|Fund Codes||Class A|
|Managed By:||CI Investments Inc.|
|Advisors:||Picton Mahoney Asset Management|
|Assets Under Management*:||N/A|
|Portfolio Manager:||David K Picton|
|Asset Class:||Canadian Equity|
|Inception Date:||December 1997|
|Min. Initial Investment:||$500|
|Min. PAC Investment:||$50|
|Management Expense Ratio:||2.43%|
|Royal Bank of Canada||3.51%|
|Bank of Nova Scotia||2.74%|
|Canadian National Railway||2.01%|
|Canadian Natural Resources||1.27%|
|Bank of Montreal||1.24%|
Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.
(Class A)Synergy Canadian Corporate Class (Class A shares)
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.
This chart shows you the fundīs annual performance and how an investment would have changed over time.
As at September 30, 2013
The third quarter of 2013 was filled with events that would have been associated with significant market turmoil in recent years gone by. Admittedly, we witnessed modest market oscillation around the U.S. Federal Reserve's talk of tapering quantitative easing (QE), slowing U.S. housing data, currency devaluations related to capital outflows from emerging markets and the potential for U.S. military intervention in Syria. However, despite these issues, equity markets have scaled the "wall of worry."
It was gratifying for equity investors to see stocks rally during quarter even in the face of increasing bond yields. However, for "The Great Rotation" to really gather steam, markets have to be convinced that the global economy has moved into a self-sustaining/acceleration phase following five or six years of sluggishness.
While the near-term outlook is bright, there are warning signs of potentially turbulent times in the future. With current levels of QE, the Fed is creating over $1 trillion per year in new money. While this has artificially depressed interest rates and given the global economy time to heal, it has also created a hunt for yield that has lured investors into higher risk investments. When proposing tapering of QE in the second quarter, Fed Chairman Ben Bernanke touched on these excesses but then did an about-face in the third quarter and implied that all was fine. We haven't been so quick to adopt this view.
At this point, our investment process favours companies and sectors with cyclical earnings leverage over more defensive, yield-related areas of the market. As we enter the fourth quarter, our preference remains for companies that have had a history of generating solid growth regardless of the economic environment but that also have cyclical upside should the economy improve in line with our outlook.
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.