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Fund Facts
as at May 31, 2013
| Fund Codes | Class A | |
| ISC | CIG6103 | |
| DSC | CIG6153 | |
| LSC | CIG1153 |
| Managed By: | CI Investments Inc. |
| Advisors: | Picton Mahoney Asset Management |
| Assets Under Management*: | $826.1 million |
| Portfolio Manager: | David K Picton |
| Asset Class: | Canadian Equity |
| Inception Date: | December 1997 |
| NAV: | $15.09 |
| Min. Initial Investment: | $500 |
| Subsequent Purchase(s): | $50 |
| Min. PAC Investment: | $50 |
| Management Expense Ratio: | 2.43% |
Top Holdings
as at May 31, 2013
| Royal Bank of Canada | 3.34% |
| TD Bank | 3.10% |
| Bank of Nova Scotia | 2.98% |
| Canadian National Railway | 2.21% |
| CIBC | 1.63% |
| Magna International | 1.59% |
| Manulife Financial | 1.55% |
| IGM Financial | 1.33% |
| Goldcorp Inc. | 1.32% |
| TransCanada Corp. | 1.26% |
| Total | 20.31% |
Volatility Meter
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Based on 3-year standard deviation relative to other funds in its category, from Globe Investor. |
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Equity Style and Capitalization Overview
| Blend | Growth | Value | |
| Large | |||
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| Small |
(Class A)
Synergy Canadian Corporate Class (Class A shares)Also available: Class F & I
Objective
The fund seeks long-term capital growth by investing primarily in equity and equity-related securities of Canadian companies that represent the growth style. The fund may also invest in foreign securities. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.
Compound Returns and Quartile Rankings
as at May 31, 2013
This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and the fund's quartile ranking within the Globefund Peer Group. 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 | 2 | 2 | 2 | 2 | 2 | 1 | {N/A} |
| Return | 8.64 | 2.51 | 2.86 | 17.67 | 6.85 | -0.33 | 8.26 | 8.43 |
| Grp Avg | 7.79 | 2.35 | 2.48 | 17.25 | 5.76 | -0.15 | 6.73 | {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 May 31, 2013
Equity Sectors as at May 31, 2013
Geographic Composition as at May 31, 2013
Fund Advisor Profile
Picton Mahoney Asset Management is led by David Picton and Michael Mahoney and manages more than $5 billion in assets. The Toronto-based firm is known for its successful application of quantitative analysis to investing.Commentary
As at March 31, 2013
Last quarter, we presented our case for the emergence of a "Goldilocks" economic environment where moderate economic growth and subdued inflation would provide an ideal backdrop for continued gains in risk assets, especially stock markets. The first three months of 2013 certainly reinforced our confidence in the view that global economic improvements will continue to occur at a pace that are "not too hot or not too cold" but enough to help sustain earnings and/or boost stock market prices.
In spite of tax increases imposed by the fiscal cliff negotiations and spending cuts kicking in from the "sequestration," U.S. consumer spending remains positive while the all-important housing sector continues to show strong gains in pricing and new activity.
Stable to improving economic trends should remain a positive for equity markets for now, but will likely become a concern to all capital markets in the future as the recovery really starts to take hold. However, those concerns are to be addressed down the road and we recommend using any near-term pull-backs to add to risk assets in portfolios. In fact, recent signs of economic weakness should defer concerns about central banks removing their stimulus measures earlier than expected. Perhaps "muddling through" is the best outlook for now which could lead to a P/E multiple expansion phase for stocks like they enjoyed in previous mid-cycle slowdowns like from late 1985 to mid 1987. However, as the economy improves, investors will have to become wary of how central banks will exit from their current quantitative easing programs and whether this will trigger a sudden back-up in interest rates. After all, the mid-cycle slow-down in the mid 1980s led to a rather unpleasant setback in October 1987 after stocks had rallied too aggressively while interest rates surged. "Goldilocks" was eventually confronted by an angry bear.
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.