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Mutual Funds

Fund Facts
as at August 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*:N/A
Portfolio Manager:Daniel Bubis, Aaron Clarke and Alec MacIsaac
Asset Class:Canadian Equity
Inception Date:July 2003
NAV:$23.82
Min. Initial Investment:$500
Subsequent Purchase(s):$50
Min. PAC Investment:$50
Management Expense Ratio:2.37%

Top Holdings
as at August 31, 2014

Suncor Energy4.23%
Royal Bank of Canada4.09%
TD Bank4.08%
Bank of Nova Scotia3.02%
Manulife Financial3.02%
CIBC2.68%
Canadian Natural Resources2.55%
Tourmaline Oil2.51%
Power Corp of Canada1.94%
Canadian National Railway1.80%
Total29.92%

Volatility Meter

VOLATILITY METER: 11
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 August 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 3 3 2 2 2 2 {N/A}
Return 11.54 1.45 4.7 23.88 11.91 9.72 7.84 8.54
Grp Avg 11.27 1.93 4.99 22.4 11.86 9.49 6.93 {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 August 31, 2014

Equity Sectors as at August 31, 2014

Geographic Composition as at August 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 March 31, 2014

After a strong 2013, we are pleased to report that our portfolios delivered positive results in the first quarter. At a high level, the Canadian equity portfolio benefitted from holdings in the energy sector.

In the Canadian equity portfolio, airline holdings acted as a drag due to investor concerns related to a weak Canadian dollar, which we see as an over-reaction. We were able to take advantage of the situation and increase our position in WestJet, where the outlook for the business franchise remains positive. In the dividend portfolio, the relatively new holding Suncor Energy lagged its peers, which we saw as an opportunity to further build out the position. Our conviction was confirmed by the company's announcement that it would raise its dividend by 15%.

During the quarter, we introduced Capital Power into our portfolios. It is rare for a utility company to fit our value framework, but in this case our analysis indicated the stock price did not take into account the positive changes that are occurring at the company.

As we predicted last quarter, Canadian energy stocks have started to move. The debottlenecking of Canadian heavy oil has begun, which should lead to higher realized pricing for producers. In anticipation, investor capital flowed into the sector, to the benefit of portfolio holding. Additionally, natural gas inventories have rapidly declined to below-average levels, a process that was amplified by an unusually cold winter. Out of interest, the forward pricing of natural gas indicates that higher pricing could endure longer than was expected at the beginning of the year, which in our opinion is not fully reflected in stock valuations.

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.