials - Asset Management & Custody BanksFinancials - Diversified Banks

Financials - Financial Exchanges & DataConsumer Discretionary - Hotels, Resorts & Cruise Lines

Industrials - Industrial ConglomeratesCommunication Services - Movies & Entertainment

Health Care - Health Care EquipmentReal Estate - Retail REITs

Real Estate - Residential REITsMaterials - Specialty Chemicals

Utilities - Electric UtilitiesReal Estate - Office REITs

Cash

Canada: 51.4%

U.S.: 48.6%

Equities: 70.4%Government Bond: 10.5%Corporate Bond: 8.2%Convertible Bond: 8.1%Preferred Stock: 2.3%Cash: 0.5%


10.5% Government BondsBond Canadian Government 2% 01SEP23Bond U.S. Government 2.5% 31JAN24

10.5% Information TechnologyCA;GIB.A CGI IncUS;MSFT Microsoft CorpUS;V Visa Inc

10.2% Convertible BondsBond Cargojet Inc 4.65% CV 31DEC21Bond Fiera Capital Corp 5% CV 30JUN23Bond Moxie Holdings LLC 8% CV 02MAY21

10.2% Communication ServicesCA;BCE BCE IncUS;NYT New York Times CoUS;DIS Walt Disney Co

8.5% FinancialsCA;CIX CI Financial CorpCA;RY Royal Bank of CanadaUS;SPGI S&P Global Inc

8.2% Corporate BondsBond Enbridge Inc 5.375% 27SEP77Bond Fairfax Financial Ltd 4.85% 17APR28 USDBond Parkland Fuel Corp 6% 21NOV22

8.1% EnergyCA;ENB_PFI Enbridge Inc – PreferredUS;HES Hess CorpCA;PPL Pembina Pipeline Corp

7.4% MaterialsCA;ABX Barrick Gold CorpUS;ECL Ecolab IncCA;FNV Franco-Nevada Corp

6.7% Real EstateCA;AP.UN Allied Properties Real Estate Investment TrustCA;IIP.UN InterRent Real Estate Investment TrustCA;REI.UN RioCan Real Estate Investment Trust

6.3% IndustrialsUS;HON Honeywell International IncCA;WCN Waste Connections Inc

5.7% UtilitiesUS;AWK American Water Works Company IncCA;EMA Emera Inc

4.3% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncCA;L Loblaw Companies Ltd

2.6% Consumer DiscretionaryUS;AMZN Amazon.com IncUS;HLT Hilton Worldwide Holdings Inc

2.4% Health CareUS;BSX Boston Scientific Corp



SECTOR ALLOCATION

Information Technology 23.2%Financials 15.4%Industrials 13.8%Health Care 11.3%Communication Services 10.9%Real Estate 10.1%Materials 9.6%Consumer Staples 4.8%Convertible Bonds 0.9%



9.8%9.6%

6.2%5.4%

4.7%4.3%

3.7%3.6%

3.1%3.0%2.9%2.8%2.8%2.7%2.6%2.6%2.6%2.6%2.5%2.4%2.4%2.4%2.4%2.4%

2.3%2.3%2.3%2.2%

2.0%1.6%

0.9%0.5%

0.3%-1.5%-2.4%

Health Care - PharmaceuticalsMaterials - Gold

Communication Services - Cable & SatelliteIndustrials - Research & Consulting ServicesInformation Technology - Systems Software

Financials - Asset Management & Custody BanksInformation Technology - IT Consulting & Other Services

Financials - Specialized FinanceCommunication Services - Publishing

Information Technology - Communications EquipmentIndustrials - Air Freight & Logistics

Financials - Property & Casualty InsuranceReal Estate - Real Estate Services

Health Care - Life Sciences Tools & ServicesIndustrials - Industrial Conglomerates

Information Technology - Electronic Equipment & InstrumentationInformation Technology - Semiconductors

Real Estate - Industrial REITsConsumer Staples - Packaged Foods & Meats

Consumer Discretionary - RestaurantsFinancials - Reinsurance

Industrials - Human Resource & Employment ServicesInformation Technology - Internet Services & Infrastructure

Real Estate - Specialized REITsConsumer Staples - Food Retail

Financials - Thrifts & Mortgage FinanceReal Estate - Retail REITs

Information Technology - Internet Software & ServicesInformation Technology - Application Software

Communication Services - BroadcastingConvertible Bonds

Industrials - Aerospace & DefenseHealth Care - Health Care Equipment

Health Care - Health Care FacilitiesConsumer Discretionary - General Merchandise Stores

Canada: 55.4%

U.S.: 44.6%

23.2% Information TechnologyCA;GIB.A CGI IncUS;KEYS Keysight Technologies IncCA;LSPD Lightspeed POS IncUS;MRVL Marvell Technology Group LtdUS;MSI Motorola Solutions IncUS;OKTA Okta IncUS;NOW ServiceNow Inc

15.4% FinancialsUS;ACGL Arch Capital Group LtdCA;CIX CI Financial CorpCA;EFN Element Fleet Management Corp

US;FNMA Federal National Mortgage Association - Preferred

CA;FBCI.PP First Block Capital IncUS;RNR RenaissanceRe Holdings Ltd

13.8% IndustrialsCA;CAE CAE IncCA;CJT Cargojet IncUS;CCC Clarivate Analytics PLCCA;MSI Morneau Shepell IncUS;ROP Roper Technologies IncUS;VRSK Verisk Analytics Inc

11.3% Health Care CA;FAF.R Fire & Flower Holdings CorpCA;HDRX.PP HydRx Farms LtdUS;IQV IQVIA Holdings IncCA;MSC Molecular Science CorpCA;MXY MXY Holdings LLCUS;ZTS Zoetis Inc

10.9% Communication ServicesUS;ATUS Altice USA IncCA;CCA Cogeco Communications IncCA;CJR.B Corus Enterainment IncUS;NYT New York Times Co

10.1% Real EstateCA;CHP.UN Choice Properties Real Estate

Investment TrustUS;CCI Crown Castle International CorpCA;FSV FirstService CorpCA;SMU.UN Summit Industrial Income REIT

9.6% MaterialsCA;AEM Agnico Eagle Mines LtdCA;DGC Detour Gold CorpCA;KL Kirkland Lake Gold LtdCA;OR Osisko Gold Royalties Inc

4.8% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncUS;MDLZ Mondelēz International Inc

0.9% Convertible Bonds



ALLOCATION

Government Bonds 100%


Canada: 72.3%

U.S.: 27.7%

100%

1.1%

Government Bonds

Cash


100% Government BondsBond Canada Government 0.75% 01SEP21Bond Canada Government 2.0% 01NOV20Bond Canada Government 2.0% 01SEP23Bond Canada Government 2.0% 01JUN28Bond Canada Government 5.0% 01JUN37Bond U.S. Treasury Note 2.75% 30NOV20Bond U.S. Treasury Note 2.875% 30NOV23Bond U.S. Treasury Note 3.125% 15NOV28

0.0% Cash Balance


july 15, 2019 · sector allocation financials 18.5% information technology 13.7% real estate 12.4%...

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