|Fund Codes||Class A||Corporate Class|
|Managed By:||CI Investments Inc.|
|Advisors:||Tetrem Capital Management Ltd.|
|Assets Under Management*:||$2,187.2 million|
|Portfolio Manager:||Daniel Bubis, Aaron Clarke and Alec MacIsaac|
|Asset Class:||Canadian Equity|
|Inception Date:||November 1932|
|Min. Initial Investment:||$500|
|Min. PAC Investment:||$50|
|Management Expense Ratio:||2.37%|
|Royal Bank of Canada||4.18%|
|Potash Corp. of Saskatchewan||3.52%|
|Bank of Nova Scotia||2.62%|
|Canadian Natural Resources||2.34%|
|Power Corp of Canada||2.03%|
Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.
(Class A)CI Canadian Investment Fund (Class A units)
This fund's objective is to achieve long-term capital growth by investing primarily in shares of major Canadian corporations. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
This chart shows you the fundīs annual performance and how an investment would have changed over time.
As at March 31, 2013
Our Canadian large-cap portfolio delivered a positive return and outperformed its benchmark, driven by a combination of strong corporate fundamentals and effective stock picking during the quarter. Economic data in the U.S. and China are improving, which bodes well for Canadian exports. Investors showed increased willingness to ignore the headlines - Italian political gridlock and the Cypriot bank collapse were largely "looked through," as investors' focus shifted to corporate results.
In our dividend portfolio, Canadian banks delivered yet another quarter of solid results. While the domestic housing market is slowing, the banks are diversified by business lines and are showing they can grow their earnings and dividends. Two of the portfolio's bank holdings, TD and Royal Bank, announced dividend increases during the quarter.
Another portfolio holding, Teck Resources, gave back its recent short-term gains, in part due to a tepid copper price, but also because the CEO surprised investors by musing about acquiring iron ore assets. Currently, the stock trades below book value and offers a dividend yield of 3.2%. Acquisition rumours notwithstanding, we believe that gradual improvement in China's economy will be positive for copper and metallurgical coal demand - Teck's two main products - and will ultimately lead the shares to rally off these deeply undervalued levels.
Over the past five years, equity market fluctuations have been predominantly driven by "macro" factors, such as fear of a European currency collapse, U.S. fiscal imbalances and a Chinese economic hard landing. Largely shrugging off these concerns, developed market equities have rallied decisively from the financial crisis lows of four years ago, with the S&P 500's rise of 153% leading the way. We see the rally continuing; however, the nature of the bull market is subtly changing.
Source: The Globe and Mail Inc.
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 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 securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. *Assets under management are as at the end of the most recent quarter ending March 31, June 30, September 30 or December 31.
|Funds mentioned at this website are available only to Canadian residents.||
© 2013 CI Financial Corp.