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WILLOUGHBYINVESTMENT POOL

Q1 REPORT – SERIES FMARCH 31, 2019

• COMMENTARY

• ALLOCATION BY ASSET CLASS

• PERFORMANCE HISTORY

• PORTFOLIO HOLDINGS

• TRADING ACTIVITY

COMMENTARY

TOTAL PORTFOLIO SOLUTIONS

WILLOUGHBY INVESTMENT POOL – SERIES FQ1 REPORT – MARCH 31, 2019

Following a difficult fourth quarter for financial markets, Canadian markets, as measured by the TSX Composite Index recovered to pre-fourth-quarter levels and US markets, as measured by the S&P 500 recovered over 50% of fourth quarter losses. Although the losses experienced in the fourth quarter were uncomfortable for investors, the quick recovery validates the importance of patience and staying the course during periods of negative returns.

Q1 2019 saw the S&P 500 index rise by 13.07% and the TSX Composite Index rise by 12.42%. This was accompanied by strong performance in the Canadian bond market for the first time since 2015.

The Willoughby Investment Pool, a balanced fund that is positioned to reduce volatility and risk through holding approximately 20% of the portfolio in bonds, switched from a defensive Q4 posture to a more aggressive position in Q1 to participate in strong equity market performance.

Willoughby series F returned 8.73% in Q1 2019 due to strength in Canadian and US equity markets and aided by a stronger bond market and weak Canadian Dollar.

We continue to monitor both corporate earnings growth and stock price valuations. Earnings continue to grow strongly in our favoured sectors that include Consumer Cyclical, Consumer Defensive, Technology, Industrials, Healthcare and Financials and valuations are more reasonable following the fourth quarter correction.

ASSET ALLOCATION & PERFORMANCE HISTORY

PERFORMANCE HISTORY

ASSET ALLOCATION

Cash & Cash Equivalent 3.7%

Fixed Income Securities 17.0%

Canadian Equity 23.7%

American Equity 50.2%

Foreign Equity 5.5%

Notes: Funds have been allocated in more than one asset class.


$9,500.00

$10,000.00

$10,500.00

$11,000.00

$11,500.00

$12,000.00

$12,500.00

PORTFOLIO HOLDINGS

CASH & CASH EQUIVALENT



GLOBAL GROWTH FUNDPRECIOUS METALS FUND

GLOBAL TECHNOLOGY INNOVATORSHEALTH SCIENCES FUNDSCIENCE AND TECHNOLOGY FUNDUS BLUE CHIP EQUITY FUNDUS MID CAP GROWTH FUND

Mutual fund breakdown by sector

PORTFOLIO HOLDINGS WILLOUGHBY INVESTMENT POOL – SERIES FQ1 REPORT – MARCH 31, 2019

FIXED INCOME

GLOBAL TECHNOLOGY INNOVATORSHEALTH SCIENCES FUNDSCIENCE AND TECHNOLOGY FUNDUS MID CAP GROWTH FUND

CHINA FUND


CANADIAN EQUITIES




AMERICAN EQUITIES

GLOBAL GROWTH FUND

US BLUE CHIP EQUITY FUNDUS MID CAP GROWTH FUND

PRECIOUS METALS FUND


1832 ASSET MANAGEMENT DYN PWR GL GW-F/NL/N

CHINA FUND


GLOBAL TECHNOLOGY INNOVATORSHEALTH SCIENCES FUNDSCIENCE AND TECHNOLOGY FUNDUS BLUE CHIP EQUITY FUND

US MID CAP GROWTH FUND

PORTFOLIO HOLDINGS



FOREIGN EQUITIES

1832 ASSET MANAGEMENT DYN PWR GL GW-F/NL/NPRECIOUS METALS FUNDGLOBAL GROWTH FUND

CHINA FUND

GLOBAL TECHNOLOGY INNOVATORSHEALTH SCIENCES FUNDSCIENCE AND TECHNOLOGY FUNDUS BLUE CHIP EQUITY FUNDUS MID CAP GROWTH FUND

TRADING ACTIVITY

PURCHASES Average Purchase Price

FACEBOOK INCCONSTELLATION SOFTWARECOLLIERS INTL GRP INC SVSPREMIUM BRANDS HLDGS CORPWESTON GEORGEDOLLARAMA INCTFI INTERNATIONAL INCBMO NSD100 EQ HDG CAD ETFNVIDIA CORPALIGN TECH INCBMO GRT CHINA-F /NDYN PRE METAL-F/NL/NALPHABET INCWASTE CONNECTIONS INCBADGER DAYLIGHTING LTDTD US M/C GRW F NL/NTD US BL/C EQ-F/NL/NAMAZON TRANSCANADA CORPCCL INDS INC WSP GLOBAL INCTOROMONT INDUSTRIES LTDTHOMSON REUTERS CORPPEMBINA PIPELINE CORPWASTE MANAGEMENT INCSTARBUCKS CORPWALGREENS BOOTS ALLIANCEVAIL RESORTS INCSYSCO CORPSOUTHWEST AIRLINES COHARRIS CORP – DELAIR CANADA VTG & VAR VTGANTHEM INC

156.45 USD1152.34 CAD

88.00 CAD77.04 CAD21.50 CAD36.85 CAD40.70 CAD48.93 CAD

146.81 USD234.99 USD

19.66 CAD13.71 CAD

1173.06 USD111.81 CAD

36.16 CAD40.42 CAD28.77 CAD

1708.84 USD56.55 CAD57.31 CAD69.45 CAD67.81 CAD75.05 CAD49.81 CAD

100.25 USD70.12 USD74.63 USD

220.19 USD66.25 USD56.19 USD

158.70 USD31.27 CAD

303.00 USD


CHINA FUND

US BLUE CHIP EQUITY FUNDUS MID CAP GROWTH FUND


TRADING ACTIVITY

PURCHASES Average Purchase Price

OLD DOMINION FREIGHT LINEPARKLAND FUEL CORPISHARES CORE S&P 500 ETFARITZIA INC SUB VTGTD AMERITRADE HOLDING CPPFIZER INCPROGRESSIVE CORP OHIOLAM RESEARCH CORPCINTAS CORPADOBE INCNETFLIX INCGILEAD SCIENCES INCCHURCH & DWIGHT CO INCROYAL BANK OF CANADALOBLAW COMPANIES LTDENBRIDGE INCULTA BEAUTY INCVERIZON COMMUNICATIONSUNITED PARCEL SERVICE-BJP MORGAN CHASE & CODEERE & COCONSTELLATION BRANDS CL-ACOMERICA INCCOMCAST CORP CL-ACIGNA CORP-NEWCAE INCCDN TIRE CORP LTD-A NVTORONTO DOMINION BANKGREAT CDN GAMING CORPISHRS CORE S&P500 HDG ETF

144.26 USD36.90 CAD

263.19 USD18.34 CAD56.43 USD41.47 USD68.74 USD

171.58 USD195.52 USD258.62 USD356.63 USD

68.16 USD60.18 USD

100.18 CAD65.86 CAD49.28 CAD

288.84 USD57.58 USD99.00 USD

101.99 USD157.81 USD164.96 USD

81.18 USD36.66 USD

195.92 USD26.87 CAD

148.67 CAD70.50 CAD52.46 CAD28.55 CAD


TRADING ACTIVITY

DISPOSITIONS Average Disposition Price

MAGNA INTL INCTORONTO 2.4% 7JN27CONSTELLATION SOFTWARECOLLIERS INTL GRP INC SVSALIMENT COUCHE-TARD-B SVAPPLE INCCSX CORPBELL CDA CB 3.8% 21AG28BMO NSD100 EQ HDG CAD ETFNVIDIA CORPMASTERCARD INC CL-AALBERTA MTN 2.9% 20SP29PROV NFLD 2.3% 2JN25BOEING COMPANYTRANSCANADA CORPCANADIAN PACIFIC RAILCCL INDS INC-CL-B NVBOYD GROUP INCM FND T/UWALGREENS BOOTS ALLIANCEUNITED HEALTH GROUP INCSOUTHWEST AIRLINES COMACY'S INCLULULEMON ATHLETICA INCDYN PWR GL GW-F/NL/NAIR CANADA VTG & VAR VTGCME GROUP INCDOLLAR GENERAL CORPISHARES CORE S&P 500 ETFPFIZER INCTD HLTH SCI-F /NL/NFIRST AST U.S BUYBACK ETF NUTRIEN LTDNUTRIEN LTDW W GRAINGER INCISHRS CORE S&P500 HDG ETF

70.22 CAD99.15 CAD

926.61 CAD76.00 CAD75.26 CAD

178.09 USD73.25 USD

104.28 CAD51.78 CAD

136.01 USD202.63 USD103.75 CAD100.16 CAD396.43 USD

59.70 CAD267.08 CAD

53.60 CAD124.55 CAD

66.62 USD249.68 USD

52.57 USD25.46 USD

146.67 USD20.31 CAD32.70 CAD

179.66 USD117.63 USD275.64 USD

41.58 USD48.49 CAD25.75 CAD65.01 CAD

278.00 USD28.73 CAD


POWER GLOBAL GROWTH FUND

HEALTH SCIENCES FUND

Disclosure: Data as of March 31, 2019.

This report doesn’t represent your personal portfolio and it is not meant to replace the investment account statements provided by your financial institution. The under lying holdings and data provided in this report represent those of the Willoughby Investment Pool. Your personal investment account held at your financial institution may include other securities in addition to the Willoughby Investment Pool. For specific information including the amount of units you hold in the Willoughby Investment Pool, your cost base and any income distributions, please refer to your investment account statements or contact your financial advisor.

Commissions, trailing commissions, performance fees, management fees and expenses may be associated with pooled and mutual fund investments. Please read the Willoughby Investment Pool Simplified Prospectus before investing. You can obtain a Simplified Prospectus from Willoughby Asset Management Inc. The Simplified Prospectus for Willoughby Asset Management Inc.’s investment funds does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

The fund returns are not guaranteed, values change frequently and past performance may not be repeated. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. All returns are presented net of all fees, including the management fee, administration fees and expenses and any performance fee that might apply. Your financial institution may charge other fees and expenses. The portfolio return figures represent those of the Willoughby Investment Pool Series F. The management fee may vary from series to series. For further information on different fund pricing options please refer to the Simplified Prospectus.

WILLOUGHBY ASSET MANAGEMENT INC.MNP Tower, 3100-1021 W Hastings St.Vancouver, British Columbia, V6E 0C3Phone (local): 604.558.6822Toll Free: [email protected]

DISCLAIMER WILLOUGHBY INVESTMENT POOL – SERIES FQ1 REPORT – MARCH 31, 2019

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