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Mutual Funds

Fund Facts
as at March 31, 2014

Fund Codes Class A Corporate Class
ISC CIG7420 CIG2307
DSC CIG7425 CIG3307
LSC CIG1425 CIG1307

Managed By:CI Investments Inc.
Advisors:Tetrem Capital Management Ltd.
Assets Under Management*:$998.9 million
Portfolio Manager:Daniel Bubis, Aaron Clarke and Alec MacIsaac
Asset Class:Canadian Equity
Inception Date:July 2003
NAV:$22.15
Min. Initial Investment:$500
Subsequent Purchase(s):$50
Min. PAC Investment:$50
Management Expense Ratio:2.37%

Top Holdings
as at March 31, 2014

TD Bank5.00%
Royal Bank of Canada4.26%
Suncor Energy3.87%
Bank of Nova Scotia2.77%
Canadian Natural Resources2.74%
CIBC2.73%
Manulife Financial2.00%
Power Corp of Canada1.89%
Goldcorp Inc.1.88%
Magna International1.85%
Total28.99%

Volatility Meter

VOLATILITY METER: 12
Low High

Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.

Equity Style and Capitalization Overview

Blend Growth Value
Large
Mid
Small

(Class A)

CI Canadian Investment Corporate Class (Class A shares)
Also available: Class F, I & T

Objective

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.


Compound Returns and Quartile Rankings
as at March 31, 2014

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 3 2 3 1 3 2 2 {N/A}
Return 3.72 1.74 3.72 22.47 5.22 12.84 7.17 8.14
Grp Avg 4.37 1.17 4.37 19.12 5.51 12.45 6.19 {N/A}
*July 15, 2003

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

No chart available at this time.


Asset Class as at March 31, 2014

Equity Sectors as at March 31, 2014

Geographic Composition as at March 31, 2014


Fund Advisor Profile

Tetrem Capital Management is an independent investment management firm based in Winnipeg and led by Daniel Bubis and his associates. The Tetrem team has worked together for many years and achieved strong long-term results using a disciplined value approach that combines quantitative models with fundamental analysis. The firm manages about $5 billion on behalf of CI Investments and other clients.

Commentary

As at December 31, 2013

The Canadian market finished the year strongly, rising 7.3% over the fourth quarter and contributing over half of the full year's 13.0% return. Eight of 10 industry sectors rose during the quarter.

Commodities had a mixed year. Natural gas prices rose 26% as storage volumes declined to normal levels. Gold stocks continued to be notable laggards, pressured by a weak bullion price and year-end tax-loss selling. Agricultural commodities, such as corn, were down due to pending oversupply from abundant crops.

Upward pressure on interest rates persisted. Yields on the 10-Year Government of Canada bond rose to 2.76% from 2.54% at the start of the quarter and from 1.79% at the start of 2013.

It was a good year for our portfolios, not because we made dramatic changes, but rather because we stuck with our convictions. Portfolio holdings that had previously lagged regained favour in 2013 as investor skepticism gave way to cautious optimism.

In our Canadian equity portfolio, companies as diverse as Air Canada, Thomson Reuters and Open Text contributed to the good performance. We are reminded that one of the necessary conditions for successful investing is patience. 2013 was a year in which seeds planted in recent years bore fruit.

In our Canadian dividend portfolio, dividend growers such as Johnson & Johnson, Mullen Group and Thomson Reuters contributed to the good performance. Of the portfolio's 30 holdings at year-end, 24 paid a higher dividend, and during the fourth quarter, four of these companies announced dividend increases averaging 6.9%.

Equities have a habit of discounting future economic events. If equity market performance is to be taken as a leading economic indicator (and it should) 2014 will be characterized by accelerating economic activity.

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. 

© 2014 CI Financial Corp.