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Fund Facts
as at July 31, 2010
| Fund Codes | Class A | |
| ISC | CIG201 | |
| DSC | CIG701 | |
| LSC | CIG1701 |
| Managed By: | CI Investments Inc. |
| Advisors: | Altrinsic Global Advisors, LLC |
| Assets Under Management: | $124.0 million |
| Portfolio Manager: | Andrew Waight |
| Asset Class: | Industry-Specific |
| Inception Date: | July 1996 |
| NAV: | $19.52 |
| Min. Initial Investment: | $500 |
| Subsequent Purchase(s): | $50 |
| Min. PAC Investment: | $50 |
| Management Expense Ratio: | 2.36% |
Top Holdings
as at August 31, 2010
| Biomarin Pharmaceuticals | 8.07% |
| HealthSouth | 6.97% |
| Human Genome | 5.34% |
| GlaxoSmithKline PLC | 5.03% |
| Merck & Company | 4.61% |
| Gilead Sciences | 4.58% |
| Covidien | 4.48% |
| Roche Holdings | 3.61% |
| Sanofi-Aventis | 3.51% |
| Celgene Corp. | 3.31% |
| Total | 49.51% |
Volatility Meter
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Based on 3-year standard deviation relative to other funds in its category, from Globe HySales. |
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Equity Style and Capitalization Overview
| Blend | Growth | Value | |
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| Small |
(Class A)
CI Global Health Sciences Corporate ClassAlso available: Class F & I
Objective
This fund's objective is to obtain maximum long-term capital growth. It invests primarily in equity and equity-related securities of companies around the world that specialize in the health care or medical industry. This includes companies that provide goods and services to these companies and companies that the portfolio advisor believes would benefit from developments in the health sciences industry. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings
as at July 31, 2010
This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund's benchmark Globe Health Care Peer Index. The returns listed below are percentages. Performance of the fund versus its official benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
| YTD | 1Mo | 3Mo | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception* | |
| Qrtl | 2 | 1 | 1 | 2 | 2 | 2 | 2 | {N/A} |
| Return | -6.96 | 1.19 | -5.15 | 4.39 | -3.45 | -1.64 | 1.06 | 5.57 |
| Grp Avg | -7.69 | -0.65 | -7.79 | 2.01 | -3.96 | -1.83 | -1.08 | {N/A} |
| Ind Ret | -7.59 | -0.65 | -7.73 | 1.97 | -3.34 | -1.57 | -2.51 | {N/A} |
Performance Data
This chart shows you the fundīs annual performance and how an investment would have changed over time.
Current Value of a $10,000 Investment
Asset Class as at August 31, 2010
Equity Sectors as at August 31, 2010
Geographic Composition as at August 31, 2010
Fund Advisor Profile
Altrinsic Global Advisors, LLC follows a fundamental value approach in which the team seeks out high-quality undervalued companies worldwide. Founded by John Hock and associates, Altrinsic is based in Stamford, Connecticut, and manages more than $1 billion in assets.Commentary
As at June 30, 2010
International equity markets suffered a substantial correction in the second quarter. Uncertainty surrounding credit issues in the Eurozone (and Greece in particular) were cited as early catalysts. A slowing Chinese property market and mixed U.S. economic data further contributed to negative investor sentiment.
The attention being paid to short-term economic data is likely to be dangerous, since this data will be subject to revisions and wide fluctuations. This is certainly the experience suggested by history, as truncated business and investment cycles have been the consistent bedfellows of deleveraging cycles. Ultimately, a tremendous amount of deleveraging lies ahead. The associated volatility should persist, presenting both risk and opportunities.
Broadly speaking, we see a dichotomy in the international equity landscape, with undervalued opportunities to be found among well-capitalized companies that possess prospects for sustainable returns on capital and the greatest risks among more highly leveraged companies.
Over the past several years, there has been substantial stock market volatility as well as macro-economic disruptions, which are the end result of significant indebtedness by Western consumers. Significant amounts of private sector debt are being transferred to the public sector, as governments desperately attempt to provide economic stability. This is not sustainable, and it seems inevitable that the long deleveraging cycle will be the driver of asset-price volatility. Ultimately, the substantial liquidity and monetary injections may have implications for asset pricing and long-term inflation.
Another area of risk, which the market is only now beginning to acknowledge, is the global nature of the property bubble and the fact that it is just beginning to burst in several major emerging markets. In the end, shareholders are likely to suffer through increased taxation and possibly an era of over-regulation as the pendulum swings in the other direction.
We believe that a philosophy focused on fundamental, bottom-up, mispriced, undervalued opportunities will prove to be resilient in the coming years. Balance sheet strength and cash generation will be the hallmarks of companies that survive and take advantage of the opportunities provided by a volatile financial market.
Source: CTVglobemedia Publishing 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.