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Performance universe of pension managers’ pooled fundsAs at March 31, 2020

Performance universe of pension managers’ pooled funds as at March 31, 2020 | April 2020 2

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 514.878.9090, local 8304.

Jeannette Moussally, AnalystJean Bergeron, PartnerAsset & Risk Management


Fund name Manager style Quarter Year to dateAnnualized rate of return

1 year 3 years 5 years% R % R % R % R % R

Addenda Balanced Pooled Fund1 Core -10.06 18 -10.06 18 -3.80 14 3.03 6 3.73 8BMO AM Balanced Fund1 Core -10.36 20 -10.36 20 -4.61 19 2.70 9 3.86 6Burgundy Balanced Foundation Fund1 Value -14.13 26 -14.13 26 -9.14 25 0.34 24 2.61 20Burgundy Balanced Pension Fund1 Value -15.32 29 -15.32 29 -11.60 31 -0.75 27 2.10 27CC&L Balanced Plus Fund II1 Core -9.53 12 -9.53 12 -3.25 11 2.60 12 3.29 15CC&L Genesis Fund1 Core -9.44 10 -9.44 10 -3.17 8 2.63 11 3.30 14CGOV Balanced1 Core -7.64 3 -7.64 3 -2.48 4 2.30 14 3.43 11CGOV Total Equity Fund1 Core -10.13 19 -10.13 19 -2.60 5 3.46 4 5.14 3CI Signature Canadian Balanced1 Core -10.82 22 -10.82 22 -4.46 18 1.57 20 2.58 21CI Signature Income & Growth Fund1 Core -13.62 25 -13.62 25 -6.66 23 0.98 23 2.43 24CIBC Balanced Pool1 Core -9.98 16 -9.98 16 -3.94 16 1.92 18 3.06 18Co-operators Value -8.10 6 -8.10 6 -3.39 12 2.38 13 3.61 9Duncan Ross Equity Fund Value -7.19 2 -7.19 2 3.99 1 9.99 1 8.73 1Fidelity Strategic Balanced Trust1 Core -10.01 17 -10.01 17 -2.76 6 2.99 8 3.40 12Fidelity Tactical Asset Allocation Trust1 Other -9.96 14 -9.96 14 -3.13 7 2.65 10 3.10 17Fiera Capital Balanced Core Fund1 Core -7.88 5 -7.88 5 -0.96 3 4.52 3 4.80 4Foyston, Gordon & Payne1 Value -12.87 24 -12.87 24 -9.24 26 -0.34 26 1.84 29Franklin Bissett Canadian Balanced Fund1 GARP -15.03 28 -15.03 28 -10.14 28 -1.72 31 1.06 31Franklin Bissett Dividend Income Fund1 GARP -15.98 30 -15.98 30 -10.59 30 -1.05 29 2.51 22

Franklin Quotential Balanced Growth1 Growth -9.72 13 -9.72 13 -4.22 17 1.58 19 2.26 25Franklin Templeton Institutional Balanced Trust1 GARP -9.96 15 -9.96 15 -5.49 21 -0.24 25 2.51 23Gryphon Balanced Fund GARP -9.08 8 -9.08 8 -6.79 24 1.40 21 3.01 19Guardian Balanced Fund Growth -8.25 7 -8.25 7 -3.93 15 2.02 16 3.20 16Invesco Canadian Premier Balanced Fund1 Growth -14.16 27 -14.16 27 -9.47 27 -1.03 28 1.17 30

Invesco Income Growth Fund1 Value -17.78 31 -17.78 31 -10.48 29 -1.17 30 2.12 26

Diversified fundsAs at March 31, 2020

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI




Jarislowsky Fraser1 GARP -9.52 11 -9.52 11 -3.69 13 2.17 15 3.57 10Manulife AM Monthly High Income1 Value -10.48 21 -10.48 21 -4.91 20 2.99 7 3.83 7Mawer Balanced Pooled Fund1 GARP -7.84 4 -7.84 4 -0.53 2 4.91 2 5.28 2PH&N Balanced Pension Trust1 GARP -9.41 9 -9.41 9 -3.19 9 3.08 5 4.02 5Scheer Rowlett & Associates1 Value -12.39 23 -12.39 23 -6.33 22 1.28 22 3.37 13Yorkville Global Opportunities Class2 Value -6.41 1 -6.41 1 -3.19 10 1.98 17 1.85 28

Number of funds 35 35 35 35 35

Diversified fundsAs at March 31, 2020 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Not elligible for Group RRSP3 45% fixed income/55% equity4 40% fixed income/60% equity

Rank Quarter Year to date 1 year 3 years 5 years

% % % % %5th percentile -7.41 -7.41 -0.75 4.72 5.211st quartile -9.25 -9.25 -3.18 2.84 3.67Median -9.98 -9.98 -3.94 2.02 3.203rd quartile -12.63 -12.63 -6.73 0.66 2.4795th percentile -15.65 -15.65 -10.53 -1.11 1.50 Benchmark3 -9.13 -9.13 -2.96 2.88 3.37∆ Benchmark4 -10.03 -10.03 -3.71 2.68 3.36

5 years3 years1 yearYearto date

Quarter-20%

-15%

-10%

-5%

0%

5%

10%


Fund name Quarter Year to dateAnnualized rate of return


Addenda Active Duration Bond Pooled Fund1 -0.78 44 -0.78 44 2.46 48 2.91 49 2.59 47Addenda Active Duration Government Long Bond Pooled Fund1 0.69 28 0.69 28 5.04 10 5.40 8 3.55 9Addenda Bonds Corporate Core Pooled Fund1 -2.65 55 -2.65 55 1.22 55 2.58 54 2.61 45Addenda Bonds Long Term Provincial Index Pooled Fund1 -0.32 39 -0.32 39 5.08 8 6.04 2 3.66 7Addenda Bonds Universe Core Pooled Fund1 1.01 21 1.01 21 4.16 26 3.82 21 2.80 33Addenda Corporate Long Bond Pooled Fund1 -6.64 61 -6.64 61 0.02 58 3.91 15 3.36 11Addenda Impact Fixed Income Pooled Fund1 0.53 30 0.53 30 4.33 23AlphaFixe Capital Floating Rate Bank Loans1 -6.27 60 -6.27 60 -2.17 61 1.00 61 1.84 57AlphaFixe Capital Green Bonds1 0.94 23 0.94 23 4.41 19AlphaFixe Capital Return Plus1 -1.64 49 -1.64 49 1.86 52 2.62 53 2.34 53AlphaFixe Capital Universe Active1 0.53 31 0.53 31 3.74 38 3.66 30 2.89 28Baker Gilmore Bond Fund1 0.65 29 0.65 29 3.77 37 3.67 29 2.67 43BMO AM Bond Fund1 1.66 10 1.66 10 4.65 17 3.83 20 2.81 32BMO Core Plus Bond Fund (Series I)1 1.29 17 1.29 17 4.36 22 3.79 24 3.19 14Burgundy Bond Fund1 -0.12 38 -0.12 38 2.69 46 3.19 45 2.54 48Burgundy Core Plus Bond Fund1 -3.48 58 -3.48 58 -0.64 59 2.09 56 2.43 51Burgundy Total Return Bond Fund1 -8.52 63 -8.52 63 -5.63 65 0.49 63 2.29 54CC&L Core Bond Fund1 1.13 19 1.13 19 3.94 33 3.38 41 2.69 42CC&L Corporate Bond Fund1 -2.69 56 -2.69 56 1.23 54 2.63 52

CC&L Long Bond Fund1 -0.32 40 -0.32 40 5.17 6 5.72 4 3.69 6CC&L Total Return Bond Fund1 -0.47 42 -0.47 42 2.70 45 3.17 46CC&L Ultra-Long Bond Fund1 -1.83 50 -1.83 50 7.12 2 9.08 1CI Signature Canadian Bond1 0.81 26 0.81 26 3.98 32 3.42 40 2.75 39CI Signature Core Bond Fund1 0.91 24 0.91 24 4.05 31 3.48 37 2.87 30

CI Signature Corporate Bond1 -10.13 64 -10.13 64 -5.28 64 1.22 60 2.94 23

Canadian bondsAs at March 31, 2020

1 Investment Manager Signatory of UN PRI




CIBC Canadian Bond Active Universe Pool1 0.18 34 0.18 34 3.42 40 3.42 39 2.77 34CIBC Canadian Bond Core Plus Bonds Pool1 0.42 33 0.42 33 3.89 34 3.71 27 3.05 16CIBC Canadian Bond Overlay Pool1 -0.75 43 -0.75 43 2.49 47 3.23 44 2.48 50CIBC Canadian Bond Universe Index Pool1 1.48 14 1.48 14 4.40 20 3.76 26 2.75 36Co-operators -2.60 54 -2.60 54 -1.69 60 1.94 58 1.71 58Fidelity Canadian Bond Core Plus Trust1 -2.01 53 -2.01 53 2.20 50 3.32 42 2.77 35Fidelity Canadian Bond Institutional Trust1 -0.33 41 -0.33 41 3.15 42 3.49 34 2.74 40Fidelity Canadian Long Bond Core Plus Trust1 -1.88 52 -1.88 52 4.08 29 5.63 5 3.91 4Fidelity Canadian Long Bond Institutional Trust1 -1.46 46 -1.46 46 4.17 25 5.59 6 3.65 8Fiera Capital Active and Strategic Fixed Income – Credit Fund1 -1.48 47 -1.48 47 1.99 51 2.97 48 2.99 20Fiera Capital Active and Strategic Fixed Income Active Universe Funds1 2.16 6 2.16 6 4.90 11 3.85 19 2.90 27Fiera Capital Blended Active Fixed Income Fund1 2.12 7 2.12 7 5.07 9 3.78 25 2.88 29Fiera Capital Ethical Active Fixed Income Universe1 2.20 5 2.20 5 5.12 7 3.92 14 2.85 31Fiera Capital Integrated Fixed Income - Credit Fund1 -2.79 57 -2.79 57 1.21 56 2.81 50 2.71 41Fiera Capital Tactical Fixed Income1 2.50 3 2.50 3 5.39 5 4.47 11 3.01 19Fiera Integrated Fixed Income - Universe Fund1 0.84 25 0.84 25 4.09 28 3.85 18 2.95 21Foyston, Gordon & Payne Conservative Bond Fund1 2.29 4 2.29 4 4.85 12 3.85 16 3.03 18Foyston, Gordon & Payne Universe Bond Fund1 1.10 20 1.10 20 3.87 35 3.48 36Franklin Bissett Bond Fund1 -1.03 45 -1.03 45 2.74 44 3.62 32 3.04 17

Guardian Canadian Bond Fund 3.87 2 3.87 2 6.55 3 4.61 10 3.22 13Guardian High Yield -12.51 66 -12.51 66 -12.48 66 -1.15 64 1.09 60

Guardian Short Duration Bond Fund 0.48 32 0.48 32 2.30 49 2.04 57 1.97 56Invesco Canadian Core Plus Bond Fund1 -4.87 59 -4.87 59 0.29 57 2.64 51 2.28 55Jarislowsky Fraser1 0.76 27 0.76 27 4.08 30 3.52 33 2.75 37

Manulife AM Index1 1.50 12 1.50 12 4.37 21 3.64 31 2.63 44

Canadian bondsAs at March 31, 2020 (cont’d)




1 Investment Manager Signatory of UN PRI 2 Not eligible for group RRSP



Manulife Asset Management Real Return Bond Fund1 0.03 37 0.03 37 2.77 43 3.28 43 1.39 59Manulife Canadian Core Fixed Income1 1.34 16 1.34 16 4.65 16 3.85 17 2.75 38Manulife Canadian Core Plus Fixed Income1 -1.57 48 -1.57 48 1.83 53 3.01 47 2.50 49Manulife Canadian Long Duration Fixed Income1 0.11 36 0.11 36 5.70 4 5.89 3 3.81 5Mawer Canadian Bond Pooled Fund1 1.24 18 1.24 18 4.28 24 3.48 35 2.60 46Optimum Heritage ESG Universe Bond1 1.48 13 1.48 13 4.79 14 4.07 12 3.31 12Optimum Short & Medium Term Bond1 1.45 15 1.45 15 3.25 41 2.57 55 2.41 52Optimum Universe Bond Strategic Bias1 0.99 22 0.99 22 4.12 27 3.69 28 2.92 25PH&N Bond Fund1 1.81 8 1.81 8 4.78 15 3.82 23 2.95 22PH&N Core Plus Bond Fund1 1.77 9 1.77 9 4.80 13 4.03 13 3.49 10PH&N Enhanced Total Return Bond Fund1 1.57 11 1.57 11 4.58 18 3.82 22 3.07 15PH&N High Yield Bond Fund1 -7.04 62 -7.04 62 -3.64 62 1.94 59 4.07 2PIMCO Canada Canadian Core Plus Bond Trust1 0.16 35 0.16 35 3.54 39 3.44 38 2.91 26PIMCO Canada Canadian Core Plus Long Bond Trust1 -1.87 51 -1.87 51 3.79 36 5.37 9 3.99 3RBC High Yield Bond Fund1 -10.58 65 -10.58 65 -5.24 63 0.77 62 2.93 24Yorkville Optimal Return Bond Class2 6.13 1 6.13 1 7.97 1 5.49 7 4.45 1Number of funds 66 66 66 64 60




% % % % %5th percentile 2.27 2.27 5.62 5.71 3.921st quartile 1.27 1.27 4.63 3.85 3.06Median 0.30 0.30 3.91 3.57 2.863rd quartile -1.78 -1.78 2.23 2.95 2.6195th percentile -8.15 -8.15 -4.84 1.03 1.83∆ Benchmark


Quarter-10%

-5%

0%

5%

10%




Addenda Active Duration1 -0.78 33 -0.78 33 2.46 34 2.91 32 2.59 29Addenda Bonds Universe Core Pooled Fund1 1.01 19 1.01 19 4.16 19 3.82 11 2.80 18Addenda Impact Fixed Income Pooled Fund1 0.53 26 0.53 26 4.33 17AlphaFixe Capital Green Bonds1 0.94 21 0.94 21 4.41 13AlphaFixe Capital Return Plus1 -1.64 35 -1.64 35 1.86 35 2.62 34 2.34 32AlphaFixe Capital Universe Active1 0.53 27 0.53 27 3.74 28 3.66 20 2.89 14Baker Gilmore Universe Bond Fund1 0.65 25 0.65 25 3.77 27 3.67 19 2.67 26BMO AM Bond Fund1 1.66 9 1.66 9 4.65 11 3.83 10 2.81 17BMO Core Plus Bond Fund (Series I)1 1.29 15 1.29 15 4.36 16 3.79 14 3.19 4Burgundy Bond Fund1 -0.12 30 -0.12 30 2.69 33 3.19 30 2.54 30Burgundy Core Plus Bond Fund1 -3.48 37 -3.48 37 -0.64 37 2.09 35 2.43 31CC&L Core Bond Fund1 1.13 17 1.13 17 3.94 24 3.38 29 2.69 25CC&L Total Return Bond Fund1 -0.47 32 -0.47 32 2.70 32 3.17 31CI Signature Canadian Bond1 0.81 23 0.81 23 3.98 23 3.42 28 2.75 23CIBC Canadian Bond Active Universe Pool1 0.18 29 0.18 29 3.42 29 3.42 27 2.77 19CIBC Canadian Bond Core Plus Pool1 0.42 28 0.42 28 3.89 25 3.71 17 3.05 6CIBC Canadian Bond Universe Index Pool1 1.48 13 1.48 13 4.40 14 3.76 16 2.75 20Co-operators -2.60 36 -2.60 36 -1.69 38 1.94 36 1.71 34Fidelity Canadian Bond Trust1 -0.33 31 -0.33 31 3.15 30 3.49 24 2.74 24

Fiera Capital Active and Strategic Fixed Income Ethical ESG Fund1 2.20 5 2.20 5 5.12 4 3.92 5 2.85 16Fiera Capital Active Fixed Income Universe Fund1 2.16 6 2.16 6 4.90 6 3.85 9 2.90 13Fiera Capital Blended Active Fixed Income Strategy1 2.12 7 2.12 7 5.07 5 3.78 15 2.88 15Fiera Capital Tactical Fixed Income1 2.50 3 2.50 3 5.39 3 4.47 3 3.01 9Fiera Integrated Fixed Income - Universe Fund1 0.84 22 0.84 22 4.09 21 3.85 8 2.95 10

Foyston, Gordon & Payne Conservative Bond Fund1 2.29 4 2.29 4 4.85 7 3.85 6 3.03 8

Canadian bonds Universe mandateAs at March 31, 2020





Foyston, Gordon & Payne Universe Bond Fund1 1.10 18 1.10 18 3.87 26 3.48 26Franklin Bissett Bond Fund1 -1.03 34 -1.03 34 2.74 31 3.62 22 3.04 7Guardian Canadian Bond Fund 3.87 2 3.87 2 6.55 2 4.61 2 3.22 3Invesco Canadian Core Plus Bond Fund1 -4.87 38 -4.87 38 0.29 36 2.64 33 2.28 33Jarislowsky Fraser1 0.76 24 0.76 24 4.08 22 3.52 23 2.75 21Manulife AM Canadian Bond Index1 1.50 11 1.50 11 4.37 15 3.64 21 2.63 27Manulife AM Canadian Core Fixed Income1 1.34 14 1.34 14 4.65 10 3.85 7 2.75 22Mawer Canadian Bond Pooled Fund1 1.24 16 1.24 16 4.28 18 3.48 25 2.60 28Optimum Heritage ESG Universe Bond1 1.48 12 1.48 12 4.79 8 4.07 4 3.31 2Optimum Universe Bond Strategic Bias1 0.99 20 0.99 20 4.12 20 3.69 18 2.92 12PH&N Bond Fund1 1.81 8 1.81 8 4.78 9 3.82 13 2.95 11PH&N Enhanced Total Return Bond Fund1 1.57 10 1.57 10 4.58 12 3.82 12 3.07 5Yorkville Optimal Return Bond Class2 6.13 1 6.13 1 7.97 1 5.49 1 4.45 1Number of funds 38 38 38 36 34

Canadian bonds Universe mandateAs at March 31, 2020 (cont’d)



Canadian bonds Universe mandateAs at March 31, 2020 (cont’d)


Quarter-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%Rank Quarter Year

to date 1 year 3 years 5 years

% % % % %5th percentile 2.71 2.71 5.56 4.51 3.251st quartile 1.55 1.55 4.65 3.83 3.00Median 1.00 1.00 4.14 3.68 2.813rd quartile 0.24 0.24 3.50 3.42 2.6795th percentile -2.73 -2.73 0.15 2.49 2.32∆ Benchmark




Addenda Canadian Equity Pooled Fund1 Value -16.77 9 -16.77 9 -9.32 10 -0.29 13 2.96 7

Addenda Preferred Share Pooled Fund1 Value -22.15 36 -22.15 36 -19.65 41BMO AM Canadian Core Alpha Strategy1 Core -21.52 33 -21.52 33 -15.27 29 -2.30 28 1.04 25BMO AM Smart Alpha Equity Fund1 Core -16.41 6 -16.41 6 -8.32 7 1.77 5 4.21 2

Burgundy Canadian Large Cap Fund1 Value -24.49 42 -24.49 42 -22.64 44 -5.67 43 -1.95 39CC&L Canadian Equity Fund1 Core/GARP -18.59 19 -18.59 19 -10.86 15 -1.37 17 1.05 24CC&L Q Canadian Equity Core Fund1 Core -20.96 27 -20.96 27 -13.81 22 -1.65 20 1.42 20CC&L Q Canadian Equity Growth Fund1 Growth -21.76 35 -21.76 35 -14.09 25 -1.73 21 1.33 21

CGOV Canadian Equity Fund1 GARP -18.74 20 -18.74 20 -15.60 32 -3.42 36 0.05 32CGOV Dividend Fund1 Core -18.15 17 -18.15 17 -13.39 20 -3.17 35 0.64 29CI Cambridge All Canadian Equity Fund1 Value -26.86 43 -26.86 43 -20.38 42 -5.50 42 -1.53 38CI Signature Canadian Equity Plus1 Value -21.65 34 -21.65 34 -11.34 18 -0.63 15 2.51 10

CI Signature Dividend1 Value -19.90 22 -19.90 22 -14.25 27 -2.43 31 1.01 26CIBC Canadian Equity All Cap Value Pool1 Value -21.18 32 -21.18 32 -13.88 24 -1.98 24 1.43 19CIBC Canadian Equity S&P/TSX Index Pool1 Passive Index -20.80 26 -20.80 26 -14.11 26 -1.92 23 0.89 28Co-operators Value -14.16 5 -14.16 5 -8.06 6 1.98 4 4.33 1

Fidelity Canadian Core Equity Trust1 Core -17.52 11 -17.52 11 -8.98 9 0.75 9 2.86 8

Fidelity Canadian Focused Equity Trust1 Core -16.54 7 -16.54 7 -6.89 4 2.01 3 3.68 4

Fidelity Canadian Systematic Equity Trust1 Core -17.17 10 -17.17 10 -8.82 8 1.26 8 3.21 5

Fiera Capital Canadian Equity Core1 Core -17.57 12 -17.57 12 -10.56 13 -0.03 12 1.88 11

Fiera Capital Canadian Equity ESG Fund1 GARP -12.35 3 -12.35 3 -4.19 1 4.29 2

Fiera Capital Canadian Equity Fund1 GARP -12.73 4 -12.73 4 -4.61 2 4.32 1

Foyston, Gordon & Payne1 Value -29.99 47 -29.99 47 -27.83 47 -9.19 46 -2.72 41Franklin Bissett Canadian Equity Fund1 Growth -18.23 18 -18.23 18 -11.33 17 -1.85 22 1.78 14

Canadian equityAs at March 31, 2020





Gryphon Canadian Equity Fund GARP -20.64 25 -20.64 25 -17.12 38 -2.01 25 1.46 17Gryphon Total Equity2 GARP -19.69 21 -19.69 21 -15.74 34 -1.08 16Guardian Canadian Equity Fund Growth -21.17 31 -21.17 31 -16.29 36 -2.32 29 1.26 22Guardian Canadian Focused Equity Fund Core -28.76 45 -28.76 45 -26.64 46 -5.04 41Guardian Equity Income GARP -23.59 39 -23.59 39 -17.14 39 -4.79 40 -0.83 36Hexavest Canadian Equity Fund1 Core -27.88 44 -27.88 44 -21.88 43 -6.79 44 -1.31 37

Hillsdale Canadian Core Equity Fund Core -22.65 38 -22.65 38 -16.63 37 -4.65 39 -0.22 34Invesco Canadian Fund1 Value -24.11 40 -24.11 40 -15.48 31 -2.95 34 -2.30 40

Invesco Canadian Premier Growth Fund1 Growth -20.09 23 -20.09 23 -15.30 30 -3.50 37 0.23 31

Jarislowsky Fraser1 GARP -20.42 24 -20.42 24 -14.39 28 -2.11 27 1.86 12Manulife AM Canadian Large Cap Growth1 Growth -18.00 16 -18.00 16 -10.47 12 0.27 10 1.86 13Manulife AM Large Cap Value1 Value -28.93 46 -28.93 46 -24.40 45 -8.40 45 -3.36 42Manulife Canadian Core Equity Composite1 Core -16.65 8 -16.65 8 -7.09 5 1.72 6 3.72 3

Mawer Canadian Equity Pooled Fund1 GARP -17.93 15 -17.93 15 -11.18 16 -0.51 14 2.76 9

Optimum Canadian Equity1 Value -17.70 13 -17.70 13 -11.37 19 -1.60 19 1.50 16PCJ Canadian Equity Fund1 Growth -20.99 28 -20.99 28 -13.66 21 -1.49 18 0.48 30PH&N Canadian Equity Fund1 Growth -21.03 29 -21.03 29 -13.87 23 -2.57 32 0.93 27PH&N Canadian Equity Value Fund1 Value -21.12 30 -21.12 30 -15.62 33 -2.02 26 1.73 15RBC QUBE Canadian Equity Fund1 Growth -22.38 37 -22.38 37 -15.91 35 -2.33 30 0.04 33

RBC QUBE Low Volatility Canadian Equity Fund1 Core -17.77 14 -17.77 14 -10.73 14 0.04 11 3.14 6

Scheer Rowlett Canadian Equity Fund1 Value -24.16 41 -24.16 41 -17.16 40 -3.66 38 1.45 18Yorkville Canadian QVR Enhanced Protection Class2 Value -11.62 2 -11.62 2 -10.24 11 -2.87 33 -0.60 35Yorkville Enhanced Protection Class2,3 Value -9.02 1 -9.02 1 -6.11 3 1.49 7 1.22 23


Canadian equityAs at March 31, 2020 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Contains a portion invested in foreign stocks


Canadian equityAs at March 31, 2020 (cont’d)


% % % % %5th percentile -12.46 -12.46 -6.35 2.00 3.721st quartile -17.63 -17.63 -10.52 -0.09 1.87Median -20.42 -20.42 -13.88 -1.95 1.303rd quartile -21.95 -21.95 -16.10 -3.11 0.1095th percentile -28.50 -28.50 -23.87 -6.51 -2.28 S&P/TSX -20.90 -20.90 -14.21 -1.92 0.89∆ S&P/TSX cap. -20.90 -20.90 -14.21 -1.92 0.89


Quarter-30%

-25%

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-5%

0%

5%




BMO AM Small Cap Fund1 Growth -26.36 3 -26.36 3 -16.99 3 -4.95 3 -1.75 3CIBC Canadian Equity Small Cap Pool1 Growth -33.73 7 -33.73 7 -28.92 7 -13.00 8 -6.01 7Fiera Capital Canadian Equity Small Cap Core1 Core -28.23 5 -28.23 5 -18.81 4 -5.93 4 -2.57 4Fiera Capital Small Cap Equity Fund1 Core -28.01 4 -28.01 4 -24.51 6 -10.93 6 -4.89 6Foyston, Gordon & Payne Canadian Small Cap1 Value -41.03 10 -41.03 10 -48.54 10 -19.93 9 -10.35 8Franklin Bissett Small Cap Fund1 Growth -35.51 9 -35.51 9 -35.82 9 -20.45 10 -11.64 9Hillsdale Canadian Small Cap Equity Fund Core -30.65 6 -30.65 6 -23.73 5 -8.08 5 0.63 2Jarislowsky Fraser Small/Mid Cap Equity Fund1 GARP -23.87 1 -23.87 1 -9.59 1 -1.46 1Mawer Canadian Small Cap Equity Fund Serie O1 Core -25.09 2 -25.09 2 -11.89 2 -3.10 2 2.72 1PCJ Canadian Small Cap Fund1 Growth -34.27 8 -34.27 8 -29.30 8 -12.88 7 -4.58 5Number of funds 10 10 10 10 9

Small cap Canadian equityAs at March 31, 2020



Small cap Canadian equityAs at March 31, 2020 (cont’d)


% % % % %

5th percentile -24.42 -24.42 -10.63 -2.20 1.88

1st quartile -26.77 -26.77 -17.45 -5.20 -1.75Median -29.44 -29.44 -24.12 -9.50 -4.583rd quartile -34.14 -34.14 -29.20 -12.97 -6.0195th percentile -38.55 -38.55 -42.82 -20.22 -11.12 SS&P/TSX small cap. -38.12 -38.12 -35.25 -15.94 -6.22

∆ BMO small cap. weighted -36.22 -36.22 -31.69 -13.78 -5.03


Quarter-45%

-40%

-35%

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0%

5%




Addenda U.S. Equity Pooled Fund1 GARP -9.99 9 -9.99 9 1.61 8 8.65 8 8.41 9BMO U.S. Equity Fund (Series I) Core -16.08 19 -16.08 19 -8.93 20 3.21 18 5.77 19Burgundy American Equity1 Value -14.90 17 -14.90 17 -3.71 13 5.50 15 7.93 11Burgundy U.S. Small/Mid Cap1 Value -19.87 21 -19.87 21 -10.81 21 2.44 20 6.36 18Co-operators Value -5.15 2 -5.15 2 5.35 1 10.38 7 9.36 7Duncan Ross Pooled Trust Value -7.51 5 -7.51 5 5.21 2 11.24 6 9.95 6Fidelity U.S. Large Cap Core Institutional Trust1 Core -12.29 14 -12.29 14 0.81 9 7.13 10 7.24 15Fiera Capital U.S. Equity ESG1 Core -7.04 4 -7.04 4 3.97 4 13.21 3 12.75 2Fiera Capital U.S. Equity Fund1 Core -8.24 6 -8.24 6 3.28 5 12.92 4 12.61 3Foyston, Gordon & Payne1 Value -10.44 11 -10.44 11 -2.56 11 5.96 14 6.53 17Franklin U.S. Opportunities Fund1 Growth -4.70 1 -4.70 1 4.60 3 13.28 2 10.45 5Franklin U.S. Rising Dividends Fund1 Value -13.47 15 -13.47 15 -4.63 17 6.71 11 8.28 10Guardian Capital US All Cap Growth Fund Growth -16.05 18 -16.05 18 -4.41 15Hexavest US Fund1 Core -22.32 22 -22.32 22 -15.35 22 -0.60 21 4.62 20Hillsdale U.S. Small Cap Equity Fund Core -27.60 23 -27.60 23 -25.28 23 -2.47 22 4.45 21Jarislowsky Fraser1 GARP -11.44 12 -11.44 12 -3.00 12 5.27 16 7.38 14Manulife AM U.S. Large Cap Core Pooled Fund1 Core -16.86 20 -16.86 20 -6.33 18 2.73 19 7.16 16Mawer U.S. Equity1 GARP -9.62 8 -9.62 8 2.81 7 11.44 5 10.83 4PH&N U.S. Equity Fund1 GARP -10.35 10 -10.35 10 -0.11 10 8.10 9 7.56 13

RBC QUBE U.S. Equity Fund1 Core -11.99 13 -11.99 13 -4.62 16 6.30 13 7.85 12RBC QUBE U.S. Low Volatility Equity Fund1 Core -14.39 16 -14.39 16 -7.56 19 6.62 12 9.27 8T. Rowe Price US Large-Cap Core Growth Equity Pool1 GARP -6.00 3 -6.00 3 2.93 6 15.26 1 13.59 1Yorkville American QVR Enhanced Protection Class2 Value -8.41 7 -8.41 7 -4.12 14 3.55 17 0.37 22Number of funds 23 23 23 22 22

U.S. equityAs at March 31, 2020

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Not elligible for Group RRSP


U.S. equityAs at March 31, 2020 (cont’d)


Quarter-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%Rank Quarter Year


% % % % %5th percentile -5.23 -5.23 5.15 13.27 12.741st quartile -8.32 -8.32 2.87 11.03 9.81Median -11.44 -11.44 -3.00 6.66 7.893rd quartile -15.47 -15.47 -5.48 3.98 6.6995th percentile -22.07 -22.07 -14.90 -0.45 4.46∆ S&P 500 -12.18 -12.18 -1.24 7.39 9.17




Addenda International Equity Pooled Fund1 GARP -12.25 10 -12.25 10 -2.29 6 3.28 8 3.80 11BMO International Value Class Fund1 Value -13.22 11 -13.22 11 -5.64 9 1.63 12 2.88 13Boston Partners International Equity Value -19.10 21 -19.10 21 -14.98 23 -3.67 26 -0.26 24Burgundy EAFE Fund1 Value -10.17 6 -10.17 6 -2.53 8 3.18 9 5.96 4CC&L Q International Equity Fund1 Core -15.46 14 -15.46 14 -9.42 18 1.25 14 3.14 12CIBC International Equity Index Pool1 Index -15.14 12 -15.14 12 -8.87 16 0.20 17 1.64 18CIBC International Equity Pool1 Growth -9.54 4 -9.54 4 3.32 3 7.79 3 5.04 6Fidelity Concentrated International Small Cap1 Value -17.51 18 -17.51 18 -8.27 15 0.01 18 3.90 9Fidelity International Growth Trust1 Growth -16.03 16 -16.03 16 -7.96 14 0.81 15 1.74 17Fidelity Select International Equity Trust1 Value -15.51 15 -15.51 15 -7.94 13 -0.04 19 0.95 19Fiera Capital International Equity Ethical ESG Fund1 Core -8.84 3 -8.84 3 4.95 2 8.97 1 7.91 2Foyston, Gordon & Payne1 Value -29.99 30 -29.99 30 -23.91 30 -4.65 29 -1.55 29Global Alpha International Small Cap Equity Fund1 Core -21.40 27 -21.40 27 -11.62 20 2.83 10 8.05 1Gryphon Europac GARP -20.34 26 -20.34 26 -16.05 24 -1.53 22 0.81 20Guardian International Equity Fund GARP -11.27 9 -11.27 9 -7.23 12 0.76 16 2.62 15Hexavest Europac Fund1 Core -18.51 20 -18.51 20 -14.23 21 -2.51 23 0.66 21Hexavest Europac Fund Hedged in CAD1,3 Core -23.73 29 -23.73 29 -17.11 27 -3.63 25 -0.46 25Invesco International Growth Class1 Growth -17.12 17 -17.12 17 -7.08 11 1.45 13 2.76 14Jarislowsky Fraser1 GARP -10.60 7 -10.60 7 -1.37 5 3.84 7 4.04 7Mawer International Equity Fund1 GARP -9.64 5 -9.64 5 -2.51 7 5.38 4 5.82 5NS Partners International Equity Fund1 GARP -7.99 2 -7.99 2 6.78 1 8.44 2 6.05 3Orbis SICAV International Equity Fund1 Core -30.74 31 -30.74 31 -29.71 31 -8.19 31 0.57 22PH&N Overseas Equity Pension Trust1 Value -17.64 19 -17.64 19 -9.24 17 4.20 6 3.86 10Pier 21 International Equity Pool1 GARP -7.74 1 -7.74 1 2.31 4 5.10 5Setanta EAFE Equity Fund Value -19.57 24 -19.57 24 -14.98 22 -1.39 21 3.94 8

International equityAs at March 31, 2020

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




Sprucegrove1 Value -22.66 28 -22.66 28 -19.64 29 -3.61 24 0.32 23T. Rowe Price International Discipline Equity Pool Fund1 Core -15.20 13 -15.20 13 -6.13 10 1.69 11 1.82 16Templeton EAFE Developed Markets Fund1 Value -20.26 25 -20.26 25 -18.33 28 -5.15 30 -1.17 26Templeton International Equity Trust1 Value -19.11 22 -19.11 22 -16.80 25 -4.17 28 -1.27 28Templeton International Stock Trust1 Value -19.28 23 -19.28 23 -16.90 26 -4.17 27 -1.26 27Yorkville International QVR Enhanced Protection Class2 Value -11.02 8 -11.02 8 -11.61 19 -0.96 20Number of funds 31 31 31 31 29

International equityAs at March 31, 2020 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 Not eligible for group RRSP money4 E.A.F.E.: Europe. Australasia and Far East


Quarter-30%

-25%

-20%

-15%

-10%

-5%

0%

5%



% % % % %5th percentile -8.41 -8.41 4.13 8.11 7.171st quartile -11.14 -11.14 -4.09 3.23 3.94Median -16.03 -16.03 -8.87 0.76 2.623rd quartile -19.42 -19.42 -15.52 -3.06 0.5795th percentile -26.86 -26.86 -21.77 -4.90 -1.27

∆ E.A.F.E4 -15.29 -15.29 -8.78 0.33 1.73




Addenda Capital’s Global Equity Pooled1 GARP -15.54 29 -15.54 29 -6.41 27 4.53 17 5.33 21

AGF Global Core Equity Pooled Fund1 Core -16.35 36 -16.35 36 -9.79 32 0.19 35 3.70 33

BMO AM Global Equity Fund1 Value -12.81 19 -12.81 19 -6.72 28 3.05 26 5.34 20

BMO AM Responsible Global Equity ESG Fund1 Growth -11.79 16 -11.79 16 0.69 9

BMO Fonds d’actions mondiales à perspectives durables1 Growth -12.91 20 -12.91 20 -10.47 35 2.94 27

BMO Fonds mondial à petite capitalisation1 Growth -26.86 50 -26.86 50 -17.02 47 -1.91 41 1.38 40

BMO Fonds mondial de croissance et de revenu1 Core -11.29 14 -11.29 14 1.15 7 7.94 11

Boston Partners Global Equity Value -21.21 43 -21.21 43 -15.78 44 -2.59 45 2.07 38

Burgundy Global Equity Fund1 Value -13.80 24 -13.80 24 -6.15 26 2.76 29 5.88 18

CC&L Q Global Equity Fund1 Core -14.35 26 -14.35 26 -5.38 22 4.30 19 5.89 17

CGOV Equity Fund1 Core -1.92 1 -1.92 1 8.37 1 10.66 4 8.57 9

CI Signature Global Equity Fund1 Core -15.67 30 -15.67 30 -8.06 30 2.63 30 4.03 31

Fidelity Select Global1 Core -14.47 27 -14.47 27 -4.98 21 3.38 24 4.52 28

Fidelity Select Global Plus Trust1 Core -14.74 28 -14.74 28 -5.64 25 3.11 25 4.39 29

Fiera Capital Global Equity Fund1 Core -8.96 7 -8.96 7 2.94 4 11.30 3 10.66 2

Foyston, Gordon & Payne Global Equity Fund1 Value -11.72 15 -11.72 15 -4.07 17 3.83 21 4.70 27

Franklin World Growth Corporate Class (O)1 Growth -9.05 8 -9.05 8 1.94 5 10.39 5 9.79 3

Global Alpha Global Small Cap1 Core -23.31 45 -23.31 45 -13.42 39 0.33 33 4.92 25

Guardian Fundamental Global Equity Fund Core -6.78 4 -6.78 4 4.23 2 13.23 1 13.01 1

Guardian Global Dividend Growth Equity GARP -8.80 6 -8.80 6 -0.48 11 4.33 18 5.09 22

Hexavest ACWI Fund1 Core -19.45 40 -19.45 40 -13.62 40 -1.21 38 3.09 36

Hexavest ACWI Fund Hedged in CAD1,2 Core -25.89 49 -25.89 49 -18.49 48 -3.58 47

Hexavest World Fund1 Core -20.44 42 -20.44 42 -14.17 41 -1.53 40 3.19 35

Hexavest World Fund Hedged in CAD1,2 Core -27.30 51 -27.30 51 -19.57 49 -4.04 48 0.75 43

Hillsdale Global Equity Fund Core -12.51 17 -12.51 17 -3.30 15

Hillsdale Global Small Cap Equity Fund Value -25.06 47 -25.06 47 -20.42 50 -3.08 46 3.39 34

Global equityAs at March 31, 2020

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




Invesco Global Companies Fund1 Core -19.99 41 -19.99 41 -12.61 36 1.41 32 5.07 23

Invesco Global Small Cap Equity Pool1 Core -24.99 46 -24.99 46 -16.61 46 -2.17 42 2.31 37

Jarislowsky Fraser1 GARP -10.27 11 -10.27 11 0.87 8 6.77 13 7.29 11

Manulife AM Global Equity Pooled Fund1 Core -15.91 33 -15.91 33 -7.02 29 3.92 20 6.79 14

Mawer Global Equity1 Core -10.13 9 -10.13 9 -0.27 10 9.20 10 9.02 6

Mawer Global Small Cap1 Core -15.74 32 -15.74 32 -4.22 19 7.09 12 8.75 8

Optimum Global Equity1 Value -12.53 18 -12.53 18 -4.91 20 3.44 23 5.42 19

Orbis SICAV Global Equity Fund1 Core -17.76 37 -17.76 37 -9.83 34 -0.79 37 4.94 24

PH&N Global Equity Fund1 GARP -13.69 22 -13.69 22 -4.06 16 9.48 8 9.45 4

Pier 21 Global Value Pooled Fund1 Value -5.30 2 -5.30 2 -1.36 12 3.83 22 7.07 12

Pier 21 Worldwide Equity Pooled Fund1 GARP -6.55 3 -6.55 3 4.15 3 9.78 7 8.16 10

RBC Global Equity Focus Fund1 Core -13.69 21 -13.69 21 -4.21 18 9.46 9 9.39 5

RBC QUBE Global Equity Fund1 Core -13.78 23 -13.78 23 -9.22 31 2.90 28 4.75 26

RBC QUBE Low Volatility Global Equity Fund1 Core -10.41 12 -10.41 12 -5.59 24 5.00 16 7.00 13

Schroder Global Alpha Fund (Canada)1 Core -10.84 13 -10.84 13 -1.40 13 5.82 14 6.65 15

Setanta Global Dividend Fund Value -15.69 31 -15.69 31 -9.79 33 1.76 31 4.09 30

Setanta Global Equity Value -19.05 39 -19.05 39 -15.23 43 -0.05 36 3.98 32

Setanta Global SRI Equity Fund Value -18.17 38 -18.17 38 -14.94 42 0.25 34

Sprucegrove1 Value -23.30 44 -23.30 44 -16.60 45 -2.27 43 2.05 39

T. Rowe Price Global Focused Growth Equity Pool1 Growth -8.24 5 -8.24 5 1.90 6 11.91 2

T. Rowe Price Global Growth Equity Pool1 Growth -10.20 10 -10.20 10 -2.53 14 10.07 6 8.98 7

Templeton Global Equity Trust1 Value -16.25 35 -16.25 35 -13.31 38 -2.31 44 0.76 42

Templeton Global Smaller Companies1 Value -25.68 48 -25.68 48 -21.17 51 -4.06 49 0.33 44

Templeton Global Stock Trust1 Value -15.93 34 -15.93 34 -13.31 37 -1.44 39 1.28 41

UBS (LUX) Global Sustainable Equity Fund - (CAD) I-X acc1,3 Core -14.31 25 -14.31 25 -5.41 23 5.59 15 5.91 16


Global equityAs at March 31, 2020 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 Not eligible for Group RRSP


Global equityAs at March 31, 2020 (cont’d)


Quarter-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%



% % % % %5th percentile -6.67 -6.67 3.54 11.05 9.741st quartile -11.07 -11.07 -1.96 6.77 7.12Median -14.35 -14.35 -6.15 3.11 5.083rd quartile -18.61 -18.61 -13.37 -0.79 3.6295th percentile -25.79 -25.79 -19.03 -3.38 0.83∆ MSCI World -13.34 -13.34 -4.53 4.16 5.68


Other fundsAs at March 31, 2020

Emerging markets


% % % % %5th percentile -14.76 -14.76 -7.63 3.96 6.071st quartile -15.90 -15.90 -9.11 2.92 4.13Median -18.12 -18.12 -14.48 0.54 2.513rd quartile -20.47 -20.47 -18.40 -3.71 0.8495th percentile -23.70 -23.70 -22.33 -6.48 -1.33MSCI Emerging Markets -16.11 -16.11 -11.96 0.91 2.37Number of funds 16 16 16 16 16

Hedge fundsAs at March 31, 2020



CC&L All Strategies Fund1 -0.06 2 -0.06 2 9.16 1 2.86 2 4.83 2CC&L Multi-Strategy Fund1 -0.03 1 -0.03 1 2.88 3 0.88 3 2.75 4

CC&L Q Equity Extension Fund1 -23.14 6 -23.14 6 -19.16 6 -4.06 6 0.95 5CC&L Q Market Neutral Fund1 -3.99 4 -3.99 4 -3.65 4 0.13 4 6.29 1Fiera Capital North American Market Neutral Fund1 -6.41 5 -6.41 5 -4.93 5 -0.70 5 0.36 6

PCJ Absolute Return Trust1 -1.82 3 -1.82 3 3.54 2 4.35 1 4.83 3Credit Suisse Hedge Fund Index -0.58 -0.58 1.58 2.52 2.54Number of funds 6 6 6 6 6



Asset Management ConsultingMorneau 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

© 2020 Morneau Shepell Ltd.

@Morneau_Shepell

Morneau Shepell

Morneau Shepell is the leading provider of technology-enabled HR services that deliver an integrated approach to employee well-being through our cloud-based platform. Our focus is providing world-class solutions to our clients to support the mental, physical, social and financial well-being of their people. By improving lives, we improve business. Our approach spans services in employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement consulting, actuarial and investment services. Morneau Shepell employs approximately 6,000 employees who work with some 24,000 client organizations that use our services in 162 countries. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.

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