portfolio review first quarter 2020 · quarterly portfolio review as at march 31, 2020 3 market...

Portfolio Review – First Quarter 2020

Q11

FOR INSTITUTIONAL USE ONLY

The information provided in the Portfolio Series Review includes:

Underlying fund allocations

Performance

Allocations by sector, region, asset class and their change over the prior quarter.

In addition, each report includes detailed commentary explaining the fund’sperformance for the quarter. The commentary is provided by CI Multi-AssetManagement, CI’s in-house team of investment professionals responsible formanaging and monitoring the Portfolio Series portfolios.

Q1 2020 Portfolio Series Review

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3 Commentary

7 Portfolio Series Income Fund

13 Portfolio Series Conservative Fund

19Portfolio Series Conservative Balanced Fund

25 Portfolio Series Balanced Fund

31 Portfolio Series Balanced Growth Fund

37 Portfolio Series Growth Fund

43Portfolio Series Maximum Growth Fund

49 Benchmark History


CommentaryQuarterly Portfolio Review as at March 31, 2020

3

Market Performance

Initially, the COVID-19 pandemic was expected to be contained within the Hubei province of China and affect only a handful of surrounding

provinces. Stocks globally reached new highs in February even though China locked down Hubei and manufacturing activity contracted

substantially. The consensus was that the virus would not be widespread, manufacturing would re-open and any economic damage would

be offset by central government programs. Investors quickly realized in March this would not be the case when the World Health

Organization officially declared the outbreak as a pandemic, with rapid increases in new cases around the globe and deaths in G7 nations.

It is extremely difficult to model economic impacts attributed to a new virus outbreak as there is no way to determine when and how it will

end. As with other major events in history, investors tend to focus on worst-case scenarios, as was seen in March’s dramatic decline in

stock prices. Other investments such as corporate bonds, government bonds and gold bullion were also dumped for cash. Suddenly, it was

a buyers’ market. U.S. markets as measured by the S&P 500 Index in Canadian dollar terms, performed relatively well due to an 8.3% gain

in the U.S. dollar for the quarter. Canada felt even more pain as oil prices fell over 60% in a matter of days when Saudi Arabia raised oil

production at a time when demand was already declining.

Markets stabilized somewhat when central banks started cutting interest rates and launching quantitative easing measures, and

governments announced subsidies to individuals and businesses, as well as other stimulus programs. Globally, there were over 300

“rescue” measures announced, the size and speed of which were unprecedented. The balance sheets of many individuals and businesses

are being supported temporarily but they desperately need economic activity to resume to generate income. The good news is that once

the spread of COVID-19 moderates, we expect the majority of consumer activities to return. The bad news is that consumers have turned

cautious. Until there is safe vaccine, people’s lifestyles will be different, and a portion of consumption and spending will be suspended for a

longer time period. We believe that markets were likely priced for an outcome worse than what will actually transpire, so some stability and

market recovery should be expected.

Benchmark returns in % at March 31, 2020 3 months 1 year 3 years 5 years 10 years

S&P/TSX Composite Index -20.9 -14.2 -1.9 0.9 4.1

S&P 500 Index (C$) -12.8 -2.0 7.1 9.0 14.2

MSCI World Index (C$) -14.4 -5.6 3.9 5.4 10.1

FTSE Canada Universe Bond Index 1.6 4.5 3.7 2.7 4.3

Source: Bloomberg Finance L.P., FTSE


Commentary

4

Portfolio performance

We were constructive on our 2020 economic and market outlook based on some leading indicators and announcements in 2019 that

included a phase-one trade agreement between the U.S. and China, and interest rate cuts in the U.S. No one was able to foresee the

COVID-19 pandemic. However, as the outbreak spread in China, we turned more cautious and raised cash in all of our portfolios.

Portfolios that were managed for short investment horizons went defensive as we added U.S. Treasuries and introduced the Japanese

yen and gold bullion for additional downside protection. The equity-centric portfolios were optimized for the long term; we cut our equity

position by 2-4% and added exposure to the U.S. dollar and yen to reduce short-term volatility.

Our underlying fund managers actively trimmed holdings that held up well through the drawdown, raising cash that was used to add to

quality names that are trading at a discount to fair value for the first time in years. Such opportunities have been found in health care

(drug development and medical supplies), consumer staples (grocery stores and other essential services), consumer discretionary

(discount retail chains) and technology, which is benefiting from the increase in working remotely. On the other hand, our managers are

reducing exposure to sectors like energy due to lower oil prices, financials, where lower interest rates could impair the earnings potential

for some banks and asset managers, as well as travel and tourism.

Generally, stock markets fall dramatically for two reasons: 1) new capital has run dry following excessive speculation; and 2) natural

disasters. In a recent whitepaper titled Market Disruptions – Then and Now, I highlighted three incidents in recent history to demonstrate

how and why markets reacted as they did following this template, before outlining our expectation for the current COVID-19 pandemic.

Returns in % at March 31, 2020 (Class I) 3 months 1 year 3 years 5 years 10 years

Portfolio Series Income Fund -7.2 -1.5 2.0 3.0 6.5

Portfolio Series Conservative Fund -8.7 -2.2 2.2 2.9 6.5

Portfolio Series Conservative Balanced Fund -10.6 -3.8 1.8 2.9 6.9

Portfolio Series Balanced Fund -12.9 -5.7 1.2 2.7 6.9

Portfolio Series Balanced Growth Fund -15.8 -8.4 0.2 2.4 7.0

Portfolio Series Growth Fund -17.6 -9.8 0.0 2.3 7.2

Portfolio Series Maximum Growth Fund -19.7 -11.5 -0.4 2.4 7.6

Source: RBC Investor & Treasury Services, as at March 31, 2020

Quarterly Portfolio Review as at March 31, 2020


Commentary

5

Outlook and positioningShort-term results remain unclear as they depend on consumer confidence and the evolution of the pandemic, something markets

appear to have priced in. As long as the pandemic doesn’t worsen, further downside should be limited. In the meantime, central

banks and governments are doing whatever they can to avoid a deep recession. The fiscal and monetary policy actions

announced over the past few weeks are significant. In our view, the monetary policy package (which includes unlimited

quantitative easing) will:

• Unclog contagion in credit markets

• Support bond prices and potentially restore negative correlation between government bonds and stocks

• Increase inflationary pressures

• Lead to a weaker U.S. dollar as dollar supply increases.

Looking ahead, investors should focus on growth. Central banks are expanding their balances sheets (printing money) and

interest rates are zero. Paper money will be worth less and investors need to invest in assets to protect their purchasing power.

We are committed to investing investors’ capital in a diversified basket of quality businesses. That is the only way to win.

We hope you and your family are keeping well and are taking comfort in knowing that your financial health is being managed by

your financial advisor and our team. It can be challenging to go through a pandemic event of this severity but this one, like others,

shall pass.

Source: CI Multi-Asset Management, Bloomberg Finance L.P. and CI Investments Inc. as at April 7, 2020.



CommentaryQuarterly Portfolio Review as at March 31, 2020

6

Outlook and positioning

Neutral weight refers to the targeted strategic asset allocation for the portfolios. Overweight/underweight is the amount the current asset allocation differs from the neutral weighting.


Calendar Year Returns (Gross of Fees)

3 Year Risk Statistics

Portfolio Series Income Fund – Class IQuarterly Portfolio Review as at March 31, 2020

Bond Information#

Annualized Returns (Gross of Fees)

Portfolio yield (approx.) 3.5%

Duration in years 6.00

*Returns are presented using the Class I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source - CI Investments.**15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. # Bond Characteristics have been sourced from MSCI BarraOne as at March 31, 2020. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

7

Standard Deviation Sharpe Ratio Tracking Error Up Capture Ratio Down Capture Ratio

Portfolio Series Income* 5.26 0.13 1.87 80.64% 86.78%

Benchmark** 5.21 0.29 - 100.00% 100.00%

Standard Deviation Sharpe Ratio Tracking Error Up Capture Ratio Down Capture Ratio

Portfolio Series Income* 4.92 0.40 1.94 100.91% 95.84%

Benchmark** 4.53 0.38 - 100.00% 100.00%


As at March 31, 2020 3 mos (%) 1 yr (%) 3 yr (%) 4 yr (%) 5 yr (%) 7 yr (%) 10 yr (%)

Portfolio Series Income* -7.17 -1.55 2.05 3.62 3.02 5.29 6.47

Benchmark** -4.42 0.22 2.88 3.55 2.75 4.31 5.00

Difference -2.75 -1.77 -0.83 0.07 0.27 0.98 1.47

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Income* 10.54 0.24 5.86 5.56 6.65 9.81 10.78

Benchmark** 11.06 -0.27 4.74 4.80 3.18 9.75 4.20

Difference -0.52 0.51 1.12 0.76 3.47 0.06 6.58


Asset Class


Top Holdings

8

SectorFund Avg.

Allocation (%)Benchmark* Avg.

Allocation (%)Active Weight (%) Active Contribution (%)

Cash 9.20 0.00

Fixed Income 53.06 70.69

Equity 33.07 29.23

Others** 4.67 0.08

Total 100.00 100.00

Total Effect

*15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

Signature Canadian Bond Fund (Class I) 16.57%

CI Income Fund (Class I) 14.67%

CI Global High Dividend Advantage Fund (Class I) 7.40%

Signature Global Bond Fund (Class I) 7.15%

Signature Corporate Bond Fund (Class I) 6.30%

CI Investment Grade Bond Fund (Class I) 5.09%

Cambridge Bond Fund (Class C) 5.04%

Signature Global Dividend Corporate Class (Class I) 4.19%

Cambridge Global Dividend Fund (Class I) 4.01%

Signature Dividend Corporate Class (Class I) 3.96%

Lawrence Park Alternate Investment Grade Fund (Class I) 3.47%

CI U.S. Income US$ Pool (Class I) 3.39%

CI First Asset Enhanced Government Bond ETF 3.20%

Sentry Canadian Income Fund (Class I) 3.04%

Munro Altern Glb Growth Fundd (Class I) 2.43%

SPDR S&P 500 ETF Trust 2.01%

Cambridge Canadian Dividend Fund (Class I) 1.48%

4.59

3.84

-17.63

9.20

-1.71

-0.95

-0.45

0.39

-1.20

-0.98

-1.56

1.03

-2.72

-3.00 -2.00 -1.00 0.00 1.00 2.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



Equity Sector Analysis

9

SectorFund Avg. Allocation

(%)

Benchmark* Avg.

Allocation (%)

Active Weight (%) Active Contribution (%)

Communication Services 6.21 7.87

Health Care 12.14 6.70

Materials 5.01 7.74

Information Technology 10.92 12.23

Consumer Discretionary 6.01 7.32

Utilities 7.30 4.26

Real Estate 3.88 3.40

Energy 8.40 9.98

Financials 18.32 23.66

Consumer Staples 10.46 6.15

Industrials 11.36 10.69

Total 100.00 100.00

*15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

0.66

4.31

-5.34

-1.59

0.48

3.03

-1.31

-1.31

-2.73

5.45

-1.66

-0.34

-0.19

-0.16

-0.15

-0.10

-0.06

-0.03

-0.02

0.03

0.03

0.05



10

CountryFund Avg. Allocation

(%)

Benchmark* Avg.


Japan 1.93 1.05

Switzerland 1.18 0.42

Spain 1.03 0.12

Italy 0.96 0.10

Germany 1.14 0.36

Netherlands 0.75 0.18

Others 5.46 2.71

France 2.26 0.48

United Kingdom 3.73 0.73

Canada 49.80 84.89

United States 31.77 8.96

Total 100.00 100.00

Geographic Analysis


22.80

-35.08

3.00

1.79

2.74

0.57

0.77

0.86

0.91

0.76

0.88

-1.13

-0.79

-0.26

-0.22

-0.17

-0.12

-0.11

-0.03

0.01

0.05

0.06



11

Fund Performance -7.22

Benchmark Performance -4.50

Difference -2.72

Fixed Income -1.20

Asset Allocation Effect -1.17

Sector Allocation Effect -0.65

Security Selection -0.91

Interest Rate Effect -0.07

Currency Effect 1.59

Equity -0.98


Sector Allocation Effect 0.54


Interest Rate Effect 0.00


Others -1.56



Security Selection 0.46


Currency Effect -1.33

Cash & Equivalents 1.03

Asset Allocation Effect 0.74





Benchmark - 15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$). The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.


Portfolio Series Income Fund – Class I

12

Quarterly Portfolio Commentary as at March 31, 2020

Performance Summary

▪ The portfolio returned -7.17% during the first quarter of 2020, underperforming against its blended benchmark (15% S&P/TSX CompositeTR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (C$)), which returned -4.42 %.

Contributors to Performance

▪ Key contributors to performance over the quarter included government bonds, gold, Canadian equities and liquid alternatives.

▪ Signature Global Bond Fund, CI First Asset Enhanced Government Bond ETF, SPDR Gold Shares, Sentry Canadian Income Fund, SignatureDividend Corporate Class and CI Munro Alternative Global Growth Fund added value on a relative basis.

▪ Top contributors over the quarter were Microsoft Corp., Gilead Sciences Inc. and Roche Holding AG.

Detractors from Performance

▪ Detractors from performance included the value factor and global dividend funds.

▪ CI First Asset Morningstar International Value Index ETF, CI Global High Dividend Advantage Corporate Class and Signature Global DividendCorporate Class detracted value on a relative basis.

▪ Top detractors over the quarter were Vermilion Energy Inc., Canadian Natural Resources Ltd. and Keyera Corp.

Portfolio Activity

▪ We added to the portfolio’s currency exposure to the Japanese yen as we expected other central banks would cut interest rates andJapan’s rate was already at zero.

▪ We increased the portfolio’s exposure to gold bullion as we believe it has higher upside potential and diversification benefits compared tofixed income.

▪ We reduced our weighting to equity at the beginning of the quarter in favor of cash, before averaging back into the market in the latterhalf.




Portfolio Series Conservative Fund – Class IQuarterly Portfolio Review as at March 31, 2020


*Returns are presented using the Class I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source - CI Investments.**20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. 13

Standard Deviation

Sharpe Ratio Tracking ErrorUp Capture

RatioDown Capture

Ratio

Portfolio Series Conservative* 6.26 0.12 1.63 88.12% 94.38%

Benchmark** 6.15 0.24 - 100.00% 100.00%



Portfolio Series Conservative* -8.67 -2.21 2.16 4.01 2.88 5.73 6.54

Benchmark** -6.37 -1.21 2.86 4.14 3.13 5.21 5.70

Difference -2.30 -1.00 -0.70 -0.13 -0.25 0.51 0.84

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Conservative* 12.73 -0.19 6.43 5.24 6.53 10.57 14.21

Benchmark** 12.91 -0.94 6.33 6.11 4.03 10.50 8.37

Difference -0.18 0.75 0.10 -0.87 2.50 0.07 5.84

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Conservative* 5.77 0.32 1.64 98.98% 102.73%

Benchmark** 5.43 0.39 - 100.00% 100.00%



Top Holdings

14



Synergy Canadian Corporate Class (Class I) 6.32%




CI American Managers Corporate Class (Class I) 4.33%


Munro Alternate Global Growth Fund 3.52%

CI First Asset Enhanced Government Bond ETF 3.21%

CI First Asset Morningstar Canada Momentum Index ETF 3.20%

CI First Asset MSCI Canada Quality Index Class ETF 2.68%


CI First Asset Morningstar International Value Index ETF 2.16%

Signature Emerging Markets Corporate Class (Class I) 2.10%


CI International Value Corporate Class (Class I) 1.98%

SectorFund Avg.



Cash 9.42 0.00


Others** 2.28 0.03

Equity 43.88 39.16

Total 100.00 100.00

Asset Class

Total Effect

*20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. ** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

4.72

2.25

-16.39

9.42

-1.65

-0.93

-0.39

0.39

-1.36

-1.62

-0.82

1.22

-2.59

-3.00 -2.00 -1.00 0.00 1.00 2.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



15


(%)

Benchmark* Avg.


Energy 6.98 9.79

Utilities 4.45 4.36



Materials 6.44 7.63







Total 100.00 100.00


*20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.

1.11

2.14

1.58

1.86

0.29

-2.89

-1.19

0.64

-0.80

0.08

-2.81

-0.56

-0.42

-0.22

-0.17

-0.13

-0.13

-0.09

-0.04

0.01

0.03

0.06



16


(%)

Benchmark* Avg. Allocation

(%)Active Weight (%) Active Contribution (%)


Spain 0.94 0.18


Japan 3.17 1.60

Germany 1.07 0.55

France 1.84 0.73

China 1.60 0.00



Others 7.27 1.52

Canada 53.19 80.20

Total 100.00 100.00

Geographic Analysis


-27.01

5.76

1.97

0.62

1.60

1.11

0.52

1.57

0.29

0.76

12.81

-1.23

-0.81

-0.22

-0.14

-0.09

-0.07

-0.06

-0.04

-0.03

0.02

0.10



17

Benchmark - 20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$).Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference -2.59

Fixed Income -1.36






Equity -1.62






Others -0.82













Portfolio Series Conservative Fund – Class I

18


Performance Summary

▪ The portfolio returned -8.67% during the first quarter of 2020, underperforming against its blended benchmark (20% S&P/TSX CompositeTR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$)), which returned -6.37%.


▪ Key contributors to performance over the quarter included government bonds, gold and liquid alternatives.

▪ Signature Global Bond Fund, CI First Asset Enhanced Government Bond ETF, SPDR Gold Shares and CI Munro Alternative Global GrowthFund added value on a relative basis.

▪ Top contributors over the quarter were Microsoft Corp., Amazon.com, Inc. and Gilead Sciences Inc.


▪ Detractors from performance included corporate bonds, equities and currency hedging.

▪ Signature Corporate Bond Fund, Cambridge Canadian Dividend Fund, CI American Value Corporate Class, Black Creek International EquityFund and CI First Asset Morningstar International Value Index ETF detracted value on a relative basis.

▪ Top detractors over the quarter were Keyera Corp., Canadian Natural Resources Ltd. and Air Canada

Portfolio Activity




▪ Despite the strengthening of the U.S. dollar over the quarter due to a flight to safety and global dollar shortage, we increased our hedgeratios within the portfolio as we expect the U.S. dollar to weaken going forward.




Portfolio Series Conservative Balanced Fund – Class IQuarterly Portfolio Review as at March 31, 2020


*Returns are presented using the Class I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source – CI Investments.**25% S&P/TSX Composite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. 19

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Conservative Balanced* 7.14 0.06 1.62 87.39% 94.56%

Benchmark** 7.07 0.17 - 100.00% 100.00%


Portfolio Series Conservative Balanced*

-10.62 -3.83 1.80 4.14 2.92 6.18 6.91

Benchmark** -8.30 -2.64 2.61 4.36 3.22 5.63 6.02

Difference -2.32 -1.19 -0.82 -0.22 -0.30 0.55 0.90

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Conservative Balanced*

14.12 -1.11 7.55 6.39 6.58 11.45 17.47

Benchmark** 14.44 -1.54 7.29 7.23 4.14 10.93 10.88

Difference -0.31 0.43 0.26 -0.83 2.44 0.53 6.59

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Conservative Balanced* 6.54 0.29 1.65 97.53% 100.96%

Benchmark** 6.23 0.35 - 100.00% 100.00%




Top Holdings

20

SectorFund Avg.



Cash 8.06 0.00


Others** 2.21 0.04

Equity 52.98 49.10

Total 100.00 100.00

Asset Class









Cambridge Canadian Equity Corporate Class (Class I) 3.88%



Signature Select Canadian Fund (Class I) 3.28%





CI First Asset MSCI World Low Risk Weighted ETF 2.38%

Total Effect

*25% S&P/TSX Composite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

3.89

2.17

-14.12

8.06

-1.63

-0.96

-0.19

0.33

-1.29

-1.57

-0.86

1.27

-2.46

-3.00 -2.00 -1.00 0.00 1.00 2.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



21



(%)

Benchmark* Avg.

Allocation (%)

Active Weight (%) Active Contribution (%)

Energy 7.12 9.82


Utilities 4.60 4.33



Materials 7.09 7.55






Total 100.00 100.00


0.76

2.28

1.66

-2.47

1.63

-0.46

-0.31

0.57

0.27

-1.23

-2.71

-0.60

-0.39

-0.27

-0.20

-0.17

-0.15

-0.10

-0.02

-0.01

0.13

0.15



22

Geographic Analysis


(%)

Benchmark Avg. Allocation



Hong Kong 0.93 0.29


France 1.91 0.91

Germany 1.13 0.69

Japan 3.48 2.01

China 2.57 0.00



Canada 49.75 75.42

Others 8.45 1.82

Total 100.00 100.00


6.63

-25.67

1.95

0.57

2.57

1.47

0.44

1.00

0.22

0.63

10.20

-1.08

-0.71

-0.27

-0.15

-0.10

-0.05

-0.05

-0.04

-0.03

-0.02

0.06



23

Benchmark -25% S&P/TSX Composite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$).Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference -2.46

Fixed Income -1.29






Equity -1.57






Others -0.86













Portfolio Series Conservative Balanced Fund – Class I

24


Performance Summary

▪ The portfolio returned -10.62 % during the first quarter of 2020, underperforming against its blended benchmark (25% S&P/TSXComposite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$)), which returned -8.30%.


▪ Key contributors to performance over the quarter included government bonds, gold and liquid alternatives

▪ Signature Global Bond Fund, CI First Asset Enhanced Government Bond ETF, SPDR Gold Shares and CI Munro Alternative Global GrowthFund added value on a relative basis.

▪ Top contributors over the quarter were Microsoft Corp., Amazon.com, Inc. and Gilead Sciences Inc.




▪ Top detractors over the quarter were Keyera Corp., Canadian Natural Resources Ltd. and Vermilion Energy Inc

Portfolio Activity








Portfolio Series Balanced Fund – Class IQuarterly Portfolio Review as at March 31, 2020


*Returns are presented using the Class I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source – CI Investments.**30% S&P/TSX Composite TR Index, 40% FTSE Canada Universe Bond Index, 30% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history. 25

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced* 8.29 -0.02 1.69 85.33% 96.71%

Benchmark** 8.07 0.14 - 100.00% 100.00%


Portfolio Series Balanced* -12.86 -5.71 1.19 4.02 2.66 6.24 6.93

Benchmark** -10.21 -4.08 2.50 4.67 3.45 6.35 6.60

Difference -2.66 -1.63 -1.31 -0.66 -0.79 -0.11 0.34

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Balanced* 15.44 -2.22 8.79 6.81 6.85 11.52 19.36

Benchmark** 15.81 -1.71 8.56 7.58 5.60 11.58 14.51

Difference -0.37 -0.51 0.23 -0.77 1.26 -0.06 4.85

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced* 7.54 0.22 1.61 94.13% 101.93%

Benchmark** 7.20 0.34 - 100.00% 100.00%



Asset Class


Top Holdings

26














Sentry Canadian Income Fund I 3.17%

Black Creek International Equity Fund (Class I) 2.98%



SectorFund Avg.



Cash 8.30 0.00


Others** 1.97 0.05

Equity 63.57 59.11

Total 100.00 100.00

Total Effect

*30% S&P/TSX Composite TR Index, 40% FTSE Canada Universe Bond Index, 30% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

4.46

1.92

-14.69

8.30

-1.93

-0.90

-0.32

0.34

-1.70

-1.76

-0.77

1.42

-2.81

-3.00 -2.00 -1.00 0.00 1.00 2.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio




27


(%)

Benchmark* Avg.


Energy 6.55 9.77


Utilities 4.32 4.36


Materials 6.59 7.63







Total 100.00 100.00


1.01

2.37

1.47

1.66

-2.87

0.36

-1.04

0.73

-0.05

-0.39

-3.23

-0.77

-0.44

-0.33

-0.28

-0.19

-0.15

-0.10

-0.05

-0.02

0.03

0.39



28

CountryFund Avg.

Allocation (%)

Benchmark* Avg.


Hong Kong 1.06 0.35


France 2.02 1.10

Japan 3.51 2.42

Germany 1.29 0.83

Canada 46.03 70.61

China 3.09 0.00




Others 8.53 2.18

Total 100.00 100.00

Geographic Analysis


6.35

1.87

9.16

0.68

3.09

-24.58

0.46

1.09

0.93

0.24

0.71

-1.35

-0.37

-0.32

-0.17

-0.15

-0.10

-0.09

-0.08

-0.07

-0.06

-0.03



29

Benchmark - 30% S&P/TSX Composite TR Index, 40% FTSE Canada Universe Bond Index, 30% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference -2.81

Fixed Income -1.70






Equity -1.76






Others -0.77













Portfolio Series Balanced Fund – Class I

30


Performance Summary

▪ The portfolio returned -12.86% during the first quarter of 2020, underperforming against its blended benchmark (40% FTSE CanadaUniverse Bond Index, 30% S&P/TSX Composite Index and 30% MSCI World C$ Index), which returned -10.21%.


▪ Key contributors to performance over the quarter included government bonds, gold, the low volatility factor and the growth factor.

▪ Signature Global Bond Fund, CI First Asset Enhanced Government Bond ETF, SPDR Gold Shares, CI First Asset MSCI World Low RiskWeighted ETF, CI First Asset MSCI International Low Risk Weighted ETF and Munro Global Growth Equity Fund added value on a relativebasis.

▪ Top contributors over the quarter were Microsoft Corp., Amazon.com, Inc. and Harley-Davidson Inc.




▪ Top detractors over the quarter were Keyera Corp., Canadian Natural Resources Ltd. and Air Canada.

Portfolio Activity



▪ We reduced our weighting to equity at the beginning of the quarter in favour of cash, before averaging back into the market in the latterhalf.





Portfolio Series Balanced Growth Fund – Class IQuarterly Portfolio Review as at March 31, 2020



Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced Growth* 9.81 -0.12 2.09 87.58% 104.91%

Benchmark** 9.10 0.09 - 100.00% 100.00%


Portfolio Series Balanced Growth*

-15.79 -8.40 0.21 3.72 2.38 6.31 6.99

Benchmark** -12.09 -5.52 2.23 4.87 3.52 6.75 6.89

Difference -3.70 -2.87 -2.02 -1.15 -1.14 -0.44 0.10

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Balanced Growth*

16.96 -3.89 10.53 7.70 7.08 11.14 22.32

Benchmark** 17.36 -2.33 9.54 8.70 5.69 12.01 17.14

Difference -0.39 -1.56 0.99 -1.00 1.39 -0.86 5.17

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced Growth* 8.82 0.15 1.96 96.46% 107.70%

Benchmark** 8.11 0.31 - 100.00% 100.00%



Asset Class


Top Holdings

32

SectorFund Avg.



Cash 4.81 0.00


Others** 1.27 0.18

Equity 74.37 69.06

Total 100.00 100.00

Total Effect

*35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) . Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.





Munro Global Growth Equity Fund (Class I) 6.09%





Sentry Canadian Income Fund I 4.33%

CI Canadian Small/Mid Cap Fund (Class I) 4.26%






CI American Small Companies Corporate Class (Class I) 2.36%

5.31

1.09

-11.21

4.81

-2.35

-1.11

-0.16

0.13

-1.54

-1.79

-1.00

0.83

-3.50

-4.00 -3.00 -2.00 -1.00 0.00 1.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



33


SectorFund Avg.



Energy 6.10 9.95


Utilities 4.16 4.27




Materials 7.24 7.74





Total 100.00 100.00

*35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) . Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

1.96

2.38

1.95

0.66

-0.50

-3.59

1.24

1.06

-0.11

-1.20

-3.85

-1.09

-0.54

-0.40

-0.34

-0.26

-0.17

-0.16

-0.10

-0.08

0.09

0.68



34

Geographic Analysis

CountryFund Avg.

Allocation (%)

Benchmark* Avg. Allocation


Canada 46.71 65.62

Hong Kong 1.13 0.37


Germany 1.30 0.86

Japan 3.39 2.49

France 2.06 1.13


China 3.73 1.54



Others 8.67 4.94

Total 100.00 100.00

*35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) . Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

3.73

7.52

1.65

2.18

0.67

0.93

0.90

0.44

0.13

0.77

-18.92

-1.07

-1.00

-0.53

-0.17

-0.16

-0.16

-0.14

-0.13

-0.09

-0.04

-0.01



35

Benchmark: 35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) .The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference -3.50

Fixed Income -1.54






Equity -1.79






Others -1.00













Portfolio Series Balanced Growth Fund – Class I

36


Performance Summary

▪ The portfolio returned -15.79% during the first quarter of 2020, underperforming against its blended benchmark (35% S&P/TSX CompositeTR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) ), which returned -12.09%.


▪ Key contributors to performance over the quarter included gold, the low volatility factor and the growth factor.

▪ SPDR Gold Shares, CI First Asset MSCI World Low Risk Weighted ETF, CI First Asset MSCI International Low Risk Weighted ETF and MunroGlobal Growth Equity Fund added value on a relative basis.

▪ Top contributors over the quarter were Microsoft Corp., Amazon.com, Inc. and NVIDIA Corp.


▪ Detractors from performance included the small-cap factor, equities and currency hedging.

▪ CI Canadian Small/Mid Cap Fund, CI American Value Corporate Class, Black Creek International Equity Fund and CI First Asset MorningstarInternational Value Index ETF detracted value on a relative basis.

▪ Top detractors over the quarter were Keyera Corp., Air Canada and Boeing Co.

Portfolio Activity

▪ We added to the portfolio’s currency exposure to the Japanese yen as we expected other central banks would cut interest rates and Japan’srate was already at zero.


▪ We reduced our weighting to equity at the beginning of the quarter in favor of cash, before averaging back into the market in the latter half.

▪ Despite the strengthening of the U.S. dollar over the quarter due to a flight to safety and global dollar shortage, we increased our hedgeratios within the portfolio as we expect the U.S. dollar to weaken going forward




Portfolio Series Growth Fund – Class IQuarterly Portfolio Review as at March 31, 2020



Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Growth* 10.84 -0.13 2.16 85.98% 102.07%

Benchmark** 10.18 0.07 - 100.00% 100.00%


Portfolio Series Growth* -17.57 -9.82 -0.01 3.75 2.34 6.64 7.22

Benchmark** -13.96 -6.97 2.09 5.16 3.72 7.45 7.45

Difference -3.61 -2.85 -2.10 -1.41 -1.38 -0.81 -0.23

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Growth* 18.81 -4.28 10.93 8.16 7.16 11.32 25.64

Benchmark** 18.74 -2.51 10.83 9.04 7.15 12.67 20.96

Difference 0.08 -1.77 0.10 -0.88 0.01 -1.34 4.68

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Growth* 9.71 0.14 2.04 92.28% 103.26%

Benchmark** 9.15 0.29 - 100.00% 100.00%




Top Holdings

38












Sentry Canadian Income Fund (Class I) 4.07%





CI First Asset MSCI International Low Risk Weighted ETF 2.10%

Asset Class

SectorFund Avg.



Cash 4.79 0.00


Others** 0.24 0.00

Equity 85.23 79.49

Total 100.00 100.00

Total Effect

*40% S&P/TSX Composite TR Index, 20% FTSE Canada Universe Bond Index, 40% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

5.75

0.24

-10.77

4.79

-3.18

-1.02

-0.11

0.08

-1.40

-2.63

-0.91

0.72

-4.23

-5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



39


SectorFund Avg.



Energy 6.05 9.40



Utilities 3.79 4.28



Materials 7.24 6.77





Total 100.00 100.00


2.10

3.11

-2.19

1.27

0.47

1.56

-1.28

-0.49

0.10

-1.29

-3.36

-1.25

-0.73

-0.52

-0.43

-0.43

-0.42

-0.16

-0.05

-0.05

0.11

0.75



40

Geographic Analysis

CountryFund Avg.




Hong Kong 1.09 0.00



China 4.44 0.00

Japan 3.27 0.00

Germany 1.42 0.00

France 2.36 0.00

Canada 42.67 59.35


Others 9.31 0.01

Total 100.00 100.00


9.30

3.54

-16.67

2.36

1.42

3.27

4.44

1.26

1.23

1.09

-11.25

-2.45

-0.96

-0.45

-0.41

-0.32

-0.30

-0.25

-0.20

-0.13

-0.07

1.32



41

Benchmark: 40% S&P/TSX Composite TR Index, 20% FTSE Canada Universe Bond Index, 40% MSCI World TR Index (CAD$).The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference -4.23

Fixed Income -1.40






Equity -2.63






Others -0.91













Portfolio Series Growth Fund – Class I

42


Performance Summary

▪ The portfolio returned -17.57% during the first quarter of 2020, underperforming against its blended benchmark (40% S&P/TSX CompositeTR Index, 20% FTSE Canada Universe Bond Index, 40% MSCI World TR Index (CAD$)), which returned -13.96%.


▪ Key contributors to performance over the quarter included the low volatility factor and the growth factor.

▪ CI First Asset MSCI World Low Risk Weighted ETF, CI First Asset MSCI International Low Risk Weighted ETF and Munro Global GrowthEquity Fund added value on a relative basis.






Portfolio Activity








Portfolio Series Maximum Growth Fund – Class IQuarterly Portfolio Review as at March 31, 2020


*Returns are presented using the Class I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source – CI Investments**50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights.The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history. 43

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Maximum Growth* 12.27 -0.15 2.15 83.31% 96.10%

Benchmark** 12.37 0.01 - 100.00% 100.00%


Portfolio Series Maximum Growth*

-19.69 -11.54 -0.43 3.99 2.35 7.23 7.58

Benchmark** -17.62 -9.88 1.48 5.49 3.79 8.21 7.99

Difference -2.06 -1.66 -1.91 -1.49 -1.44 -0.98 -0.41

2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Maximum Growth*

20.85 -5.63 12.58 9.23 7.86 11.92 30.16

Benchmark** 21.87 -3.78 12.82 11.27 7.30 13.51 26.53

Difference -1.02 -1.85 -0.24 -2.04 0.56 -1.59 3.63

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Maximum Growth* 11.07 0.12 2.16 89.89% 99.03%

Benchmark** 11.08 0.25 - 100.00% 100.00%




Top Holdings

44









Sentry Canadian Income Fund 5.05%





CI American Value Corporate Class (Class I) 2.88%



CI First Asset MSCI International Low Risk Weighted ETF 2.07%

Asset Class

SectorFund Avg.



Cash 4.57 0.00


Equity 95.22 99.91

Others** 0.21 0.09

Total 100.00 100.00

Total Effect

*50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.** Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

0.12

-4.69

0.00

4.57

-1.17

-0.95

0.00

0.09

0.00

-2.14

-1.02

1.13

-2.03

-2.50 -2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



45


SectorFund Avg.



Energy 5.96 9.77



Utilities 3.57 4.33




Materials 7.22 7.56




Total 100.00 100.00

*50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

1.21

2.97

0.73

-0.35

1.24

1.07

1.78

-0.77

-0.59

-3.50

-3.81

-1.12

-0.56

-0.45

-0.24

-0.19

-0.18

-0.13

0.04

0.21

0.33

1.34



46

Geographic Analysis

CountryFund Avg.



Canada 35.10 50.96

Japan 3.46 4.10

France 2.59 1.85

Germany 1.60 1.41



China 5.15 0.00


India 1.29 0.00


Others 10.18 4.24

Total 100.00 100.00

*50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.

5.94

1.51

1.29

1.20

5.15

0.75

-0.27

0.19

0.74

-0.64

-15.87

-1.45

-0.60

-0.55

-0.53

-0.30

-0.16

-0.12

-0.10

-0.05

-0.02

1.86



47

Benchmark: 50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$).The Benchmark for this fund has changed recently. Please see page 49 for Benchmark history.Attribution report produced by Factset, as at March 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Others includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference -2.03

Fixed Income 0.00






Equity -2.14






Others -1.02













Portfolio Series Maximum Growth Fund – Class I

48


Performance Summary

▪ The portfolio returned -19.69% during the first quarter of 2020, underperforming against its blended benchmark (50% S&P/TSX CompositeTR Index, 50% MSCI World TR Index (CAD$)), which returned -17.62%.


▪ Key contributors to performance over the quarter included the low volatility factor and the growth factor.

▪ CI First Asset MSCI World Low Risk Weighted ETF, CI First Asset MSCI International Low Risk Weighted ETF and Munro Global GrowthEquity Fund added value on a relative basis.






Portfolio Activity



▪ We reduced our weighting to equity at the beginning of the quarter in favour of cash, before averaging back into the market in the latterhalf.



Portfolio Series Benchmarks

49

Benchmark History

Portfolio Series Income Fund

From Inception to 31-Mar-2019 : 75% FTSE Canada Universe Bond Index, 15% S&P/TSX Composite Index & 10% MSCI World Index. From 31-Mar-2019 to Current: 70% FTSE Canada Universe Bond Index, 15% S&P/TSX Composite Index & 15% MSCI World Index

Portfolio Series Conservative Fund

From Inception to Current : 60% FTSE Canada Universe Bond Index, 20% S&P/TSX Composite Index & 20% MSCI World Index.

Portfolio Series Conservative Balanced Fund

From Inception to Current : 50% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index & 25% MSCI World Index.

Portfolio Series Balanced Fund


Portfolio Series Balanced Growth Fund


Portfolio Series Growth Fund


Portfolio Series Maximum Growth Fund

From Inception to 31-Mar-2019 : 40% S&P/TSX Composite Index & 60% MSCI World Index. From 31-Mar-2019 to Current: 50% S&P/TSXComposite Index & 50% MSCI World Index


Portfolio Series

Portfolio Management Teams

CI Investments

50

Sub-advisors



Portfolio Series

IMPORTANT DISCLAIMERS

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the

prospectus before investing. The indicated rates of return are the historical annual compounded total returns (net of fees and expenses payable

by the fund) including changes in security value and reinvestment of all dividends/distributions and do not take into account sales, redemption,

distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed,

their values change frequently and past performance may not be repeated.

This presentation is intended only as a general overview and is for information purposes only. It has been prepared solely for the use of the

person(s) to whom it has been delivered and may not be reproduced or used for any other purpose. It is intended only for institutional investment

consultants or institutional investors. It is not meant for the general public.

The contents of this piece are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or

security discussed. Certain statements contained in this communication are based in whole or in part on information provided by third parties and

CI has taken reasonable steps to ensure their accuracy.

CI Institutional Asset Management is a division of CI Investments Inc., a subsidiary of CI Financial Corp. CI Institutional Asset Management

mandates is available to institutional investors such as financial institutions, pension plans, group retirement plans, endowments, foundations and

certain individual investors who meet specified investment criteria. The performance of the mandates is not guaranteed, the values change

frequently and past performance may not be repeated. Past performance is not a reliable indicator of future performance. You should not rely on

past performance to make investment decisions.

Sentry Investment Management, CI Multi-Asset Management, CI First Asset Exchange Traded Funds, Cambridge Global Asset Management,

Signature Global Asset Management and Harbour Advisors are each a division of CI Investments Inc. Certain funds associated with Cambridge

Global Asset Management and Signature Global Asset Management are sub-advised by CI Global Investments Inc., a firm registered with the

U.S. Securities and Exchange Commission and an affiliate of CI Investments Inc

51



Portfolio Series

IMPORTANT DISCLAIMERS

1832 Asset Management L.P., Altrinsic Global Advisors, LLC., Black Creek Investment Management Inc., CBRE Global Investors, Epoch

Investment Partners, Inc., Lawrence Park Asset Management Ltd., Manulife, Marret Asset Management Inc., Munro Partners and QV Investors

Inc. are portfolio sub-advisors to certain funds offered and managed by CI Investments Inc. Marret Asset Management Inc., is a majority owned

subsidiary of CI Financial Corp. and an affiliate of CI Investments Inc. CI Financial Corp. holds a minority interest in Lawrence Park Asset

Management and Altrinsic Global Advisors, LLC.

The CI First Asset ETFs are managed by CI Investments Inc., a subsidiary of CI Financial Corp., which is listed on the Toronto Stock Exchange

under the symbol “CIX”.

Portfolio Select Series™ and Portfolio Series™ are trademarks of CI Investments Inc.

CI Investments® and the CI Investments design are registered trademarks of CI Investments Inc. ©CI Investments Inc. 2020. All rights reserved.

Not to be reproduced or copied without the prior consent of CI Investments Inc.

Published: April 28, 2020

52


CI Institutional Asset Management2 Queen Street East

19th FloorToronto, Ontario

M5C 3G7Tel: 1.866.760.5274

E-mail: [email protected]

portfolio review first quarter 2020 · quarterly portfolio review as at march 31, 2020 3 market...

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