|Fund Codes||Class A||Corporate Class|
|Managed By:||CI Investments Inc.|
|Assets Under Management*:||N/A|
|Portfolio Manager:||Stephen Jenkins|
|Asset Class:||Canadian Equity|
|Inception Date:||June 1997|
|Min. Initial Investment:||$500|
|Min. PAC Investment:||$50|
|Management Expense Ratio:||2.44%|
|Bank of New York Mellon||-|
|Bank of Nova Scotia||-|
|Canadian National Railway||-|
|Discover Financial Services||-|
Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.
(Class A)Harbour Fund (Class A units)
This fund's objective is to obtain maximum long-term capital growth. It invests primarily in equity and equity-related securities of high quality, large and mid-capitalization Canadian companies that the portfolio adviser believes have good potential for future growth. 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 September 30, 2013
During the third quarter, both Harbour Fund and Harbour Growth & Income Fund posted positive results. The foreign content in Harbour Fund was reduced during the quarter, as strong-performing foreign holdings were trimmed and the proceeds reinvested in Canada. Financials accounted for about 22% of the fund's portfolio and include diverse holdings such as CIBC, Scotiabank, BNY Mellon, Discover Financial and new holding Intact Financial.
In the energy sector, portfolio holdings included Suncor and Cenovus. Canadian Natural Resources was purchased at attractive prices in the midst of concerns over TransCanada's proposed Keystone XL pipeline.
At quarter end, our global equity portfolio was 81% stocks and 19% cash. We intend to redeploy the cash as opportunities appear. The geographic allocation was roughly 37% U.S., 35% Europe and about 9% Asia-Pacific.
In Harbour Voyageur Corporate Class, we increased our position during the quarter in Owens Illinois, APR Energy, ATS Automation and Google. We realized attractive gains on Anheuser-Bush InBev and Gildan after the companies reached our assessment of full valuation. In addition, we initiated a small position in a consumer company and an energy services company, both based in Canada.
Within our income portfolios, we continue with our long-held stance of low exposure to bonds. We see no reason to alter this stance today as the bond market continues to offer very little in the way of value, with real rates very near zero when inflation is taken into account.
We anticipate additional market volatility given the budget and debt ceiling showdown in the U.S., slowing growth in select emerging markets and continued social unrest in the Middle East and North Africa. However, we remain positive about equity markets, based on our view that global economic growth continues to accelerate.
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.