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Interim Management Report of Fund Performance
for the period ended February 28, 2021
All figures are reported in Canadian dollars unless otherwise noted.
This interim management report of fund performance contains financial highlights but does not contain either the interim financial report or annual
financial statements of the investment fund. You can get a copy of the interim financial report or annual financial statements at your request, and at
no cost, by calling toll-free at 1-888-888-3863, by writing to us at Renaissance Investments, 1500 Robert-Bourassa Boulevard, Suite 800, Montreal,
QC, H3A 3S6, or by visiting our website at www.renaissanceinvestments.ca or SEDAR at www.sedar.com.
Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy
voting disclosure record, or quarterly portfolio disclosure.
Management Discussion of Fund Performance
Results of Operations
CIBC Asset Management Inc. (referred to as CAMI, the Manager or
the Portfolio Advisor), CIBC Private Wealth Advisors, Inc. (referred to
as CIBC Private Wealth Advisors), Rothschild & Co Asset Management
US Inc. (referred to as Rothschild), and Morgan Stanley Investment
Management Inc. (referred to as Morgan Stanley) provide investment
advice and investment management services to Renaissance U.S.
Equity Private Pool (referred to as the Pool). These portfolio
Sub-Advisors use different investment styles and the percentage of the
Pool allocated to each portfolio Sub-Advisor may change from time to
time.
•
CIBC Private Wealth Advisors: Core, approximately 65%
•
CAMI: Index Active Currency Overlay & Index Core, approximately
15%
•
Rothschild: Large Cap, Relative Value, approximately 10%
•Morgan Stanley: Opportunistic Growth, approximately 10%
The commentary that follows provides a summary of the results of
operations for the six-month period ended February 28, 2021. All dollar
figures are expressed in thousands, unless otherwise indicated.
The Pool's net asset value increased by 24% during the period, from
$247,511 as at August 31, 2020 to $307,618 as at February 28, 2021.
Net sales of $40,230 and positive investment performance resulted in
an overall increase in net asset value.
federal unemployment insurance and $600 USD in direct payments to
individuals. These developments raised expectations for strong
economic growth in 2021, but also led to inflation concerns.
Against this backdrop, investors moved away from defensive sectors
and toward more cyclical areas of the market. Prospects for further
stimulus, continued reopening and broadening of economic growth
resulted in lower-quality stocks significantly outperforming
higher-quality stocks. Central banks’ commitment to keeping short-term
interest rates low also contributed to this shift. The stocks of companies
with higher debt levels also outperformed.
In the Pool’s Core component, stock selection within the financials
sector contributed to performance, as did an allocation to the
communication services sector and an underweight exposure to the
consumer staples sector. Individual contributors to the component’s
performance included The Charles Schwab Corp. and The Blackstone
Group Inc. Charles Schwab continued to execute well and should
begin to realize synergies from its acquisition of TD Ameritrade.
Blackstone, an alternative asset manager, benefited from the steady
nature of its fund flows.
American Electric Power Co. Inc. was added by CIBC Private Wealth
Advisors for its good total return potential. AstraZeneca PLC was
purchased as it is in the early stages of product launches in a number
of different areas. CIBC Private Wealth Advisors believes the
company’s diversified revenue base, robust pipeline and limited patent
expirations should lead to sustained top-line.
The Core component’s existing holding in Alphabet Inc. was increased
as its recent search business results were better than expected. The
stock was undervalued, and CIBC Private Wealth Advisors believes its
YouTube segment could exceed pre-pandemic trajectories. Blackstone
was increased based on its best-in-class asset management. The
company continues to benefit from increasing allocations to alternative
asset classes.
Oracle Corp. was sold to take advantage of recent strength in the stock
in order to reallocate capital to other opportunities. Citigroup Inc. was
eliminated as CIBC Private Wealth Advisors anticipated that there
could be further building of credit reserves. Shortly after the trade was
completed, the company announced at a conference that it would be
taking additional reserves in the third quarter.
CIBC Private Wealth Advisors trimmed a holding in Danaher after
strong performance in order to take profits. Dollar General Corp. was
trimmed to manage its weighting after strong performance. The
proceeds were allocated to the purchase of AstraZeneca. A holding in
Automatic Data Processing Inc. was reduced based on the potential for
a slowing in employment gains and new business formations.
In the Pool’s Index Active Currency Overlay & Index Core component,
the best-performing sub-sectors within the index included copper,
broadcasting and semiconductor equipment. The gold, internet
services and infrastructure, and gas and utilities sectors were the
worst-performing sectors. With the positive outlook for growth and
commodity prices, CAMI hedged a portion of U.S. dollars into
Canadian dollars. The Canadian dollar has historically been relatively
sensitive to improving commodity prices, particularly crude oil prices,
often outperforming the U.S. dollar. Over the period, this hedge
contributed to performance.
In the Pool’s Large Cap, Relative Value component, stock selection in
the information technology and communication services sectors
contributed to performance. A moderate underweight exposure to
consumer staples was a contributor to performance as the sector
underperformed. Individual contributors to performance included
Discovery Inc., ON Semiconductor Corp. and Quanta Services Inc.
Discovery performed well as enthusiasm built for its Discovery+
offering. ON Semiconductor reported a stronger-than-expected third
concentration risk, as it now approaches 40% of the company’s
revenue. Kimberly-Clark reported mixed third-quarter results with
lower-than-expected earnings.
Rothschild added a new holding in Global Payments Inc. based on its
growth profile. American Tower Corp. was also added for its attractive
valuation relative to peers. It should benefit from broad industry drivers,
including increased data usage, smartphone adoption, network
densification and network upgrades. Emerson Electric Co. was
purchased for its diverse business set, which appears well positioned
to benefit from a broad economic recovery.
The Large Cap, Relative Value component’s existing holding in
Bristol-Myers Squibb Co. was increased by Rothschild as its cash flow
profile continued to improve. ConocoPhillips was increased as its
acquisition of Concho Resources Inc. should improve long-term growth
prospects. Northrop Grumman Corp. was increased for its exposure to
key pieces of the U.S. defense budget, which should continue to be
supported by the new administration.
Rothschild sold Kimberly-Clark, American Electric Power and Oracle.
Kimberly-Clark was sold after strong performance, benefiting from
lower commodity prices. American Electric Power was sold in favour of
better investment opportunities. Oracle was sold to fund the purchase
of Global Payments. A holding in Verizon Communications Inc. was
reduced based on intense price competition. Quanta Services was
trimmed to reduce its weighting after strong performance.
In the Pool’s Opportunistic Growth component, stock selection in the
information technology, communication services and industrials sectors
contributed to performance. Individual contributors to performance
included Snap-On Inc., Square Inc. and Trade Desk Inc. Snap-On
reported healthy user growth, revenue growth and profitability,
supported by improving advertiser demand. Square’s shares rose on
solid results and strong momentum in its Cash App mobile payment
services platform and improving payment volume growth. Trade Desk
outperformed as a result of a recovery in advertising demand.
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Recent Developments
Effective September 1, 2020, CAMI directly provided investment
management services to a portion of the Pool, and appointed CIBC
Private Wealth Advisors to provide investment management services to
a portion of the Pool, replacing INTECH Investment Management LLC,
Pzena Investment Management, LLC, and Sustainable Growth
Advisers, LP.
Effective September 1, 2020, the annual management fee payable by
certain classes of units of the Pool was reduced from 1.75% to 1.60%
in respect of Class A units and Class C units, from 1.70% to 1.55% in
respect of Premium Class units, Premium-T4 Class units, Premium-T6
Class units, Class H-Premium units, Class H-Premium T4 units and
Class H-Premium T6 units, from 0.75% to 0.60% in respect of Class I
units, from 0.70% to 0.55% in respect of Class F-Premium units, Class
F-Premium T4 units, Class F-Premium T6 units, Class FH-Premium
units, Class FH-Premium T4 units, Class FH-Premium T6 units, Class
N-Premium units, Class N-Premium T4 units, Class N-Premium T6
units, Class NH-Premium units, Class NH-Premium T4 units, and Class
NH-Premium T6 units.
The international spread of COVID-19 caused a significant slowdown in
the global economy and volatility in financial markets. The COVID-19
outbreak may adversely affect global markets and the Pool’s
performance.
Related Party Transactions
CIBC and its affiliates have the following roles and responsibilities with
respect to the Pool, and receive the fees described below in connection
with their roles and responsibilities.
Manager, Trustee, and Portfolio Advisor of the Pool
CAMI, a wholly-owned subsidiary of CIBC, is the Pool's Manager,
Trustee, and Portfolio Advisor. As Manager, CAMI receives
management fees with respect to the Pool's day-to-day business and
operations, calculated based on the net asset value of each respective
class of units of the Pool as described in Management Fees. As
Trustee, CAMI holds title to the Pool's property (cash and securities) on
behalf of its unitholders. As Portfolio Advisor, CAMI provides, or
arranges to provide for, investment advice and portfolio management
services to the Pool. CAMI also compensates dealers in connection
with their marketing activities regarding the Pool. From time to time,
CAMI may invest in units of the Pool.
Distributor
Class A, C and I units of the Pool may be purchased only through
Brokerage Arrangements and Soft Dollars
CAMI generally delegates trading and execution authority to the
portfolio sub-advisors and does not, in its capacity as portfolio advisor,
receive any goods or services directly through soft dollar
arrangements.
The Portfolio Advisor and any portfolio sub-advisors make decisions,
including the selection of markets and dealers and the negotiation of
commissions, with respect to the purchase and sale of portfolio
securities, certain derivative products and the execution of portfolio
transactions. Brokerage business may be allocated by the Portfolio
Advisor and any portfolio sub-advisors, to CIBC WM and CIBC World
Markets Corp., each a subsidiary of CIBC. CIBC WM and CIBC World
Markets Corp. may also earn spreads on the sale of fixed income
securities, other securities and certain derivative products to the Pool.
A spread is the difference between the bid and ask prices for a security
in the applicable marketplace, with respect to the execution of portfolio
transactions. The spread will differ based upon various factors such as
the nature and liquidity of the security.
CIBC WM and CIBC World Markets Corp. may furnish goods and
services, other than order execution, to portfolio sub-advisors when
they process trades through them (referred to in the industry as “soft
dollar” arrangements). These goods and services assist portfolio
sub-advisors with their investment decision-making services for the
Pool or relate directly to the execution of portfolio transactions on
behalf of the Pool. In accordance with the terms of the sub-advisory
agreements, such soft-dollar arrangements are in compliance with
applicable laws.
In addition, CAMI may enter into commission recapture arrangements
with certain dealers with respect to the Pool. Any commission
recaptured will be paid to the Pool.
During the period, the Pool did not pay any brokerage commissions or
other fees to CIBC WM or CIBC World Markets Corp. Spreads
associated with fixed income and other securities are not ascertainable
and, for that reason, cannot be included when determining these
amounts.
Pool Transactions
The Pool may enter into one or more of the following transactions
(referred to as the Related Party Transactions) in reliance on the
standing instructions issued by the Independent Review Committee
(referred to as the IRC):
Placement Relief Order and the policies and procedures relating to
such investment);
•
purchase equity and debt securities from or sell them to a Related
Dealer, where it is acting as principal;
•
undertake currency and currency derivative transactions where a
related party is the counterparty;
•
purchase securities from or sell securities to another investment
fund or a managed account managed by the Manager or an affiliate
(referred to as inter-fund trades or cross-trades); and
•
engage in in-specie transfers by receiving portfolio securities from,
or delivering portfolio securities to, a managed account or another
investment fund managed by the Manager or an affiliate, in respect
of a purchase or redemption of units of the Pool, subject to certain
conditions.
At least annually, the IRC reviews the Related Party Transactions for
which they have issued standing instructions. The IRC is required to
advise the Canadian securities regulatory authorities, after a matter
has been referred to or reported to it by the Manager, if it determines
that an investment decision was not made in accordance with
conditions imposed by securities legislation or the IRC in any Related
Party Transactions requiring its approval.
Custodian
CIBC Mellon Trust Company is the custodian of the Pool (referred to as
the Custodian). The Custodian holds all cash and securities for the
Pool and ensures that those assets are kept separate from any other
cash or securities that the custodian might be holding. The Custodian
also provides other services to the Pool including record-keeping and
processing foreign exchange transactions. The fees and spreads for
the services of the Custodian directly related to the execution of
portfolio transactions by the Pool are paid by CAMI and/or dealer(s)
directed by CAMI, up to the amount of the credits generated under soft
dollar arrangements from trading on behalf of the Pool during that
month. All other fees and spreads for the services of the Custodian are
paid by the Manager and charged to the Pool on a recoverable basis.
CIBC owns a 50% interest in the Custodian.
Service Provider
CIBC Mellon Global Securities Services Company (referred to as CIBC
GSS) provides certain services to the Pool, including securities lending,
fund accounting and reporting, and portfolio valuation. Such servicing
fees are paid by the Manager and charged to the Pool on a
Financial Highlights
The following tables show selected key financial information about the Pool and are intended to help you understand the Pool’s financial performance
for the period ended February 28, 2021 and August 31 of any other period(s) shown.
The Pool's Net Assets per Unit¹ - Class A Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 20.30 $ 17.11 $ 16.64 $ 13.48 $ 12.19 $ 11.65
Increase (decrease) from operations:
Total revenue $ 0.25 $ 0.29 $ 0.28 $ 0.20 $ 0.28 $ 0.21
Total expenses (0.22) (0.45) (0.41) (0.38) (0.34) (0.37)
Realized gains (losses) for the period 0.88 3.20 1.36 1.89 2.32 1.49
Unrealized gains (losses) for the period 0.49 0.03 (0.84) 1.47 (0.88) (0.83)
Total increase (decrease) from operations2 $ 1.40 $ 3.07 $ 0.39 $ 3.18 $ 1.38 $ 0.50
Distributions:
From income (excluding dividends) $ – $ – $ – $ – $ – $ –
From dividends – – – – – –
From capital gains 2.32 – – – – –
Return of capital – – – – – –
Total Distributions3 $ 2.32 $ – $ – $ – $ – $ –
Net Assets, end of period $ 19.42 $ 20.30 $ 17.11 $ 16.64 $ 13.48 $ 12.19
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Class A Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s)4 $ 39,327 $ 40,926 $ 46,500 $ 53,641 $ 54,348 $ 70,483
Number of Units Outstanding4 2,025,300 2,016,461 2,718,554 3,224,448 4,032,319 5,779,723
Management Expense Ratio5 1.99%* 2.23% 2.25% 2.26% 2.26% 2.82%
Management Expense Ratio before waivers or
absorptions6 2.00%* 2.23% 2.31% 2.27% 2.49% 3.02%
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 19.42 $ 20.30 $ 17.11 $ 16.64 $ 13.48 $ 12.19
* Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Premium Class Units
2021 2020 2019 2018 2017 2016 a
Net Assets, beginning of period $ 17.29 $ 14.50 $ 14.04 $ 11.33 $ 10.28 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 0.21 $ 0.25 $ 0.24 $ 0.21 $ 0.23 $ 0.05
Total expenses (0.15) (0.30) (0.28) (0.28) (0.24) (0.06)
Realized gains (losses) for the period 0.74 3.02 1.19 1.58 1.93 0.48
Unrealized gains (losses) for the period 0.42 (0.15) (0.49) 0.83 (0.80) (0.19)
Total increase (decrease) from operations2 $ 1.22 $ 2.82 $ 0.66 $ 2.34 $ 1.12 $ 0.28
Distributions:
From income (excluding dividends) $ 0.03 $ – $ – $ – $ 0.05 $ –
From dividends – – – – – –
From capital gains 2.34 – – – – –
Return of capital – – – – – –
Total Distributions3 $ 2.37 $ – $ – $ – $ 0.05 $ –
Net Assets, end of period $ 16.18 $ 17.29 $ 14.50 $ 14.04 $ 11.33 $ 10.28
a Information presented is for the period from May 31, 2016 to August 31, 2016. b Initial offering price.
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Premium Class Units
2021 2020 2019 2018 2017 2016 a
Total Net Asset Value (000s)4 $ 2,552 $ 2,375 $ 1,928 $ 1,704 $ 113 $ 101
Number of Units Outstanding4 157,719 137,359 132,955 121,338 9,915 9,851
Management Expense Ratio5 1.60%* 1.75% 1.80% 1.89% 1.99% 2.20% *
Management Expense Ratio before waivers or
absorptions6 1.77%* 1.94% 2.02% 2.11% 2.31% 2.29% *
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 16.18 $ 17.29 $ 14.50 $ 14.04 $ 11.33 $ 10.28
a Information presented is for the period from May 31, 2016 to August 31, 2016. * Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Premium-T4 Class Units
2021 2020 2019 2018 2017 2016 a
Net Assets, beginning of period $ 14.27 $ 12.53 $ 12.63 $ 10.68 $ 10.15 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 0.17 $ 0.17 $ 0.20 $ 0.07 $ 0.14 $ –
Total expenses (0.14) (0.27) (0.27) (0.24) (0.23) (0.05)
Realized gains (losses) for the period 0.63 2.44 1.03 1.46 1.89 0.41
Unrealized gains (losses) for the period 0.36 (0.07) (0.63) 1.07 (0.83) (0.12)
Total increase (decrease) from operations2 $ 1.02 $ 2.27 $ 0.33 $ 2.36 $ 0.97 $ 0.24
Distributions:
From income (excluding dividends) $ 0.09 $ 0.35 $ 0.31 $ 0.30 $ 0.43 $ 0.10
From dividends – – – – – –
From capital gains – – – – – –
Return of capital 0.18 0.15 0.15 0.14 – –
Total Distributions3 $ 0.27 $ 0.50 $ 0.46 $ 0.44 $ 0.43 $ 0.10
Net Assets, end of period $ 15.02 $ 14.27 $ 12.53 $ 12.63 $ 10.68 $ 10.15
a Information presented is for the period from May 31, 2016 to August 31, 2016. b Initial offering price.
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Premium-T4 Class Units
2021 2020 2019 2018 2017 2016 a
Total Net Asset Value (000s)4 $ – $ – $ – $ – $ – $ –
Number of Units Outstanding4 3 3 3 3 2 2
Management Expense Ratio5 1.73%* 1.90% 1.90% 1.90% 2.00% 2.20% *
Management Expense Ratio before waivers or
absorptions6 1.86%* 2.03% 2.03% 2.03% 2.03% 2.20% *
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 15.02 $ 14.27 $ 12.53 $ 12.63 $ 10.68 $ 10.15
a Information presented is for the period from May 31, 2016 to August 31, 2016. * Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Premium-T6 Class Units
2021 2020 2019 2018 2017 2016 a
Net Assets, beginning of period $ 13.16 $ 11.79 $ 12.12 $ 10.47 $ 10.09 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 0.08 $ 0.16 $ 0.19 $ 0.07 $ 0.14 $ –
Total expenses (0.07) (0.25) (0.25) (0.23) (0.23) (0.05)
Realized gains (losses) for the period 0.31 2.28 0.98 1.42 1.87 0.41
Unrealized gains (losses) for the period 0.34 (0.07) (0.60) 1.04 (0.82) (0.12)
Total increase (decrease) from operations2 $ 0.66 $ 2.12 $ 0.32 $ 2.30 $ 0.96 $ 0.24
Distributions:
From income (excluding dividends) $ 0.44 $ 0.48 $ 0.44 $ 0.45 $ 0.56 $ 0.15
From dividends – – – – – –
From capital gains 2.18 – – – – –
Return of capital – 0.22 0.22 0.21 0.06 –
Total Distributions3 $ 2.62 $ 0.70 $ 0.66 $ 0.66 $ 0.62 $ 0.15
Net Assets, end of period $ 11.50 $ 13.16 $ 11.79 $ 12.12 $ 10.47 $ 10.09
a Information presented is for the period from May 31, 2016 to August 31, 2016. b Initial offering price.
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Premium-T6 Class Units
2021 2020 2019 2018 2017 2016 a
Total Net Asset Value (000s)4 $ 127 $ – $ – $ – $ – $ –
Number of Units Outstanding4 11,054 3 3 3 2 2
Management Expense Ratio5 1.73%* 1.90% 1.90% 1.90% 2.00% 2.20% *
Management Expense Ratio before waivers or
absorptions6 1.94%* 2.03% 2.03% 2.03% 2.03% 2.20% *
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 11.50 $ 13.16 $ 11.79 $ 12.12 $ 10.47 $ 10.09
a Information presented is for the period from May 31, 2016 to August 31, 2016. * Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Class H-Premium Units
2021 2020 2019 2018 2017 2016 a
Net Assets, beginning of period $ 14.91 $ 12.79 $ 13.09 $ 11.31 $ 10.21 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 1.40 $ (0.06) $ (0.46) $ (0.55) $ 0.30 $ 0.03
Total expenses (0.25) (0.24) (0.17) (0.13) (0.26) (0.05)
Realized gains (losses) for the period 0.10 2.37 1.00 1.42 1.73 0.38
Unrealized gains (losses) for the period 0.09 0.04 (0.68) 1.05 (0.57) (0.16)
Total increase (decrease) from operations2 $ 1.34 $ 2.11 $ (0.31) $ 1.79 $ 1.20 $ 0.20
Distributions:
From income (excluding dividends) $ – $ – $ – $ – $ 0.09 $ –
From dividends – – – – – –
From capital gains 0.36 – – – – –
Return of capital – – – – – –
Total Distributions3 $ 0.36 $ – $ – $ – $ 0.09 $ –
Net Assets, end of period $ 15.90 $ 14.91 $ 12.79 $ 13.09 $ 11.31 $ 10.21
a Information presented is for the period from May 31, 2016 to August 31, 2016. b Initial offering price.
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Class H-Premium Units
2021 2020 2019 2018 2017 2016 a
Total Net Asset Value (000s)4 $ – $ – $ – $ – $ – $ –
Number of Units Outstanding4 1 1 1 1 1 1
Management Expense Ratio5 1.73%* 1.90% 1.90% 1.90% 2.00% 2.20% *
Management Expense Ratio before waivers or
absorptions6 1.86%* 2.03% 2.03% 2.03% 2.03% 2.20% *
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 15.90 $ 14.91 $ 12.79 $ 13.09 $ 11.31 $ 10.21
a Information presented is for the period from May 31, 2016 to August 31, 2016. * Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Class H-Premium T4 Units
2021 2020 2019 2018 2017 2016 a
Net Assets, beginning of period $ 12.57 $ 11.17 $ 11.85 $ 10.82 $ 10.12 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 1.19 $ – $ (0.40) $ (0.69) $ 0.36 $ 0.03
Total expenses (0.21) (0.21) (0.15) (0.09) (0.26) (0.05)
Realized gains (losses) for the period 0.08 2.04 0.89 1.30 1.68 0.38
Unrealized gains (losses) for the period 0.08 0.09 (0.57) 0.96 (0.58) (0.16)
Total increase (decrease) from operations2 $ 1.14 $ 1.92 $ (0.23) $ 1.48 $ 1.20 $ 0.20
Distributions:
From income (excluding dividends) $ 0.09 $ 0.32 $ 0.27 $ 0.30 $ 0.47 $ 0.10
From dividends – – – – – –
From capital gains 0.12 – – – – –
Return of capital 0.04 0.14 0.15 0.14 – –
Total Distributions3 $ 0.25 $ 0.46 $ 0.42 $ 0.44 $ 0.47 $ 0.10
Net Assets, end of period $ 13.45 $ 12.57 $ 11.17 $ 11.85 $ 10.82 $ 10.12
a Information presented is for the period from May 31, 2016 to August 31, 2016. b Initial offering price.
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Class H-Premium T4 Units
2021 2020 2019 2018 2017 2016 a
Total Net Asset Value (000s)4 $ – $ – $ – $ – $ – $ –
Number of Units Outstanding4 1 1 1 1 1 1
Management Expense Ratio5 1.73%* 1.90% 1.90% 1.90% 2.00% 2.20% *
Management Expense Ratio before waivers or
absorptions6 1.86%* 2.03% 2.03% 2.03% 2.03% 2.20% *
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 13.45 $ 12.57 $ 11.17 $ 11.85 $ 10.82 $ 10.12
a Information presented is for the period from May 31, 2016 to August 31, 2016. * Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Class H-Premium T6 Units
2021 2020 2019 2018 2017 2016 a
Net Assets, beginning of period $ 11.74 $ 10.74 $ 11.60 $ 10.61 $ 10.06 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 1.09 $ (0.13) $ (0.34) $ (0.54) $ 0.28 $ 0.03
Total expenses (0.19) (0.18) (0.15) (0.12) (0.25) (0.05)
Realized gains (losses) for the period 0.08 1.92 0.86 1.29 1.67 0.38
Unrealized gains (losses) for the period 0.08 0.08 (0.59) 0.95 (0.55) (0.16)
Total increase (decrease) from operations2 $ 1.06 $ 1.69 $ (0.22) $ 1.58 $ 1.15 $ 0.20
Distributions:
From income (excluding dividends) $ 0.13 $ 0.45 $ 0.40 $ 0.45 $ 0.56 $ 0.15
From dividends – – – – – –
From capital gains 0.08 – – – – –
Return of capital 0.14 0.20 0.22 0.20 0.04 –
Total Distributions3 $ 0.35 $ 0.65 $ 0.62 $ 0.65 $ 0.60 $ 0.15
Net Assets, end of period $ 12.46 $ 11.74 $ 10.74 $ 11.60 $ 10.61 $ 10.06
a Information presented is for the period from May 31, 2016 to August 31, 2016. b Initial offering price.
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Class H-Premium T6 Units
2021 2020 2019 2018 2017 2016 a
Total Net Asset Value (000s)4 $ – $ – $ – $ – $ – $ –
Number of Units Outstanding4 1 1 1 1 1 1
Management Expense Ratio5 1.73%* 1.90% 1.90% 1.90% 2.00% 2.20% *
Management Expense Ratio before waivers or
absorptions6 1.86%* 2.03% 2.03% 2.03% 2.03% 2.20% *
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 12.46 $ 11.74 $ 10.74 $ 11.60 $ 10.61 $ 10.06
a Information presented is for the period from May 31, 2016 to August 31, 2016. * Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Class C Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 27.12 $ 22.82 $ 22.16 $ 17.92 $ 16.19 $ 15.36
Increase (decrease) from operations:
Total revenue $ 0.33 $ 0.39 $ 0.37 $ 0.26 $ 0.37 $ 0.28
Total expenses (0.28) (0.56) (0.52) (0.47) (0.42) (0.37)
Realized gains (losses) for the period 1.16 4.29 1.83 2.50 3.09 1.99
Unrealized gains (losses) for the period 0.63 (0.15) (1.01) 1.99 (1.14) (1.09)
Total increase (decrease) from operations2 $ 1.84 $ 3.97 $ 0.67 $ 4.28 $ 1.90 $ 0.81
Distributions:
From income (excluding dividends) $ – $ – $ – $ – $ – $ –
From dividends – – – – – –
From capital gains 3.61 – – – – –
Return of capital – – – – – –
Total Distributions3 $ 3.61 $ – $ – $ – $ – $ –
Net Assets, end of period $ 25.44 $ 27.12 $ 22.82 $ 22.16 $ 17.92 $ 16.19
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Class C Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s)4 $ 5,055 $ 4,737 $ 4,787 $ 4,982 $ 5,193 $ 6,291
Number of Units Outstanding4 198,709 174,654 209,755 224,804 289,728 388,596
Management Expense Ratio5 1.92%* 2.09% 2.09% 2.08% 2.08% 2.09%
Management Expense Ratio before waivers or
absorptions6 1.97%* 2.17% 2.23% 2.18% 2.32% 2.32%
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 25.44 $ 27.12 $ 22.82 $ 22.16 $ 17.92 $ 16.19
* Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
The Pool's Net Assets per Unit¹ - Class I Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 30.81 $ 25.73 $ 24.81 $ 19.96 $ 17.92 $ 16.90
Increase (decrease) from operations:
Total revenue $ 0.39 $ 0.44 $ 0.42 $ 0.29 $ 0.42 $ 0.31
Total expenses (0.15) (0.32) (0.30) (0.27) (0.24) (0.21)
Realized gains (losses) for the period 1.35 4.73 2.04 2.78 3.45 2.18
Unrealized gains (losses) for the period 0.74 0.08 (1.20) 2.32 (1.18) (1.07)
Total increase (decrease) from operations2 $ 2.33 $ 4.93 $ 0.96 $ 5.12 $ 2.45 $ 1.21
Distributions:
From income (excluding dividends) $ 0.27 $ 0.11 $ 0.10 $ 0.13 $ 0.11 $ 0.11
From dividends – – – – – –
From capital gains 3.13 – – – – –
Return of capital – – – – – –
Total Distributions3 $ 3.40 $ 0.11 $ 0.10 $ 0.13 $ 0.11 $ 0.11
Net Assets, end of period $ 29.79 $ 30.81 $ 25.73 $ 24.81 $ 19.96 $ 17.92
1 This information is derived from the Pool's audited annual and unaudited interim financial statements.
2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number of units outstanding during the period.
3 Distributions were paid in cash, reinvested in additional units of the Pool, or both.
Ratios and Supplemental Data - Class I Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s)4 $ 936 $ 941 $ 1,070 $ 1,104 $ 1,577 $ 1,260
Number of Units Outstanding4 31,411 30,549 41,576 44,495 79,029 70,288
Management Expense Ratio5 0.77%* 0.94% 0.94% 0.94% 0.94% 0.93%
Management Expense Ratio before waivers or
absorptions6 0.83%* 1.03% 1.09% 1.05% 1.18% 1.14%
Trading Expense Ratio7 0.02%* 0.05% 0.03% 0.04% 0.06% 0.06%
Portfolio Turnover Rate8 32.86% 220.65% 47.23% 49.76% 85.13% 54.01%
Net Asset Value per Unit $ 29.79 $ 30.81 $ 25.73 $ 24.81 $ 19.96 $ 17.92
* Ratio has been annualized.
4 This information is presented as at February 28, 2021 and August 31 of the period(s) shown.
5 Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7 The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
